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Lecture notes

Pension - PERSONAL FINANCE - Lecture 10 notes
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Personal Finance is an option module for students studying Accounting and Finance. This document covers: sources of income pension, equity release, the risks, the state pension, workplace pension (defined benefit, defined contribution), options on retirement, annuities, income drawdown, automatic e...

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  • May 29, 2021
  • 8
  • 2020/2021
  • Lecture notes
  • -
  • Pension

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Module: Personal Finance


Lecture 10 – Pension


Things to consider
 Future investment returns
 Inflation
 Length of life
All these things are beyond your control


Pension
A pension is a regular amount paid to an individual who is in retirement.
 An amount of money paid regularly by the government or a private company
to a person who does not work anymore because they are too old or have
become ill.
 Or a fund from which someone over a certain age can draw (Moxey 2018)
 A Pension is a type of insurance to ensure that our standard of living doesn’t
drop too much.


Sources of pension income
 State
 Employer (workplace pensions)
 From personal savings into a pension fund (tax incentives)
 A private pension is any pension other than the state pension. Workplace
pensions and personal pensions are both private pensions.


Pensioners are likely to have more than one source of income:
 State pension
 One or more pensions from employer(s)
 Personal pensions (from investments directly made by individual)
 Investments and savings e.g. interest, dividends, property letting
 Equity release from home – the bank will take a charge on the property
 Inheritance
 Working in retirement
 Shops that recruits a lot of mature people who are over state pension age:
Marks and Spencer’s, charities, B&Q


Equity Release

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