The UK state pension is a government-provided benefit that provides a regular income to people who have reached state pension age and have made the required national insurance contributions throughout their working lives. While the state pension provides a valuable foundation for retirement income, it may not be enough to meet all of your financial needs in retirement.

This is because the current full new state pension is £179.60 per week (as of 2023-24 tax year), which may not be enough to cover your living expenses in retirement, particularly if you have significant healthcare or housing costs. In addition, the state pension is not means-tested, so it may not take into account your individual financial circumstances.

For a comfortable retirement, many people consider supplementing their state pension with a personal pension, which can provide a more flexible and tailored approach to retirement planning. With a personal pension, you can contribute as much or as little as you like, depending on your individual financial situation and retirement goals. You can also choose how your pension contributions are invested, with a range of options available depending on your risk tolerance and investment objectives.

Personal pensions also offer tax benefits that can help you save more for retirement. Contributions to personal pensions are typically tax-deductible, meaning that you can reduce your taxable income and save on income tax. In addition, personal pensions grow tax-free, which can help your savings grow more quickly over time.

Overall, supplementing the UK state pension with a personal pension can help provide an additional source of income and greater financial security in retirement.