How We Can Help You Make Sense of it All
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At Joslin Rhodes, We Speak Your Language
Retirement planning shouldn’t feel like learning a new language. Yet, when it comes to Pensions, Estate planning, Equity Release and taxes, the jargon can make things confusing.
We’re here to change that. This straight-talking guide explains key terms in plain English, so you can feel confident in your knowledge – and your future.
Annuity
A product that converts your pension pot into a guaranteed income – either for life or for a fixed term – like receiving a personal salary.
Pension Pot
The total amount of money you’ve saved in your pension.
State Pension
The government pension you receive once you reach state pension age, based on your National Insurance contributions.
Defined Contribution Pension
A pension where you (and possibly your employer) pay into a pot that’s invested. Your final retirement income depends on how much is saved and how well investments perform.
Defined Benefit Pension
Think of this as a guaranteed income plan. It pays you a set amount every month for life, based on your salary and years of service.
Pension Drawdown
Instead of buying an Annuity, you can leave your pension pot invested and take money out as you need it. This offers flexibility but comes with more risk since your income depends on market performance.
Lifetime Allowance
The maximum you can save in pensions without facing extra tax.
Annual Allowance
The limit on how much you can save in your pension each year before extra tax kicks in.