Due to both the decline in State Pension Benefits and the fact that we are living longer in retirement there is now a much greater need for us to contribute to private pension provision, either individually or as a member of an employer’s pension scheme.
The Government provide very attractive incentives in the form of tax relief on personal contributions paid to pensions with basic rate tax payers receiving 20% and 40% relief for higher rate tax payers. You can get a Personal Pension, a Stakeholder Pension, Group Pension or an Occupational Pension.
Please contact us for more information on auto-enrolment and workplace pensions. There are also many other options which can be considered in providing for your retirement including annuity options, SIPPs, Flexible Drawdown and Income Drawdown.