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.
Contact an adviser for simple, valuable Pension & Investment advice.
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.
We pride ourselves on being fully independent, which enables us to offer the right product for you.
Our team of experts will guide you to a pension solution that fits seamlessly with your retirement goals.
Since 2009, we've assisted countless clients in securing the best pension for their personal circumstances.
Navigating the pension market can be challenging, but with Veracity Financial Planning, we can help you.
Looking for trusted financial planning, investment advice, pension guidance or mortgage advice? Our team is here to help you make informed financial decisions with clarity and confidence. Arrange an initial consultation with one of our advisers today.
Whatever you’re looking for, Veracity Financial Planning has got you covered.
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For Pension & Investment advice email:
financialadvice@veracityfp.co.uk
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0115 967 0888
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:
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:
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:
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:
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
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.
