Pensions

The individual and group pensions market is an ever changing world, with new legislation being brought out on a regular basis, it is difficult to keep track of what options are available with regard to your retirement planning. Hopefully within this section of our website we can explain many of these options in plain simple language and help you plan for your future. This information is purely intended as guidance and therefore if you require any specific advice please contact us directly for independent financial advice.

Retirement Planning – without long term financial planning your retirement goals may never be achieved.

Aquila Financial Services offer advice on all areas of retirement planning:

• Personal Pensions
• Group Personal Pensions
• Self Invested Pension Plans (SIPPs)
• Income Drawdown
• Annuities

What are Personal Pensions?

The fundamentals of a pension plan are very simple. You put money into a savings fund, it hopefully grows in value and at retirement you convert the fund into a regular income payment, which will replace part, or all, of your earnings from employment.

Group Pension Plans

This type of plan is a cluster of personal pensions set up by an insurance company for an employer. Each employee has his or her own pension "pot" under the administrative umbrella of the employer. Both employer and employee will normally contribute to the plan.

Self Invested Pension Plans (SIPP)

The Self-Invested Personal Pension (SIPP) is essentially a pension wrapper, that is capable of holding investments and providing you with tax efficient savings for when you retire. As a form of personal pension scheme they offer an individual complete control of their assets and the option to choose and manage their own investments. Additionally sipps will also be of benefit if you are looking for; increased freedom to invest in a wider range of investment options, more flexibility on when you start to draw your pension and how you choose to take this income and finally a far greater choice of pension benefits for your dependants or spouse when you die. SIPP’s are generally more expensive to administrate than traditional pension plans and do not suit everybody’s circumstances

Annuities

An annuity is a financial product which provides you with an income for life in return for a lump sum. Annuity are generally bought with a clients pension fund at retirement age, however they can be purchased with a lump sum from savings if a client wanted a guaranteed income from their money.

Income Drawdown

Income Drawdown, or unsecured pension, is a flexible alternative to the traditional annuity route, depending on your circumstance utilising this option can sometimes offer more choice and control. Income Drawdown offers an alternative to purchasing an annuity with your pension fund, it is possible to withdraw a regular income from the pension fund while the remainder of the fund stays invested.

To receive more information about any pension information please contact our Independent Financial Advisers.

The value of your investments and any income from them can fall as well as rise and investors may not get back the amount invested.