Pensions
There are currently four sources of pensions income for your retirement:
Basic State Pension paid by Government to people who've paid National Insurance contributions while at work;
Additional State Pension - From 6th April 2002, this is the state second pension* . Before that date, you built up SERPS (state earnings related pension scheme) pension. The additional state pension is paid in addition to the basic state pension. The amount you receive is based on your record of National Insurance contributions and your level of earnings as an employee. Many people who are not working because they are caring for young children or, say, an elderly relative or because of disability or long-term illness are also able to build up state second pension (but not SERPS). Self-employed people are not currently eligible to receive additional state pension.
*From Apr 2002, SERPS was superceeded by the State Second Pension (SSP)
Occupational Pension, arranged through an employer's pension scheme. Often the employer will make a contribution to this form of pension. Generally this means that you will get a bigger pension than you could get for the same money elsewhere.
Personal Pension Scheme (including individual and group stakeholder schemes) open to nearly everyone and especially useful if you are self-employed or your employer doesn't run a company scheme.
Your contributions (and any contributions made by your employer) form a pension fund, which is invested over the years until you retire.
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Whatever your current pension status, we can tailor make a strategy that can meet your present and future needs for retirement provision.
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