Pensions

Specific Advice - Pensions

Pensions are constantly in the news and, following the Turner Report, it is clear that we are all going to have to save more, work longer or retire later (possibly a combination of all three) if we are going to maintain our living standards in retirement.

Today's pension rules have been completely rewritten and came into force on the 6 April 2006 - commonly referred to as "A" day.

Planning for the future is the key, but obviously this is dependant on having a thorough understanding of the opportunities and threats that the new pension rules bring. Taking increased responsibility for your own income in retirement, coupled with the decline of the company pension, means that having your own properly managed pension fund is likely to become a necessary reality.

The Self Invested Personal Pension (SIPP) will become more popular on the back of the new, more flexible, pension rules. While there will be limits placed on the total fund size, the rules do allow company and personal pensions to co-exist for the first time.

Further details on Pension Simplification click here.