Pensions

Many of us are guilty of of putting off paying into a pension for as long as possible. Even though common sense tells us that the sooner we start paying, the more money we’ll have to live on when we retire. If you’re working you should have the right to a basic State pension (and possibly even an additional one) – but these might not enable you to live to your desired standard.

Unravelling the sheer amount of information pertaining to pensions can be downright confusing and at Goldmanread we can put you in touch with industry experts who’ll find the perfect package for you.

Pensions: the Lowdown

A pension is a long-term investment that has specific rules regarding tax, e.g. you get tax relief on contributions.

There are three main types of non-State pension. They are:

  • Occupational schemes related to salary. Some employers offer these.
  • Occupational schemes defined by contribution. These are also known as money purchase pensions. Some employers offer these.
  • Stakeholder pensions and personal pensions. These may be offered by an employer (sometimes as a group personal pension) or you can start one yourself. These are also money purchase pensions.

Pensions at work: UK employers have to automatically enrol their staff into a workplace pension if they meet certain criteria. The law on workplace pensions has now changed and every employer must comply.

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Goldmanread.co.uk are not authorised to provide pensions advice, you will be referred to a suitably authorised and qualified financial adviser.