Pensions - Evolution Financial Planning

Pensions

Almost 50% of women don’t have a private pension.
Source: ftadviser.com
But are they really necessary?

  • Are you employed or self-employed?
  • Are you paying into a pension right now?

A pension is a long-term investment, and the fund value may fluctuate. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.

Let’s chat!

Why have a pension? And what does it mean for your future?

Many of us want to retire as soon as we possibly can. But when you step back from your career or your business, life goes on, and the bills still need to be paid.

We all want more freedom, whether it’s to take up a hobby, travel or enjoy more of the things we love. And during our earning years, we can put away the ‘right amount’ of money into a pot so we can have the lifestyle we want when we retire.

This pot of money grows and earns interest over the years, and is worth more when we come to retire and draw it out. This amount must be enough to last the remainder of our lives, something which, as we’re all living longer and longer, can feel rather daunting.

  • Have you got old pensions from jobs you had earlier in your career, but no idea what’s really happening with them?
  • Are you looking to get started, but have no idea what the ‘right amount’ to put away is?
  • Have you been paying into your pension, but not exactly sure what you’ve got in place and whether it’ll be enough when you retire to enable you to live the lifestyle you want?

Whatever is true for you, our friendly team of all-female advisers can help you get started with a new pension or help you review exactly what you’ve got in place for the future. We can provide bespoke recommendations and advice, so you know exactly how to proceed when it comes to your pension.

So what type of pension could you have?

Private pensions

Private pensions are funded by you and are a secure way to pay for your retirement. You have total control over who you choose as a fund manager and where your money is held.

This type of pension is usually accessed by anybody who is self-employed or runs their own business. Even if you have never had a pension before, it’s never too late to think about your retirement and how you can fund the lifestyle you want.

Employer pensions

If you are employed, employer pensions often include an option where your employer contributes towards your pension along with you. Some employers even match the contributions you make, which is an added bonus. However, you do not have any control over which company manages your funds.

It is worth bearing in mind that pensions are tax-efficient - so if your payments come straight from your gross salary, you won’t pay any tax on them. If they don’t, you can still claim the tax back.

(If you’ve lost track of Employer Pensions from jobs in the past – this article will help!).

What about the State Pension?

Ultimately, a pension provides you and your family with security in later life. The State Pension at present is not enough for most women to enjoy the lifestyle in retirement that we’d like. This is why thinking about a private pension now, whilst still in employment, is a great way to plan for your future.

Why do you need a pension advisor?

A pension adviser can help you to be in the best financial position possible when you retire.

We know that choosing and managing your pension can feel completely overwhelming. When you work with us, you will receive independent financial advice from our helpful team, with recommendations and guidance to secure your financial future once you decide to stop working.

A communication or a financial promotion should not describe a feature of a product or service as “guaranteed”, “protect” or “secure” (as used above), or use a similar term unless:
(1) That term is capable of being fair, clear and not misleading description of it; and
(2) The firm communicates all of the information necessary, and presents that information with sufficient clarity and prominence, to make the use of that term fair, clear and not misleading.
This may not actually be the outcome and its use could be confused with having a secure pension income as opposed to a flexible benefit pension with no safeguarded benefits. Can you please reword.

How exactly can we help you?

We completely understand that your shorter-term financial needs may always feel like the highest priority, especially if you have a young family and lots to pay out. However, it is highly recommended to start paying into your pension pot as early as possible, and even a small amount is better than nothing. By taking small steps now, you can ensure that you are ready for retirement, without having to worry about your finances.

Why not have a pension review with us? We can help you:

  • Understand the size of your current pension pot
  • Navigate what your pension could produce for you in later life
  • Understand the ‘right amount’ to be adding to your pension to support the lifestyle you want once you retire

In a pension review, we’ll help you make sure your existing pension pots are the best option for you and your family. If this is not the case, you’ll develop the clarity and awareness of what to do next, whether that involves moving your pensions elsewhere or consolidating them. You’ll also develop more of an understanding of the options available to you when it comes to investing in your pension.

If you proceed with the recommendations we discuss, you will know exactly what your pensions look like, and no longer feel confused, but empowered, by your finances.

Having your pensions under one system can make it much easier to withdraw the money when the time comes. There is a lot less confusion when you don’t have to manage several pension pots, and, of course, there is the added benefit of saving money in fees.

We can guide you through the entire process, dealing with all the paperwork for you. We can provide clarity and reassurance, so you know what you’re dealing with at every step of the way.

Please note, investment returns can vary, the capital and income generated cannot be guaranteed.

This notice cannot disclose all the risks associated with the products we make available to you. You should not invest in or deal in any financial product unless you understand its nature and the extent of your exposure to risk. You should also be satisfied that it is suitable for you in the light of your circumstances and financial position. Different investment products have varied levels of exposure to risks and to different combinations of risks.

Our disclaimers are not intended to be fully inclusive of all relevant risks; we would strongly encourage to you ensure that you have read all relevant literature, and that you are comfortable that you understand all of the associated risks relating to an investment, before you decide whether or not to purchase it. Should you be in any doubt as to the risks involved, or to the suitability of a particular investment, you should seek professional financial advice.

Please note that investment values can go down as well as up and past performance is no indication of future performance.

Book your Pension Review Now

Please note, investment returns can vary, the capital and income generated cannot be guaranteed.

This notice cannot disclose all the risks associated with the products we make available to you. You should not invest in or deal in any financial product unless you understand its nature and the extent of your exposure to risk. You should also be satisfied that it is suitable for you in the light of your circumstances and financial position. Different investment products have varied levels of exposure to risks and to different combinations of risks.

Our disclaimers are not intended to be fully inclusive of all relevant risks; we would strongly encourage to you ensure that you have read all relevant literature, and that you are comfortable that you understand all of the associated risks relating to an investment, before you decide whether or not to purchase it. Should you be in any doubt as to the risks involved, or to the suitability of a particular investment, you should seek professional financial advice.

Please note that investment values can go down as well as up and past performance is no indication of future performance.

Evolution Financial Planning Ltd is an appointed representative of TenetConnect Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetLime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 149826.

Evolution Financial Planning Ltd is Registered in England and Wales under reference: 08117933. Registered office address: Unit F23 Innovation Centre Medway, Maidstone Road, Chatham, Kent, ME5 9FD.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.