Pensions

More often than not people leave decisions around their pension until much later in life, when they may have missed out on better interest rates, funds, and plans. Pensions are one of the most important aspects of personal finance, but they are often ignored.

Pensions are often the last thing to cross a person’s mind because they are one of the last things you use in your life, other financial products always seem to take priority, whether it be a loan, overdraft, credit card, home insurance, mortgage, and so on. To ensure that you don’t leave your pension too late, contact Rite Financial today.

There really is no need to worry about starting a pension, although the legislation can sometimes be complex and a little intimidating, by working with Rite Financial you are relieved of the headache of trying to understand the complicated jargon. We are able to break down pensions and what they’re all about into an easy to understand way without patronising our clients.

We have plenty to offer you, whether you are just starting out and want to set up a new pension plan or you are simply looking for a better deal than existing arrangements. There are three main types of pension: State Pension, personal pensions, and work pensions.

Almost everyone is eligible for State Pension, although it does depend on the number of contributing years from your National Insurance record. You cannot receive State Pension until the State Pension age, and will only receive £107.45 per week (the maximum rate based on a single man or woman).  This income is very rarely enough to sustain the lifestyle you may have become accustomed to during the years you were working.

In order to live the life you have always dreamt of throughout your retirement, you will need to top up your State Pension. Most people have access to either a personal or work pension which they can contribute to regularly throughout their  working life in order to build up a fund to exchange for an annuity upon retirement.

Work Pensions

Work or company pensions are a type of pension plan provided by companies and organisations for their employees. Work pensions are often a very rewarding plan because the employer often contributes as well, increasing the value of your fund. If you are unsure about whether you should take advantage of the work pension on offer from your employer, or how to go about changing to a work pension from a personal pension, contact us today.

Personal Pensions

A personal pension is very different from a work pension as it is set up and managed by a pension provider on your behalf. There are so many different structures and providers that finding the right fund for you, and finding one that will perform can be an absolute nightmare. Rite Financial has years of experience in managing personal pension funds, and can work with you to protect your retirement.

If you want any further information about pensions, are considering setting on up, or changing existing arrangements, contact us today.