Having a Pension is the most obvious way to plan for your retirement.
A State Pension
When thinking about your retirement income one of the first things to research is your entitlement to a State Pension
The amount you will receive from your State Pension can differ depending on your circumstances.
The Department of Work and Pensions will be able to provide you with a forecast in regards to your State Pension. This will allow you to see how much State Pension you can expect.
An Independent Financial Adviser will be able to help you obtain a State Pension forecast and also discuss other possibilities in terms of your retirement income. The Pension advice an Independent Financial Adviser can offer could prove invaluable
Company Pensions
Your employer may offer you a Company Pension. Once again there are different Company Pension schemes and the Company Pension you are offered will depend on your employer
Your employer may offer:
A Final Salary Company Pension Scheme
With this type of Company Pension scheme the benefit amount that your Company Pension will pay out will be based upon your final salary and also the number of years that you have worked for your employer
A Defined Contribution Company Pension Scheme
With this type of Company Pension scheme the benefit your Company Pension will pay out will be dependent on contributions made to it throughout your employment
With both of these types of Company Pension your employer will make contributions and you may also be required to do so.
With a Company Pension it is usually possible for you to make voluntary contributions if you wish to do so.
Due to the complex nature of Company Pension schemes you may find it useful to talk to an Independent Financial Adviser for Pension advice
Personal Pensions
A Personal Pension can be used by people wanting to ensure that they have the necessary income upon retirement.
A Personal Pension can be taken out by any UK resident under the age of 75
Commonly a Personal Pension are used by people who are Self-employed.
Usually a Personal Pension operates on the basis of Defined Contributions. In short the amount of benefit you would receive from a Personal Pension will depend on the amount you contribute to it among other factors
Your Personal Pension would have an Investment element and the performance of this investment can have a significant effect on the income you will receive from your Personal Pension. Given this fact, many people seek Pension advice from an Independent Financial Adviser
If you are looking for a Personal Pension, you will find they are offered by many different providers from banks to Supermarkets. However, given the importance of this investment, it may be an idea to speak to an expert such as an Independent Financial Adviser
Stakeholder Pensions
Once again a Stakeholder Pension may be taken out by any UK resident below the age of 75 and are available to purchase from various outlets.
A Stakeholder Pension usually operate on a Defined Contribution basis and the income you acquire from a Stakeholder Pension will be based upon your contributions as well as a number of other factors
It is worth noting that from April 2012 employers will be required by law to make contributions to Stake Holder Pensions
An Independent Financial Adviser will be able to discuss a Stake Holder Pension with you and give you Pension advice to ensure you get the best return from your contributions.
If you would like some Pension advice, use IFACompare to find an Independent Financial Adviser in your area and put your retirement in safe hands
Find an IFA for Pension and Retirement Advice
© Copyright 2009 - 2012 IFAcompare.co.uk. All rights reserved.