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Is Your UK Pension On Track To Give You The Lifestyle You Want?
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Is Your UK Pension on Track to Give You the Lifestyle You Want?

Retiring is something that many of us look forward to. For some it may be something just around the corner and for others it may be many decades away. When we retire from working it is our thought and hope that we will have our financial situation under control and that we will have sufficient income to sustain a certain level of lifestyle that we have either become accustomed to or planned for.

Retirement is typically funded for by pensions, there are several types of pensions available in the UK.

A state pension as the name suggests is a pension that is paid by the state at the designated state retirement age assuming that you have made contributions throughout you working life. With retirement ages increasing and population dynamics changing we are seeing state pensions becoming less and less attractive as a source of income to rely on solely.

Private pensions are pensions that are provided by companies that manage funds on behalf clients. Typically part of your monthly salary is paid into the pension and over time this amount adds up to a substantial amount, the funds are invested by a fund manager who is aiming to increase the value of the underlying investments in the fund, upon retirement you will be able to take an income from this pension.

Self invested personal pensions (SIPP) are a way were individuals can have much greater control over their pensions and include asset classes which are excluded from other pension types, such as commercial property. Ethical investments such as forestry and solar. The major difference between a SIPP and other pension types is that it does not die with you. Most pensions either die with you or with your spouse depending on your contract, but SIPPs become part of your estate and therefore can be passed on to your offspring or chosen beneficiaries. SIPPs mean that you are in control of the decisions and choices you can put your money into stocks, gold bullion, funds, property, ethical projects, the choices are large. Working with an IFA will help you understand the risks and advantages of different asset classes.

A recent news article highlighted that 44% of people had never had their pension reviewed. This means that many people are blindly heading for retirement without knowing how their pension is performing. Do you like to know how much money is in your bank account and what charges your bank is putting on your account? Of course you do, so why would you not want to know the same thing relating to your pension?

Get your pension reviewed by an IFA on a regular basis.


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