Pension Advisors

Make Your Pension Work For You

Planning for your future is vital, but deciding how best to invest your pension can be challenging. Bexley Independent Financial Services take the hassle out of financial planning with independent, reliable pension advice from regulated expert advisors.

We work to understand your circumstances first in order to provide tailored and effective pension advice. Whether you are looking for advice on a private pension, workplace pension, or another form of retirement investment, our pension specialists will be able to help.

Start planning for your retirement and make your pension work for you. Contact our advisors today on 01322 446934 or fill out our form below and book your free, no obligation consultation.

Understanding Pensions

The fundamental idea of a pension plan is simple. You put money into a savings fund and it grows in value. At retirement, you convert the fund into a regular income payment, which is designed to replace some or all of your employment income.

There are several types of pensions available, such as Workplace Pensions (arranged by your employer), Personal Pensions (which you set up yourself) and State Pensions (provided by the Government when you reach ‘State Pension Age’).

Workplace Pension

Under recent legislation, all companies are required to offer their staff access to a workplace pension. All eligible workers should have been automatically enrolled in the scheme by 1st February 2018.

There are two main types of workplace pension: Defined Benefit (or final salary) and Defined Contribution (or money purchase).

A Defined Benefit pension provides retirement benefits that are based on your earnings and the length of service with the employer (it often excludes overtime or bonuses).

A Defined Contribution pension has a minimum contribution level that is paid to the workplace pension scheme by you and/or your employer, which is set by the government.

Personal Pension

Personal Pension is a generic term that became available to all individuals after July 1988. They are designed for people who are self-employed, not eligible to join their company’s workplace pension scheme or not working. Unlike workplace pensions, there is no government-set minimum contribution level.

Older personal pensions (before July 1988) may have high or non-explicit charges, and it can sometimes be difficult to see exactly how your pension fund is performing.

In 2001, the Government also introduced Stakeholder Pensions in an effort to simplify pensions, reduce and cap charges and allow more flexibility.

State Pension

A State Pension is provided by the Government when you reach ‘State Pension Age’, and the amount you receive will depend on your National Insurance contribution record. If you reach State Pension age on or after 6th April 2016, you will get the new State Pension payment, which, from April 6 2021, is a maximum of £179.60 per week.

Depending on your circumstances, you will qualify for at least one of the pension types above, and it is possible to invest in more than one. At BIFS, we have decades of experience helping people prepare for retirement, and we are committed to finding you the most suitable investment for supporting your golden years.

Please call us on 01322 446934 or email di@bifs.co.uk for a free consultation.

Disclaimer: This information is intended only as guidance. The value of your pension can fall as well as rise, and you may not get back the original amount invested.