Do you need to make further provision?
If you have decided to keep working and would like to make further Pension provision there are numerous choices open to you, particularly if you run your own company or business.
Careful planning and regular review using sophisticated projection tools is essential so you can gauge what benefits you already have, what benefits you would like at your chosen retirement age and how much it will cost you to achieve your objectives.
Despite some adverse press much of which is unnecessarily negative, quite often flawed, exaggerated or misguided in our opinion, Pensions are still a vital savings tool. They also offer unique tax savings over other methods of providing for your retirement. There is no reporting of good news on virtually everything these days and Pensions are no exception!
If you are a higher rate tax or additional rate payer for example the argument for Pension saving is very powerful as you will gain 40%-50% tax relief on some of your contributions. Apart from which funds roll up largely tax free and there is a 25% tax free cash option at retirement. If you start early enough the tax free cash option can be as much or more than the contributions you have put in so the added pension is a significant bonus payable for the rest of your life.
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