BBC News
Launch consoleBBC NEWS CHANNEL
Page last updated at 11:59 GMT, Friday, 8 April 2011 12:59 UK

Money Box Live: Your pension

Sterling notes and coins
BBC Radio 4's Money Box
Wednesday, 13 April 2011 at 1502 BST On Radio 4 and Online

Whether your pension plans depend on a personal, work or state scheme, the way we save for and access our pensions is changing.

The new tax year brought a reduction in tax relief on the annual and lifetime allowances for pension savings.

The effective compulsion to buy an annuity also ended on 6 April, but what are the alternatives, drawdown limits and tax implications?

Pensions Minister, Steve Webb has unveiled plans for A state-pension for the 21st century. Proposals include a single-tier, flat rate scheme paying around £140 per week and a two-tier option, combining a basic and state second pension.

When you can claim your state pension is also changing. October's Spending Review brought forward the equalisation of state pension age at 65 to November 2018. Pension age will then rise to 66 by April 2020.

How much should you save for retirement?

What types of schemes are on offer?

When will you receive your pension?

Is an annuity for you and what are the options?

Vincent Duggleby was joined by:

Alison Bailey, head of policy, The Pensions Advisory Service

Billy Burrows, director, Better Retirement Group

Tom McPhail, head of pensions research, Hargreaves Lansdown

Presenter: Vincent Duggleby
Producers: Diane Richardson

New state pension plans unveiled
04 Apr 11 |  Business
State pension: The overhaul and you
03 Apr 13 |  Business
Pension queries dominate roadshow
30 Mar 11 |  Business
Public pensions shake-up outlined
10 Mar 11 |  Business
Union warns of pension woe for women
19 Feb 11 |  Business
How to cope with pensions issues
09 Feb 11 |  Business
State pension age delays explained
05 Feb 11 |  Moneybox
Q&A: Retirement rules and you
30 Sep 11 |  Business
Retirement 'coming later in life'
02 Feb 11 |  Business
Your pension questions answered
23 Dec 10 |  Business


The BBC is not responsible for the content of external internet sites

banner watch listen bbc sport Americas Africa Europe Middle East South Asia Asia Pacific