It is important to put some time into planning your pension. The choices you make will have an impact on the income you will get when you retire and the lifestyle you will be able to afford.
Planning your pension might seem like a complicated task, but the earlier you get started the better, as this will give you more time to make contributions, and more time for your pension fund to grow in value.
Remember if you are working now , then your income will drop dramatically when you retire if you were to rely on the state pension alone. Not only will you get valuable tax relief when you are working you will also get peace of mind when you retire. Stop thinking about a pension and talk to our QFA qualified adviser today, who can advise you on your retirement options.
The state, provide generous tax relief for people who invest in their retirement by taking out a pension. There are a number of different options you can take depending on your employment status and all options get government tax relief.
A Very Short Guide to Pensions
Tax relief on your net relevant earnings varies with age.
PRSA: Personal Retirement Savings Account – a cost effective and portable pension plan.
Occupational Pension Scheme: – set up by your employer, both employer and employee can contribute.
Personal Pension Plan: – can be taken if you are self employed or don’t have an occupational scheme.
AVC: Additional Voluntary Contributions- can be taken out if you are part of an occupational scheme and haven’t reached your tax relief limits.