Understanding the Concept of Pension in Details

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UNDERSTANDING THE CONCEPT OF PENSION
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What is Pension ?
Pension is a defined benefit plan that provide
monthly income in retirement. Pension is a tax
free saving pot where you, your employee or
government pay into.
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Importance Of Pension

• It change the social structure i.e. give you a
  independent life after retired.
• It helps in increasing life expectancy.
• Regular income that coming from retirement helps
  to improve the social security.
• Pension make future tension free and
  comfortable.

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TYPES OF PENSION

• State Pension- State pension is a contribution
  based benefit. i.e. you require to pay throughout
  your working life. When you are in retirement
  period then you receive it as a regular income.
• Work Place Pension- in this pension you, your
  employee and the government contribute. It is
  taken as a percentage from your salary each
  month. You will offered two.
• Defined benefit scheme.
• Contribution defined scheme
• Personal Pension- this type of pension is fully
  arranged by yourself, you just require to pay
  regularly. You have control over the money and
  you decide where you want to invest it. SIPP or
  Stakeholder pension is comes under personal
  pension.

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ADVANTAGES OF PENSION PLAN

• Pension is funded by the employee i.e. employee
  contribution.
• Pension protected us from investment risk.
• Pension is a tax free contribution.
• Earlier pension investment give great benefit.
• Get regular income at the retirement period.

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DISADVANTAGE OF PENSION

• It is complicated.
• With definite plan scheme you have no control
  over the saving.
• Risk of poor return if we invest into stokes and
  shares.

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Want a Pension advice and pension review to make
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