You will have seen the recent furore over Public sector pensions and the proposed ‘reforms’.
The reality is, that even after the changes and even with some people having to contribute more, that these Final Salary pensions are still very much at the gold plated end of the spectrum.
Yes, some people will have to pay a bit more, but that is because life expectancy is continuing to increase and so more money is needed to fund the increased longevity. The reality for everyone else, not fortunate enough to be an active member of a Final Salary pension scheme, is that we have to fund this additional cost ourselves.
What this debate should remind people who are funding their own retriement provision, or are thinking of doing so, is the need to continually review the level of funding, the fund selection, your anticipated retirement age, your expected lump sum and pension options, and the type of pension contract that you currently have, to name but a few. In short, you need ongoing advice.
So if you have an existing pension or are thinking about starting a pension, then make one of your New Year resolutions to get some professional advice – contact us.
