Have you got your pension plan under control?

The way in which UK pensions work is changing from April 6th 2015. Understanding how these changes will affect your existing pension plan or new plans you may be considering for the future is important to ensure you're getting the most out of your investment.

Understanding how these changes will affect you

From April 6th 2015, pension holders aged 55 or above will have the freedom to access funds within your pension subject to tax (25% tax free). This page aims to offer you free guidance and resources to help you understand how these new rules will affect you and help ensure you’re getting the most from your pension and the options available to you. We cover pension products available, advice on the best plan and rates for you, accessing your funds, renewing your provider to get the best deal and workplace pensions.

The big change affects 4.5 million people with Defined Contribution (DC) schemes.

With this type of scheme your monthly pension savings go into a big pot, which will eventually be used to buy an income for your retirement. You can now access that pot freely from the age of 55 (57 from 2028), taking out as much as you like, subject to tax.

Some people with Defined Benefit (DB) pensions - which promise a particular annual income - will be able to swap them for DC schemes.

How does this affect me and my pension?

The new legislation will offer pension holders more choices and control over their pensions. These changes mean that now is the time to take stock, review and take ownership of your future. Your pension is probably the second largest asset you own after your house.


Indifferent pension holders

Many of us who have a pension don’t take an active part in its management and leave it to the fund holders to use the parameters of investing that we set out when we first took out the pension. We are given a statement every year which tells us that our retirement plan has an overall value now and a projected value per year for our chosen date of retirement. Then we file the paperwork and forget about it for another year.

Owning your Pension "Your money. Your choice"

With all the news coverage brought about by the new legislation, many of us will be taking more than a passing interest in our pensions. Are we missing out? Are we making the most of our investment? Asking these questions is possibly the first step to taking ownership, taking stock and then looking for qualified, professional advice. Whether you want to review, take cash, buy investment property, look for new and more creative ways of investing or just check that your investment is performing as expected, now is a good time to find out exactly what you can do with your pension savings.

Pensions are still complicated, take advice.

Advice on pension matters is important and there are lots of scams which have been widely publicised. The importance of qualified, professional advice by a regulated advisor is highly recommended and we at UK Online Finance in partnership with PENSION ADVISORS UK can give you.

Quick Pension Guide

New to Pensions? Read this essential need-to-know guide to pensions explaining

What is a Pension
What is auto-enrolment
Is it really worth it?
What happens at retirement
How Safe are Pensions

Pensions: Need-to-know guide

How much is my pension worth?

State pension calculator: DWP

How much can I earn from a DC pot? Find out your likely retirement income Money Advice Service

Pension options


Your pension

The new rules introduced on April 6th 2015 enable you to access up to 25% of your pension as a tax-free lump sum. Find out more about how this change affects you and how to take the next steps including:

Can I get money out of my pension early?
How does pension unlocking work?
Alternatives to unlocking your pension
Unlock your pension - how to do it

Quick guide to unlocking your pension

Calculate the value of your pension and your likely retirement income using these links below

State pension calculator: DWP

How much can I earn from a DC pot? Find out your likely retirement income Money Advice Service

Reviewing your provider to ensure the best deal for you

To make sure you’re on track to meet your retirement goals, it’s important to review your pension savings and estimate the income they’re likely to generate in retirement. If there’s a shortfall in your savings, the earlier you spot it the easier it will be to fix.

Take a look at this short guide on how to ensure you’re getting the best return on your investment through your pension plan.

Workplace pensions

New Pension Legislation in the workplace is coming and the majority of employers will need to make provision for this new initiative and enable workers to save for their retirement. UK Online Finance partner Wealth Pensions can help small companies in setting up Defined Contribution or Defined Benefit Schemes which will become a legal requirement.

The new rules mean that every employer must automatically enrol workers into a workplace pension scheme if they: are aged between 22 and State Pension age, earn more than £10,000 a year and work in the UK. This is called ‘automatic enrolment’.

Use the Pensions Regulator staging date calculator to check if the new law applies to you and when you’ll be enrolled. The calculator is for employers but employees can also use this to find out the staging date for their company. You may not see any changes if you’re already in a workplace pension scheme. Your workplace pension scheme will usually carry on as normal.

If your employer doesn’t currently make a contribution to your pension now, they will legally be required to do so when they ‘automatically enrol’ every worker.

Find out more about auto-enrolment and what it means for you here

When will my company have to comply?

The Pensions Regulator has written to all employers to confirm their staging dates but you can check what date your company is required to adhere to these changes here.

Help setting up your Pension

At UK Online Finance partner Wealth Pensions, in-house, qualified specialists are advising a wide variety of Small and Medium Sized (SME) companies to set up their required workplace pension solutions.

Setting up a company pension scheme is a bespoke service offered by Wealth Pensions who are a dynamic solutions provider to business throughout the UK. The process can be a basic compliance with the new legislation to a turnkey solution with all the bells and whistles you will ever need.

Quick Links

Your Pension Pot

Know your pension type
Check the value of your pension pot
Pensions and divorce
Your pension when you die


Your options

What you can do with your pension pot
How to shop around for the best deal
Living abroad and your pension
If you've already bought an annuity


Your money in retirement

Plan how long your money needs to last
Work out how much money you'll have in retirement
If you're on benefits.



Finance designed to help you

Latest UK Financial News

Read More
Read More
Read More
Read More