Pensions allow you to save money for the future once you retire, and you can either have your pension arranged through the company you work for or have your own private one set up by a bank, insurance company or other financial institution.
When you retire you will want to ensure that you have enough money to continue living a happy life with no financial issues or worries, and therefore it is important to ensure that you have a pension scheme set up whilst you are earning money to think forwards for the future. In many cases your pension scheme will be set up by the company that you work for, and this is known as an occupational pension or company pension.
However, if you are a freelance worker, self employed or maybe out of work then you can set up your own personal pension, and you can also do this if you are employed too. This type of pension is known as a private or personal pension, and these are often available through financial institutions such as insurance companies or banks. There are lots of legal rules and regulations when it comes to pensions, so it is important to understand all of the details of your pension, whether it is an occupational one or private.
Those who are looking to set up a private pension will want to do some research and compare the best pension schemes to find one that suits them, and there are lots of companies who offer excellent pension services and you can find out all about these online.
Most pensions will not allow you to touch the money until you are 55, and then you can take a tax free sum of part of it and receive regular installments, but many people decide to carry on contributing to their pension pot until a later age. There is no limit as to how much you can save. Sometimes, people will need to access this money before this age, and this could be for a number of reasons.
There are companies around who offer cash my pension schemes, and for this to happen you will need to transfer your current pension scheme over to the company. You will then be able to cash my pension or take out a lump sum from the pension to use however you wish, but this is not available on typical occupational or private pensions so you will need to find a different company who offers this service.
If you currently do not have a pension set up and wish to do so then consider researching online and setting up your own private pension, or alternatively discuss it with your employer to see what they offer.
When you retire you will want to ensure that you have enough money to continue living a happy life with no financial issues or worries, and therefore it is important to ensure that you have a pension scheme set up whilst you are earning money to think forwards for the future. In many cases your pension scheme will be set up by the company that you work for, and this is known as an occupational pension or company pension.
However, if you are a freelance worker, self employed or maybe out of work then you can set up your own personal pension, and you can also do this if you are employed too. This type of pension is known as a private or personal pension, and these are often available through financial institutions such as insurance companies or banks. There are lots of legal rules and regulations when it comes to pensions, so it is important to understand all of the details of your pension, whether it is an occupational one or private.
Those who are looking to set up a private pension will want to do some research and compare the best pension schemes to find one that suits them, and there are lots of companies who offer excellent pension services and you can find out all about these online.
Most pensions will not allow you to touch the money until you are 55, and then you can take a tax free sum of part of it and receive regular installments, but many people decide to carry on contributing to their pension pot until a later age. There is no limit as to how much you can save. Sometimes, people will need to access this money before this age, and this could be for a number of reasons.
There are companies around who offer cash my pension schemes, and for this to happen you will need to transfer your current pension scheme over to the company. You will then be able to cash my pension or take out a lump sum from the pension to use however you wish, but this is not available on typical occupational or private pensions so you will need to find a different company who offers this service.
If you currently do not have a pension set up and wish to do so then consider researching online and setting up your own private pension, or alternatively discuss it with your employer to see what they offer.
