Choose exam board for KS4 Computer Science (GCSE)
Choose exam board for KS4 English
Choose exam board for KS4 French
Choose exam board for KS4 Geography
Choose exam board for KS4 German
Choose exam board for KS4 History
Choose tier for KS4 Maths
Choose exam board for KS4 Music
Choose exam board for KS4 Physical education (GCSE)
Choose exam board for KS4 Religious education (GCSE)
Choose exam board for KS4 Spanish

      Lesson details

      Learning outcome

      I can explain what a pension is and the impact it may have on my future circumstances.

      Key learning points

      1. There are different ways to save for retirement.
      2. Different options for pensions can be compared.
      3. It is important to understand the effect of varying pension contributions on my financial future.

      Keywords

      • Pension - A pension is a tax-efficient way of saving money for retirement.

      Common misconception

      There is no need to plan for retirement as there is a state pension.

      Planning for retirement means calculating whether a state pension would be enough to live on and taking steps now to prepare for the future.

      Teacher tip

      There are many free pension calculators online so pupils could play with different values in order to see what can affect the money received in retirement and by how much.

      Content guidance

      Depiction or discussion of sensitive content

      Supervision

      Adult supervision recommended

      Licence

      This content is © Oak National Academy Limited (2025), licensed on Open Government Licence version 3.0
      except where otherwise stated. See Oak's terms & conditions
      (Collection 2).

      Lesson video

      Loading...

      Prior knowledge starter quiz

      6 Questions

      Q1.
      A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. What is their weekly salary?

      Correct Answer: £1428

      Q2.
      A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. If they worked for four weeks, what would their total income be?

      Correct Answer: £5712

      Q3.
      A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. If they worked this every week for a year, what would their total income be?

      Correct Answer: £74 256

      Q4.
      A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. If they worked this every week, what would their total income be after 3 months?

      Correct Answer: £18 564

      Q5.
      A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. They pay 5% of their income into a savings account. How much is paid in each week?

      Correct Answer: £71.40

      Q6.
      A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. They pay 5% of their income into a savings account. How much is paid in each year?

      Correct Answer: £3712.80

      6 Questions

      Q1.
      A is a tax-efficient way of saving money for retirement.

      Correct Answer: pension

      Q2.
      If the 2024/2025 full pension rate is £221.20 per week, what is the amount received in 6 months?

      Correct Answer: £5751.20

      Q3.
      Everyone has to retire when they reach the age that they can claim their state pension.

      True - claiming your pension means you can no longer work.
      Correct answer: False - you can keep working after your state pension age is reached.

      Q4.
      From April 2019, the minimum total contribution to a workplace pension is:

      3%
      5%
      Correct answer: 8%
      11%
      13%

      Q5.
      From April 2019, the minimum total contribution to a workplace pension from your employer is:

      Correct answer: 3%
      5%
      8%
      11%
      13%

      Q6.
      From April 2019, the minimum total contribution to a workplace pension from you is:

      3%
      Correct answer: 5%
      8%
      11%
      13%

      To help you plan your 11 financial education lesson on: Long-term financial planning, download all teaching resources for free and adapt to suit your pupils' needs...