Saving for retirement and pensions are some of the most
important financial goals we all need to take into account when planning our
finances. The last few years have seen many more options become available for
retirement saving and pensions, allowing us to take greater control over our
pension provision.
The predicted lack of future state pension and demise of many
final salary company pension schemes have highlighted the need to
broaden our retirement planning and consider a portfolio of investments.
Group company pensions may still be the main form of retirement
planning for many, but as performance figures have fallen over recent years, we
have begun seeking alternative methods, catering for those disenfranchised with
their company pension schemes and for the self-employed.
The emergence of self-invested
personal pension plans (Sipps) has for many changed the face of
retirement saving, providing all the tax advantages of a traditional personal
pension scheme, but with greater flexibility and control. Sipps allow you
to choose when, how and where to invest your pension savings for retirement.
And from April 2006, new rules will come into effect allowing you to put
residential property in your pension, making it income and capital gains tax
free.
Despite Government plans to simplify pension planning, it will always be a
complex area and there are many factors to take into consideration, for
example: When is the right time to start saving for retirement? Will a company
pension scheme be enough to retire on? Should I contract out of the
second state pension?
Saving for retirement may seem difficult, but help is at hand from independent
financial advisers, who can help you through the maze of pension products.
To search My Local Adviser for
pension advisers click here.
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