Pensions & Retirement Planning
Pensions & Retirement Planning
Your retirement may seem like a long way off, but it is never too early to start planning. Smart planning for your retirement will ensure that when you do retire you can maintain the standard of living you have become used to. While you may be entitled to a State Pension at retirement, the age at which you can access this pension has been increased: it will not be paid until age 68 for people who were born on or after the 1st of January 1961.
And if you do qualify for State Pension, it’s designed to cover the basic necessities of life only and will be a sharp drop from your annual income. Bearing this in mind you will need a plan to supplement the State Pension payment. In particular, if you are self-employed or working for an employer who does not include you in a pension scheme for retirement benefits, it’s up to you to make additional financial provision for your retirement. There are a number of options available to you.
SELF-EMPLOYED PENSIONS
Personal pension plans are designed for people who don’t have a pension scheme through work and who want to set aside money themselves. In particular, a personal pension plan would suit people who are either self-employed or have no pension through their employment.
COMPANY DIRECTOR PENSIONS
An executive pension is a pension set up by employers for executives or key employees of the company. It is a tax efficient for you to set aside money for when you retire as well as being an efficient way for your employer to provide you with employee benefits.
EMPLOYEE PENSIONS
Your retirement may seem like a long way off, but it’s never too early to start planning. Smart planning for your retirement will ensure that when you do retire you can maintain the standard of living you have become used to.
PREVIOUS EMPLOYER PENSIONS
I have moved jobs a couple of times over the years, how do I keep track of my pensions?
POST RETIREMENT PENSIONS
On retirement you have a number of options. Usually you will be able to take part of your pension fund as a tax-free lump sum. You can use the remainder of your retirement fund to provide an income.
PENSION TRUSTEESHIP
We have engaged the services of a qualified Pension Trustee Practitioner (PTP) who can assist and advise clients of our firm in relation to defined contribution occupational pension schemes.