Your Pension

It’s never too early – or too late – to think about your pension. For many people, their retirement savings is likely to directly affect their quality of life so it pays to keep on top of your pension.

What is a Pension?

A pension is simply a pot of money which grows free of UK tax.

You, your employer, and the government can all pay into it. You can also pay into someone else’s, for example for your spouse or children.

Then, from 55 (57 from 2028), you have the option to take money from your pension. There’s usually no deadline but most people tap into their pension when they cut down their working hours or stop working altogether.

What you need to know

Your pension is usually invested in the stock market to give it the best chance of growing. These investments can go down as well as up. So you could get back less than you invest. This makes it important to think carefully about where you invest. Take advice if you’re not sure.

The top up from the government gives you an extra incentive to save. They automatically add 20% tax relief to whatever you put in. You could get more if you pay more tax.

Pension Basics

Here are the main types of pension you’re likely to come across:

State Pension

At state pension age, the government pays you a guaranteed income for the rest of your life. Currently up to £164.35 per week

Self-Invested Personal Pension

A modern pension that allows you to choose from a wide range of investments

Work Place Pension

Employers must set up a workplace pension scheme, and in most cases automatically enrol their employees and pay into it on their behalf.

Defined Benefit Pension

Largely funded by employers, you get a guaranteed income in retirement. Types include final salary schemes.

Ready to sort out your Pension?​

If you're thinking about starting a pension, or taking your pension we can help you with your retirement options.

Learn more about Pensions

Our website offers information about investing and saving, but not personal advice. If you’re not sure which investments are right for you, please request advice, for example from our financial advisers. If you decide to invest,  remember that investments can go up and down in value, so you could get back less than you put in.

Connect with us:

F3 Wealth

Ready to talk…

Just select the area of interest add a few details about yourself and our financial advisers will get back to you very soon.

Contact Info