Pensions

Saving for Retirement using Pensions

No matter how long until you retire, it is vital that you address the need for an income in retirement. We will help you to get a true picture of what you need to do, to achieve the future you want.

There are a number of different types of pension arrangement, and we can give impartial advice as to the most appropriate for your circumstances. Contact Martin Lebovitch for more information.

• Personal Pensions

Personal Pension Plans offer one way to save, taking advantage of tax relief from the Government to boost your savings. Even if you do not have earned income, it is possible to save via this method and still qualify for tax relief.

You build up a fund of money, which grows virtually tax free, and you can take part of the fund as a tax free lump sum from the age of 50 (the minimum age rises to 55 from 6 April 2010). The rest of the fund has to be used to provide an income. There are various ways of doing this: annuities, drawdown, or phased retirement.

• Stakeholder Pensions

Stakeholder Pensions are a type of Personal Pension, designed to incorporate a number of minimum standards laid down by the Government. These standards relate broadly to charges and contract terms.

• Self Invested Personal Pensions

Self Invested Personal Pensions are covered by the same basic rules as normal Personal Pensions as far as contributions and tax relief are concerned. However, they allow you much greater freedom to control the underlying investments, and allow the plan to hold these investments directly. You can invest in a wide range of assets including commercial property.

Useful Pensions Links to:

www.pensionsadvisoryservice.org.uk

www.fsa.gov.uk

www.hmrc.gov.uk/PENSIONSCHEMES/

www.thepensionservice.gov.uk

www.pensions-ombudsman.org.uk

www.thepensionsregulator.gov.uk

Use the following link for useful information from the Financial Services Authority:

www.moneymadeclear.fsa.gov.uk