Due to both the decline in State Pension Benefits and the fact that we are living longer in retirement there is now a much greater need for us to contribute to private pension provision, either individually or as a member of an employer’s pension scheme. Despite this, many people still do not contribute to or join these types of arrangements, or if they do they leave it too late in life and experience financial hardship as a result.
The Government provides very attractive incentives in the form of tax relief on personal contributions paid to pensions.
Keegan & Pennykid have the expertise to advise you on which type of pension scheme is most suitable for you. We can also calculate how much you need to contribute in order to target a specific income in retirement.
Clients regularly ask us how much they should contribute into a pension. The type of pension you have will determine how much you can contribute to it – however, the most sensible answer to this question is always “as much as you can readily afford to pay!”
In order to ensure that you understand what is available to you, or if you have a query regarding either your employer’s pension scheme or a previous pension that you have, then contact us for impartial advice.