Pre-Retirement Planning

When we talk about pre-retirement planning, we tend to focus on pensions. Whilst pensions are not the only savings vehicle available, they do offer substantial tax benefits that other savings and investment vehicles do not, making them one of the most efficient ways to save for retirement.

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How Should We Plan For Retirement?

The combination of tax relief on contributions, tax-free growth, employer contributions, and a tax-free lump sum at retirement provides a very powerful incentive to use pensions as a primary savings vehicle for long-term financial security.

Despite the fantastic tax benefits associated with pensions, the UK still faces a worrying pension savings gap with many people simply not saving enough to provide a comfortable retirement. Psychological factors can play a huge role in this, because pensions are long-term savings plans with the ability to access benefits being changed to age 57, this can lead to present bias with people prioritising immediate financial needs and goals over long-term savings. It may also be that people suffer from optimism bias, feeling that they have ample time and resources to save later. The issue though is that by the time the importance of pension savings is realised, it is often too late to rectify.

As with most savings plans, the sooner you start retirement planning, the better. Affordability is of course a key consideration, but pensions are flexible, and contribution levels can be increased at any time or even paused if circumstances change.

The Gift of a Lifetime!

Not many people realise that grandparents can set up a pension for children or grandchildren, even if they are minors!
This is a fantastic way of giving your grandchild a financial head start in life, or even helping older children that may be prioritising other financial needs and goals. As contributions are treated as if the recipient made them It can also help older children, that may be high earners, reclaim valuable tax allowances. It can also have inheritance tax benefits for the Grandparent, if applicable.

How We Can Help

You will receive advice from your dedicated case manager who will follow the progress of your case from start to finish keeping you informed along the way, saving you time, trouble and money.

For more information on the best pension for you, call us free on 0800 255 0123 .

Contact Us

Gemini House,
71 Park Road,
Sutton Coldfield,
West Midlands,
B73 6BT

T: +44 (0) 121 354 2700
E: info@gemini-wm.com

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