One of the most important things to consider regarding any pension
arrangement you hold is that they should be reviewed on a regular
In 2015 we saw some of the most significant changes to Pension
Legislation ever seen in the UK and as a result the need for advice
has never been greater.
The changes are far reaching and it’s important that you understand
the impact they have on your pension options.
Pensions can be very confusing and the industry itself has confused
things even further, we feel, with the use of jargon. Having been
involved in the industry for over 45 years we pride ourselves on
making sure that we explain pensions in a way that you understand,
enabling you to make informed choices.
Whilst there are a number of different types of pensions in the UK,
there are 2 that are most common. These are Money Purchase (Personal
Pension) or Defined Benefit (Final Salary). You could hold both but
this will depend on your career history and the type of schemes
offered by your previous employers.
Money Purchase/Personal Pension
This is where contributions have been made to a pension arrangement
by yourself and possibly your employer. The pension contributions
will have been invested over the years in a variety of investments
including Equities, Government Bonds and Commercial Property to name
but a few.
The final benefits at retirement are not guaranteed and the value
will be based on the amount paid in and the performance of the
Defined Benefit/Final Salary
These types of schemes differ from Money Purchase arrangements in
that your final benefit is guaranteed. The pension you will receive
is based on three specific pieces of information:-
The number of years’ service you have had (or had) with a previous
- Your salary at the date of leaving
The scheme particulars, which are issued by your previous
employer. These layout the calculation basis.
Both types of schemes can offer great benefits; they can pay lump
sums and/or income throughout your life. The benefits can be taken
in different ways from each scheme which you need to consider and
importantly for many clients they also want to know what happens to
the pension fund on their demise. These differences can be very
significant and it is important that you are aware of all the
options both now and in the future.
Many of our clients who live in Spain were unaware of the options
they had. Indeed there are additional options for Expats to
consider, for example, changes in the Foreign Exchange Rates can
significantly reduce or increase their spending power. Since 2010,
we have seen rates vary from 1: 1.05 (GBP/ EURO) to 1: 1.44 (GBP/
EURO) which clearly creates a significant difference in any amount
transferred from GBP into EUROS. These fluctuations can have a
massive impact on an individual´s standard of living.
At Logic we will carry out a full review of your existing
arrangements explaining in plain English all your options.
We are extremely proud to say that the vast majority of our
clients are referred to us either from existing satisfied
customers or through our network of tried and trusted
professionals. This reflects our ability to gain the trust of
our existing clients and our professional connections alike.
Logic Financial Consultants are proud to have established a
wonderful reputation for quality financial advice. This
website contains just a few of the many testimonials we have
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