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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.

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
• Not sure how much I need to save
• My existing plan doesn’t seem to be doing very well

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

Please contact us now for an initial discussion.

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 age for women is rising to 65 between 2010 and 2020.

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.