Pensions For Beginners 2023 - A Complete Guide (UK)

Pensions For Beginners 2023 - A Complete Guide (UK)

Pensions are a vital tool for building wealth and financial security for your future and later life and are probably the most widely misunderstood financial product out there. The benefits of pensions are huge and numerous, so if you’re not using them you are missing out big time. Let’s change that by giving you a complete beginners guide to pensions. Here's what we will cover with timestamps, please feel free to skip around to the sections relevant to you.

00:00 Introduction
00:50 Types of Pension
03:46 Employer Contributions
04:29 Tax Relief
06:24 Auto Enrolment
07:49 Annual Allowances
08:34 Growing Your Pension
09:54 What Does Your Money Get Invested In?
10:52 Getting Your Money Out
13:27 Yes You Pay Tax, But It Ain't That Bad
14:36 Death Benefits
15:31 One More Thing

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Hi there! My name is Tom Morgan, Founder & Financial Planner of Orca Wealth Ltd, welcome to my YouTube channel ‘That Finance Show’. I’m very glad to have you here because this channel gives me the opportunity to help people and share information with those who wouldn’t normally get it.

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RISK WARNINGS

When investing remember, your capital is at risk. Investments can fall and rise and you may get back less than you invested. Tax treatment depends on your individual circumstances and may be subject to change. This channel is for information and entertainment only. The information provided by Tom and That Finance Show is not intended to address your particular requirements and should not be construed as advice. Neither Tom or ‘That Finance Show’ will not be held responsible for any actions you take as a result of watching these videos.

#pensions

[Churchillhump]

Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.

[ryanwilliams]

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[GhanYt]

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for

[MariaGarcia-gvhj]

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it"

[susannnico]

With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly—which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $275k bond/stock portfolio

[BillyTheKid]

Tom, great video, thank you. Pitched at the perfect level, much appreciated. 👍

[TobyNewbatt]

Huge amount of free info in this one. Massive effort nice one buddy

[p.l.a.n.t.U]

Hi Tom hope you don’t mind me saying this but I really think you would make amazing presenter on tv. Your a natural 😊

[sallynolan]

Thanks very much for your helpful explanation.

[manishrana]

So we'll explained..I love pention

[saigonbaby]

good job. very slick production. keep on dancing !!

[savvyshopper]

Thank you for the hard work. I definitely will do more research on the basics.

[shiriajin]

Thanks for this video. How does one get in touch with you?

[phoenix]

Do you have advice for transferring pension funds to another provider

[reza]

Hi Tom,
Thanks for such an amazing video. I have a question. I built pots with different employers during my career. Now, I have an aption to withdraw from each pot (25% tax free), however, I decided not to do that. Can you tell me how much I will get per month from each pot when I retire? Thanks

[callatabares]

Will be good idea if you do examples with every Thing you explain.

[bbcisrubbish]

Should we beware of any investment in the financial markets that is advertised? I can't imagine the City clique telling anybody outside the clique of any investment worth while.

[presterjohn]

Another solid video so thumbs up from me, but please calm down with the music and sound effects they don't add anything to the content and are surprisingly irritating.

[edwardmellett]

Do you have to pay tax on a SIPP Pension if you have moved and live abroad out of the UK when you retire?

[LeedsLUFC]

So with SIPPs, I can choose the stock I want?

I specifically want a pension plan where I can choose the stock(s) myself. I don’t want to choose an index fund as I already have that vis my pension plan with my company. I want a bit more risk with the hope of compounding for as long as possible (I am 26 at the moment).

Which pension type would be best?