You only have to turn on the news to hear the latest debate on pensions, the current political 'hot potato'. Every Financial Adviser featured on these news programmes bemoans the fact that none of us, the 'ageing population', will be able to afford to live in comfort when we reach a certain age because we are simply not saving enough. This is true and a complex issue which cannot be put off. At Inspired Financial Solutions, we cut through the debate and get on with the task of outlining the different types of pension plans, but more importantly we will work closely with you to identify which one will best suit you. There is a wide choice of pensions, such as:
Self-Invested Personal Pension (SIPP)
Small Self-Administered Scheme (SSAS)
Workplace Pension Arrangements
These plans all have one thing in common - you regularly put savings into them in order to build a fund for your retirement. The more money in your pot when you retire, the larger the pension you will get.
And there are plans we use to pay your retirement income:
Flexi Access Drawdown
UFPLS (Uncrystallised Funds Pension Lump Sum)
The full new state pension level is £168.60 per week (2019-20). To put it another way, it is £8,762.20 per annum as a comparison against the average salary which is £26,936.00 (Office for National Statistics June 2018).
Where will the extra money come from in order to maintain your current standard of living?
As soon as you retire, you will not be generating any more income from work, therefore, the amount of money that you have saved is going to have to last until you die. A man aged 65 today will have a 50% chance of living to 86 years old; for a woman, it is 89 (Office for National Statistics Nov 2017).
Our IFAs have achieved the industry’s highest level of competency in this complex area, and they support their credentials by maintaining an up-to-date knowledge of legislation, providers and products.