Pension

Why plan for your retirement?

It is no secret that Britain has an ageing population and we all can expect to live longer than our predecessors.

The number of babies born each year remains constant whilst there are more and more pensioners relying on a smaller and smaller workforce to fund their State pensions.

Therefore it is vital that we all make extra provision for our retirement through some form of savings vehicle. To encourage people to save for retirement, the Government allows very generous tax breaks on pension contributions. Basic rate taxpayers receive tax relief at 20% and higher rate taxpayers can receive relief at 40%. It’s not often that the Inland Revenue actually gives you money. So it makes sense to take advantage of a pension, one of the most tax-efficient ways of investing you will ever find.

What type of pension scheme should I invest in?

There are a number of different types of private pension plans to choose from, and the plan appropriate to you will depend on your circumstances.

If you are employed and your employer runs a company pension scheme, it almost always makes sense to join it especially if your employer makes contributions to your fund in addition to your own.

Where do I go for advice?

The first step is to contact Holyoakes Group Ltd. We are totally independent and have access to all of the financial products in the marketplace and there are over 30,000! We can assess your financial situation then suggest the most appropriate solutions.

We will:- Explain your investment options - Take you through the different types of pensions on offer - Assess your attitude to risk - Suggest the type of fund(s) that will suit you - Look at your earnings, outgoings and priorities and indicate how much you should be putting away each month.

All the advice provided will be set against the background of your complete financial situation.

Important Considerations

With effect from April 2006, legislation has been introduced that is to change retirement planning under the heading of "Pensions Simplification".

It is imperative that you seek advice for existing plans as well as new plans to ensure that you make the most of the proposed changes.