A guide to the UK pensions system

This highly anticipated annual update provides an outline of the UK pensions system and the influences of current policy. The guide is intended for people wanting to learn about, or update their knowledge relating to, current UK pensions policy and covers both the State and private pensions.

It should not be used to make individual pensions decisions.

This version of the guide reflects the current position of, and legislated future changes to, the UK pension system as at 1 June 2023. Any change in Government policy that may occur after that date is not included in this version.

The next update will be published in June 2024.

The Historical Annex is intended to provide information on areas of the pensions system where it is no longer possible to accrue benefits, but where accrued benefits are still payable to current and future pensioners. The areas covered in this document are described in brief in The Pensions Primer: a guide to the UK Pensions system, but readers can use the Historical Annex as a reference for a more detailed discussion of these areas and of the policy changes that were made to the discontinued parts of the pension system. The Historical Annex forms part of the PPI's core work, funded through donations from our Supporters.