Pensions offer a uniquely tax efficient way of saving for your retirement. Whether you are self employed, employed in a small business, a civil servant or an employee of a multinational company it is now clear that it is down to you as an individual to fund for your retirement. The nation’s average life expectancy has increased dramatically in recent years; because more of us are living for longer the cost of providing state pensions and other benefits has also increased dramatically. State benefits will inevitably be diluted within the retired population in the coming years meaning the real value of the state pension will fall over time.
In order to encourage greater participation in pension planning the government introduced Auto Enrolment legislation which came into effect in 2012. By October 2018 every eligible worker employed by a UK company (where an equivalent scheme does not already exist) will be automatically enrolled into a suitable pension scheme and both the employee and employer will make contributions into a personal pension fund. In April 2014 the government also announced sweeping changes to how pension income may be purchased at retirement. Although this recent relaxation of the pension rules is welcome there is now an even greater need for advice given the increased choice now available to pensioners.
- Your independent SIP Wealth Management adviser can advise you on both pension funding pre retirement and pension income planning at retirement. As well as providing holistic retirement planning your SIP Wealth Management adviser can also help with more specialist areas of pension advice including –
- Auto Enrolment
- Small Self Administered Schemes
- Self Invested Personal Pensions
- Annuity Purchase
- Income Drawdown
- Lifetime Allowance Issues
- At Retirement Options