The first step of the process when reviewing pensions is to establish what type of pension(s) you have, some of the different types of pensions are:-
Personal pension
Workplace pension
Stakeholder pension
Group Personal Pension
Company Pension – Money Purchase
Final Salary Pension/Defined Benefit Pension
When reviewing a Final Salary Pension/Defined Benefit Pension it is important to establish the guaranteed benefit of the income benefits, spouse’s income, and other important factors within the scheme. As well as looking at the transfer value, which due to the large number often entices people to want
to transfer.
The first option when reviewing a final salary pension is how it meets your needs in retirement as the income payable if for your life with no risk
to yourself.
There is also the pension protection fund which provides protection for defined benefit members.
Whether a Final Salary (defined benefit), Occupational or Personal Pension scheme, irreplaceable pension features can be lost on transfer, such as:
The importance of establishing all of the key facts of your individual circumstances and the key features and benefits of your pension(s), will enable you to be able to make the right informed decision about your pensions.
The process includes, if you haven’t already establishing what income you want in retirement, the amount you need to cover your living costs and as equally important, the amount you need to enjoy your retirement.
As an independent financial adviser and financial planner, with over 24 years’ experience, I will establish the most appropriate advice/guidance for your individual circumstances.
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