Pension & Retirement Planning

THINKING ABOUT TOMORROW, TODAY.

With an ever increasing life expectancy and state pension age rising, there’s no better time than now to start planning for your retirement.

Whatever your age it’s never too early to start saving for your retirement. However, the longer you leave it, the less time your funds have to grow and accumulate and the more you will have to contribute. The power of compounding here cannot be overstated and you really should start saving for your retirement as early as possible. As life expectancy has increased, so too has the need to look beyond the state to provide for us when we retire.

Planning for a financially independent future might seem like a daunting task, however, it needn’t be. Speak with one of our advisers today for a comprehensive review of your finances and expert advice on how best to plan for your retirement.

Basic Rate Taxpayers

Did you know?

The amount of tax relief you get on your pension contributions depends on the top rate of income tax you pay. Basic-rate taxpayers (who pay 20% income tax) automatically receive 20% tax relief on their contributions. The tax relief is paid into their pensions automatically, whether it is operated by their employer or if it is a personal pension. This is known as ‘relief at source’.

Higher Rate Taxpayers

Did you know?

Those paying 40% income tax are entitled to 40% tax relief on contributions and 45% taxpayers, 45% tax relief. When higher and additional rate taxpayers contribute to a pension they automatically receive 20% at source on their contributions. Few know, however, the additional 20% or 25% tax relief must be claimed separately via HMRC’s self-assessment tax return.

State Pension Age

Did you know?

The current state pension age for men and women is currently 66. This will increase to 67 by 2028 and then again to 68 between 2044-48. A recent review, however, advised this be brought forward to 2037-39. A BR19 state pension forecast takes 5 minutes to complete and provides you with your state pension entitlement and the age you can claim it.

The average woman's pension fund is

£24,0

The average man's pension fund is £73,600.

As of 2018 in the UK

of the adult population say they don’t have a pension.

UK pensioners living in poverty

1.0m

*Poverty is defined as 60% of median income after housing costs.

The average person saves

£0

into their pension each month.