Pokédex color Gray Other forms may have other colors.Ĭastform ( Japanese: ポワルン Powalen) is a Normal-type Pokémon introduced in Generation III.

Pokémon Brilliant Diamond and Shining Pearl.How much could my pension be worth? if you have the same question, make sure to try out our Pension Calculator. For a more succinct overview of the key things relevant for pensions, you can also check out our Key Pension Facts guide. Staying on top of your retirement savings should not be a burden. We believe the key is maintaining the basic building blocks of a traditional pension – such as long-term investments – while offering a fully digital, hassle-free and all-round flexible solution. While the government has been trying to come up with ideas, the diversity and flexible working patterns of the self-employed has made it difficult to find a workable solution.įor these reasons, Raindrop is offering a personal pension scheme that truly suits the needs of the self-employed. Unfortunately, nothing similar exists for self-employed people. Since 2012 employers are required to automatically enrol employees into a pension scheme as well as contribute to it, which means that more employed people are now benefitting from a pension. Once done, though, you can contribute to as many as you want regardless of whether you have a workplace pension. Personal pensions come in various forms and are generally more flexible, however you have to do some legwork in getting them set up yourself. Personal pensions, taken out individually.Workplace pensions, arranged by an employer.Under a Defined Contribution scheme, the value of your pension at retirement depends on the amount you’ve paid in (including the government contribution) and the performance of your investments. However, they suffer from a similar issue as the State Pension in that they are often underfunded, meaning the employers providing them sometimes can’t live up to the promises they made.įor this reason, Defined Contribution schemes have gained in importance in recent years and are now the most popular type of pension. There are two main types of private pensions:ĭefined Benefit pensions promise you a certain income in retirement based on your years of service with your employer. So, the government is keen for you to consider private pensions. It’s unlikely that the State Pension will provide enough income for you to maintain your standard of living when you retire and there are also concerns around the funding of the State Pension. Even then, you’ll only get roughly £8,750 per year from it (based on the current amount). The best-known is the State Pension, provided by the government.ĭepending on your retirement age you will have to contribute to the National Insurance system for as many as 35 years to be eligible for the full State Pension. You can typically draw your pension benefits from age 55 onwards. Your savings are invested in the stock and bond markets and, when you retire, you take money from the pot. So, if you pay £80 into your pension, you’ll get at least an additional £20 from the government – no strings attached! If your employer takes care of your pension you’ll normally pay in straight from gross wages which means you are saving that amount in income tax. The best part though, is that in addition to the amount you save, you benefit from a top-up from the government of at least 25% every time you contribute from your net income.

Put simply, a pension is a long-term savings plan designed to financially prepare you for when you stop working.ĭuring your working life, you save into a pension to build up a pot of cash for when you retire. A savings plan to provide an income in retirement

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