Pensions are suffering from an image crisis. They’re seen as complex, convoluted and, dare we say it… boring. But it doesn’t have to be this way. Far from being a chore, pensions can actually be a really intelligent way of taking control of your future finances.
It’s time to give pensions a makeover and get thinking about how they can give a savings pot some extra oomph. Especially as the government is essentially giving anyone saving for their pension some free money (a much better way to think about tax relief don’t you think?)
Anyone can take control of their pension by way of a SIPP – or Self Invested Personal Pension – and the HMRC allow investments in a wide range of products and vehicles so there’s sure to be something to suit most mindsets, from stocks and shares to commercial property, land and gold.
You don’t need a substantial sum to start off even, but you will need an HMRC-approved provider such as a fund manager to work with.
Think about it. At today’s rates £100,000 in a pension pot will only pay around £6000 a year at retirement (at current annuity rates). That’s not enough to live on.
So if you believe you can do better than the insurance companies or have ever wanted to be a stockmarket player and pile up some bullion for your old age then you can. Remember you can be as hands-on or hands-off as you wish. It’s your future and your retirement.
For more information visit http://www.pensionsadvisoryservice.org.uk for some free impartial advice.
Please note: The value of your investments is not guaranteed and you may not get back the full amount invested.
July 17th, 2012 by admin