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What is a Pension?

Last updated: 04 November 2015

The UK pensions system is unnecessarily complicated and seems to be changing as often as your kids need new shoes!

MMM has taken out the complexity and brings you the information you need to know – don’t worry, we will keep you posted with all changes in the law, so everything here is always up-to-date.

Pensions are savings vehicles that allow you to put money away for your old age.

If you’re a UK taxpayer, then you should certainly save for a pension. The younger you start, the better – and if you haven’t already, then don’t worry, it’s never too late.

It may not seem important now, but when people do retire, they are often hit by the shock of a significant drop in their income and realise they can no longer enjoy the life comforts they have grown accustomed to. The ideal age to start saving into a pension is in your twenties or as soon as you start work.

Although the state may help you out, you may not get much if you haven’t worked long enough and even if you have, it will not be enough to see you through old age comfortably, so it’s important that you make additional arrangements through a personal pension arrangement or through your employer.

Saving for a pension also comes with a number of incentives, such as tax relief and additional contributions from your employer. New law, known as auto-enrolment, also means that employers are obliged to offer you a pensions scheme – so ask your employer about its pensions scheme.

More people are beginning to realise that they need to start saving for a pension and the younger the better. But how much you should stash away for old age can be difficult to work out and very much depends on your age, your employment situation and affordability.

Click to read about the different types of pensions: State pensions, Workplace pensions

 

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Reduce your grocery bill by 70% this summer!

The kids are off school and they are going to be hungry – inevitably, the next few weeks will see the cost of your weekly shop shoot up.

To help families keep the costs of food shopping down, MMM put Approved Food to the test, which can help slash the cost of shopping by as much as 70%.

There is of course one catch – the food is past or close to its sell-by date, but perfectly safe.

With a £30 budget, MMM managed to bag a fair amount – cereals, tinned food, sweets and treats, drinks and even laundry detergent and dishwasher tablets – the sort of things where you can generally ignore the date stamped on the product.

If you’ve tried reducing the cost of the grub by switching brands or shopping at discount stores but think you can do better, then try Approved Food  – you’ll be surprised at just how much you could save on some store cupboard essentials.

New products are available everyday and there are some real bargains. For example, Sprite Zero 330ml for just 29p or a 2kg Reeses Peanut jar for just £2.99. There’s even stuff for pets, at more than 50% off.

MMM was really pleased with service and surprised at just how at just how much £30 would buy (see pic above/ instagram).

Although we would like to see Approved Food cut down on the cardboard packaging, the items arrived well packed and in excellent condition.

So, if you’re looking to save a few more pounds on your groceries, take a look at Approved food – you’ll be surprised at just how good the bargains are.

 

Keep up with MMM on Twitter @MumMoneyMatters and Facebook !

 

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