Pensions

Providing expert Financial Advice to help you save for your retirement

Stress-free savings for you to enjoy when you stop working

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.

How Bluefish Financial Services can help you:   
  • We are Financial Advisers with over 25 years’ experience in the Financial Services Industry, and all our pension reviews are done by our qualified Pension Specialists.
  • We can give you advice on any type of pension; whether it is a state, a company or a private pension.
  • We will provide you with a free no-obligation initial consultation, where we promise to listen to you and take the time to understand what your needs are.
  • We will obtain all relevant pension information and compare it to what is currently available on today’s Pension Market.  We can then give you sound up-to-date advice, which will enable you to make the right decision.
  • If you prefer not to travel, we are more than happy to visit you in the comfort of your own home – we might even bring a packet of biscuits! 

We have put together a brief guide about Pensions, which we hope will help you understand how you can plan for your future.

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:

  • Defined Contribution:  The money that is paid in by you or your employer, is then invested in stocks and shares as well as other types of investments. The aim of this is to grow your ‘pension pot’ over the years before you retire.  You may get the choice of where you want your money invested, and the benefits that you receive when you retire depend upon, how much has been paid in on your behalf, how the investment has performed over the years and the length of time that it has been invested.
  • Defined Benefit:  The benefits that you will receive from this type of scheme depends on your salary when you retire and how long you have worked for your employer. You may have heard about final salary or career average revalued earnings (CARE) pensions.  These are both types of defined benefit pension schemes. 

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; 

  • You’ll have a guaranteed income and won’t have to worry about what you are going to live on, once you stop working.
  • You can choose to take your pension as one lump sum if you wish.
  • When you reach 55 years of age, 25% of your defined contribution pension is tax-free.  However, it is important to remember that the tax you pay depends on your personal circumstances and may be subject to change in the future.

Important information

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.

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Pensions

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.

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Get in touch today...

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.