News | Page 6 of 6 | Pension Works

High time: Fees, funds and how a little time looking at your pension costs could save you thousands

Posted on 2017-10-20 | by Pension Works

From energy tariffs to mortgages, people who stick with the same pension provider year-in, year-out are at the greatest risk of losing out. The leading rates or most competitive prices are often reserved for those who compare the market, so the only way to cut your bills—or increase returns—is to look for a better deal. The same principle applies to saving for retirement: too many people have old or forgotten pensions that impose excessive charges or are made up of underperforming or otherwise unsuitable investments and assets. But there’s more to the pension problem than meets the eye, but carrying out pension checks can help your retirement income.

Continue reading →

How to avoid pension scams

Posted on 2017-09-29 | by Pension Works

Before you fall foul of a scam, make sure you educate yourself on how to keep safe.

An increasing number of fraudulent companies and cold callers are targeting savers with pension scams, claiming they can liberate pensions for lucrative investments, only to make off with your hard-earned cash. it’s a problem we hear about often at Pension Works – and once stung, there’s very little recourse.

Continue reading →

Information on Pension Freedoms - Pension Pot Image

Pension freedoms: making saving for retirement more appealing

Posted on 2017-09-27 | by Pension Works

Politicians, consumer groups and the investment industry, in general, welcomed the pension freedoms introduced by the government in April 2015. The changes gave people more choice and flexibility in how they funded their retirements.

However, the sweeping nature of the reforms has caused one or two problems. Earlier this summer, the Financial Conduct Authority (FCA) published its initial study of the new system, alerting savers to potential risks.

Continue reading →

*Defined Contribution Pensions*	These are ‘Pot of Money’ pensions where the benefits provided take into account the value of the fund at retirement. They can be personal pensions or Occupational Pensions. There are no guarantees as to what pension will be provided. This will be a reflection of contributions made and investment growth.
*Defined Benefit Pensions*	These offer the promise of a guaranteed pension at retirement which reflects the length of service with an employer. It will be based on either the Final Salary or Average Career Salary of the employee. Providing the company is still in existence, there is no investment risk for the pension receiver. This type of pension is becoming less frequent.
*Private Pensions*	This is a generic term for pensions that are not workplace schemes.
*Group Personal Pensions*	Employer-sponsored schemes – each member has a personal pension plan, and their contract is with the pension provider. The employer’s role solely is to select the scheme provider, decide if there should be any restrictions on fund choices and take contributions from the employee’s pay and forward them with employer contributions to the pension provider.
*Self-Employed Pensions*	A private pension arrangement or personal pension is taken out by a sole-trader or self-employed worker.
*SERPS Pensions*	State Earnings Related Pension (formerly Graduated Pension and subsequently State 2nd Pension or S2P) was an additional element of State Pension for employees. The amount of pension was linked to the employee’s salary. SERPS was abolished in 2016 when the flat rate State Pension was introduced.
*Personal Pensions*	Private pensions are contracts between the pension member and an insurance company or another pension provider.
*SIPP Pensions*	These are personal pensions where the member has a much wider choice of investments, including commercial property and single company shares.
*Stakeholder Pensions*	Personal Pensions with a set of rules that impose amongst other things a maximum annual management charge (AMC), low minimum contribution levels (£20 per month) and an appropriate Default fund.
*FSAVC Pensions*	Private pension linked to an employer’s Defined Benefit Scheme but separate from the Scheme’s internal Additional Voluntary Contribution (AVC) arrangement – largely defunct since the rules were eased several years ago, allowing people to contribute to both personal and employment schemes as they wish.
*Money Purchase Pensions*	This is another name for Defined Contribution Pensions.

High time: Fees, funds and how a little time looking at your pension costs could save you thousands

How to avoid pension scams

Pension freedoms: making saving for retirement more appealing

About us

Information

Helpful Information