Reviewed July 25

Even if you are still an employee and not yet receiving your pension, there is a lot of information available here to help you plan ahead and maximise your pension. However, while no professional advice is given and you need to check with your personal financial advisor, we can help with general queries.

If you hope to enjoy a reasonable standard of living in retirement then if possible, we would urge you to make additional private provisions to cover your later years.

Widows / Widowers pensions are only 50% of the deceased pensioner’s pension and private provisions are essential to ensure a continued comfortable lifestyle.

For further information regarding pensions you may find these links interesting: For the State Pension you will be entitled to go to The Pensions Service at www.direct.gov.uk where you can:

– Get a State Pension Forecast,
– Calculate your State Pension Age and
– Understand the basic State Pension

Extra State Pension
If you put off claiming your State Pension for at least five weeks you can earn an increase to your State Pension of 1 per cent for every five weeks you put off claiming. (This is equivalent to about 10.4 per cent extra for every year you put off claiming.)

If you wish to know more about pensions regulation go to The Pensions Regulator at www.thepensionsregulator.gov.uk.

If you are worried about the future of the pension scheme an informative guide entitled ‘The Future of Final Salary Schemes’ can be downloaded from Hargreaves Lansdown at www.h-l.co.uk/free-guides/final-salary-schemes/

Pensioner Representation
Once you retire you will lose all the leverage you presently have. Our Association is the only real voice for Pensioners with the Company. Currently the Company is enjoying improved profits and has fully financed the Pension Fund. We continue to press the Company to improve benefits – financial and otherwise – and are pleased to report that the periods between pension supplementation are indeed decreasing.

Additional pressure from current employees may encourage the Company to improve pensioner benefits; your assistance is vital and remember any improvements will be to your ultimate benefit.

If you become a member of CUKPA we will keep you up to date on matters that may affect your pension and other events.