Family Life Category

The stages that you pass through from early life to retirement as a member of a family are called the family life cycle. As you reach each stage you are faced with new challenges and you will gain new skills that help you cope with this evolving cycle. Life doesn’t always run smoothly and situations such as severe illness, financial problems or the death of a loved one can have an effect on how well you pass through each stage. Whether you are a young person or over 50, MyAdviceGateway will help you locate the information and advice you need to cope with the challenges and stress of daily life.

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Pensions & Retirement

Pensions & Retirement

PLANNING YOUR RETIREMENT INCOME

More than half of 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. Could you afford to live on only your State Pension. The last thing your retirement …

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Pensions & Retirement

TYPES OF PENSION

There are three main types of pensions, namely State Pension, Personal Pensions and Workplace Pensions. Under Government legislation you may be automatically enrolled in a workplace pension but even if you are you can opt out and make your own pension arrangements or supplement the workplace pension with one or …

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Pensions & Retirement

STATE PENSION

The State Pension gives you a regular income for the rest of your life. You can claim it when you reach State Pension age. However, you need to have paid enough National Insurance contributions in order to be paid the full State Pension.

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Pensions & Retirement

ADDITIONAL STATE PENSION (SECOND STATE PENSION)

The Additional State Pension is paid on top of the basic State Pension and is based on earnings. Known as State Second Pension (S2P) it was originally known as the State Earnings Related Pension Scheme (SERPS).

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Pensions & Retirement

AUTOMATIC ENROLMENT

At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer’s scheme. In order to overcome this and encourage workers to save money for retirement the Government has introduced legislation where every employer must automatically enrol workers into a …

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Pensions & Retirement

NATIONAL EMPLOYMENT SAVINGS TRUST (NEST)

NEST is a workplace pension scheme that has been designed for automatic enrolment. It is available to employers of any size and to self employed people. It is an easy to use online pension scheme that puts savers in control. You have a single pension pot that stays with you …

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Pensions & Retirement

THE PENSIONS ADVISORY SERVICE

The Pensions Advisory Service (TPAS) provides independent, impartial information and guidance about pensions and retirement plans free of charge, to members of the public.

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Pensions & Retirement

CHOOSING THE RIGHT PENSION

Choosing the right pension scheme is an important financial decision and there are many things to consider. If you’re unsure as to which pension is right for you contact the Pensions Advisory Service or a financial adviser before making a decision. A financial or pensions adviser will also help you …

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Pensions & Retirement

REVIEWING YOUR PENSION

Having selected a pension plan(s) you should review its progress on a regular basis to make sure you’re on track to meet your retirement goals in terms of final income and tax-free lump sum. If there’s a shortfall in your savings, the earlier you spot it the easier it will …

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Pensions & Retirement

PREPARING FOR RETIREMENT

As retirement approaches there are some major decisions to make. These decisions will impact on the rest of your life and should be considered thoroughly.

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