Personal Pension Advice by Fifa Financial Services, Plymouh, Devon and Cornwall

A pension is a long-term investment which you usually pay into throughout your working life. Depending on the type of pension, your employer may also pay into it. You get tax relief on money you pay-in and your money is invested in stocks, shares and other investments to try to make it grow. When you retire, your pension fund is usually converted into pension income which is paid to you until you die.

How much pension you will need will depend on the standard of living you want, the age you want to retire and whether you have paid National Insurance contributions (NICs) and are therefore eligible for a Basic State Pension?

Basic State Pension
The State Pension age is currently 65 for men and between 60 and 65 for women depending on when you were born. It will increase gradually to age 68 in the future.
The amount of State Pension you get is based on the amount of National Insurance Contributions you have paid.

Pensions at work
Although you don’t have to join pension schemes offered through your job, it’s a good idea to do so if your employer contributes. You may also get other benefits such as life assurance and a pension for your spouse and dependents should you die before you retire. The pension you receive may be linked to your salary and the amount of years you have contributed or it will be totally based on investment performance.

Stakeholder Pensions
The pension received from these is dependent on investment performance up to the time you retire and is therefore not linked to your salary. These are personal pensions with low charges and usually low investment choices.

Personal Pensions
Personal pensions are similar to stakeholder pensions, but they usually offer a wider range of investment choices. The charges may be similar to stakeholder pension charges but some are higher.

Self- Invested Personal Pensions (SIPPS)
SIPPs are also personal pensions, but they allow an even wider range of investment options. They often have higher charges than stakeholder and personal pensions.

At FIFA Ltd we provide pension advice across Plymouth and throughout the South West. First, we will gain a clear understanding of your circumstances and changing needs. Then, we will tailor solutions that are both suitable and affordable for creating a bright future.