Personal Pensions are long-term investments that aim to help you build up a pot of money that you can use to produce an income when you retire.
It’s a tax efficient way for you to invest for your retirement because HM Revenue & Customs adds tax relief to the payments you make into your plan. For example, if basic rate tax is 20% and you make a payment of £160, the taxman will add £40 so the total invested into your plan is £200. This is known as basic rate tax relief. If you are a higher or additional rate tax payer you will be eligible for additional tax relief.
Your Employer or a family member can pay into a personal pension on your behalf.
Who Are Personal Pensions Suitable For?
Personal Pensions may be suitable for:
People who are self-employed
People who are not working but can afford to pay for a pension
If an employee’s employer does not offer a company pension scheme
Employees who have the option to pay into a company pension, but choose not to
Employees on a moderate income who wish to top up the money they would get from a company pension
A Personal Pension may not be the best choice if:
Your employer offers a company pension scheme
Your employer offers access to a stakeholder pension scheme, with an employer contribution
What Age Can You Take Your Personal Pension?
The earliest age you can take your personal pension is 55.
However, this age is rising, and from 2028 this will be set at 10 years below the State Retirement Age. Most people choose to wait until they are 60 or 65. Although, you do not have to retire from work to get your pension benefits. You can also now put off taking your pension beyond the age 75.
Considerations
Choosing a personal pension scheme is an important financial decision.
There are many things to consider:
What are the rules on making contributions?
How much can you save?
How much does the pension provider charge you for setting up your pension and for administration?
What is the projected pension income?
How will the money be invested?
The final value of your pension fund will depend mainly on how much has been paid in, how much you have been charged and how well the fund’s investments have performed.
If you would like to look at the other options available for retiring soon, please visit our Pensions page.
The following will give you further insight into this service.
Case Study
Pension Review
Mr C had just retired. He wanted to reorganise his finances to suit his and his wife's retirement plans. It was time for a pension review. This Case Study shows the type work and planning we carried out for Mr & Mrs C in their pension review.
Mr S had an underperforming pension that was continually making a loss despite market growth. A pension review gave him a solution. This Case Study shows the type work and planning we carried out for Mr S in his pension review.
I have been delighted with the friendly, professional and personal service I receive from Choice Financial Solutions. It was particularly important to me after a significant change in personal circumstances to have the confidence that I was getting expert advice from someone who knew me and the family and could tailor solutions to best fit with us. The yearly meetings with John are very valuable as it is important to me that I can get advice from someone I trust and know I can reply on, and on the occasions where I have contacted John with a query or concern I have always had a prompt and efficient reply… That is why I am still a client!
Sarah SEast Wellow
Excellent service from start to finish.
AndrewHavant
We have been using Choice since they started business. John Quaif is always clear and honest, qualities that have endeared him to us. If there is an issue he’s quick to deal with it and does so having full regard for the client’s perspective. In a way that’s an even more powerful confirmation of the principles underpinning the company. John took over management of our pensions and rapidly kicked things into shape, so we are indebted to him! The review sessions are always well prepared and informative. And the up to date market information is always fascinating! So far, John has managed to preserve the personal touch despite the growth of the company. This is certainly important to us.
PaulSouthampton
First class service from John Quaif. Proactive, responsive and professional at all times.
Eric WTunbridge Wells
Thank you for the recent visit and the advice that you provided. It is reassuring to see that the money we have invested is working for our future needs. We would like to express out thanks for your work on our behalf over the past few years. Choice Financial Solutions have provided an excellent professional service and clearly have their clients’ interests at heart.
David & DebbieKent
Very happy with the friendly service. Good to have meetings at home, making it more comfortable. Felt at ease with the whole process. Thank you!
Joan BFareham
A very professional and helpful service. Extremely responsive and excellent at keeping us up to date. There is no pressure when discussing the various investment options and definitely customer focussed.
Bruce MBrockenhurst
Excellent service from John Quaif and the team. I would not hesitate to recommend.
Julie GIsle of Wight
We have always been listened to and our wishes met. Our investments are long term and give reliable performance.
Alan ESouthampton
15 years of excellent service and counting.
Jim BChandler’s Ford
Outstanding service and great attention to detail has left me feeling very confident and secure in relation to my financial planning. Highly recommended.
Brian WSurrey
Reliable, prompt and trustworthy.
Jeremy GBrighton
Excellent service - always.
Pamela BWinchester
In a complex and difficult market we feel we are in safe hands.
Robert NSouthampton
Excellent service.
Mark HSouthampton
Having had interaction with several financial services companies over a number of years, it’s reassuring to find a trustworthy and diligent firm which really delivers a great service, not just the statutory minimum, but genuinely informative reporting and advisory communications. My returns have been better than expected and I feel that, as the client, I’m actually more important than simply their percentage. Well done Choice and John Quaif.
Martin BNewport IOW
Good, professional service, straightforward with no frills or hidden charges. Recommended.
Antony BSouthampton
I have worked with John at Choice for many years, and always found him to be wonderful to deal with. Nothing is ever too much trouble and the help and guidance received has always been way above what I expected.
Tony DBournemouth
Choice Financial Solutions were extremely helpful and informative at every step of my dealings with them.
