Saga's Guide to pensions

03 June 2016

Navigate the complicated pensions system and plan for a worry-free retirement with our guide to pensions and retirement income.

It’s been a turbulent time for pensions, with massive changes being introduced in the last few years.

The pension freedoms, which came into effect in April 2015, have dramatically changed the retirement landscape, allowing people to access their pension funds at 55 and spend them as they wish. Workers are no longer forced to buy an annuity to provide their retirement income and have far more options open to them than ever before.

April 2016 saw the introduction of the new flat-rate state pension, which aimed to simplify the pensions system but has caused confusion as not everyone is entitled to the full amount.

Changes to state pension age, the lifetime allowance and pension death tax have also added to the complexity of the pensions system.

This guide aims to help you understand your pension and plan for a retirement that is worry-free and comfortable.


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The opinions expressed are those of the author and are not held by Saga unless specifically stated.

The material is for general information only and does not constitute investment, tax, legal, medical or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.