Here at Bluefish Financial Services, we understand that saving for your retirement can be a daunting matter, especially if you are unsure as to which option is best for you.
You may be considering joining a pension but need advice about which scheme is right for you? Or you may already have a pension and are wondering if it is big enough to see you through the eventualities of growing old? Or you might be thinking of transferring your pension but are unsure how to do this?
Whichever is the case, these are all questions that can be discussed with us.
Put simply; a pension is an investment for your retirement. It is a type of savings plan which helps you save money for when you are older, and allows some tax relief. If you are part of a pension scheme you will make regular contributions (this could be from your salary), that will provide you with an income when you retire. Don’t put off saving for your retirement as the longer you pay into the scheme, the better the return will be when you decide to stop working.
There are three types of pensions:
Workplace Pension: This type of pension scheme is set up by your employer and the contributions are made by both you and your employer. These are broken down into two categories:
Private Individual Pension: If you do not have the option to join a company pension scheme*, or if you are self-employed then a private pension or a self-invested personal pension (SIPP) may be suitable for you.
State Pension: This is a regular payment from the government when you reach state pension age on or after 6 April 2016. You are only entitled to get the full basic new state pension if you have been paying national insurance contributions or credits for 30 years. The state pension may not be enough for you to survive on, so it is a good idea to join either a workplace or a private pension.
*As of 1 February 2018, it will become a requirement for all companies to provide a workplace pension to its employees if they work in the UK and are over 22 years old. This is called auto-enrolment.
There are many advantages of saving for your retirement including;
Please note that investment returns are not guaranteed. The value of your investment can go up or down and may be worth less than you paid in.
Whether you are looking to start a pension or want to know how to ensure your existing pension is working for you we can help.
If you are a first time buyer or moving house or looking to re-mortgage we can help you choose the right mortgage.
Over the phone, over tea and biscuits or over at your place, our ear is always available to listen to what you need. Nobody’s protection needs are too small and no investment is too complicated.
We’re here to take time with our customers to make sure they walk away happy and with greater wealth or greater financial stability than when the process began.
Simply complete the form to the right or call us on 0117 9392837 to get the conversation started.