Retirement Planning & Pension Advice

Pension Schemes Explained

In very basic terms, a pension scheme is a kind of long term savings plan, which enables you to put cash by, the idea being that it will see you through retirement. You can secure a regular income for yourself when you cease to work, by putting a bit of your wage into a pension scheme throughout your working life. As you would expect, the earlier you start saving into a pension scheme, the more money you will have to enjoy in the future.

Pension schemes benefit from more favourable tax treatment than other types of saving, and can be a very effective saving method. Pension schemes tend to be available in two forms:

  • Schemes accessible through your employer
  • Private schemes you can set up yourself

You can make use of more than one scheme if you want to. Having a scheme with your employer doesn’t prevent you from setting a further one up yourself, or exploring other saving options, such as ISAs.

At the point when you decide to start making the most of your pension, you will be able to choose from a few different options. We will advise on the best way to access your pension benefits depending on your needs and objectives.

Before you are able to enjoy the fruits of your hard work and careful saving, there is planning to do to make sure you get the most out of your pension. We are here to guide you from when you first start saving, to when you start to consider your options, through to the decision to retire.

The value of your investment and any income from it may go down as well as up. You may not get back the original amount you invested.

Starting Out

It is vital, while you are working, that your savings and pension are structured to perform as well as possible for your needs.

There are often questions when you start out saving, and here are a few answers we can help with:

  • How much you should be saving
  • What your tax relief entitlements are
  • Whether you can transfer previous pensions, and how
  • Which complementary investments to consider

Retirement Preparation

When you start to think about retiring, there will be a few things to consider:

  • The point at which you can safely afford to retire
  • The income you can expect to receive after retirement
  • If existing pensions can be combined
  • Whether existing pensions can be combined

We can find all these answers, and help you to prepare for all eventualities, considering the possibility of major market shifts, changes in your health and any other situations that may affect your pension in the future.

Retirement Options

There are many, many options you can take advantage of, and we’ll advise you. You’ll have a thorough understanding and will be able to make informed decisions with confidence.

We will also invest time in assessing any Final Salary pension benefits you have, to make sure that they are the best for you.

Start your journey with Alterno. Call us on 01926 886 491 to book your first consultation, free of charge.