Have you planned ahead for your retirement?
The issue of pensions and retirement is set to become more and more important to every citizen in the UK in the months and years ahead. Last week's announcement by the FSA regarding the allegedly poor level of pensions advice available in some areas of the market is a concern which needs to be addressed sooner rather than later. Very often it is easy to look at the short-term picture when indeed your pension should be a very long-term arrangement, able to give you a suitable standard of living after you finish working.
It is known that many former company pension scheme members have been tempted to switch their pension arrangements to private setups in return for increased transfer values and often upfront cash payments. While many of his switches may well prove beneficial in the short, medium and longer term it is worth remembering the protections available by remaining in a final salary company pension scheme. You must take professional advice at all times with regards to your pension arrangements and whether you are in your 20s, 30s, 40s or indeed just starting out as a teenager in the employment market, you should always consider starting your pension fund arrangements as soon as possible.
The truth is that the earlier you begin putting money aside for your pension and retirement the more chance of building up a significant pension pot and securing an acceptable standard of living in your later years.
Share this..
Related stories
Government to reduce pension fund relief
The UK government has today announced plans to reduce pension fund tax relief which will have a major impact upon those looking to save for their future. Currently relief is available, at the rate at which individuals pay income tax, on pension fund contributions of up to £255,000 a year. However, the UK government is looking to reduce this level to between £30,000 and £50,000 something which w...
Read MoreOECD: UK has one of the least generous state pensions
02/12/2015 The UK state pension has been found to be one of the least generous in the world, according to a report from The Organisation for Economic Co-operation and Development (OECD). The report from the international think tank found that out of the 34 countries who are members of the OECD, 31 countries have more generous pensions than the UK. Only two countries pay poorer pensions, Mexi...
Read MoreExpat pensioners lose court battle
The UK government is this evening breathing a sigh of relief after winning a European Court of Human Rights battle which could have resulted in a £500 million a year additional bill for the UK state pension. The case revolves around a number of expats who have moved overseas to places such as Australia and Canada and are currently only receiving the pension payable upon their retirement in the UK...
Read MorePensioner bonds deadline extended by three months
09/02/2015 The Government backed pensioner bonds are set to be extended for another three months thanks to their enormous popularity, Chancellor George Osborne has said. The deadline to apply for the pensioner bonds, which offer competitive rates of up to 4% interest, will be extended until May this year. The bonds have been incredibly successful with more than £1 billion worth of bonds sol...
Read MoreThe spin on Sir Fred Goodwin continues
The UK government is rumoured to be behind further suggestions in the financial press this weekend that the true cost of Sir Fred Goodwin's pension will be in the region of £30 million. These ludicrous claims are aimed at forcing Sir Fred Goodwin to give up part of his pension arrangements even though the UK government formally agreed these back in October. So why are the UK government spending s...
Read More