Building your retirement nest egg
As our life expectancy continues to rise, many of us can expect 45 years of employment followed by 30 years of retirement. No matter how frugal you are, solely relying on the state pension, even the new state pension of £155.65 a week for 2017/18, 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.
Even if employers just employ one person, they are legally required to provide a Qualifying Workplace Pension Scheme (QWPS).
There are different staging dates up until April 2017, depending on how many employees a business has.
With auto-enrolment, employers are legally required to:
- Make contributions on workers’ behalf
- Register your QWPS with the Pensions Regulator
- Communicate to workers specific information about the changes and how these will affect them
Talk to us about
- Salary sacrifice improving pension tax efficiency
- Concerns that your existing pension is falling short
Albert Goodman Chartered Financial Planners is a trading style of Albert Goodman Financial Planning Limited which is authorised and regulated by the Financial Conduct Authority.
Registered in England No. 2989819
Registered Office: Mary Street House, Mary Street, Taunton, TA1 3NW
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