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Year 11

Long-term financial planning

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

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New
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Year 11

Long-term financial planning

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

Download all resources
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Share activities with pupils
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These resources will be removed by end of Summer Term 2025.

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Lesson details

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.


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

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.
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Equipment

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Content guidance

  • Depiction or discussion of sensitive content
supervision-level

Supervision

Adult supervision recommended

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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

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Starter quiz

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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

Exit quiz

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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%