A Personal Pension is one of the most common ways to save for retirement
A personal pension is usually the first building block that an individual will use to accumulate their pension fund. Creating a significant pension doesn’t happen overnight. But a personal pension offers an opportunity to start to build your retirement fund.
At Boolers we offer personal pension advice to clients throughout Leicester, Nottingham, Market Harborough and all surrounding areas.
These arrangements, along with the more sophisticated SIPP and SSAS pension arrangements are types of defined contribution schemes.
The fundamentals of all defined contribution schemes are that contributions are made to the fund (from the member and/or their employer). This fund is then invested with the aim of increasing its value prior to retirement. At retirement, a personal pension is able to provide benefits to the member, via a number of different routes.
A value of a defined contribution 'Pension Pot' is dependent on:
- How much an individual pays into their pension pot
- How long they save for
- How much, if anything, their employer pays in
- How well the investments have performed
- The charges taken by the pension provider
Personal pensions, and all defined contribution schemes, have two stages; initially building a fund whilst an individual is working and then providing an income in retirement.
Our team in Leicester can offer Chartered advice upon all aspects of personal pension saving; whether you are taking the first steps toward long term saving, or if you are approaching retirement and have already built up your fund.
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