Pensions & Annuities

Why do I need a pension?

For some it's a long way off, for others it's just around the corner, but planning for your retirement is one of the most important areas of financial planning.

No-one wants to have to scrimp and save in their old age. Pension plans have one goal - to provide you with a decent income when you retire.

The state pension is currently:-

• £95.25 per week for a single person
• £152.30 per week for a married couple
• For 2009/10

Is that enough to live off? Will it cover your basic needs?

People are living longer and retiring earlier. This means that the number of pensioners is increasing. These pensioners are relying on a decreasing work-force to fund their state pension.

One of the most tax efficient ways to top up an inadequate state pension is to also save into a personal pension. You can make regular payments, one-off payments and take payment holidays if you need to.

The sooner you start the better!

Pension Reform

Recent legislation has seen the state pension age for women increase to 65 (from April 2020) and the state pension age for everyone increase to 68 from 2046. To check your state pension age, the DWP have a state pension age calculator on their website, the address is:-

Will pension reform stop here? Who knows.

“Population projections suggest that the number of people aged 65 and over will almost double by 2055. The DWP estimates that around 7 million people are not saving enough to deliver the pension income they are likely to want or expect in retirement” Source – PADA

Do you want to be one of those 7 million people who are not saving enough? Remember the sooner you start the better but it just doesn’t start with ticking the box that you have a pension, you should review your retirement plans every year.

Personal Accounts

For employers and employees, 2012 is looming with the launch of “personal accounts” which will affect all those who do not have access to an occupational or work place pension scheme.

If you would like to find out how the launch of Personal Accounts may affect you, please arrange to see us.

Braemar Wealth Management (NW) Limited is authorised and regulated by the Financial Services Authority. Braemar Wealth Management (NW) Limited is entered on the FSA register (www.fsa.gov.uk/register/) under reference 425022. The FSA does not regulate some forms of tax planning and investment structures.
Registered in England & Wales, number 05328421.
Registered office – 38 Woodlands Parkway, Altrincham, Cheshire WA15 7QU