Planning for retirement is one of the most important financial decisions you’ll make, and getting expert pension advice can help you secure a comfortable future. With so many options available – workplace pensions, personal pensions, and investments – it’s crucial to have a strategy that suits your goals and lifestyle.
Professional pensions advice ensures you make the most of tax benefits, avoid common pitfalls and try to maximise your retirement income. Whether you’re starting your pension journey, reviewing existing plans or approaching retirement, we can help you make informed pension choices for a financially secure future.
The value of investments and the income they produce can fall as well as rise. You may get back less than you invested.
In the UK, there are several types of pensions available, each designed to help individuals save for retirement. The main types of pensions include State Pensions, Workplace Pensions, and Personal Pensions, each offering different benefits, contributions, and investment options.
A pension transfer review is a crucial process for anyone considering changing their pension scheme. It helps ensure that the decision is well-informed, taking into account the long-term impact on retirement income, financial security, and personal circumstances.
Find out more about pension transfer
The type of annuity you choose will depend on your personal circumstances, including your health, lifestyle, and financial goals. While annuities offer a stable income, it’s important to carefully consider options such as inflation protection, the length of the annuity, and whether you want to provide for a partner.
A Self-Invested Personal Pension (SIPP) is a type of personal pension scheme that offers individuals greater control and flexibility over their retirement savings. Unlike traditional pensions, which limit investment choices, a SIPP allows you to choose from a wide range of investment options, such as stocks, bonds, mutual funds, commercial property, and more.
Find out more about SIPPs.
Small Self-Administered Scheme (SSAS) is a type of pension scheme in the UK designed for small businesses or companies, particularly owner-managed businesses and directors, who want more control and flexibility over their retirement savings. A SSAS is a type of occupational pension scheme, but unlike traditional pension schemes, it allows the members, often company directors, to have direct influence over the investments of the pension fund.
The State Pension is a government-provided income paid to individuals once they reach the State Pension age, which is currently 66 but set to rise to 67 on 6th April 2037. It is based on National Insurance (NI) contributions made during a person’s working life. There are two types of State Pension:
- Basic State Pension: Available to individuals who reached retirement age before 6 April 2016 and who have paid sufficient NI contributions.
- New State Pension: Introduced for those reaching retirement age on or after 6 April 2016, providing a flat-rate payment based on the number of qualifying years of NI contributions.
Workplace pensions are set up by employers to help employees save for retirement. There are two main types:
- Defined Contribution (DC) Pension: Both the employer and employee contribute to the pension pot, which is invested. The final amount available at retirement depends on the contributions made and the performance of the investments. The employee has the flexibility to decide how and when to access the funds.
- Defined Benefit (DB) Pension (Final Salary Pension): In a DB scheme, the employee is promised a specific pension income based on their salary and years of service. The employer bears the investment risk, and the pension amount is pre-determined, offering more certainty at retirement.
Personal pensions are individual arrangements where individuals can save for retirement independently of their employer. These are usually Defined Contribution (DC) schemes, where contributions are invested, and the final amount depends on investment returns. There are several types of personal pensions:
- Self-Invested Personal Pension (SIPP): This is a more flexible type of personal pension, allowing individuals to choose and manage their own investments. It’s ideal for those who want more control over their retirement savings.
- Stakeholder Pensions: These are low-cost personal pensions with capped fees, making them suitable for those seeking a simple, low-cost option for saving for retirement.
This type of pension provides a guaranteed income for life based on salary and service years, offering greater security for retirement. However, they are becoming less common as they place more financial responsibility on the employer.
If you have any questions regarding pension advice please get in touch with our team of qualified financial advisers for a no obligation chat.
In 2024-2025, the full state pension in the UK is £221.20 per week. However, the amount you receive depends on your National Insurance (NI) record.
The amount varies based on your desired retirement lifestyle, current savings, and expected expenses. A common guideline suggests aiming for a pension pot that provides an income of around two-thirds of your pre-retirement salary.
Typically, you can start withdrawing from private pensions, including workplace and personal pensions, from the age of 55. This age is set to rise to 57 in 2028.
Pension funds are usually invested in a mix of assets such as stocks, bonds, and property. The specific investment strategy depends on your pension provider and chosen plan, with options often ranging from high-risk to more conservative investments.
The treatment of your pension upon death depends on the type of pension and your age at the time of death. For defined contribution pensions, if you die before 75, your beneficiaries can usually inherit the pension pot tax-free. If you die after 75, the inherited pension is subject to Income Tax at the beneficiary’s marginal rate.
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