How Safe Is Your Pension
Defined Benefit, or Final Salary Schemes, in the UK have a collective deficit of £253 billion as at the end of March. This is reported by the government sp…
flexible, tailored funds...
...for your future financial plans
The Pension Drawdown Company specialises
in providing advice on all aspects of pension
drawdown and investments
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11 March 2010
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Pension PlanningThis is the process of saving in a recognised Pension Plan for the benefits that you will need in your retirement. For the majority of individual plans the amount of your benefits is governed by the value of your pension fund(s) at the time of your retirement. This is determined by the amount that you have contributed and the investment performance that has been achieved. These plans are known as Money Purchase plans. The other major category is plans/scheme based on your Final Salary, where your benefits are determined by your earnings at retirement and your length of service. These schemes are generally offered by large companies and the Government but they have been reducing in recent years because of their high cost. You can have as many pension plans as you wish, and can comprise both occupational pension schemes and personal arrangements, although there are rules that govern the amount of contributions you can make in any one year and possible tax penalties if your total fund at retirement exceeds the Lifetime Allowance. These limits are detailed in the sections on Contribution Limits and Lifetime Allowances. Pension plans provide a very tax efficient means of saving for your retirement. The following pages explain more about the types of pension available |
I have found the Pension Drawdown Company, and in particular Mr Jonathan Walker, to be most helpful in compiling a meaningful portfolio across ... click here for more
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