The basics of a pension plan are very simple; you put money aside into a savings fund where it will hopefully grow in value over time. When you come to retirement, you convert the fund into income which will replace part, or all, of your earnings from employment. Pensions are long term investments which have special tax rules meaning you get tax relief on the money you contribute.
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For most people a pension scheme is the obvious route to saving for retirement. There are products to suit all circumstances, depending on whether you run your own business, want to top up your company scheme or you are in a job with no scheme available to you.
Financial advice on pensions is crucial both when planning a new pension as well as monitoring and reviewing an existing pension. With many different types available from numerous providers, our Independent Planners can help find a solution matched perfectly to your needs. How your pension works will depend on the type you have; there are three main types.
- Occupational salary related pensions which are offered by some employers, also known as final salary schemes.
- Occupational defined contribution pensions- also known as money purchase schemes- which are offered by some employers.
- Stakeholder and personal pensions- these are the type of pensions you start yourself or you may have one through your employment.
Our retirement planning and pension review service is specifically designed to help you take charge of your own retirement plans. We take a comprehensive look at what provision you have, where it’s going to place you, consider how this fits with where you want to be and then, if appropriate, make a recommendation to make up any shortfall.
To keep you on track for retirement we meet with you regularly to review your plans and discuss how your fund is performing as well as your personal circumstances, goals and attitude towards investing.
Whether you are looking to start a new pension or if you're considering retirement, our advisers are available to help.
The value of your investment can go down as well as up and you may get back less than you invested.