Pensions have dominated the news recently and it’s generally recognised that large numbers of people are going to be over reliant upon the State in retirement, and it will not be able to support them. Pension advice is essential to plan for your retirement income.
If you’re not in a good company ‘final salary scheme’ it‘s vitally important that you regularly review the provision that you are making towards your retirement. There are many options open to you and good tax breaks to take advantage of.
The new Pension flexibility changes that came into effect on 6 April 2015 have opened the door on some great opportunities in planning for your future. (Please see our Pension Freedom Bulletin June 2016 for further info). However, great care is needed to ensure the best use of your pension fund with consideration to income tax planning and death benefits for your beneficiaries.
We are experienced in running the following pension schemes for numerous clients:
- Personal Pension
- Annuity purchase
- Flexible Drawdown Plans
- Group personal Pensions
- Self Invested Personal Pension Schemes (inc Property purchase)
- Executive (directors) Pension Plans
- Small Self Administered Schemes
- Pension Transfer plans
- Phased retirement plans
At retirement all the different options need to be explored including obtaining the best ‘annuity’ rate and finding the best income plan to suit your circumstances.
Our Network, Best Practice IFA Group Ltd, have produced Your Retirement Options Booklet detailing the variety of pension options available to you at retirement.
What is AUTO ENROLMENT (AE)?
The government has introduced a new law to make it easier for people to save for their retirement. It requires all employers to enrol their workers into a qualifying workplace scheme if they are not already in one. At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer’s scheme. Automatic enrolment is meant to overcome this. Since it was initially announced the Government have changed their time scales for the implementation of Auto Enrolment Schemes. Our ‘Auto Enrolment Summary‘ outlines the most recent timings and percentages.
Further pension information can be found on ‘Compliance & Enforcement Strategy‘ – by the Pensions Regulator.