Pension Advice in Nottingham

If you’re planning your pension journey, it’s essential to allocate your funds wisely for retirement. We offer simple and valuable pension planning advice that helps you realise your goals.

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At Veracity Financial Planning, we’ve been assisting clients with financial planning since 2009. If you’re planning your pension journey, it’s essential to allocate your funds wisely for retirement and to fully understand what your income will be. Our qualified advisers offer bespoke planning advice to help you achieve your retirement and investment goals. Start your financial journey with confidence – reach out to the Veracity team today for expert guidance.

Contact us today for expert advice and start your journey on the right foot. 

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Pension Advice FAQ's

A pension is a retirement savings plan that allows you to accumulate a pot of money to provide you with an income or financial support when you retire. It’s a way to save money during your working life to ensure financial security in retirement.

There are three main types of pensions, state, workplace and personal:

State Pension

The State Pension is a government-provided pension scheme that offers a regular income to people who have reached the state pension age, based on their National Insurance contributions. The UK’s state pension comes in two forms:

  •    Basic State Pension- This is available to individuals who reached state pension age before 6 April 2016. The amount you receive depends on your National Insurance contributions.
  • New State Pension- For those who reached state pension age on or after 6 April 2016. The amount depends on your National Insurance record, but you need at least 10 qualifying years to receive anything, and 35 years to get the full amount.

 

Workplace Pension

A workplace pension is a retirement savings scheme arranged by employers. It includes contributions from both the employee and the employer, often with tax relief from the government. Workplace pensions come in two main types:

  • Defined Benefit Pension- This type guarantees a certain amount of retirement income, based on factors like salary and length of service.
  • Defined Contribution Pension-In this type, contributions are invested, and the amount you receive in retirement depends on the performance of the investments.

 

Personal Pension

A personal pension is a type of private pension plan that you arrange yourself with a pension provider. It’s available to anyone and is particularly useful for self-employed individuals or those who want to supplement their workplace pension. Personal pensions are generally defined contribution schemes, where contributions are invested, and the final value depends on investment performance.

Yes, you can opt out of a workplace pension if you wish. However, you’ll be giving up the employer’s contributions to your pension, which is essentially free money towards your retirement.

There are three main types of pensions, state, workplace and personal:

State Pension

The State Pension is a government-provided pension scheme that offers a regular income to people who have reached the state pension age, based on their National Insurance contributions. The UK’s state pension comes in two forms:

  •    Basic State Pension- This is available to individuals who reached state pension age before 6 April 2016. The amount you receive depends on your National Insurance contributions.
  • New State Pension- For those who reached state pension age on or after 6 April 2016. The amount depends on your National Insurance record, but you need at least 10 qualifying years to receive anything, and 35 years to get the full amount.

 

Workplace Pension

A workplace pension is a retirement savings scheme arranged by employers. It includes contributions from both the employee and the employer, often with tax relief from the government. Workplace pensions come in two main types:

  • Defined Benefit Pension- This type guarantees a certain amount of retirement income, based on factors like salary and length of service.
  • Defined Contribution Pension-In this type, contributions are invested, and the amount you receive in retirement depends on the performance of the investments.

 

Personal Pension

A personal pension is a type of private pension plan that you arrange yourself with a pension provider. It’s available to anyone and is particularly useful for self-employed individuals or those who want to supplement their workplace pension. Personal pensions are generally defined contribution schemes, where contributions are invested, and the final value depends on investment performance.

Defined benefit schemes promise a specific income in retirement, based on your earnings and how long you’ve been part of the scheme. Defined contribution schemes accumulate a pension pot based on contributions and investment returns, which is used to provide income in retirement.

Financial advice is crucial as it can help you make informed decisions about saving, investing, and managing your money to ensure you have enough to support your lifestyle in retirement. A financial adviser can provide tailored advice to meet your specific needs.

The State Pension provides a regular income to people who have reached the state pension age. It’s funded through National Insurance contributions.

Eligibility

To qualify, you need to meet the state pension age and have a certain number of National Insurance qualifying years.

Types

  • Basic State Pension: For those who reached state pension age before 6 April 2016. The full amount requires 30 qualifying years.
  • New State Pension: For those who reached state pension age on or after 6 April 2016. The full amount requires 35 qualifying years.

 

Payment

It’s usually paid every four weeks, directly into your bank account. The amount increases annually, typically according to the “triple lock.”

Deferring

You can defer your pension, potentially increasing the amount you receive later.

Claiming

You can claim online, by phone, or by post. You’ll receive a letter detailing how to claim before reaching state pension age.

Contributing to a pension provides tax relief on contributions, the potential for employer contributions (in a workplace pension), and the compound growth of investments over time, all of which can significantly increase your retirement savings.

You can have multiple pensions, including a combination of workplace pensions, personal pensions, and State Pensions. Having multiple pensions can be a way to diversify your retirement savings.

Keeping track of multiple pensions can be done by maintaining regular statements from each provider, using online pension tracing services, or consolidating your pensions into one scheme for easier management.

 

Consider your retirement goals, the fees involved, the investment options available, and the flexibility of the scheme. Consulting with a financial adviser who understands your personal and business circumstances can help in making the right choice.

Benefits can include greater flexibility, lower fees, and better investment options. However, transferring pensions, especially from defined benefit to defined contribution schemes, can have significant risks and implications. Always seek professional advice before making a decision.