In recent years many traditional final salary pension schemes have been closed to new members or wound up. More and more people are having to depend on money purchase schemes, where the eventual pension depends on how much has been paid in and how well it has grown, rather than final salary and the number of years service.
The difficulty with a money purchase scheme is knowing how much to pay in, most company schemes are unlikely to provide an adequate pension without additional contributions.
We can advise what level of contributions are needed and where they should be invested, depending upon individual circumstances.
In a recent survey a fifth of the 5,200 people asked in the poll are failing to save anything for their retirement.
It is unusual now to work for one employer for all of your working life, many clients end up with several pension schemes, there can be advantages in consolidating them into one plan, and this requires careful consideration. We can analyse existing schemes and advise on the pros and cons of consolidation.
We also specialise in advising clients with existing pension plans involved within a forthcoming divorce.
Do you know your State Pension Age (SPA)?
This is the earliest you can draw your state pension. To calculate this click here
To discuss this further or for more information please contact our Financial Services Department on 01473 408422 or firstname.lastname@example.org