Pensions
After an average working life, retirement at 65 now means 20 years or more in retirement. If you had been contributing to an occupational pension scheme for all of those years, then you might retire with half or two-thirds of your final salary depending on the scheme to which you belonged. However, these types of schemes are very much a thing of the past.
Most people do not manage to accumulate maximum contributions because they haven't benefited from such a scheme during the whole of their working life. So, unless they have supplemented with additional contributions or made their own personal arrangements, they will face retirement on a much reduced pension income.
You will also want to ensure that you have money available to you during retirement to, replace clothing, furniture and fittings, maintain your home, pay for holidays and other treats for yourself and your grandchildren, maybe even buy that sports car you have always promised yourself! So what will your income be at retirement? What savings will you have to service all life's other little necessities?
If there is roughly just 40 years available to save the money necessary to pay for 20 years of retirement, then ask yourself how many of those years have you missed out on already!
Our experience equips us to advise on all aspects of Pensions as well as the particularly complex areas of pension transfers, Executive pension schemes, Self Invested schemes, Small Self Administered schemes and Occupational schemes.
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First they ignore you,
then they laugh at you,
then they fight you,
then you win.
Mahatma Gandhi
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