Pensions

Pensions: Saving for retirement is something that most of us put off for as long as we can. But the reality is that the sooner you start paying into a pension the higher your income in retirement is likely to be. If you're working you're usually building up the right to a basic State Pension - and possibly an additional State pension - but these may not be enough to give you the standard of living you want.

This section will help you to understand the benefits of using a pension to save for your retirement, what type of pensions are available, how they work and how to start saving for your retirement.

Pensions: As you will be aware the government has increased the age of retirement for woman from the age 60 to 65 and are going to make further increases over the coming years for both men and woman so it is important you get your pensions in place and reviewed at regular intervals to ensure you are on target to meet you pension expectations in retirement. It is very important you review your pensions and we will supply you with a free comparison pension table for you simply by answering a few questions. This table will help you review your pension based on charges and display what is the cheapest pension in the market based on charges. Remember this is not the only factor in reviewing your pensions or if you are considering starting a new pension there are many other factors to consider.

Our team of fully qualified independent financial advisors are only a phone call away and can help answer any questions you may have regarding pensions and investments.

State Pensions: There is 2 types of state pensions available in retirement which is the basic state pension and the additional state pension. People who are in a comfortable financial position can delay getting their state pension and may be entitled to a lump sum payment when they decide to draw their state pension down, they will generally also receive a bigger weekly pension than the basic because they have delayed taking the state pension. The additional state pension also known as (SERPS) State Earnings Related Pension Scheme depends on your National insurance contributions during your working life to determine the amount if any additional state pension you will receive. Many people in the UK contracted out of the additional state pension by allowing Independent Financial Advisors to do this and many Tied advisors also did this for their clients. The guidelines in recent years were for woman over 45 and for men over 49 to contract back into the state scheme and you should have had a letter from your provider advising you so. Many occupational pensions are also contracted out of the state second pension but this is a decision made by the trustees of the scheme and individuals have no control over this. If you are unsure whether you are contracted out or not them speak with one of our advisors who will take some details and ask some questions to determine this for you. If you have contracted out in the past you can contract back in to the state scheme so please do not worry about it just contact us for assistance. If you have contracted out in the past then you will still get enhancements from your provider depending on how their funds have performed over the term you have been with them. Many funds in the pension sector have under performed in the past but their is still a large amount that have performed well so we encourage you to review this to ensure your has performed as you expected in the past.

Pensions Summary: we have put together dedicate pages for your pension needs and to give you further information on each subject which hopefully will answer any further questions you have on your current or new pension needs. So if you wish to review your pension then visit our Pension Transfer page or if you have a Stakeholder Pension or a Personal Pension then please visit these dedicated pages. Moneyandme are completely impartial and will assist you with all your pension needs our select panel of Independent Financial Advisors are here to assist you with your needs. We hope this page has given you an insight into the state pension and we would like to thank you for taking the time to read through the page and hope you have found it useful.
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