What Is a Private Pension?
Here at KGJ Insurance we strive to ensure you are fully appraised of your options regarding retirement planning and your pension choices. One of the options we’re most often asked about is how to set up a private pension and what the differences are between pension types. In simple terms, a private pension is a retirement savings plan distinct from a government or employer scheme. Unlike workplace pensions, private pensions offer you control over your investment, potentially even offering greater flexibility. Workplace pensions involve contributions from both the employer and employee, but a private pension is funded entirely by the individual, sometimes complemented by government tax relief. At KGJ, we provide comprehensive private pension advice, helping you manage your money and meet your retirement goals. Get in touch with us to learn more about taking control of your financial retirement planning.
Funding For a Better Future
Taking out a private retirement pension actually puts you in the driving seat regarding how your savings are invested. While workplace and government (state) pensions tend to just accrue over time as you pay your contributions, private pensions empower you to secure your financial future by investing in diversified portfolios that suit your long-term retirement objectives.
Preparing For Retirement
Putting so much of your money beyond reach for a significant amount of time can feel a little unsettling, which is why the private pension advice experts here at KGJ offer fully advised strategies on pensions and savings, and answer all your questions honestly. We guide you through setting realistic targets and developing a strategy that ensures comfort and security in your later years.
Private Pension Pots
Most people start a private pension because they offer the flexibility to make regular, ad-hoc or even lump sum contributions. Without the limitations of a workplace pension, you can adjust your investment levels based on your evolving personal circumstances and financial goals, benefiting from potential tax advantages and growing your pension pot more effectively.
Making Your Pension Work Harder
At KGJ, we are known for our honest, independent advice that places you and your financial wellbeing at the heart of everything we do. Private pension advice with us is about maximising your long-term retirement savings around changes in the market and your personal circumstances, making your money work as hard as possible for your future financial security.
Start a Private Pension Today
Ready to take control of your retirement planning? Contact KGJ Insurance on 01384 390909 or via email at enquiries@kgjinsurance.com to start your private retirement pension journey. We’re here with six decades of expert advice and experience behind us to ensure you set up a pension plan that aligns with your retirement ambitions.
FAQs
Will my state pension be reduced if I take out a private pension?
No, don’t worry! Taking out a private pension does not affect your state pension entitlement. Your state pension is calculated based on your National Insurance contributions over your working life, while private pensions provide additional savings benefits, essentially acting as a specialist type of long-term savings account.