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Types of Pensions

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Deciding what suits you

Retirement income can come from more than just one source. Your NFU Mutual Financial Adviser* will help you get a complete picture of these and how much might come from each.

State Pension

Will relying on the state pension be enough income for you? The Government published the state pension reform on the 6 April 2016. The maximum State Pension is £155.65 a week for those reaching State Pension Age on or after 6 April 2016, but this depends on eligibility.

Pension Plans

You may have pension funds with different employers or personal pension plans, presenting you with various options to consider. You simply pay into a plan which will accumulate into your pension pot in order for you to have an income in retirement or you may have an employee scheme that will provide you with a defined benefit. Investing in a pension is one of the most tax efficient ways to save for your retirement.

Investments

If you’ve been saving through Individual Savings Accounts (ISAs), investment bonds or other investments, you can use these to supplement your income in retirement.

Property

Perhaps you have buy-to-let properties, or may be thinking of down-sizing at retirement and using any money generated to provide an additional income.

Deciding how much income you will need in retirement is tricky. Your NFU Mutual Financial Adviser* can help you decide how best you can save for your retirement in order for you to have the standard of living you would like in retirement.

Please be aware that NFU Mutual does not advise on ‘buy-to-let’ investments.

Personal Pension Plan

A Personal Pension is flexible and simple. You simply pay into the plan, and your money is then invested to provide you with a pension 'pot' (fund value).  You may then use this pot of money to take benefits during your retirement.

Self-Invested Personal Pension

A Self-Invested Personal Pension, or SIPP, is a pension plan that provides you with control over the way your retirement savings are invested, and gives you a range of flexible retirement benefit options.

Investments held in pension funds also gain from certain tax benefits. Any growth in the value of pension investments, from the moment savings start, is largely tax efficient. Any income that is taken from pensions in the form of benefits is taxable. NFU Mutual Financial Advisers* advise on the Barnett Waddingham SIPP.

Most ordinary personal pensions will allow you to choose from a range of funds from one or more fund managers. A SIPP will give you more choice over how your pension fund is invested.

Company Pension

Also known as occupational pensions, employer pensions or workplace pensions. These are run by employers for the benefit of their employees. They can work on a 'money purchase' basis like a personal pension plan or be a defined benefit scheme where your benefits are based on how long you’ve been in the scheme and your salary.

You should be aware that the value of your investment and any income from it may go down as well as up and you may get back less than invested.

The tax treatment of pensions depends on individual circumstance and may be subject to change.

Talk to the experts

Our Financial Advisers* can offer expert, personalised advice to help make saving for your retirement as easy and practical as possible.


LET'S TALK

*Please note:

When you contact us we'll explain the advice services we offer and our charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers.

For security and training purposes, calls may be recorded and monitored.