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UK Pension

UK Pension

You may think that a pension is only for old people, but it’s not necessarily. Also, with so many different types of pension options, it’s easy to get confused about what you may qualify for. More to the point, pensions are something that every working young adult should think about, not just the elderly.

So what is a pension? A pension is a fund that you, your employer or the Government pays you, and the earnings are tax free. This is a way for people to begin saving for retirement without having to invest all of their funds up front.

At retirement you will be allowed to draw money from the pension, or you can sell it to an insurance company so you can have regular income until death. This later situation is called an annuity, and they are another type of pension. Pensions can be claimed beginning at age 65 for men, and age 60 for women. There are ways to release your pension early as well, so speak to a financial advisor if you are in a dire situation, or you think you may qualify for early realease.

How does pension affect your income though? If you are getting your employer to contribute to your pension, you overall income will rise as the extra cash you earn is placed into your pension fund. This can also include any money that you’ve earned back from your taxes, and have chosen to invest in the pension. You may not be able to spend your ‘extra income’ now, but know that in the future, you will have money in order to live off of, should anything ever happen to cause you disability, or if you choose to retire.

If you are contributing to your own pension, you’re going to get less back on your paychecks, but still you will be placing money into your pension fund to save for your future. Consider this option carefully when you’re budgeting, perhaps consider seeing a financial advisor as well if you decide this option is something you would like to try.

When you’re ready to start on your new pension plan, be sure you have access to the best advice available. If you’re ready to speak with a professional, feel free to contact us at (your number/site) in order to discuss all of your options. If you’re interested in learning more about the different types of deals currently available for your pension fund let us know! We’d love to answer any of your questions.

Recently, the UK government has decided to place a cap on the charges that are allowed to be charged to workers who are automatically enrolled for pensions with high fees, for at least the next year. That means that this is a great time to find out what kind of benefits you may qualify for, as well as being able to determine what kind of  savings you can achieve.