Monthly Archives: September 2015

Personal pensions

Posted on September 2, 2015 by - Uncategorized

A good way of saving for retirement

A personal pension is a type of Defined Contribution (DC) pension. You choose the provider and make arrangements for your contributions to be paid. If you haven’t got a workplace pension, getting a personal pension could be a good way of saving for retirement. (more…)

Defined Benefit pension schemes

Posted on September 2, 2015 by - Uncategorized

A secure income for life

A Defined Benefit (DB) pension scheme is one where the amount paid to you is set using a formula based on how many years you’ve worked for your employer and the salary you’ve earned rather than the value of your investments. If you work or have worked for a large employer or in the public sector, you may have a DB pension. (more…)

Defined Contribution pension schemes

Posted on September 2, 2015 by - Uncategorized

Providing an income in retirement

With a Defined Contribution (DC) pension, you build up a pot of money that you can then use to provide an income in retirement. Unlike Defined Benefit schemes, which promise a specific income, the income you might get from a DC scheme depends on factors including the amount you pay in, the fund’s investment performance and the choices you make at retirement. (more…)

Tax relief on pension contributions

Posted on September 2, 2015 by - Uncategorized

Annual and lifetime limits to consider

Tax relief means some of your money that would have gone to the Government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief you get on your pension contributions. (more…)