© 2020 Hoyl Group

Hoyl Independent Advisers Limited

PO Box 46, Cromer Norfolk, NR27 9WX

Tel: 01263 513016  Email: support@hoyl.co.uk

 

Hoyl Independent Advisers Limited is Authorised and Regulated by the Financial Conduct Authority.

Our Financial Services Register number is 433927 - FCA Register.

Hoyl Mortgages is a trading name of Hoyl Independent Advisers Limited.

Registered in England, Company Number 05343956

Registered Address: PO Box 46, Upton House, St Margarets Road, Cromer, Norfolk, NR27 9WX

Pensions

Pensions are designed to help you save money during your working life to help you live comfortably after you have retired. Even if your pension savings are small, it can still help to pay your monthly bills or perhaps pay off some outstanding debt.

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Defined Benefit

Defined Benefit pensions are linked to a current or previous employment and promise to pay a certain level of income during your retirement. The benefits they pay usually depend on how long you worked for an employer and what your final salary was prior to leaving their employ. They often provide excellent retirement benefits and they can be expensive for an employer to fund. Because of this, defined contribution pensions have become much more popular in recent years.

Defined Contribution

Defined Contribution pensions build up a pot of money which depends on how much you (or an employer) pay in and the performance of the fund(s) which you invest your money in. They can have wide investment flexibility, with thousands of funds and investment opportunities potentially available. Depending on the pension provider and the type of arrangement it is the investment selection may range from being quite limited to offering many choices.

PLEASE NOTE

As with any investment, you should always remember that the value of pension savings can go down as well as up, and you may not get back as much as you paid in.

Tax benefits and liabilities depend on individual circumstances and may change in the future.

Taking money from your pension may have an impact on any means-tested state benefits you receive from the Department for Work and Pensions.

The information provided on this website is generic and common across the majority of pension arrangements. However, you should review your Policy Documents to check if other terms and conditions apply.