How do I save for my retirement?

When you have a clear goal in mind of how your retirement should look and the income you will need, we will need to take your entire financial position into consideration and work out the most efficient way of saving to meet your objectives.

Tax Efficiency

Pension’s funds grow virtually tax free and as at 6th April 2011 tax relief is so generous it allows some of our clients to obtain tax relief up to 50% of their income. In practice this means that a £10,000 contribution into your own pension could cost £5,000.

In addition to relief on personal contributions, other tax planning opportunities exist. For example, employees and employers can save National Insurance if salary is exchanged for pension contributions and it is now possible to carry forward contributions for up to 3 years and still gain tax relief at your highest rate if your income allows.

Regular Reviews

Every financial plan will need to be reviewed at some stage but pension planning needs constant attention in order to keep your goals on track. Salary increases, inflation, investment returns and career change are all events which require us to re-evaluate your plans and in the absence of any of major changes to these we would always recommend a review every three years as a minimum.