Workplace Pensions

Your retirement savings can be invested in a variety of options including shares, bonds, property, or cash. The final value of your workplace pension will depend on the contributions made by both you and your employer as well as the performance of your chosen investments.
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A workplace pension is an effective and tax-efficient retirement savings method. While there are limits on contributions, typically, your employer will automatically deduct a portion of your earnings to fund your pension, with a minimum requirement of 8% of your basic pay, of which at least 3% must come from your employer. It is wise to begin saving for retirement as early as possible, as your funds will be invested across a range of assets, including cash, fixed interest, shares, and property, leading to better returns the longer you invest. You can access your savings as early as age 55, increasing to 57 from 2028.
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The information provided in these FAQs does not constitute professional financial advice. We strongly recommend that you consult a professional adviser before proceeding with a financial transaction.

What happens to my pension when I retire?
When you reach 55 or 57 starting from April 2028, you have three choices available to you: you can withdraw your pension fund as a lump sum, you can use it to purchase an annuity which provides a guaranteed income, or you can take your pension commencement lump sum and transfer your remaining savings to a flexible access drawdown plan, allowing you to draw either regular or variable income.
Am I eligible for a workplace pension, and what will I pay?

If you earn more than £10,000 a year and you’re aged between 22 and your state pension age, you’ll be automatically enrolled in your workplace pension scheme. It’s arranged for you by your employer. Both you and your employer must pay into it under The Government’s Auto Enrolment Rules (unless you opt-out).

A workplace pension is usually a defined contribution scheme. This means the value of your pension pot when you retire will depend on how much you and your employer pay into it and how the investments perform.

Your employer will give you information about your workplace pension scheme. This will tell you how much your employer will pay for you. The minimum payment is 8% x your salary, of which your employer must pay a minimum of 3%. Your employer might match your contributions if you want to pay more than the minimum.

What happens If I change jobs in the future?
It’s pretty standard for individuals to change jobs regularly, which can result in the accumulation of retirement savings spread across several pension pots. If this resonates with your experience, you might find it challenging to track how your pension savings are performing and determine whether your pension investments continue to align with your current financial needs.
What’s the difference between my workplace pension and a defined benefit pension?
Your employer may provide a defined benefit pension, which differs from a defined contribution pension. A defined benefit pension calculates your retirement income based on the duration of your membership in the scheme and your salary, either from your final years of employment or as an average over your entire career. While this type of pension is expected in the public sector, it has become increasingly rare in the private sector.
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Ready to secure your financial future and protect your loved ones from unnecessary taxes? Contact Fintegrity IFA for a personalized consultation. Our experts are here to guide you through every step of the process.

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