Pensions / Pension Transfers
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A pension is designed to provide you with a sum of money or regular monthly income once you have retired and/or reached state pension age.
A pension is intended to cover at least the basic costs of living so that you can continue to live comfortably once employed income stops.
What is a Pension?
Pensions are designed to provide an individual with a regular monthly income once they are no longer working or have reached a certain age. A pension is intended to cover at least the basic costs of living so that you can continue to live comfortably once employed income stops. There are numerous pensions currently available but the most relevant ones for the near future are as follows:
- State pension – The pension you will receive will be based upon your National Insurance contributions, to a predetermined maximum weekly allowance for all as set by the government. You must have paid a minimum amount of contributions over a set period of years in order to qualify for this.
- Employer pension – Some employers offer an enhanced pension scheme that can see you receive a lump sum payment upon your retirement; that can be used to purchase an annuity that will provide a monthly income. Over the next few years it is becoming compulsory for all employers to auto-enrol their employees into a pension scheme. This will result in the employer and employee paying funds into the employees pension pot to a certain percentage of their income. It is possible to opt out of this scheme should you choose to do so, but you must be auto-enrolled first.
- Private pension – As an individual you may choose to contribute to your own pension scheme. As above this will be paid as a lump sum/monthly benefit upon retirement.
What is a Pension Transfer?
If you have a frozen pension or you have not reviewed your pension for a number of years you may find that better plans may be available for you. In this circumstance a fully qualified financial adviser could help you by sourcing you a better plan.
How will my Special Risk affect this?
Your special risk may affect your ability to claim a state pension, if your health has resulted in you being unable to work and make the necessary National Insurance contributions to meet eligibility requirements. With upcoming pensions changes all employers will be required to contribute and enforce pensions schemes upon employees, so if you are employed you should receive at least some form of a pension when you reach retirement age.
Special Risks Bureau do not offer advice on pensions or pension transfers. Enquiries about cover are referred to an authorised third party.
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