Pensions are basic in concept, they should be simple but can become complex in practice. In our opinion you should always seek expert financial advice when planning a pension scheme.
At its core a pension is a fund that you create through your working life to provide income for you in your retirement years. While the majority of people can rely on some level of State pension, understand that the Basic State Pension amounts to only £5,727 per year for a single person, or £9159 per year for a married couple (but that’s where one person has no personal entitlement, and derives theirs from their partner’s full entitlement),* once you realize these plain facts its now that you need to consider planning additional pension options to sustain a decent level of income in your retirement years.
As pensions experts we can offer a personal pensions audit, we can assess the levels of your current pension arrangements and accurately estimate what you might expect to receive at retirement. We consider the deficits between what you want and what you can expect to receive.
Pensions can be a complex area for some and there have been many different types throughout the years. It can be difficult to discern from the differences, for example there were retirement annuities, sometimes called Personal Pension Plans. The UK Government then created a new structure called Personal Pension Plans. Factor in options like Group Schemes, Money Purchase Schemes and S32 Buyout Policies and the market becomes very busy and potentially complex.
By taking an audit of your pensions history, employer pension schemes, the periods of self employment we can assess the past and plan for the future. This might mean consolidation or transfer of pension plans to facilitate a clear and organised overview.
Making the most of your Tax allowances, knowing the various sources for annuity rates these are things that in our opinion, you can find through us. Its our advice in these areas which may become the invaluable key to unlocking a brighter retirement future.
*as at 2013/14 tax year
Last updated on April 06, 2013