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The one certainty in life is that change is inevitable. It can’t be avoided so at Lifelong we embrace it and take a flexible approach.
No matter what life throws at you, you can be assured that we will be right there beside you to guide you through the good times and the bad. Things do change and unforeseen circumstances crop up, we will ensure we adjust the course if necessary so that your finances remain on track.
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A Personal Pension is a type of defined contribution pension. If you have no pension arrangements or would like to increase your retirement planning provision investing in a personal pension could be a good way of saving for retirement. Your pension fund builds up in line with the contributions you make, investment returns and tax relief
Stakeholder pensions are a form of defined contribution personal pension. They have very low and flexible minimum contributions, capped charges and a limited amount of investment fund choice. Since the introduction of Auto-enrolment schemes they have become less popular. A Stakeholder plan does not normally allow investors to draw their pension flexibly at retirement.
Self-Invested Personal Pension
A Self-Invested Personal Pension (SIPP) is a pension ‘wrapper’ that allows a wider range of investments than a personal pension. It is a type of personal pension which offers greater choice and flexibility than most of the other schemes including being able to hold commercial property in a SIPP. Generally, they are more expensive than a Personal Pension or a Stakeholder plan. They often allow full flexibility as to how you draw your pension income at retirement.
Auto Enrolment Pensions
A workplace pension is a way of saving for your retirement that’s arranged by your employer.
A percentage of your pay is put into the pension scheme automatically every payday.
Your employer also adds money into the pension scheme for you and tax relief will normally be added too.
Group Personal Pension
Group personal pensions (GPPs) are a type of defined contribution pension which some employers offer to their workers. As with other types of defined-contribution scheme, members in a GPP build up a personal pension pot, which they then convert into an income at retirement. Many of these schemes have been changed to the auto enrolment pension.
Defined Contribution Pension Scheme
With a defined contribution 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 defined contribution scheme depends on factors including the amount you pay in, the fund’s investment performance and the choices you make at retirement.
Defined Benefit Pension Scheme
A defined benefit (DB) pension scheme is one where the amount you’re paid is based on how many years you’ve worked for your employer and the salary you’ve earned. Many of these ‘Gold plated’ pension schemes have closed to new members but provided a secure retirement income often with a tax free lump sum. They have either been replaced by Defined Contribution schemes or Career Average schemes.
An annuity is a long-term investment that is normally issued by an insurance company designed to help protect you from the risk of outliving your income. Through annuitization, your purchase payments (what you invest) are converted into periodic payments guaranteed for life.
There are other lesser common schemes which have been available previously which we may encounter. These are Section 32 or Buy Out Plans and Small Self- Administered Schemes
To discuss your retirement and wealth planning and which pension would be most suitable for you, contact email@example.com