Pension Planning

Everyone talks about the things they want to do in retirement, but what are you doing to help yourself achieve these things?  How will you be able to afford your day to day living when you stop working or reduce your working hours.?

A pension is a way for you to save for your retirement and help towards these goals. There are currently 3 main types of pension: State Pension, Personal Pensions and Company or Occupational Pensions.

Already have Pensions?

The most common advice we give is on existing pensions.  Moving place of work can leave you with several pensions over time.

We specialise in getting the details on all those pensions and showing our client where they stand and what options they have.

Whether you are close to retirement or it’s a distant dream, your pensions should be regularly reviewed.

What can we do for you?

No matter what your circumstances, it is vital that you consider your retirement planning options. Do you fit any of the following?:

  • I have a pension plan I’m but not sure it’s enough
  • Self Employed so I have to provide for myself
  • Not sure how much I need to save
  • My existing plans don’t seem to be doing very well

What ever your situation we can help by guiding you through the various options or reviewing your current plans.

Please contact us now for an initial discussion.

About to retire? See our section on Annuities and Drawdown, taking your pension.

Types of Pensions

State Pension

The amount of basic State Pension you’ll receive will depend on the amount of National Insurance contributions you’ve paid or are treated as having paid. Depending on your individual circumstances, you may also be entitled to additional State Pension.

The State Pension is payable from State Pension age – 65 for men, 60 for women. The State pension for women is currently increasing to age 65.  Also by 2020 the State Pension Age will be 66 for men and women.

Company pensions (Occupational Pensions)

Company pensions are set up by employers to provide pensions for their employees on retirement. As a general rule, if you are able to join one, it’s worth considering as most people will be better off in retirement than if they had not joined. You may be expected to make a contribution from your regular wage towards this type of plan.

Personal pensions

Personal pensions (also known as private pensions) provide you with a regular income in your retirement.

With a personal pension you pay a regular amount, usually on a monthly basis, or a lump sum to the pension provider who will invest it on your behalf. The fund is usually run by financial organisations such as banks, insurance companies or unit trusts.