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Pensions Overview

How does a Pension work?

A pension is basically a long-term savings plan with tax relief. Your pension contributions are invested so that they grow during your career and then provide you with an income when you retire. Your state pension, whilst giving you a basis for your retirement fund may not be enough to cover your needs.

The value of your pension can fall as well as rise and you may not get back the original amount invested.




What should I consider for my retirement?

When planning for your retirement, the following should be considered: how much income you are likely to require when you retire, how much you are likely to receive by way of a pension to live on and what is the expected shortfall between your likely expenditure and your likely income?

Find a lost pension

You can find a lost pension by contacting the Pension Tracing Service online. You'll be asked to fill out a form. This service is free. Start now

Is my pension likely to be enough?

Many people in the UK either aren't saving at all for their retirement or they aren't saving nearly enough to give them the standard of living they hope for when they retire.

You can apply for a State Pension statement by filling out a BR19 form. You'll need to fill it in, print it and then post it to the Department of Work and Pensions. Find out More »

Calculate your pension shortfall

Calculate how much retirement income you might receive from saving in a personal, stakeholder or group personal pension using the pensions shortfall calculator




Pension Freedom April 2015

Since 6th April 2015, those with defined contribution pensions who are at least 55 still have the option to take a tax free lump sum and a lifetime annuity. However there are now more options to consider in providing an income.

The minimum pension age will be increased from 55 to 57 in 2028.

The Pension market is forever changing and is highly complex. Please call us so that we may offer our advice in helping you make the most suitable choice for your future needs. We can help you assess your likely expected pension and look at ways you can address any shortfall.




A PENSION IS A LONG TERM INVESTMENT THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.