Pension Advice -We can help you build a better pension...

Pension Advice -We can help you build a better pension...

Pension Advice: Building a Better Future

Understanding Pensions: A pension is a key part of planning for your later years. It’s essentially saving for retirement, and you can get it from:

  • Government Pensions: Regular payments from the state.
  • Workplace and Personal Pensions: Contributions from you and/or your employer.

Maximizing Your Pension:

  • State Pension Details: The basic State Pension is currently a maximum of £115.95 per week. If you’re eligible, you could also receive an Additional State Pension.
  • Pension Calculators: Use tools like the Money Advice Service’s pension calculator to estimate your pension based on various factors.

Your Pension Choices:

  • Diverse Options: You can contribute to multiple schemes, depending on your financial situation.
  • Tax Benefits: Contributions are often tax-relief eligible, within certain limits.

Types of Pensions:

  1. Workplace Pensions: Set up by employers, with contributions from both you and your employer. The final amount depends on the scheme.
  2. Personal and Stakeholder Pensions: Private pensions that you, and possibly your employer, can contribute to.
  3. State Pensions: For those reaching State Pension age before or after April 6, 2016. Amounts vary based on your National Insurance contributions.

Additional Considerations:

  • Retirement Age: Check your retirement age on Pension Wise and consider booking a consultation.
  • Finding Lost Pensions: The Pension Tracing Service can help locate lost pensions.
  • Posthumous Benefits: Understand how to nominate beneficiaries for your pension.
  • Working After Retirement Age: Know your rights regarding employment post-retirement.

State Pension Specifics:

  • National Insurance Contributions: The amount you receive depends on these contributions.
  • Topping Up: Enhance your State Pension through voluntary contributions.
  • Deferring Pensions: Consider deferring your State Pension for increased payments later.

Pension Credit: An additional support for those on low income, ensuring a minimum weekly amount.

Beyond State Pension Age:

  • Working Options: Understand your rights and options for working past the State Pension age.
  • Financial Advice: Consider consulting with experts for personalised advice on pensions and retirement planning.

Where to get Advice?