What is a pension?
It’s the money that you’ll live on once you stop working. It basically replaces the salary or wages that you earned before you retired. It is a long-term savings plan that helps you save for the future.
A pension plan allows you to make regular payments and/or transfer one-off lump sums into a fund for retirement. The amounts saved into your pension are called ‘contributions’.
What is a pension plan?
It’s a type of saving account, but one that gives you important tax breaks. You can use it to build up your money and give yourself an income after you stop working. A pension plan is a long-term arrangement, so you can’t dip into it before you retire.
When is the right time to start a pension?
The money you save into your pension plan is invested so that your fund can grow over time. Therefore, the earlier you start a pension plan, the more time your retirement fund will have to grow and the bigger your pension pot will be.
Why do I need a pension plan?
When you stop working, your pay will come to an end but unfortunately, those bills will just keep coming. Unless you win the lottery or inherit a large sum of money, your pension will almost certainly be your main source of income after you retire.
How much should you put into your pension?
How much you should contribute to your pension will depend on your specific circumstances. When deciding how much to save into your pension, it’s important to think about how much you can afford, but also to consider how long you’ve got until retirement and what kind of income you think you’ll need during your retirement.
Our Pensions Calculator can help you to find the desired income and how much you need to save.
Tax relief on pension contributions
Unlike a regular savings account, money invested in your pension can earn important tax breaks. And when you retire and look for access to your fund, the benefits of your pension can be available in a tax efficient way.
How do I get started?
Let us help you to find the best way to enjoy the lifestyle you desire. We are ready. Contact us on 0818 297 600 for more information.