Personal pensions are a way of saving for your retirement, in addition to the pensions you get from work or the state. There is no minimum age to start a personal pension. The sooner you start contributing, the longer the money will have to work for you. Delaying can have a big impact on the amount you may receive in retirement. However, it is important that the amount you contribute is affordable.
There are a number of benefits to saving in a personal pension:
Financial Planning and Employee Benefit services are provided by S-Tech’s sister companies Alan Boswell & Company Ltd and Alan Boswell Employee Benefits Ltd.
Their specialist teams provide a wide range of clients with financial advice on investments, pensions and other key financial areas. Furthermore, their philosophy mirrors that of the Group; they work to maintain long-term trusted relationships between their clients and their high calibre, qualified independent financial advisers – all supported by teams of efficient and professional staff.
The value of an investment and any income from it can go down as well as up and you might not get back the original amount invested. The past is not a guide to the future.
The value of tax benefits depends on your individual circumstances and the laws concerning these can change.
The minimum age to take the benefits is usually 55.
The money cannot usually be accessed until age 55.
Pensions can usually be transferred to other providers. This is something we can help you with, to make sure the decision to transfer is the right one.
The money you have saved will usually be payable to your beneficiaries. We can help you complete the relevant paperwork.
There are a number of options available at retirement. We can help you establish which retirement income solution is most suitable for you.
Josh Simpson, Commercial Account Handler at S-Tech, has been crowned Young Achiever of the Year by the Cambridge Chartered Insurance Institute.