Pensions
New pension simplification has arrived. Known as A-Day, 6 April 2006 marked the roll out of major changes to the pension world.
These changes affect everyone in some way or another and have brought about exciting opportunities that can help you meet your future goals. Such opportunities include:
• Better tax breaks to allow you to save more
• Greater flexibility in terms of investment choices and the number of pension funds you can invest in
• More choices when it comes to taking your benefits
If you haven’t reviewed your pension arrangements in light of these changes, now would be a perfect time to do so. You should consider if:
• Your money is in the right place and is not being diminished by excessive charges. New contracts generally have a much lower charging structure
• You are maximising your tax-free cash entitlement
• You can take advantage of the new limits
• You could simplify your arrangements by bringing them all under one pension
• You are investing in the right funds that match your individual attitude to investment risk, and
• Most importantly is your retirement planning on track to provide a comfortable retirement?
At Retirement Planning
When you come to retire it is vital that you carefully consider all the options available to you. Deciding what to do with your retirement savings is potentially the most important decision of your life and deserves careful consideration and professional advice.
Traditionally the most common choice is an Annuity and this may be the best option for you but it is advisable to shop around as the difference between the annuity on offer from your pension provider and the best in the market is as much as 30%.
Other options include Drawdown, Phased Retirement and Structured 3rd Way products. Please call me on 01793 354443 for an appointment and we can discuss your individual circumstances and put the most suitable plans in place.
Financial planning is often on peoples "to-do-lists" but very often it is left for another day. Phone me today and take the first step to a more financially secure future. Don't let your retirement funds languish in old poorly performing pension plans.