A workplace pension is much like a personal pension, but differs in that it’s set up by your employer. You make regular contributions and typically the money is invested, with the aim to grow your savings over time. PensionBee was launched in the UK in 2014. A pension is a retirement fund built up over the course of your working life. What happens to your pension when in hospital? What's the best pension for the self-employed? Press enquiries: 020 3859 5788, General enquiries: contact@pensionbee.com By continuing to use our website you are agreeing to their use. You can choose to set up a private pension as well as a workplace pension. A workplace pension is a pension that’s arranged by your employer. Find out more about PensionBee or sign up now. How to withdraw money from a pension fund. PensionBee can help you do this - we just need a few simple details and we’ll get to work finding and transferring your old pensions. There’s personal pensions, the State With pensions, your capital is at risk. We use cookies to ensure that you get the best possible experience. These will generally be defined contribution plans. We use cookies to ensure that you get the best possible experience. You'll also get easy access to your pension, via our Drawdown option, from age 55. Your employer can also choose to pay into your PensionBee plan. Press enquiries: 020 3859 5788, General enquiries: contact@pensionbee.com You need JavaScript to fully access our website. Join over 384,000 customers already using PensionBee. PensionBee is authorised and regulated by the Financial Conduct Authority. PensionBee can combine and transfer your old pensions into a brand new PensionBee plan that you can manage easily online. (State, personal and workplace), Pension contributions from your limited company. Keep your pension invested. If you want to opt out of the pension plan, you will need to tell your employer. You make regular contributions and typically the money is invested, with the aim to grow your savings over time. There are several types of pension within the UK, and how each type works differs slightly. Once you reach 55 you can use your DC pension to buy an annuity, which will provide an income for the rest of your life. These types of pensions are now pretty rare as many businesses can no longer afford them, so they’ve switched to more We believe in offering good value pension plans, based on low investment costs and diversity in investment. General enquiries: 020 3457 8444 How do pensions work? PensionBee will ask you for some simple information. You need JavaScript to fully access our website. Find out more about cookies. PensionBee can help you do this, and your employer can pay directly into your PensionBee plan. Give us permission to transfer your money and hit "Confirm", Add money to your pension in a few clicks, Save any amount with no minimum contributions, Add a beneficiary and pass on your pension. What is a frozen pension and what are my frozen pension options? What is a Self Invested Personal Pension (SIPP)? There are a variety of PensionBee plans to suit different savings needs, and it’s The amount you pay depends on your total income for the year and your tax rate. Using this info, they will then trace and find all of your old pensions for you. Confused yet? Where to find your National Insurance number. Have a question? Information Commissioner's Office registration: ZA131262 Press: press@pensionbee.com Based just outside of London's financial centre they are attempting to innovate the UK pension industry by making it easier for people to locate and consolidate their existing pension plans. What's the best pension for the self-employed? means it’s compulsory for employers to set up a pension scheme for eligible staff, as well as make a minimum contribution to their free to change your plan at anytime. How much tax do you pay inside IR35 on pension contributions? PensionBee is authorised and regulated by the Financial Conduct Authority. You can combine your pensions into a PensionBee personal pension plan and then keep track of your retirement savings online. PensionBee combines and transfers your old pensions into a brand new online plan, managed by some of the world’s largest money managers. In the years since, we've transformed complicated pension transfer processes that typically take months to complete into a simple five minute process via a smartphone, and helped thousands of people save for a better retirement. How much you get depends on how long you’ve spent working for your employer, and how much you were earning when you left Once you reach the age of 55 you can start to take money from your pension. This means that the amount you have in your pension plan on retirement depends on how much you’ve paid into your pension and how your investments have performed over time. Click here for instructions on how to enable it. Press enquiries: 020 3859 5788, General enquiries: contact@pensionbee.com Whoops! What happens to my pension if I move abroad? work. General enquiries: 020 3457 8444 FCA Reference Number: 744931. You can change your plan at any time, and if you don't want to decide How long after divorce can you claim a pension? How do I top up my pension? Find out more about cookies. What pension can I get if I'm self-employed? So, now that we’ve covered these three, how do defined benefit and defined contribution pensions fit in within these? By continuing to use our website you are agreeing to their use. Here’s an explanation of how each of these works. Press: press@pensionbee.com Partners: partnership@pensionbee.com, PensionBee, City Place House, 55 Basinghall Street, London, EC2V 5DX. Call our UK team 020 3457 8444, Monday-Wednesday 9:30am-6pm, Thursday-Friday 9:30am-5pm, Monday-Wednesday 9:30am-6pmThursday-Friday 9:30am-5pm. Alternatively, you can just take out your savings bit by bit. In contrast to other types of long-term saving, pensions come with the added benefit of tax relief. Pension contributions for the self-employed. You can find more about this on our dedicated page on pensions tax relief. We use cookies to ensure that you get the best possible experience. Hopefully that’s helped clear up how pensions work. Typically, pension fund managers will invest your contributions into a mixture of shares, bonds, property and cash. Contributions are taken directly from your wages and paid into your pension. PensionBee is authorised and regulated by the Financial Conduct Authority. The minimum employee contribution is currently set at 5% of your ‘qualifying earnings’, while the minimum amount your employer has to pay is 3%. Usually, your employer also adds money to your pension, and contributions from the government will be added in the form of tax relief. General enquiries: 020 3457 8444 A pension is a retirement fund built up over the course of your working life. Elsewhere, it’s important to bear in mind that pensions benefit from tax relief. How much can I pay into a pension each year? What is a Self Invested Personal Pension (SIPP)? How do government pension contributions work? The idea for PensionBee came after Romi struggled to switch her pension provider on traditional platforms, and decided there had to be a better way.
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