Saving for Retirement
Pensions are a tax efficient way to enable you to save sufficient money to live comfortably after you have stopped work, later in life.
There are many different 'tools' used to save for retirement and the taxation and investment elements of these can appear baffling. We specialise in explaining, recommending, and monitoring pensions for you. The primary benefit to using a pension scheme, as opposed to say ISA’s is that you usually receive tax relief on your personal contributions.
State Pensions may not produce the same level of income that you will have been accustomed to whilst working. It's important to start thinking early on about how best to build up an additional retirement fund. You're never too young to start a pension - the longer you leave it though, the more you will need to contribute to build up a decent fund for later in life.
Below are the most common sources of pension to fund for your retirement.
The State Pension: For people who have paid sufficient National Insurance contributions while at work or have been credited with adequate contributions.
An Occupational Pension (through an employer pensions scheme): If your employer operates a pension scheme, it's usually a good idea to find out about the benefits of the scheme.
A Personal Pensions Scheme (including Stakeholder schemes): Open to nearly everyone and especially useful if you are self-employed or your employer doesn't run a company scheme.
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