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 Pensionswise or a financial adviser before making a decision.
If you are an employee you will probably be automatically enrolled into a Workplace Pension scheme by your employer.
If you are not in a Workplace Pension or you decide that your Workplace Pension will not give you the level of retirement income you need when you retire, you will need to arrange a Private (Personal) or Stakeholder Pension.
Based on your Retirement Plan you will already have a good idea of the level of investment you will need to save in order to achieve your required level of retirement income. Choosing the right pension scheme is an important financial decision and there are many things to consider.
Financial Advice
If you're unsure as to which pension is right for you contact Pensionwise (incorporated into MoneyHelper). Pensionwise is a free and impartial government service that helps you understand your new pension options.
Alternatively contact a financial adviser before making a decision.
A financial or pensions adviser will also help you decide which particular personal pension is suitable for you.
To help you choose a Financial Adviser, click here.
The Financial Conduct Authority (FCA) is a regulatory body in the United Kingdom that regulates the conduct of financial firms providing services to consumers including the regulation of consumer credit and maintains the integrity of the UK’s financial markets.
The FCA have brought in new rules, known as the Consumer Duty, which set a higher standard of consumer protection in financial services. The Duty means you should get: the support you need, when you need it. communications you understand. products and services that meet your needs and offer fair value.
Further information on the Consumer Duty is available at the following links:
Always make sure that the financial adviser is regulated by the Financial Conduct Authority (FCA).
You can check this by looking on the FCA website.
Alternatively to find an advisor near you follow this link.
Selecting a Pension
For Top Tips on Choosing a Pension click here.
For a downloadable guide to choosing a pension click here. (downloads as PDF)
Further advice on choosing a Personal/Stakeholder Pension is available at the following links:
A downloadable guide to Stakeholder pensions is available here.
If you choose a Money Purchase (Defined Contribution) scheme you will be allowed to choose where your contributions are invested. For a Guide to making pension fund choices follow this link.
What happens to your pension when you die
It is important for you to understand what will happen to your pension when you die and what will be the tax implications of passing on your pension.
When you die how your pension will be paid to your beneficiaries depends on what type of pension you have.
A guide to what will happen to your pension when you die is available at MoneyHelper.
Further information is available at the following links;
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