Pensions are designed to enable you to save sufficient money during your working life to provide an income stream for you to live comfortably after you have retired.

Different types of Pensions

Pensions are designed to enable you to save sufficient money during your working life to provide an income stream for you to live comfortably after you have retired.

State Pensions may not produce the same level of income that you will have been accustomed to whilst working. It’s important to start thinking early about how best to build up an additional retirement fund. You’re never too young to start a pension – the longer you delay, the more you will have to pay in to build up a decent fund in later life.

Whether you require advice on a personal pension or a workplace scheme for your business we arrange bespoke solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.


Pensions are a long-term investment. You may get back less than you put in. Pensions can be and are subject to tax and regulatory change; therefore, the tax treatment of pension benefits can and may change in the future.Past performance should not be taken as a guide to future performance. The underlying value of investments, and the income from them, can go down as well as up, and you may not recover the full amount of your original investment.

Your options at retirement

From age 55, there are a number of options available to you including:

  • The ability to draw your benefits available from the existing provider
  • Purchase an annuity with a different provider on the open market, this could potentially increase the payments to you
  • Transfer to Flexi-access Drawdown (or a third way plan)
  • Use the Uncrystallised Fund Pension Lump Sum (UFPLS) rules
  • Transfer to phased retirement
  • Transfer the full amount to any/a combination of the above
  • Undertake a partial transfer to any/a combination of the above

Auto Enrolement

In the past, many employees may have missed out on valuable pension benefits, either because they didn’t join their company’s pension scheme or their employer didn’t offer them a pension.

This was changed by the introduction of auto-enrolment which makes it compulsory for employers to enrol eligible employees into a pension scheme and to pay a minimum contribution into it.

Auto-enrolment was phased in from 2012 and all eligible employees should have been enrolled by 1 February 2018.


The government has set minimum levels of contributions that must be paid to the workplace pension scheme by you and/or your employer.

Your employer must pay some of the minimum total contribution. If your employer doesn’t pay all the minimum total contribution, you will need to make up some of the difference. Your employer will tell you how much you need to pay.

Through tax relief on your contributions, the government will effectively also be paying into your pension pot. Even if you don’t pay Income Tax, you’ll still get tax relief if your pension scheme uses tax relief at source.

The minimum total contribution to the scheme is usually based on your ‘qualifying earnings’. These are your earnings from employment, before Income Tax and National Insurance contributions are deducted, that fall between a lower and upper earnings limit that are set by the government.

If your employer decides to pay only the minimum amount, the minimum total contribution, as a percentage of your qualifying earnings is:

DateYour employer pays:You pay:The Government adds tax relief of:Total contribution:
From 6th April 20193.0% of your qualifying earnings4.0% of your qualifying earnings1.0% of your qualifying earnings8.0% of your qualifying earnings

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