Simply put, a pension is a tax efficient pot of money that is saved throughout your working life to provide a replacement income during retirement.
Staying up to speed
Recent legislative changes mean it’s important to know what benefits have previously accrued. As well as assess how valuable they are. Some older pensions have little nuggets of gold such as guaranteed annuity rates and are worth keeping.
Other older contracts have much higher charges and do not represent good value compared to more current schemes.
Pensions with defined benefits (final salary schemes), generally have retirement benefits. These are more generous than their defined contribution counterparts. As a result of these differences in pension contracts and changes in legislation, our pension advisers will instigate a comprehensive review process.
This can help you can gain an understanding of what pensions you have or should have. It can also show you how this matches your income expectation and hopes for retirement.
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Tax Planning For Pensions
If you are a high-earner and feel you are paying more and more tax, you are not alone.
The extent to which pension pots are being forgotten about has been revealed in a study from Aviva.
Income At Retirement
There comes a time when you stop working for your money and put your money to work for you.
Saving For Retirement
Retirement is something most of us look forward to − particularly on a Monday morning.