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Have you made plans for your pension?

With changes to the UK pension system inevitably the future the focus is now falling upon private pension schemes and employee pension schemes. However, when you consider that the vast majority of final salary pension schemes are either closed to new members or closing down, the situation for the future is fairly simple - arrange your own personal pension plan or you will suffer in the future!

It is vital that each and every worker in UK takes professional pensions advice sooner rather than later because as we have mentioned on numerous occasions, the real value of the UK state pension has been falling for some time. With the Pensions Regulator recently suggesting that all workers in the UK should work beyond their 70th birthday in order to avoid a state pension funding crisis, the situation could not be clearer.

You cannot depend upon the state to fund your living costs in the future because ultimately future pensions will be paid in later years or pension payments will be reduced significantly. So whether you are 20, 30, 40, 50 or 60 you need to ensure that your pension arrangements are in place and ultimately the sooner you can start paying into your own pension scheme the better. Please note that professional advice should be sought before investing any money into a pension fund arrangement.

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