Insurance, Pension, Investment

MAJA44

Hello,

I was wondering whether anyone could give advise on the above or point me in the right direction.

I originally come from Germany but have been here for nearly 15 years. Whilst in Germany I started investing into a pension/life insurance. I paid into that for a good 10 years but am now looking for something similar in the UK.

The German investment worked like this: you pay a certain amount each month until you are say 55. This is when you're paid a lump sum (private pension). However if you die before that time your loved ones receive a pay out of a certain amount (Life Insurance)

Is there something like a combined Pension/Life Insurance in the UK.

Thank you
Maja44

bigadaj

MAJA44 wrote: »

Hello,

I was wondering whether anyone could give advise on the above or point me in the right direction.

I originally come from Germany but have been here for nearly 15 years. Whilst in Germany I started investing into a pension/life insurance. I paid into that for a good 10 years but am now looking for something similar in the UK.

The German investment worked like this: you pay a certain amount each month until you are say 55. This is when you're paid a lump sum (private pension). However if you die before that time your loved ones receive a pay out of a certain amount (Life Insurance)

Is there something like a combined Pension/Life Insurance in the UK.

Thank you
Maja44

The uk system is similar. Pensions can't be accessed before 55 at which point you get a 25% tax free lump sum and the rest is used to buy an in one by either annuity or drawdown.

If you die before you retire then you nominate your loved one to receive the payout instead. The layout would be the value of the fund at that time.

atush

Yes, most often a pension thru your employer pays Death Benefit. and can be taken as early as 55 or left increasing til you actually retire. If it is a personal pension, the pot can be inherited by someone you nominate if you die before taking it. After taking it, there are different rules depending ont eh type of pension you have and choices you make at retirement.


If you have been working, you are already paying NICs for the UK state pension.


Who do you work for? Do they offer a pension? do they pay in alongside you?

MAJA44

Thank you for your replies.

I should have probably mentioned that currently I am currently not employed but working on a freelance basis, so I guess I am self employed. I was employed until I had a child 4 years ago...

What are my best options?