A pension is a tax-efficient way of saving for your retirement. The idea is to put some of your hard-earned money aside now, ready for when you retire or for when you want to reduce the number of hours you’re working. If you want to know more about personal pensions and you’re looking for some tips on how to choose the right one for you, keep reading below.

What is a Personal Pension?

A personal pension (or private pension) is a tax-efficient way for people in the UK to save money for their retirement. You simply make regular payments into a pension scheme during your working life to create a pot of money for when you retire. Personal pensions are similar to workplace pensions, except they are organised by the individual and not their employer.

There are a number of different types of personal pensions to choose from, so it’s a good idea to do some research before choosing one that’s right for you. You may want a pension where you contribute a set amount of money each month or you may choose a stakeholder pension, which allows you to be more flexible with the amount of money you pay in.

Personal Pension Providers

Personal pensions are usually provided by insurance companies through:

• Building societies
• Banks
• Your workplace

Any employee who is offered a pension through their workplace will need to find out if it’s a workplace pension scheme or a personal pension scheme. While they may sound similar, they are not the same thing. 

Choosing a Pensions Provider

There are so many pension providers on the market that it’s often hard to choose between them. To help you out, we’ve come up with a list of some of the things you need to consider when choosing your personal pension provider:

• Search the market – you’ll need to shop around to find the best pension provider available. Take time to gather information about the different providers. This should include how much they charge and whether they have a good reputation.
• Compare the products – once you’ve made a shortlist of the providers you’re interested in, you will need to compare their products. Ask for a key facts document for each plan you’re considering. The key facts document is a summary of all the important parts of the plan. All providers are expected to supply you with this document, so if a provider refuses to give you this information, make a complaint against them.
• Check to see if you can afford the contributions – most personal pension schemes expect their customers to make a minimum payment each month. If you’re on a tight budget or you have an income that is irregular, then you should check to make sure you’ll be able to commit to making these payments. Before choosing a provider, it’s a good idea to work out how much you’re willing to contribute each month.
• Find out about the charges – before choosing a personal pension provider, make sure you check to see what charges you’ll have to pay and when they need to be paid. Charges might include transfer charges, administration fees, charges for managing your investment, penalties for missed payments, or taking your money out of the scheme earlier. All of these things can affect the amount of money you will receive in the future. Remember, if you choose a stakeholder pension, these charges will be limited to a set amount.
• Take your time – when it comes to choosing a pension, it’s important to take your time. Choosing the first pension provider you find is not the best idea. Make sure you don’t sign any documents until you’re happy with the policy, the charges, and the service they provide.
• Look out for scams –we’ve seen a huge increase in the number of pension scams in the UK in the last few years. In 2015, a new law was introduced which allowed people to withdraw their pension money as a lump sum instead of it being paid out on a monthly basis. Many people chose to withdraw their money and re-invest it in a new investment opportunity. Unfortunately, many of these investment opportunities were fake, and people found themselves being conned out of their retirement money.

If you’re still unsure about which pension provider to choose, or how pension charges will affect you, check out the guide provided by Portafina. They are authorised and regulated by the Financial Conduct Authority and have helped over 14,000 people in the UK.  They also offer a free pension review service, which makes choosing a pension provider much simpler for you.

Things to Look Out for When Choosing a Pension Provider

As we mentioned above, different pension schemes come with different terms and conditions. Here are some of the things you need to find out before choosing your pension provider:

• Is there an option to stop and start your pension contributions?
• Is there a minimum or maximum amount you’re allowed to pay into the plan each month?
• Can you pay in extra money on top of your regular contributions?
• What charges will you be expected to pay?
• Does the pension scheme offer investments that suit your needs?
• How easy is it to contact the provider? – Are they available 24/7? Can you talk to them online, over the phone, etc.?
• What help and support is available for you? – Will they monitor your investment options? Will they help you to plan for your retirement? Many people find that they need help choosing their investment options or planning for retirement, so knowing this information is extremely important.  

If you don’t currently have a personal pension, then now might be the perfect time to set one up. But before doing so, it’s important to remember to take your time and do some research into the different options available to you. Remember, different pensions have different terms and conditions attached to them, so you want to find which option will benefit you the most.

How’s your budget looking? Do you have a few general categories, or do you have it broken down into detailed lists to help track your money? When creating a budget, the more detailed you can get, the easier it is to see where your money is going and how you can keep more in your pocket.

