Please note: the value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Here at Total Financial Services Ltd we understand that the number and variety of pension options can be very daunting. Our expert pension advisors can guide you through the pension maze and help you find the right product for your circumstances. As we are a totally independent company we can search the whole of the market for the very best product for our customers. 

Pensions fall into 4 basic categories:

1. Personal Pensions

Personal pensions were originally only available to those who were not members of occupational schemes. They were set up to provide tax incentivised savings as an alternative to membership of occupational schemes. With this type of pension you pay in a certain amount of money per month and the funds are invested in stocks, shares and other investments. Your pension provider can claim tax relief at the basic rate although higher rate taxpayers can claim additional tax relief on contributions through their tax returns.

2. Self Invested Personal Pensions ( including Hybrid SIPPS)

Basically these pensions are like DIY pensions in that you can decide how your pension pot is invested. This type of pension allows more freedom and flexibility and can be managed online. The SIPP pension also qualifies for tax relief however set up fees, annual charges, fund fees and exit fees need to be taken into account with this type of pension.

3. Occupational Pension Schemes

This is when an employer organises a pension scheme for its employees. It can take the form of a trust run by trustees or it can be administered by a life insurance company. There are two types of occupational pension scheme, contributory- where you pay in a percentage of your salary each month or non-contributory where your employer makes all the payments on your behalf. 

A Money Purchase or Defined Contribution scheme is where you build up your own pot of money within the scheme so your pension will be based upon how much is paid in, how long it has been invested, any charges incurred and the return on the investments.

4. New Workplace Pensions

Auto-enrolment is a new government scheme whereby employers are legally obliged to enrol their employees into a pension scheme. In this type of scheme both the employer and employee are required to contribute to the pension. 

Choosing the right pension is probably the most important decision you will ever make. By choosing Total Financial Services Ltd to steer you through the maze of different options you can feel confident that our experts will help you make the right choice so that on retirement you can bank on having a pension that will support you and allow you to do the things you want to do.

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