Pensions
Think about the income and lifestyle that you enjoy today and ask yourself how you will maintain this when you retire?
For a single pensioner the state guaranteed minimum income is currently £124.05* per week. This is a reduction of almost 75% on today's average take home pay in the UK**. If you want to make the most of your retirement, you may need to take control of your own retirement planning with a Stakeholder Pension.
A stakeholder pension is available to all UK residents whether:
- employed (regardless of whether you are in a company scheme or not)
- self employed
- not in employment
- parents or grandparents can even contribute for their children
With a Stakeholder Pension, you can:
- make lump sum or regular payments from just £20
- enjoy tax relief of up to 40% on all your payments (higher rate tax payers must claim additional relief through their tax return)
- take up to 25% of your fund as a tax-free lump sum
- take your pension benefits at any time between the ages of 55 and 75
* Based on eligibility for the pensions credit 2008/2009.
** Based on the average working family take home pay of around £443 per week. Department for Work and Pensions, April 2008.
If you need advice, contact your local branch for an appointment with your Senior Financial Consultant