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Pensions are an important part of ensuring that your hard earned money continues long after you stop working.
Pension rules have changed quite a lot over the years, mostly to make saving for your retirement more attractive and with all these changes, it can be hard to keep up especially if you haven’t reviewed your pension or thought much about your retirement for quite some time. We will work with you to help you understand your options now and in the future and ensure your wealth sustains you into later life.
Older pension policies may become outdated and could offer limited options at retirement. They might have and higher charges and it’s possible that the funds where your investments are held are under-performing.
Equally, some older pension policies may have valuable guarantees linked to them, so it is vitally important to know what these are so you can make a fully informed decision about your retirement. This is why we offer personalised pension reviews.
Types of Pensions
Typically, pensions fall into to two categories: Personal (Private) Pensions and Occupational Pension Schemes.
Personal pensions are pensions that you arrange yourself and you can make regular or lump sum payments into. They are known as defined contribution or money purchase schemes. You receive a pension based on what you have paid in, how the investment has performed (they can go up as well as down) and how you want to take the money when you retire.
Occupational Pension Schemes or workplace pensions are set up by your employer and can either be directly linked to your earnings, such as ‘final salary’ pensions (known as defined benefit schemes) or a scheme similar to a personal pension, made up of contributions from both the employee and the employer (defined contribution or money purchase schemes.)
With a pension review, we will help you understand your options and gain the peace of mind that comes from knowing you’re in the best scheme for your circumstances and goals.