About Pension Works

About Pension Works

What is a
private pension?

Private Pensions are typically called Defined Contribution and are individual contracts between you and the pension provider. They can either be set-up by you or by your employer through a workplace pension scheme.

To give financial security in retirement, people regularly pay into a pension (called a pension contribution) for it to grow and in the case of a workplace pension, the employer could also contribute. For further growth, the pension provider will invest those funds often in stocks, shares or alternative investments depending on the risk profile of the pension fund.

Can you only have
one private pension?

There is no limit to the number of pensions a person can hold, and many people have multiple Defined Contribution pensions that they have either started directly or through old workplace schemes. When you come to retire, the size of your pension fund and retirement income you could receive will depend on many factors including:

  • How long have you saved into your pensions
  • How much you and your employer have paid (if a workplace pension)
  • How much money you may have taken out previously in a lump sum
  • How well your pension investments have performed
  • What charges have been taken out by your pension provider
 
 

Couple reviewing private pension documents

Take professional advice

If your pension funds are valued over £30,000, we recommend that you take professional advice to ensure you’re making the right decisions with your financial future.

Our job as pension specialists mean we will assess all of your current pensions and deliver a comprehensive report that will outline your options. The report will also explain how your current pensions are performing and whether there is a more suitable policy for you on the market. We call our service a ‘Pension HealthCheck’, it is entirely free and without obligation.

If our advice includes moving your current pension to a more suitable provider, we can handle this for you, making it as smooth and straightforward as possible. Our fees for this service are among the lowest in the industry.