Planning towards retirement is a fundamental part of our lives. Yet any form of financial planning is a complex and time-consuming exercise. In order to make the most of the many tax and investment opportunities available, you can rely on the expert and independent assistance available from Advisa Financial Services.
In retirement, many of your current everyday commitments may well have ceased, although the general cost of living will continue to increase apace. Furthermore, with no work to occupy your time you are likely to pursue hobbies and other interests and naturally want to increase the number of annual holidays you take. Regrettably, many people have insufficient retirement income to maintain a comfortable standard of living and therefore are unable to make the most of their well-earned retirement.
There are a number of choices available to you and Advisa Financial Services are well equipped to guide you through the pensions maze.
Personal Pensions
Personal pensions were established on with the aim of providing those not in company pension schemes with a fully portable pension. Provided contribution limits are not exceeded, individuals can have more than one personal pension plan from different pension providers.
A personal pension fund consists of your contribution together with the returns on your investment. Each year the pension provider issues a statement detailing the performance and growth of your pension fund.
Personal pensions are designed on a money purchase basis, which means that a known amount of money is paid into the pension fund and invested in the stock market by the scheme provider. The final pension depends on the investment performance of the fund and there is no guarantee as to what this may be. The accumulated fund is used at retirement to provide pension benefits as required. |
