In most cases Personal Pensions are a defined contribution pension schemes where contributions made by you and/or your employer are invested in funds.
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As there are no restrictions on the number of personal pensions you can belong to, they can provide additional retirement benefits to run alongside your workplace pension scheme. When choosing a personal pension, we always advise clients to carefully consider the flexibility of pension package, so that your contributions can remain the same regardless of whether you change jobs or stop working.
There are a wide range of choices out there and it is often difficult to clearly understand which pension will best suit your requirements. Again the watch word is “flexibility”. All contributions you make are invested and there is a huge choice of investment funds. We offer advice that puts in clear terms the risk profile of funds when weighed against the anticipated levels of return.
While a higher risk strategy can yield a higher return, it’s important to remember that funds go down as well as up, and in many cases clients prefer a lower risk strategy that provides smaller returns but more security for their hard-earned money. Talk to us today about how we can help you find the right pension strategy.
Several factors decide the value of your pension benefits:
Recent changes in legislation mean that, in most cases, pension benefits can start to be drawn from the age of 55, whether you are still working or not. At this point 25% of your pension pot can also be withdrawn as a tax-free lump sum. Your financial circumstances will dictate whether it is sensible to withdraw 25% of your pension pot and we recommend talking to a financial advisor to get a clear idea of the pros and cons of doing this.
There are different ways in which you can use your pension pot to provide a regular income, such as taking out an annuity, an income drawdown, or a combination. It is important to understand that the amount of income depends on the type of pension, and we advise clients on the options that suit their requirements.
Approachable Finance Ltd is authorised and regulated by The Financial Conduct Authority. The information contained within this site is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
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N. Yorks BD20 8TF
info@approachablefinance.co.uk
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