At Premier Financial Solutions we offer pension advice Cardiff and right across the UK. Whether you are employed, self-employed, or even retired already there are a number of solutions available. Utilising our expertise and experience, we aim to deliver the solution that is most suitable for your needs.
What is a Pension?
A pension is the savings fund that is built to support yourself in later life. You may have a workplace pension with your current or previous employer, your own personal pension and are also likely to have a state pension. Pension can be used to provide and income or lump sum in retirement or to provide a legacy to family after you pass away.
There are 3 main types of pension, and you can have more than one kind:
- The State pension
- Defined Benefit pensions
- Defined Contribution pensions
Defined Benefit Pension
Defined Contribution Pension
A defined contribution pension is a pension fund that develops as you or your employer make contributions to it. These can also be known as workplace pension or personal pensions.
Defined contribution pensions can be made up by regular contributions, lump sums or both. Contributions are normally entitled to receive tax relief, which adds to the value contributed. Funds that make up your pension are usually invested to further assist the growth of the fund. By conducting regular reviews, we can track and monitor the progress of your pension fundover time.
Since pension freedoms were introduced in 2015, you can gain access to your personal pension from age 55 and have the option to access up to 25% Tax Free cash.