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Building Your Financial Foundation: Expert Guidance on UK pensions

Estimated 1.6mil pension pots lost across the UK*

Estimated £37bil in lost pension pots as of 2022*

The Department for Work and Pensions (DWP) predicts that there could be as many as 50 million dormant and lost pension pots by 2050e*

£11.7 billion of individual contributions were made to personal pensions in 2020 to 2021, up from £10.6 billion in 2019 to 2020*

Get in touch today to speak to an advisor and receive your personalised quote

QUESTION 1 OF 5
Let’s start with why you want to speak to a Pension Expert today?
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QUESTION 2 OF 5
If you already have a pension scheme, what is the approximate total value of those savings?

(if you’re looking for a new pension or are unsure then please leave this at £100,000)

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QUESTION 3 OF 5
Please let us know how old you are so we can put you in touch with the right specialist
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Pension
How do pensions work?
In the UK, a private pension operates as a long-term savings vehicle designed to provide individuals with a source of income during retirement, supplementing the state pension. There are two main types of private pensions: defined contribution (DC) and defined benefit (DB) pensions.

For defined contribution pensions, individuals and/or their employers contribute money into an investment fund. These contributions are invested in various financial assets, such as stocks, bonds, and mutual funds, with the goal of generating growth over time. The final pension amount is determined by the performance of these investments and the contributions made. Upon retirement, the accumulated fund can be used to purchase an annuity (providing a regular income for life) or be withdrawn as a lump sum, subject to certain tax regulations.

Defined benefit pensions, on the other hand, promise a specific income based on factors like salary and years of service. Employers are responsible for managing these pensions and ensuring that the promised benefits are available upon retirement. The amount received is usually calculated using a formula that considers these factors.

Pension tracing
A process that helps individuals locate and consolidate their old pension schemes from previous employers or personal arrangements. This is important because people often accumulate multiple pension accounts over their working lives, and keeping track of them can be challenging. Tracing helps individuals manage their retirement savings more effectively and make informed decisions about their pension funds.

How we work

01
Complete our simple online form honestly.
Complete our simple online form honestly.

Be ready for a call right after completing. During normal working hours, our partners will get back to you within 15 minutes. If you submit outside of normal working hours, you will be called back the following day.

02
Talk to our recommended UK-based advisor.
Talk to our recommended UK-based advisor.

Our partner’s expert advisor will discuss your needs, talk you through your policy and answer any questions you might have to create your quote.

03
Select your policy tailored to your specific needs and wishes.
Select your policy tailored to your specific needs and wishes.

Choose from a shortlist of options prepared exclusively for you.

Product key benefits

Long-Term Savings

Pensions provide a disciplined and structured way to save for retirement over an individual's working life. Regular contributions and potential employer contributions accumulate and grow through investments, building a substantial fund to support retirement needs.

Tax Advantages

Pensions often offer tax benefits such as tax relief on contributions, allowing individuals to invest more efficiently for retirement. Additionally, the growth within the pension fund is typically tax-free, providing potential for significant compounding over time.

Financial Security in Retirement

Pensions ensure a stable income stream during retirement, helping individuals maintain their lifestyle and cover living expenses when they are no longer earning a regular salary. This financial security provides peace of mind and reduces the risk of outliving one's savings.


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Guide

How We Work With The IFA

ClearKey sits between you and the expert in the financial area you need help with. We don’t offer advice ourselves, instead we connect you with the best provider and receive a commission based on the introduction we make. We specialise in making the process of receiving professional advice and custom quotes as easy as possible.


Estimated 1.6mil pension pots lost across the UK* - https://www.telegraph.co.uk/financial-services/pensions-advice-service/find-my-pension/

Estimated £37bil in lost pension pots as of 2022* - https://www.pensionsage.com/pa/Research-estimates-37bn-of-pension-pots-lost-or-dormant-across-1-6m-savers.php

The Department for Work and Pensions (DWP) predicts that there could be as many as 50 million dormant and lost pension pots by 2050* - https://www.pensionspolicyinstitute.org.uk/media/2855/201810-bn110-lost-pensions-final.pdf

£11.7 billion of individual contributions were made to personal pensions in 2020 to 2021, up from £10.6 billion in 2019 to 2020* - https://www.gov.uk/government/statistics/personal-and-stakeholder-pensions-statistics/private-pension-statistics-commentary-september-2022

 



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