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A personal pension is an investment vehicle whereby an individual typically pays into the pension during their working life, which is then invested by the pension provider. An individual can access their pension pot in later life, allowing them to receive a lump sum or regular repayments (see income drawdown below). The amount you get back will depend on how the investments have performed over time.

A personal pension is different to a workplace pension, which is a type of pension scheme that your employer might be obligated to enrol you into based on your employment contract. 

A Self-Invested Personal Pension (SIPP) is a type of personal pension that provides the pension holder with greater control over the investments made with their deposit(s). A SIPP enables the individual to decide how their pension contributions are best invested, possibly by choosing what stocks and shares should be bought with the funds. However, a SIPP also allows funds to be invested in a wider range of areas than a standard personal pension.

An annuity is a financial product that provides an individual with regular payments of a fixed amount of time or even for the remainder of their life. They can be purchased for a lump sum amount and are often purchased with money paid out from a personal pension. There are different types of annuities available in the UK.

Taylor James financial advisers can compare your preferences with the pros and cons of an annuity. If deemed the most suitable retirement planning option, we can help you purchase a relevant annuity. 
 

An income drawdown is when an individual takes regular payments from their pension pot. The remaining funds left in the pension are continually invested, allowing potential further investment growth but also further risk. Income drawdown is often chosen instead of using a lump sum of the pension pot to purchase an annuity.

Taylor James advisers can assess your circumstances and preferences for using an income drawdown and help you transfer your pension to this benefit.

Consolidating personal pensions is when you merge the balance of two or more existing personal pensions into one pension. This may be to one of the existing pensions, or you might move all existing pensions to a new pension product.

You might wish to consolidate your personal pensions for a number of reasons, not limited to:

• To reduce administration
• To save on pension fees
• To attempt to improve investments
• To streamline your pensions
• To increase access to your money

Several considerations should be made before choosing a personal pension. You should consider your current financial position, risk tolerance, retirement goals and government rules. You should consider your long-term goals, including whether you might wish to purchase an annuity in the future or switch to an income drawdown.

Financial advisers can provide information and guidance to enhance retirement planning. You should only engage with financial advisers who specialise in UK retirement planning. With the right adviser on hand, you will benefit from:

• Access to expert knowledge
• Personalised advice that leads to tailored solutions
• Efficiency and less complexity
• Maximising retirement income potential while not exceeding your risk tolerance

Taylor James advisers follow a client-centric and personalised process to help people plan for their ideal retirement. Our proven process includes:

1. An initial consultation to gather important details about your situation
2. A comprehensive assessment of your needs and preferences
3. Recommendations based on your exact situation and retirement vision
4. Research into current market options that meet your needs
5. Ongoing support including pension applications and timely pension reviews
    

Don’t delay your retirement investment opportunities and speak to a Taylor James adviser today. Book your consultation to learn more or to get the process started.