Our Independent Financial Adviser, James Mann, can help you with the complex and ever changing area of pension regulations so that you take out the best possible pension solution. Make sure you have the right financial solutions in place to make your retirement as happy and financially sound as possible.
We expect that due to the decline in final salary schemes we will have a pension income short fall at retirement.
The Maximum state pension is:
- £107.45 per week for a single person, and
- for couples where one spouse doesn’t qualify for their own maximum State Pension can get up to £171.85 per week
Clearly if you rely solely on the state pension you face a significant drop in your lifestyles in retirement.
Find out the value of your State Pension using the Forecast website: http://www.thepensionservice.gov.uk/atoz/atozdetailed/rpforecast.asp.
Encouragement is, therefore, given to save privately for retirement in the form of pensions.
Your pension is often the most valuable asset after your home and, therefore, needs regular review.
Benefits of pension plans:
- you can receive 40% tax relief on contributions depending on the level of income tax you pay
- you can take 25% of the fund as a tax free lump sum at retirement whilst using the remaining 75% to generate an income
- the Annual Allowance for the tax year 2012/13 is £50,000, inclusive of your own contribution and any other amounts paid into an approved pension scheme.
- a Lifetime Allowance (£1.5 million for 2012/13) for accumulated funds, due to the tax liability it is very inefficient to have funds in excess of this amount held in pension contracts, and you should consider other savings vehicles
Contact us now to discuss how we can help you by completing our, no obligation, online enquiry form and we will call you back or you can call us directly on 0808 129 3320.