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'Gardner Financial Services is a trading name of GFS(Moray) Ltd which is authorised and regulated by the Financial Conduct Authority.'
The guidance and / or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.
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Gardner Financial Services

Telephone: 01309 675757

Gardner Financial Services

About Pensions

Pensions are, of course, designed to enable you to save sufficient money to live comfortably after you have retired from work.
There are many different 'tools' used to save for retirement and the taxation and investment elements of pensions can appear baffling.
We specialise in explaining, recommending and monitoring pensions for you.
Below are the most common sources of pension to fund for your retirement.

  • The Basic State Pension
    For people who have paid sufficient National Insurance contributions while at work or have been credited with enough contributions.
  • Additional State Pension
    This is now the State Second Pension (S2P).
    Before 6th April 2002, it was known as SERPS (State Earnings Related Pension Scheme).
    From 6th April 2002, S2P was reformed to provide a more generous additional State Pension for low and moderate earners, carers and people with a long term illness or disability and is based upon earnings on which standard rate Class 1 National Insurance contributions are paid or treated as as having been paid. Additional State Pension is not available in respect of self employed income.
  • An Occupational Pension (through an employer pension scheme)
    If your employer operates a pension scheme, it's usually a good idea to find out about the benefits of the scheme.
  • Personal Pensions Scheme (including Stakeholder schemes)
    These are also Money Purchase schemes and are open to everyone and especially useful if you are self-employed, your employer doesn't run a company scheme or just for topping up existing arrangements. From October 2012, the Government will be introducing reforms and all employers will be required to offer their employees, who meet certain criteria, automatic enrolment into a workplace pension. Employers will be able to use the Government backed scheme, National Employment Savings Trust (NEST), or offer an alternative 'Qualifying' work place pension scheme such as a Group Personal Pension, providing it 'ticks' certain boxes. The process is being phased in between 2012 and 2017 depending on the head count of a firm. Employers will also be required to contribute a minimum of 3% of salary with Employees making a personal gross contribution of 4% with tax relief of 1%, which will again be phased in gradually.


State Pensions may not produce the same level of income that you will have been accustomed to whilst working. The full Basic State Pension is only £107.45 per week (2012/13) for a single person (though you would be able to claim means-tested state benefits if that was your only income). It's important to start thinking early about how best to build up an additional retirement fund. You're never too young to start a pension - the longer you leave it the more you will have to pay in to build up a decent fund in later life.

Please see the related documents below for more information on Pensions and Retirement Planning.

Please contact us if you wish to discuss your requirements further.