Pensions Advice: Planning for your Retirement

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Senior couple on her laptop computerWhether you are self-employed, an employee, a company director, business owner, partner or even a non-earner, it is possible to take advantage of the valuable tax breaks on offer with pensions.

Your First4Finances Financial Adviser will help you to plan your pension, with your own aims in mind.  We understand that everyone’s situation is different and tailor our advice to your specific goals.

When we meet with you, we will assess and explain all your options, such as Personal Pensions, Self Invested Personal Pensions and any employer schemes that may be available to you.  Pension plans today are very flexible and you can choose to pay in small regular contributions, make ad hoc lump sum payments or a combination of the two.  Most people choose to start their pension with a regular contribution and these can be set to suit your budget.  The amount you pay can be varied at any time to take account of any changes in your circumstances.

At First4Finances we will make a recommendation on a suitable product, product provider and investment strategy based on your own circumstances, aims and attitude to risk.  Your attitude to risk is an important factor as there is a wide choice of allowable investments, so whether you are a very risk averse investor or you are very speculative, there are options available to suit everyone.

Your adviser will then guide you through all the paperwork and take care of the whole process from start to finish.

It is never too late to improve your pension funding, but it makes sense to start as soon as possible, as contributions paid in early provide the best prospects for growth.  This means that you may be able to pay in less or retire earlier than someone who starts later.

The money you save in your pension will benefit from tax relief.  This means that more goes sinto your pension than you pay yourself.

For employees paying basic rate tax, the relief on any pension contribution is provided automatically.  This means that for every £80 you pay in, £100 goes into your pension.  For non-tax payers, up to £3,600 can be paid in each year with this same relief.  For higher rate tax payers, a full 40% relief is available up to certain limits, with the first 20% being automated and the remaining 20% provided through self assessment.  This means that for every £60 paid in by you, £100 is invested. Tax treatment varies according to individual circumstances and is subject to change.

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