Learn more about pensions

Whether you're paying in to the Greater Manchester Pension Fund (GMPF) or not, it's important to plan for the retirement you want.

Pensions can be confusing but it's important to think about your future and plan ahead. We've put together some resources to help you understand more about pensions, including State Pension and tax.

How much do you know about your pension?

Take our quiz and find out

What do you want your pension to pay for?

Our living standards guide shows how far you can expect your pension to go

Helpful links

Useful resources for learning more about pensions

What do you want your pension to pay for?

The Retirement Living Standards have been designed by the Pension and Lifetime Savings Association (PLSA) to help you picture what kind of lifestyle is possible in retirement. The aim is to help you think in a practical way about the kind of lifestyle you want and to help you plan for the future.

For many people, your private and state pensions could go a long way towards these costs. The full State Pension for 2024/25 is £221.20 per week, or £11,500 per year. Remember, you may need to add other costs depending on your circumstances, such as rent, mortgage and social care costs as the Standards assume you will be mortgage and rent free by retirement.

The Standards show what life in retirement looks like at three different levels of income; minimum, moderate and comfortable, and whether you are single or a couple. The categories below show what life in retirement could look like at each of the different levels.

Income level	Single	Couple	Standard of living
Minimum	£14,400	£22,400	Covers all your needs, with some left over for fun.
Moderate	£31,300	£43,100	More financial security and flexibility.
Comfortable	£43,100	£59,000	More financial freedom and some luxuries.

These examples show what this may mean for a couple at each of the different levels of income.

Holidays

At minimum level you could have a weeks holiday in the UK every year.
At moderate level you could have two weeks in Europe in a 3* all inclusive resort and a long weekend in the UK every year.
At comfortable level you could have two weeks in Europe in a 4* resort and three long weekend breaks in the UK every year.

Food and drink

At minimum level you could spend around £460 a month on food including eating out and takeaways.
At moderate level you could spend around £820 a month on food including eating out and takeaways.
At comfortable level you could spend £1060 a month on food including eating out and takeaways.

Transport

At minimum level you would have no car.
At moderate level you could have a three year old car, replaced every seven years.
At comfortable level you could have a three year old car, replaced every five years.

You can find out more about the retirement living standards, including how they are worked out and what items are included in each category at www.retirementlivingstandards.org.uk

The Standards are updated on a regular basis with the last update in 2024, which included the increase to the cost of living and inflation.

If you’re approaching or past your State Pension age and worried about living costs you can check your eligibility for Pension Credit on the gov.uk website. Pension Credit can help you with your living costs if you are over State Pension age and on a low income. You can read more about State Pension age on our website and find out more about your State Pension at State Pension - GOV.UK (www.gov.uk)