A pension is money you will use to live on when you retire. Most people get a State Pension but this only provides for your basic needs. To make sure you have the standard of living you want in your retirement it is best to save in a pension scheme. You put aside money during your working life into a pension fund. When you reach retirement age, you get your pension to live off for the rest of your life. The amount you get will depend on how much you have saved. This is why it is important to start a pension as soon as you can.
When planning for your retirement, the following should be considered: how much income you are likely to require when you retire, how much you are likely to receive by way of a pension when you retire and what is the expected shortfall between your likely expenditure and your likely income?
Calculate how much retirement income you might receive from saving in a personal, stakeholder or group personal pension using the pensions shortfall calculator
The Pension market is forever changing and highly complex, please call us so that we may offer our advice in helping you make the best choice for your future needs. We can help you assess your likely expected pension and look at ways of addressing any shortfall.
For details of our fees for Pension business please see our page How we are Paid
A PENSION IS A LONG TERM INVESTMENT. THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.
Latest News on Pensions
The new state pension: The single tier state pension starts on 6 April 2016.
Death tax on pensions abolished: George Osborne has abolished the 55 per cent tax rate which is currently applied to pension pots left by savers to their children. This could lead to an increase from savers switching cash from bank accounts into retirement schemes to avoid inheritance tax (April 2015).
Defined contribution pensions: The goverment have made it possible for people to withdraw their defined contribution pensions savings however they wish, subject to income tax (April 2015).
Important Changes to your Pension>> Find out More <<
The goverment have made it possible for people to withdraw their defined contribution pensions savings however they wish, subject to income tax.
From 6 April 2015
The State Pension>> Find out More <<
The State Pension is a regular payment from the government when you reach the State Pension. You'll usually need at least 10 qualifying years on your National Insurance record to get any State Pension. They don't have to be 10 qualifying years in a row.
A personal pension is one way you might choose to save for your retirement. Personal pensions can also be called money purchase pensions or defined contribution (DC) schemes. They may be suitable for you if you are working but are not eligible for automatic enrolment into your employer's pension scheme, you're self employed or you're not working.
Workplace Pensions and Automatic Enrolment
Between October 2012 and February 2018 employers are now having to offer workplace pensions. This is called automatic enrolment. your employer must enrol you into their workplace pension if you are an eligible employee.
You can find a useful tool on the Money Advice Service website about choosing whether to automatically enrol into a workplace pension at www.moneyadviceservice.org.uk