Do I Need a Pension?

By March 20, 2017Lincolnshire
Do I Need a Pension?

Whether you are nearing retirement age or are just entering the world of work, you may find yourself asking whether you need a pension. While most people will qualify for the State Pension, in many instances this may not be a sufficient amount to provide a comfortable standard of living for you and your family.

One of the ways to ensure your retirement years are comfortable and free from money worries is to pay into a private pension. There are many different types of pensions available and the one that suits you will depend on your personal circumstances. You may also be unsure of how much you will need for retirement or what your current arrangements will provide.

Seeking advice from an independent financial adviser will help you to gain a clearer understanding of the different options available, help you calculate how much you will need and will ensure that the most effective retirement planning strategies are in place for your personal circumstances.

If you are looking for independent pension advice in Lincolnshire and the surrounding areas, we can help you find the right pension adviser to help you plan for your future and provide a good level of income for your retirement.

How Do Pensions Work?

Pensions work by putting money into a pension fund during your working life, which can then be accessed once you reach retirement age. Although there are many different types of pensions such as workplace pension schemes and personal pension schemes, they can be broken down into two main types:

Defined Contribution

Where you and in some cases your employer pay money into your pension which will build your final pension pot.

Define Benefit

This is where your final pension pot is based on your salary and how long you have worked for your employer.

Pensions vary depending on their type and the offering from different pension providers, but you can usually choose to take a lump sum or regular income depending on the rules of your pension scheme. An independent financial adviser can help you understand the difference and determine which is best for you.

The financial advisers we recommend are experienced in retirement planning and regularly work with their clients to provide support and guidance on all aspects of pension advice in Lincolnshire and across the East Midlands. Our financial advisers will work with you to determine which pension plan is best suited to your circumstances and will provide sound retirement planning advice.

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