News & Views


What are the main types of pension schemes?

5th February 2021

There are two main types: a defined benefit and a defined contribution pension scheme....

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What is a defined contribution scheme?

A defined benefit scheme (commonly known as final salary or DB Scheme) is where your employer promises to give you an income in retirement based upon the number of years you have worked for them and y...

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What is a defined benefit scheme?

The other type of scheme is a defined contribution scheme or DC scheme. In this type of arrangement, you will normally be expected to contribute as will your employer. This is suitable for the self-em...

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How much will you need in retirement?

In retirement, your outgoings are likely to be lower. For example, most retirees will have paid off their mortgage and their children will be financially independent. A general rule of thumb is that s...

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How much should I be saving?

The amount you need to save depends on the size of the pension pot that you want, it also depends on your age. For example, putting 10% of your earnings towards your pension is fine if you are in y...

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How do you work out a proper pension plan?

None of us know what the future holds but it makes sense to meet with an independent financial adviser to sense check your current financial position and plan for the future. Speaking to a knowledg...

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What if things change?

That is the reason for planning with a financial adviser. Almost all of us will face change through our lives either as a result of our own choice or other factors. Your adviser will work with you as ...

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Is the pandemic affecting my retirement?

The pandemic is causing many people to reconsider their retirement plans and lockdown is giving many others the time to look more closely at their savings and outgoings. In short people are looking at...

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