Getting the right pension advice for your retirement needs is very important. There are many pension solutions depending on your circumstances, for example you could be a member of an occupational pension scheme and looking to increase your retirement income. Or you could have no current pension provision and now feel it is the right time to start making pension contributions to provide for yourself in retirement. Independent pension advice for your pension solutions will ensure to reach your retirement dreams.
Stakeholder pensions were introduced in 2001 as a means of encouraging people to save for their retirement in a low cost pension scheme. All employers with more than 5 qualifying staff have to designate a Stakeholder pension provider that their staff can access. Pensions are seen as a valuable employee benefit and many employers do contribute to the pensions of their staff.
Personal pensions have been around in many guises for a number of years. Most of the large life offices offer a version and it is wise to shop around as the charges on personal pensions can vary considerably between the different providers. As it says they are personal to the person that is contributing to the plan. Personal pensions can be taken out by employed or self employed. Take a review of you pensions and get independent pension advice.
There are a number of options for companies when it comes to installing a company pension scheme. The most popular option is a group pension scheme where each member of the scheme has their own pension plan. Company pensions are normally either salary related or money purchase. Very soon the UK Government will be introducing compulsion when in 2012 auto enrolment comes into force. Take Company Pension Scheme Advice to ensure you are ready for compulsion.
Pension release usually involves taking the benefits from a pension scheme early. It is generally done to get access to the tax free cash that is available from age 55. Pension release is not right for everyone and needs careful consideration as in can affect the retirement income in later years.
There are many reasons why someone might want to transfer their pension or switch from one pension provider to another, these are usually job changes or generally not being happy with the fund performance of the existing pension scheme provider. Again careful consideration is required and it is wise to seek the advice of an independent financial adviser.
If you are unhappy about the investment choice available from the life office pension providers and you would like a wide range of investment choices then SIPP pensions could be the answer. SIPP pensions allow you to invest in a wide range of investments such as stocks and shares and commercial property.