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Will you be happy to live on a maximum of about £155 per week (should you even qualify for this amount) when you retire?

That is approximately how much you can expect from the state. The onus, therefore, is now firmly on self-provision.

If one is available from your employer then you may want to join an Occupational Scheme otherwise you can set up your own Personal Pension or Stakeholder Plan.

Pensions are one of the most effective ways to save money because you can get tax relief on the money you save into a pension scheme.

There are a lot of complex issues surrounding pensions but with effective 'independent' advice we can guide you through this maze.


What about once you retire?

New 'Pensions Freedoms' were announced in the budget on 19th March 2014. These freedoms will give pension savers in certain schemes flexible access to all or some of their pension savings after April 6th 2015.

Annuity, Flexi-Access Drawdown, Uncrystallised Funds Pension Lump Sum, Longevity, Sustainability of fund, Investment considerations, Taxation Implications and Estate Planning are some of the main issues that need to be considered.

Whilst Shaun Start Financial Planning fully supports the rationale and ethos behind the government's new rules, we also believe that 'Guidance' may not go far enough for most people looking to take advantage of these new rules. We believe that full, independent 'Advice' should be sought before any action is undertaken. We will explain all the nuances and considerations of the new rules and will offer strategic planning advice and, importantly, we will only act in the best interests of each client.


Pension Consolidation?

Do you have a number of frozen or paid up pensions with different companies? If so, you may wish to consider consolidating them into a single, more maneageable and flexible plan. Each individual case is assessed separately before any recommendation is made. We also do not directly advise on the transfer of defined benefit (final salary) schemes.


For further information please refer to our 'Jargon Buster' below.

Contact us now to enquire further.

Pensions - Jargon buster

A Day
6 April 2006 - the day the government pension simplification rules came into effect.

AVCs - Additional Voluntary Contributions
A pension top-up for an occupational pension. You pay contributions into a scheme run by your employer to boost your main pension.

FSAVCs - Free-Standing Additional Voluntary Contributions
A pension top-up policy for an occupational pension, but separate from your employer's pension scheme and normally run by an insurance firm.

Group Personal Pension
A type of personal pension offered by some employers but not classified as occupational (see money purchase pension).

Lifetime annuity
A lifetime annuity converts money from your pension fund into pension income, which is taxed. There are different types to suit your circumstances.

Money purchase pension
Some occupational pensions and all personal, group personal, stakeholder, FSAVCs and some AVCs are money purchase pensions. Your contributions are invested in, for example, the stockmarket. The size of your fund depends on your contributions and how well your investments do. At retirement, you have a choice of options to provide you with a retirement income.

Occupational pension
Only available through employers and run by pension scheme trustees. There are two types - salary-related (defined benefit) and money purchase (defined contribution).

Personal pension
A pension policy you take out yourself from an insurance company or another financial institution and into which you pay contributions. It may also be offered by employers. See also money purchase pension.

Protected rights pension
The part of your pension fund which was used to contract out of the State Second Pension (SERPS or S2P) that must be used to buy a protected rights annuity.

Salary-related pension scheme (final salary or defined benefit)
A type of occupational pension. The amount of pension you get is worked out on your salary at or near retirement, or when you left employment, and your pensionable service.

Stakeholder pension
A type of personal pension that has to meet certain standards set by the government. You can take one out yourself or it may be available through your employer, but is not classified as occupational. See also money purchase pension.

State Pension
The Pension Service (part of the Department for Work and Pensions) will pay your basic State Pension based on your National Insurance contribution record. You may also qualify for the additional State Second Pension based on your earnings and National Insurance contributions - see below.

State Second Pension
The State Second Pension is an additional State pension paid on top of your basic State Pension. This was called SERPS. Self-employed people cannot build up a State Second Pension.

Tax-free lump sum
An amount of cash set by tax law which you can take at retirement free of tax. Salary-related occupational pension schemes may have different rules on the amount of tax free cash you can take.

Shaun Start Financial Planning is authorised and regulated by the Financial Conduct Authority. Principal: Shaun Start.

Shaun Start Financial Planning is entered on the FCA register (http://fca.org.uk/register/) under reference 228614.


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The guidance and / or advice contained within this website are subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK.