Pensions

Building your retirement nest egg

As our life expectancy continues to rise, many of us can expect 45 years in employment followed by 30 years of retirement. No matter how frugal you are, solely relying on the state pension, even the flat rate of £144 a week coming in 2016, just won’t pay for all of the things you want to accomplish.

When you are ready, Albert Goodman pension advisers are here to assist. Whatever your age, personal circumstances and fortunes right now, we will consider all of the pension options available and help you select the most appropriate solution that will offer you the greatest possible financial security.

Making tax efficient use of your pension contributions

Aside from occupational workplace pensions, there are four main types of pension arrangements into which you can make regular or one-off payments:

  • Personal pensions
  • Stakeholder pensions
  • Self-invested personal pensions (SIPPs)
  • Small self-administered schemes (SSASs)

All pension contributions benefit from at least basic tax rate relief. If you are in the higher income tax bracket you may be able to reclaim further tax relief via your self-assessment return. We can advise on this. What’s more, the above arrangements all comply with the new regulations on workplace pensions

We can also advise on your options when changing jobs (by mid-life you may have accumulated a broad mix of personal and workplace pensions) or if your marital or civil partnership status changes. When retirement approaches we can help you shop around for an annuity or alternative product that will pay an enhanced income for the remainder of your life, especially if you have an adverse health issue.

Workplace pension changes coming soon

In the future, employers, even those with just one employee, will be responsible for automatically enrolling all eligible jobholders into a Qualifying Workplace Pension Scheme (QWPS). Although employees can opt out of the arrangement, employers must not encourage this.

 

Albert Goodman Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.
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