Pension advice

Do you need a workplace pension plan? Contact Clear Finance today.

Pensions

It is never too early to start your pension. Your pension fund is one of your largest and most important assets that will help to support you into old age and ensure you can maintain a good standard of living in retirement. At Clear Finance we provide high quality, personalised advice to give you confidence in your future finances. Whether you are young and want to know more about pensions, are some way off retirement but want to give your plan a boost, or you are close to retirement, we have the expertise to help you make the important financial decisions that will define your future. With increasing reliance on the private sector, it is essential that you receive the very best advice when it comes to planning for an income in retirement.

Types of pensions

If you’re planning for a personal pension and want more information call Clear Finance on 01302 835 938

Personal Pension

A personal pension plan helps you save money for retirement and is available to any United Kingdom resident who is between the ages of 16 and 75 (Children under 16 cannot start a plan in their own right but a Legal Guardian can start one on their behalf). We will help you  choose the pension provider and make the arrangements for paying the contributions to the plan.

You can start a personal pension even if you have a workplace pension or if you’re self-employed and don’t have a workplace pension. You don’t have to be working to take out a Personal Pension Plan and you can also provide a Personal Pension Plan for your spouse/partner or your child/children.

When you contribute to a Personal Pension plan, your money is invested by the pension provider (usually an insurance company) to build up a fund/pension pot over a number of years.

Stakeholder Pension

A Stakeholder Pension  is a type of Personal Pension Plan designed to provide an optional lump sum and income in retirement. In common with a Personal Pension Plan, Stakeholder Pensions are available to any United Kingdom resident under the age of 75.

A Stakeholder Pension incorporates a set of minimum standard requirements  established by the government, which include:

  • A capped charging structure which is a maximum of 1.5% per year for the first 10 years and 1% per year thereafter
  • The minimum contribution is £20 per month
  • You can pay in lump sums whenever you want
  • You can stop and start payments as you wish
  • You can switch to another scheme at any time without penalty
  • You do not need to retire to draw your stakeholder pension benefits. You can take benefits from age 55
  • At retirement, the option exists to take a quarter of the fund as a tax-free amount.

If you’re planning for a personal pension and want more information call Clear Finance on 01302 835 938