Pensions advice service

Paul Murray Investments will help you to achieve the level of retirement income you required to maintain your standard of living in retirement, this may need to supplement your state pension, in order to secure  enough money in your retirement.

There is many types of pensions such as State pensions, Personal pensions, Workplace pensions.

 State Pension

The money you will get when you retire, depending of your situation you will get diferent amount, this is called State Pension, and you will be available to claim for it when you are the pension age ( State pension age used to be 60 for a woman and 65 for a man). Paul Murray Investments will help you in how the State Pensions works, how you can to accumulate  extra income, we will help you to claim for any additional benefit if you need it.

 Personal Pensions

Also called “money purchase” or “defined contribution”. If you are working, you are self employed or even if you are not working they could be suitable for you.

A personal pension is a way of saving for your retirement, you can make regular payments into your own fund, recovering it when you retired, this fund is invested for  until you are retire, once you are retired you will use this money (in the fund) to buy an annuity to generate income for the rest of your life, that’s going to be your pension.

You can not predict the amount of your pension because is related with how much you pay in,  this is dependant upon investment returns which are not guaranteed, therefore it is very important to be given the best advice for your choice of investments.

You can also get a independent advice about: Stakeholder pensions, Self-invested personal pensions (SIPPs), what do personal pensions provide, who can have a personal pension and how the Tax relief works in this field.

Workplace pensions

A pension is money you’ll use to live on when you retire, which will covers the basic needs. But it’s important as well save extra money in fund to increase your money to get a good standard of living.

Employers who don’t yet offer workplace pensions will have to do so over the next few years, employers will have to automatically enrol their eligible employees into a workplace pension. This is called automatic enrolment.

There are different types of workplace pension schemes with different benefits. It’s important to understand the differences so that you can work out whether or not the scheme is right for you and what other options you may have. Paul Murray Investments will also advice you in this area.

By a appointment with us you will get further information about what is a Workplace pension scheme, Occupational pensions and Final salary schemes.

Read more about Pensions Regulator.