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Pensions are designed to enable you to save sufficient money to live comfortably after you have retired from working life. They are available in different ways:
The Basic State Pension - For people who have paid sufficient National Insurance contributions while at work or who have been credited with enough contributions.
Additional State Pension - this is now called the State Second Pension, previously it was known as SERPS (State Earnings Related Pension Scheme). The State Second Pension is based on earnings which Class 1 National Insurance contributions are paid or treated as having been paid.
Occupational Pension - Employees may be eligible to join their company pension schemes. Some employers contribute to this for their employees; others just offer the scheme for their employees to contribute themselves.
Personal Pensions - Open to nearly everyone and especially useful if you are self employed or your employer does not run a company scheme.
Rainford Financial Services are able to offer advice on the most suitable pension arrangement to meet your pension needs.
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