Request a call back

For a no obligation chat, you can speak to one of our expert advisers on:

0161 942 1826

Or request a callback:

Pensions Explained

A pension is designed to provide an income to live on in retirement and under current legislation, you can take all of a personal pension as a lump sum if you wish. Personal and Company pension schemes can enable you to build a large fund for the future; however, to avoid a paltry income in retirement, it is in your best interest to save as much as you can, within certain limits, and to start saving earlier.

There are also State pension schemes offering limited financial support for your retirement. State benefits also include the State 2nd Pension that replaced the State Earnings Related Pension Scheme (SERPS) from 2002.

Other types of pension schemes include; occupational pensions, personal pensions and stakeholder pensions.

If you have an occupational scheme, it may be possible to make additional contributions to boost your retirement income.

Self-Invested personal pension schemes (SIPPs) allow investments from a wide range of sources including, commercial property, shares, unit trusts etc.

Pensions are a long term investment. The capital invested can go down as well as up. You may not get back the full capital invested. Pensions can be subject to legislative changes now and in the future which can affect what can be saved and the taxation of pensions both on investment and taking the income in retirement.

It is always important to seek independent financial advice both for building up a suitable retirement income and accessing that income in the most suitable way for your circumstances in retirement