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Pensions Before Retirement
You might have already thought about how you would like to spend your retirement, but have you thought about how you’re going to fund it? We are generally living longer, and living in retirement for 20 or 30 years is no longer unusual. If you want to have a good income in retirement you will need a large amount in savings to fund this.
It is becoming increasingly clear that we are going to have to pay for our own retirement to a large degree, as shown by the recent extension of the state pension ages (to 68 for younger ages). Generous tax reliefs mean that a pension may be a good way of saving for your retirement. For all savings the biggest difference is made by investing for as long as possible, so we always advise you start saving as soon as you can.
We can also review existing pension schemes. Many older schemes have limited investment options, and many still have charges that are far higher than necessary. We will always check that there are no special benefits that you would lose if you move a scheme.
Many people have schemes that they are not getting advice on, and this has been accelerated following regulatory changes a few years ago after which many providers (especially banks) stopped advising. The same applies for stranded company pension schemes, which can quickly accumulate on changing jobs.
Let us check if you have the best pension arrangements for your needs.