How do pensions work? If you are part of your workplace pension, a percentage of your salary will be taken and paid into your pension. As well as this, your employer will pay an added percentage of your salary into your pension too. On top of this you will also receive tax-relief, meaning that the government will make payments into your pension fund too. If you are not part of a workplace pension, you may also opt to pay into your own personal pension to receive the tax-relief benefits. Your pension is then invested in one of the many thousand FCA regulated funds, selected by your financial adviser. If invested successfully, daily compounding paired with a long-term investment plan should lead to a bright retirement.

When can I access my pension? Generally speaking, you cannot access your private pension funds until you are 55 (changing to 57 in 2028).

Is it worth saving for so far in the future? One hugely underestimated aspect of saving is compounding. See below an example of how compounding in a pension could help a client earning £24,000p/a, saving for 20 years: Pension starting balance - £0 Monthly payment from salary - £100 Total monthly payment into pension from you, your employer and tax relief - £200 (with a 2% p/a increase alongside RPI) Total deducted from your salary - £29,000 Total paid in from you, your employer and the government - £59,000 Growing 3% per annum, for 20 years - £78,500 Growing 5% per annum, for 20 years- £96,775.22 Growing 7% per annum, for 20 years - £121,273.57 Here you can clearly see how taking the correct advice, and making the most from your investment can benefit you.

What are my options? Some pensions are much more flexible than others, but if you have existing policies and would like a free review, please see on our website on how a few pension/investment review can help and get in touch.

How do i decide what to invest my pension in? That’s where we step in. We will discuss with you what risks you do (or don’t) want to take, and with a combination of experience and the latest and most advanced researching tools available, from the thousands of FCA regulated funds available we will find the most suitable portfolio(s) to fit your needs.

How much will my pension be worth? Its impossible to exactly predict as they are too many variables. We will consider how you would feel in both good markets and bad markets, amongst many other things when setting goals for retirement.

I have old existing pensions, but don't know what to do with them? This is probably the most common question we are met with. If you have any old paperwork/policy numbers, have them handy for your appointment with your adviser and they can assist from there. If you wish to do this alone, you can use the governments free locator to source an old pension provider https://www.gov.uk/find-pension-contact-details