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Pensions

A pension is money you'll use to live on when you retire. Most people get a State Pension but this only provides for your basic needs. To make sure you have the standard of living you want in your retirement it's best to save in a pension scheme. You put aside money during your working life into a pension fund. When you reach retirement age, you get your pension to live off for the rest of your life. The amount you get will depend on how much you have saved. This is why it's important to start a pension as soon as you can.

When planning for your retirement, the following should be considered: how much income you are likely to require when you retire, how much you are likely to receive by way of a pension when you retire and what is the expected shortfall between your likely expenditure and your likely income?

Calculate how much retirement income you might receive from saving in a personal, stakeholder or group personal pension using the pensions shortfall calculator

The Pension market is forever changing and highly complex, please call us so that we may offer our advice in helping you make the best choice for your future needs. We can help you assess your likely expected pension and look at ways of addressing any shortfall.

The value of your pension can fall as well as rise and you may not get back the original amount invested.

The levels bases and reliefs from taxation are subject to the individual circumstances of the investor, and may be subject to future change.



Latest News on Pensions

The new state pension: The single tier state pension started on 6 April 2016.

Death tax on pensions abolished: George Osborne has abolished the 55 per cent tax rate which is currently applied to pension pots left by savers to their children. This could lead to an increase from savers switching cash from bank accounts into retirement schemes to avoid inheritance tax   April 2015.

Defined contribution pensions: The goverment have made it possible for people to withdraw their defined contribution pensions savings however they wish, subject to income tax.

Those with defined contribution pensions who are aged at least 55 now have the option to take a tax free-lump sum and a lifetime annuity. However some of the restrictions on a lifetime annuity will be removed to allow more choice on the type of annuity taken out.

The minimum pension age will be increased from 55 to 57 in 2028   April 2015




State Pension

The Basic State Pension

The Basic State Pension is a regular payment from the government that you can get if you reached State Pension age before 6 April 2016. To get it you must have paid or been credited with National Insurance contributions. The most you can currently get is is £159.55 per week (April 2017-2018).

>> Find out More <<

Personal Pension

Personal Pension

A personal pension is one way you might choose to save for your retirement. Personal pensions can also be called money purchase pensions or defined contribution (DC) schemes. They may be suitable for you if you are working but are not eligible for automatic enrolment into your employer's pension scheme, you're self -employed or you're not working.

Workplace Pensions

Workplace Pensions and Automatic Enrolment

Between October 2012 and February 2018 employers are now having to offer workplace pensions. This is called automatic enrolment. Your employer must enrol you into their workplace pension if you are an eligible employee.

You can find a useful tool on the Money Advice Service website about choosing whether to automatically enrol into a workplace pension at www.moneyadviceservice.org.uk

Auto Enrolment and SSAS are regulated by the Pensions Regulator.

Auto Enrolment and SSAS are regulated by the Pensions Regulator.

A PENSION IS A LONG TERM INVESTMENT THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.

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