With hardly a week going by without some new revelation on the so called 'pensions crisis', what action should you take with your existing pension plans and how should your planning be developed in order that you can retire with an adequate level of retirement income? Please contact us to discuss how we can advise you in this aspect of your planning.
When will you reach state retirement age? With changes in the offing please check here to find out when you will currently become entitled to your state pension.
We have a range of calculators designed to help you consider what your wealth might be in the future, including our Millionaire calculator.
The Coalition Government has changed the age rules for qualification for the state pension. Currently the state pension age is between 60 and 65 for women and 65 for men. The changes mean that retirement age for women will be equalised with that for men at 65 by 2018 and both will increase to 66 from 2020, to 67 from 2034/36 and to 68 from 2044/46.
For many people their retirement plans have been devastated by the fall of the stock market in the first decade of the new millennium, reduction in property values and the fall in interest and annuity rates. Many may question what chance there is of a 'comfortable retirement'?
There are limits that may be contributed to a registered pension scheme without incurring a tax charge. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.
Stakeholder pension schemes are low-cost pensions meant for people without existing private pension arrangements. They were originally targeted at people who earn more than £10,000 a year and who cannot join an occupational pension scheme. They have, however, turned out to have much broader appeal.
State pension deferral is the right to defer entitlement to the state pension. In return for deferring a lump sum accrues with interest added to the deferred entitlement at a rate normally of 2% over bank base rate. Therefore the deferral claim cannot accurately be evaluated in advance. Examples of the potential lump sum entitlement are shown in our tax rates.