Even if this seems a long way off, having a plan in place is vital to ensuring the lifestyle you want is achievable.
The April 2015 Pension Reforms mean a pension scheme can be far more flexible than ever before, so you should consider how you use one as part of your plan.
This applies whether you are saving for your retirement, have existing savings or investments in a pension scheme and if you are over 55 years old, these changes could affect you immediately.
It is possible that you could spend a third of your life in retirement and your income needs do not necessarily reduce just because you stop work. This means your retirement is likely to be one of your largest lifetime expenses.
It’s never too late to start your plan and you will want to review it as your circumstances change but any pension savings you make for your future are not ‘lost’ even if you die.
You will find lots of information here to help you understand the changes and the choices you have but if you would like to create or review your plan then our Financial Planning Service will help.
New rules that came into force in April 2015 offer greater freedom on what you can do with your pension pot. It is important to make sure you understand all your options so that you make the right decision for you. Our Financial Planning Service can help you consider all these things and create a plan just for you.
Here we provide example case studies to help you consider options about your retirement.
Chris is a higher rate tax payer in his mid forties and he wants to make a tax efficient investment of £15,000 to use later in life.
Dave and Ann are a married couple in their late sixties. They would like to save for their grandchild’s future using disposable income.
Dave is 30 and wants to save regularly into a pension and wants to weigh up the potential benefits of saving early rather than later.