The purpose of a pension is to provide you with the financial support you need when you permanently stop work. As the pension markets are subject to constant change it can be a challenge making the right choice when planning your long term financial future. Retirees undoubtedly face complex decisions, but long term planning will alleviate any concerns and make sure that you are financially covered for your retirement years. Our independent financial advisors in Middlesbrough can help you select the pension plan that will work for you. We offer a comprehensive service and the most beneficial recommendations and support.
A pension is one of the most tax-efficient ways of saving for the long term, as any growth in your fund is free of UK income tax and capital gains tax. Pension funds can usually be accessed any time after you turn 55 and up to 25% of your pension can be taken as tax free cash.
Personal pensions incorporate regular monthly payments or a lump sum into a bank or a building society. Your money is invested into a pension scheme until you are ready to access it. Pension plan values fluctuate due to changing market conditions, and as with any investment plan, these changes can affect the final value. This will of course be subject to the performance of the investment and the amount that you pay in over the years.
An increasing number of people today are working beyond retirement age. Since the abolishment of the enforced retirement age in 2011, there has been a significant rise in those remaining in employment. Figures show that in 2014 there were 1,103,000 workers aged 65 and over in the UK which is almost a quarter of a million increase. Now that people have the choice to work longer it presents more financial opportunities for individuals and families. An average earner can boost their pension pot by approximately £4,500 as well as enjoying another year’s salary. Many people reach retirement age without having managed to save enough. By managing a tax-efficient pension fund you can enjoy greater flexibility in the way you continue your working life.
Our team can advise you on the best pension for you and your personal long term goals. We will ensure you are fully informed of every available option and work with you to devise an investment strategy that will comfortably support you when you retire.