Pensions

Pensions are an important way of achieving the lifestyle you want when you get to retire.  Not only does it make sure there is a pot of money you can call on in retirement, it is also tax efficient.  Basic Rate taxpayers get 20% tax relief (automatically), Higher rate tax payers get 40% tax relief (20% automatically, the other 20% needs to be reclaimed), Additional rate taxpayers get tax relief at 45% (20% automatically, the other 25% needs to be reclaimed)

How much Do I need to save?

It depends on how much money you want in retirement and also how much you can afford to contribute each month.  The more you save, the more tax relief you will get on your contributions, and the more your pot will be worth when you reach retirement.  Try thinking about what you may want to do when you don’t have to go to work anymore, and put the cost of those things in, along with your basic expenses to try and think about at least a basic income you would need.

Once you know how much you need each month, we can guide you to how much you need to save each month, based on set figures, to achieve your goals.

When can I access my pension?

Under current legislation you can access your personal pension from the age of 55, but the longer you leave it, the more your pot will grow, and the more income you will have when you retire fully.

Company pensions could be different, and they sometimes will have a minimum retirement age of 60 or 65, with the ability to reduce the age – ask your employers pension scheme if this is an option.

Call us on 01282 421022 to discuss your options whether you want to set up a new pension, transfer your old pension into a new scheme, or are wanting to take your pension benefits.