Pension planning
Planning provision for your retirement using, SIPPS, SASSs and employer provision to ensure self sufficiency and a Halal income.
Pension planning
A pension is a way of saving for your retirement. You put money into your pension each month, and in return, you get a regular income once you’ve retired.
Important pension considerations:
Contributions made by your employer are effectively extra pay and can help grow your retirement savings.
There are two types of workplace pension: defined benefit and defined contribution. Some employers are reducing benefits, and some are closing schemes altogether.
If you’ve had multiple careers, you may have several pension pots. We can help consolidate these and calculate the income you’ll receive in retirement.
Pension contributions are invested with the aim of increasing the amount you have for retirement. We can help you develop a tax-efficient, affordable portfolio across various investment types.
Types of retirement income
There are three main areas for retirement income. Each provides a different method for saving and growing your income in retirement.
State pension
The State Pension is currently paid between the ages of 65 and 68 for men, and between 62 and 63 for women. Younger people may see this age increase. To claim the full state pension, you must have made National Insurance contributions for 30 years of your working life.
Employer provision
The state pension alone may not provide enough income in retirement, so many take out a workplace pension. Your contributions, combined with those from your employer and the government, are invested to provide income when you retire.
Personal provision
Personal pensions are arranged by you, independent of your employer, and work by building a fund you can use for an annuity or income drawdown in retirement. This is particularly suitable for the self-employed or those not in workplace schemes.
Increase your income in retirement
We can work with you to develop a tax-efficient affordable portfolio across various investment types which can be built up to provide the required income in retirement.
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