As the months go by, we often add more categories to our budget. Why? It’s easy to forget the ones you don’t use as often, or they just slip the mind. The downfall is when you remember them, it can throw your entire budget out of whack.

When building your budget, we have six categories that are often forgotten about.

Vehicle Oil Changes

Now, if you don’t have a vehicle, then this category can get disregarded. However, if you drive, then you won’t want to forget this one. This category is easy to miss because it’s not one you use every month. The bonus of adding in an oil change category is it can be a reminder when it’s time to get one.

Life Insurance

Even if you don’t have life insurance right now, it’s still a category to add in (because it’s in your best interest to get some). Budget for your monthly premiums and life insurance creditor protection.

Veterinarian Bills

Even our furry friends get sick and need medical attention, and when that happens, you’ll be glad you budgeted for it. Veterinarian bills can add up very quickly, especially if your pet needs surgery or medication. If your pet doesn’t need this extensive of care, there still is the annual checkup and shots you’ll have to pay for.

Medical Bills

Speaking of medical bills, do you have a budget for your own? Maybe you only get sick once a year or visit the doctor regularly, having this budget will help you prepare for possible medical bills (including any prescriptions).

Presents

Rather than squeezing in these random purchases into a miscellaneous category or entertainment, have a separate section for gift purchases. Birthdays, Christmas, Valentine’s Day, anniversaries – these are only a few of the times you’re likely to buy a present.

Emergency Fund

Do you have an emergency fund? If not, it’s time to add this category to your budget. Your emergency fund is money you set aside for what the name suggests, an emergency. It could be an unexpected expense or losing your job. Whatever the reason, that money is there to help you out in tight situations. Just don’t forget to budget for it.

What can you do if you have a random expense pop up that you didn’t budget for? You can mix it into your monthly budget in a few ways. One, you could take from another category to keep everything balanced. That way, you won’t necessarily go over and can keep on track.

Another option is to dip into the emergency fund mentioned above. However, if this becomes a common occurrence, then it’s a good idea to re-evaluate your budget. Don’t forget to put money back into the fund if you use it.

QuickBooks Enterprise Contractor has proven to be one of the best accounting software packages for businesses in the construction line. QuickBooks Enterprise Contractor tries to make accounting and operational tasks simple for firms that work on contract-based projects. The software also comes loaded with important tools for tracking and reporting, cash flow in the business. QuickBooks Enterprise Cloud Hosting aims to simplify the accounting process and automate company-specific tasks. The Contractor edition of QuickBooks Enterprise offers the following features:

Manage project cost:

​If there is a change in project specifications, you can use the job costing centre to keep track of the cost effects and ensure that company stays in profit despite project changes. The user can also use the job costing centre to get a quick idea of how much he has spent so far on the current status of the work. Gather data on estimates, actual amounts, bank reports, and changes in prices of materials, into one powerful analytic tool.

Manage workflow:

One key factor that defines success in the contract business is the skill to deploy both office and technical staff to work efficiently on projects. Contractor Edition of QuickBooks makes this easier as managers can keep a record of both the technical and office staff. Contractor edition helps to grant access to 1 to 40 users simultaneously to your work-related files via cloud hosting.

Company-specific reporting tools:

Every organization has a different format for generating reports. As a contractor, the user will find a handful of reporting formats that you can choose from. With QuickBooks Enterprise Contractor, you can also customize your reports to fulfil your unique needs.

Salary for your workers:

​Use QuickBooks Enhanced Payroll tool to make straight deposits into your workers’ bank accounts. You can also create n number of cheques you need. Generate W-2s and file workers’ taxes all by yourself without incurring extra costs for these features. The payroll system is well-organized and saves you valuable time.

No technical knowledge needed:

QuickBooks products have a simple user interface and it can be used by any person. Once the user is familiarised with the software, it becomes very easy to use it. Service providers also offer technical assistance to the clients anytime they need help.

New improved features:

​Intuit continues to add new and exciting features to QuickBooks Enterprise Contractor. There is has been lots of upgrades since 2015. The user can expect more features that would help boost the business. Often it is observed that when companies opt for QuickBooks hosting, they also go for Office 365 Online as it involves a simple process of IMAP migration to Office 365.

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