When did you last review your pension?
Do you know how much money you need to have an enjoyable lifestyle?
Pension Freedom rules were introduced in 2015 to offer greater flexibility and earlier access to pension savings. This means greater opportunities to use or lose your pension income.
With new choices available, it is vital to have an audit of your pensions to maximise tax effeciency and income.
At TSP Wealth, our proactive approach to pensions is very similar to the way we manage our clients investments.
We continually monitor your pension, looking for opportunities to increase value and your future income.
We evaluate your retirement plans and goals, to remain suitable for your desired lifestyle.
We are proud to be different to other pension managers as we offer ongoing guidance and support.
We review your existing pensions regularly to ensure they remain suitable for your desired lifestyle.
We provide you with independent advice as we work for you – our clients, not providers.
A pension is a long-term investment. The value of an investment and the income from it could go down as well as up. You may not get back what you invest. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.
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Questions you’ve asked most:
The amount varies from person to person. It depends on the lifestyle you’d like in retirement, how long you expect to work, and whether you have other income (such as property or investments). A useful rule of thumb is that most people aim for a retirement income of around two-thirds of their final salary, but the best way to know for certain is to have a tailored retirement plan.
This depends on how much you’ve built up in pensions and savings, and the income you’ll need to live comfortably. Some clients can retire earlier than expected, while others prefer to work longer to secure a higher income. We help you model different scenarios so you can choose the retirement age that fits your goals.
A good starting point is to contribute as much as you can comfortably afford, especially if your employer also pays in. Many people aim for 10–15% of their salary, but the earlier you start, the less you need to put aside each month. We’ll review your current contributions and show you the impact of increasing them.
When you pay into a pension, the government adds money too, in the form of tax relief. For example, a £100 contribution actually costs a basic-rate taxpayer only £80. Higher-rate and additional-rate taxpayers can claim even more through their tax return. This makes pensions one of the most tax-efficient ways to save for the future.
Most pensions can be passed on to your chosen beneficiaries. The exact treatment depends on the type of pension you have and your age at death. It’s important to keep your nomination forms up to date so your pension savings go to the right people. We guide you through this process as part of your wider estate planning.
