Define Benefit Pensions - Ginkgo Financial Ltd

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A defined benefit pension scheme is a pension which guarantees you will get a specific benefit when you reach the scheme’s retirement age. The ‘benefit’ is usually based upon a formula that reflects your salary and years of service. There is no investment risk with this type of scheme.

Alternatively, with a defined contribution pension scheme what you get when you retire is not specified in advance. The final value of the pot will depend on the amount paid in, charges and performance. However, a defined contribution pension scheme may offer more flexibility and control. With this type of arrangement, you will have ongoing decisions to make about how your money is invested and the amount of investment risk you are willing to take. You could use some or all of the money to buy a guaranteed income for the future.

Whether or not to do this will be one of the many decisions you will need to make. You could choose a flexible income arrangement where you can withdraw the income you want. These are complex decisions and you may need advice as there could be tax implications and other risks to consider.

You should understand that the financial services regulator, the Financial Conduct Authority (FCA), has stated that it will be in the interests of most people to keep their defined benefits pensions because of the valuable guarantees these provide. Many people underestimate how long they will live and defined benefits schemes protect you from the risk of your money running out.

***** 5 out of 5

What were the circumstances that caused you to look for a financial adviser?

I sought advice from Daren 10 years ago because I was concerned that my portfolio was not being actively managed by my existing adviser.

How did Daren help you?

Daren confirmed that my portfolio had been mis-managed for some years and that I had been paying excessive hidden fees. He moved everything into a platform in a tax-efficient way and explained all costs, risks and potential rewards very clearly. He has continued to actively manage my investments as well as advise on my pension, personal and business taxation and property holdings.

Have you seen the outcome you were hoping for?

100%. Daren has been able to balance the performance of my portfolio (which is considerable better than when he took over) with using it to achieve my personal goals. His advice is clear, accessible and jargon-free and backed by flawless service from the whole Ginkgo team.

What could they have done better?

Nothing.

Review from Verified Client

***** 5 out of 5

What were the circumstances that caused you to look for a financial adviser?

We needed advice that would enable us to invest excess equity into the right investments.

How did Daren help you?

Daren spent time with us asking what we were hoping to achieve with our investments. He also then gave us the choice of risks, areas and returns that suited us best. He also secured property with Trust fund advice. With Daren’s help and advice on inheritance laws and tax we made our wills with confidence.

Have you seen the outcome you were hoping for?

Yes

What could they have done better?

Daren has given us excellent service and the office staff have always been very helpful and friendly. Would recommend Daren and Ginkgo Financial Services.

Review from Verified Client

***** 5 out of 5

What were the circumstances that caused you to look for a financial adviser?

1.I had left employment and set up a business and wanted a pension plan. 2. I needed to remortgage our home as the fixed term had expired. 3. Moving my last employment pension plan that was not performing particularly well to a high performing one.

How did Daren help you?

Daren and his mortgage broker effectively advised on all of the issues fully explaining the impact of the actions that were proposed. The service is always of a high quality and bespoke to me.

Have you seen the outcome you were hoping for?

For all three issues I have achieved the outcome I was looking for.

What could they have done better?

Difficult to say how the service could have been improved. The high quality of service has been maintained by the use of MS Teams in lockdown.

Review from Verified Client

***** 5 out of 5

What were the circumstances that caused you to look for a financial adviser?

I co-own a production company and Daren has helped set up our pensions, insurances, investments and wills.

How did Daren help you?

He clearly explained everything we need and what we should invest in, he made it easy to understand and straight forward.

Have you seen the outcome you were hoping for?

We have seen a good outcome with Daren’s recommended investments and pensions.

Review from Verified Client

***** 5 out of 5

What were the circumstances that caused you to look for a financial adviser?

Pension, auto enrolment, insurance, shareholders protection

How did Daren help you?

Daren is extremely helpful, knowledgeable and approachable. He talked us through all the processes and made everything understandable and straight forward. Really great customer service from the whole team too.

Have you seen the outcome you were hoping for?

Absolutely

Review from Verified Client

Intelligent advice. Plain speaking. Excellent service. The three guiding principles of Ginkgo.

The best time to start a pension plan is now - and if you have already started, have a closer look at your arrangements to make sure you are on track.

The best time to start a pension plan is now - and if you have already started, have a closer look at your arrangements to make sure you are on track.

The government’s pensions freedoms regulations give holders of a personal pension greater flexibility in how they can access and use their fund.

With so many types of savings and investments, it’s wise to begin with expert advice on the potential risks and rewards for your personal situation.

Alternative investments are dynamic, higher risk investments in environments the UK government wants to support, such as future technology.

Planning now for the inevitable fact that we won’t be around for ever is one of the kindest things we can do for our loved ones.

Planning now for the inevitable fact that we won’t be around for ever is one of the kindest things we can do for our loved ones.

Crossing fingers is not enough. Protect yourself and your family financially by making money available, should something unexpected happen.

You probably already protect your business’s property and other assets. So don’t overlook your most valuable assets: your staff and shareholders.

A mortgage is one of the most expensive, complex purchases you’ll ever make. With thousands to choose from, it makes sense to take professional advice.

With advance planning and an effective tax strategy, you can avoid paying more to the government than you need to.

Our handy calculators were developed by mathematicians to help you get a handle on some of the figures behind your biggest financial decisions.

An introduction to pension transfer advice

What is a defined benefit pension?

Body

Intelligent advice. Plain speaking. Excellent service. The three guiding principles of Ginkgo.

The best time to start a pension plan is now - and if you have already started, have a closer look at your arrangements to make sure you are on track.

The best time to start a pension plan is now - and if you have already started, have a closer look at your arrangements to make sure you are on track.

The government’s pensions freedoms regulations give holders of a personal pension greater flexibility in how they can access and use their fund.

With so many types of savings and investments, it’s wise to begin with expert advice on the potential risks and rewards for your personal situation.

Alternative investments are dynamic, higher risk investments in environments the UK government wants to support, such as future technology.

Planning now for the inevitable fact that we won’t be around for ever is one of the kindest things we can do for our loved ones.

Planning now for the inevitable fact that we won’t be around for ever is one of the kindest things we can do for our loved ones.

Crossing fingers is not enough. Protect yourself and your family financially by making money available, should something unexpected happen.

You probably already protect your business’s property and other assets. So don’t overlook your most valuable assets: your staff and shareholders.

A mortgage is one of the most expensive, complex purchases you’ll ever make. With thousands to choose from, it makes sense to take professional advice.

With advance planning and an effective tax strategy, you can avoid paying more to the government than you need to.

Our handy calculators were developed by mathematicians to help you get a handle on some of the figures behind your biggest financial decisions.

An introduction to pension transfer advice

What is a defined benefit pension?

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