Pensions

For some, the thought of a pension fills them with dread. Maybe you’ve been scarred by stories of failing pension schemes or it just makes you feel old when you stop to consider the distant or not-so-distant future.

Yet, the truth is, to give ourselves a measure of financial stability in the future, we have to start thinking sooner rather than later about the long-term effects of our regular day-to-day decisions.

It is always the course of wisdom to seek financial guidance from a qualified adviser. They’ll share with you the latest pertinent information to empower you to make an informed decision.

Does a private pension offer any tax advantages?

Well, every situation is different, but broadly speaking yes it does. For every £100 you pay and lock into your private pension, HMRC will give you £25. It is important to speak to your tax adviser to establish what tax relief mechanisms are appropriate for you and can be implemented into your business.

Are there any self-employed pensions available?

Yes, self-employed pensions are readily available. You can pay a regular recurring amount or make an ad-hoc payment based on your earnings. Companies like PensionBee offer free, easy-to-use calculators to work out your pension budget and the future yield.

Who would benefit from my pension if I died?

You can stipulate who will be the beneficiary of your pension pot in the event of your death.

Are there any other advantages?

If you desire, when you reach the age of 55 you can withdraw 25% of your private pension pot tax-free.

What if I’m keen to get a quick return on my money?

Private pensions are not quick-fix short-term money schemes. They’re designed to give you a regular, consistent sum of money on top of your statutory pension – a pension paid by the government – after retirement.

What is the current statutory pension?

In the UK it is £10,600 a year. To qualify for the full amount you must have paid at least 35 years of National Insurance.

Is there any risk involved?

As with most things in life, there is a measure of risk involved. Pension pots can go up and down in value. There are ways to mitigate the risk by choosing a pension provider with a good track record and the type of pension pot based on your risk appetite.

PensionBee offers a broad range of options and presents all the information in plain English.

After seeking professional advice and considering your options, please feel free to use the following link to qualify for a £100 injection into your PensionBee pension pot. Once your pot hits £100 of your own investment, PensionBee adds another £100 for your future benefit.

https://www.pensionbee.com/?rsCode=-Nd4ust6tn9_r&utm_source=saas&utm_medium=RAF