Pensions

Pensions are used to provide you with sufficient money to live comfortably once you retire from work. There are many different 'tools' used to save for retirement, and the taxation and investment elements of pensions can be confusing.

We can explain the options in plain terms, make appropriate recommendations based on the information you provide, and also monitor your pension.

There are currently 4 sources of pension to fund for your retirement:

Basic State Pension
For those that qualify for State pensions (usually through NICs) we can advise you on the projected amount you are likely to receive.

State pensions will certainly not be sufficient to give you enough income to live in the style you've been used to when working. It's important to think about how best to build up an additional retirement fund. You're never too young to start a pension - the longer you leave it the more you'll have to pay in later life in order to accumulate a reasonable fund.

Additional State Pension
This is now known as the state second pension (S2P). It replaced the State Earnings Related Pension Scheme (SERPS), which in turn had many predecessors and no doubt future politicians will further confuse matters. Suffice to say, whilst state benefits are valuable, you will almost certainly need to have made additional plans to supplement your retirement income.

Occupational/Stakeholder Pension
We are very happy to explain the scheme that your employer has put in place for you. If you are an employer looking to put in a new scheme or seek advice on an existing scheme, then again, we are very happy to help.

Personal Pension Scheme
This includes stakeholder schemes and is open to nearly everyone. It's especially useful if you are self-employed or your employer doesn't run a company scheme.

For an informal chat about your requirements please call 01223 846726 or email info@downingfinancial.co.uk