Get 7 Ways to Build Your Pension PDF

By Anthony Vice

ISBN-10: 1845280822

ISBN-13: 9781845280826

ISBN-10: 1848030037

ISBN-13: 9781848030039

Is there a pensions concern? definite! 16m humans (half the united kingdom group) are dealing with retirement poverty i.e. surviving on lower than forty according to cent in their pre-retirement source of revenue. govt experiences that 3m individuals are heavily under-saving, and as much as 10m usually are not saving sufficient. presently 2.75m pensioners (mainly girls) are already at poverty point. through 2050, seventy five in line with cent of pensioners will face ability trying out for kingdom merits.

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Additional resources for 7 Ways to Build Your Pension

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BUYING A STAKEHOLDER PENSION Stakeholder pensions are sold by the same banks and insurance companies that market pensions as a whole, but you may find the range of providers rather limited and you will not find much advertising nor a great deal by way of advice. The reason is simple: the government's cap on charges leaves little scope for the providers - by contrast, for example, with companies which sell unit trusts or with-profit bonds. You need to monitor performance, as you would with any investment.

On your £7,000 outlay, that represents a return of 15%, around five times the rate of inflation. You have beaten the pension crisis! HOW TO EARN 10% This staggering rate of return is reduced if you pay standard-rate tax, because you get relief at 22% rather than 40%. If you are a standard-rate taxpayer and make the same contribution, your £15,000 fund would have cost you £10,600, so that the £1,063 a year would still give you a yield of 10%. And these annuity payments are coming from major insurance companies, so the risk is low.

If your employer contributes, then it is probably worth making an Additional Voluntary Contribution (AVC) - unless their contribution is very small or you have reservations about the investment policy. Your AVC can be used in one of two ways: to buy added years or to build up a pot that amounts to a money purchase scheme. All that you pay into an AVC will be taxdeductible. AVCs will also be possible under Turner's proposals. Added years is a highly attractive option, which is generally offered only in final salary schemes run by central or local government.

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7 Ways to Build Your Pension by Anthony Vice


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