Pensions

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Is a tax-efficient way of saving for your retirement? There are different types of pensions, and you can have more than one kind should you wish to.

Employers Scheme – This is a pension scheme that’s arranged by your employer. If you’re between 22 and State Pension age, work in the UK and earn more than £10,000 a year, your employer must enrol you in a scheme. A percentage of your pay goes into the pension scheme each payday and your employer adds money to the scheme for you too. There are 2 types of workplace pension:

Defined contribution – a pension that’s based on how much money has been paid into it. The money paid into the scheme is invested by the pension provider. The amount available to you at retirement depends on how much has been paid in and how well the investments have performed

Defined benefit – sometimes referred to as final salary pensions. The money you get back doesn’t depend on investments, but is based on your salary when you retire and how long you’ve worked for that employer

The State Pension is essentially a regular payment people can claim when they reach the State Pension age. How much you get depends upon your National Insurance Contributions, with the government determining your pension payments through the credits you’ve accrued throughout your life.

Self-invested personal pension (SIPP) is a type of personal pension that lets you manage how your money is invested. You choose which investments to invest your money in and actively manage those investments. SIPPs are often more suitable for large contributions and, because you control how your money is invested, they might be better for experienced investors. They can also have higher charges.

Regularly reviewing your pension with a Financial Conduct Authority (FCA) authorised pension advisor could give you a better outcome at retirement and help you achieve your objectives.
Most self-employed people use a personal pension for their pension savings. With a personal pension, sometimes called a private pension, you choose where you want your contributions to be invested from a range of funds the provider offers.
A final salary pension is a type of defined benefit scheme, which pays a retirement income based on your salary and length of service. We’re often asked by customers if they can transfer out their defined benefit pension.
The term SIPP stands for Self Invested Personal Pension. As the name suggests, with a SIPP pension plan, a member has much more autonomy and control over the range of asset classes where they can invest their money. A SIPP is a form of personal pension which offers a greater degree of investment choice than would be available from a traditional pension provider.
Transferring or Combining your pension pot can make it easier for you to plan for your retirement. Before you transfer, however, it’s worth considering reasons why it may be the right decision for you.
Income drawdown, or pension drawdown, is a way of using your pension pot to provide you with a regular retirement income by reinvesting it in funds specifically designed and managed for this purpose. The income you get will vary depending on the fund’s performance.
The annual allowance is the maximum amount of pension savings you can have each tax year that benefit from tax relief. You are subject to a tax charge (the annual allowance charge) if your pension savings exceed your available annual allowance for a tax year.
Is a potential way of increasing a member’s annual allowance in the tax year. Carry forward is used when a member’s total pension input amounts for a tax year exceed their annual allowance limit for that year.