~ pensions mansfield ~ personal pensions mansfield ~ stakeholder pensions mansfield ~

Planning for Retirement

Planning for our retirement is something we all need to consider. If you are not already a member of your employer's pension scheme, unemployed, or perhaps a non-earning wife or husband. You can still contribute to a Pension.

Personal Pension

By making a monthly premium, the Pension provider will invest this money normally in a range of investment funds. The pension fund then grows, free of tax, to give you a tax-fee lump sum when you retire. A normal rate tax payer is entitled to tax relief, which means that if you invest £78, the Inland Revenue tops this up by £22 to a total amount of £100 being invested in your personal pension each month. Higher rate taxpayers require to claim the additional pension tax relief themselves.

Stakeholder Pensions

Stakeholder pensions are a low-cost version of a Personal Pension. A stakeholder pensions is extremely flexible. You can pay in as little as £20 per month into your stakeholder pension and you can increase these pension premiums at any time. A normal rate tax payer is entitled to the same tax relief with a stakeholder pension, as given in the personal pension example above.

Under the present rules, you can take the benefits of your pension plan any time between your 50th and 75th birthdays. This will change from 2010 the minimum retirement age will rise to 55.

If you would like to make arrangements for one of our qualified independent financial advisers to discuss your pension arrangements, please do not hesitate to contact us on 0845 0137907.

Address
Mansfield Buisness Centre
Ashfield Ave
Mansfield
NG18 2AE

Telephone
0845 0 137907

E-Mail Address
jonathan@creativefinancial.co.uk