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With the recent emphasis that has been placed on pensions and automatic enrolment, it is a particularly important time to consider and understand measures you and your employer can put in place. Here at The Money Map, we can provide professional advice on pensions, and can translate any complicated technicalities into plain English to ensure you make the right financial choices. Having the right pension plan in place will significantly improve the enjoyment of your retirement, and our experienced financial advisers can provide you with impartial advice on all types of pension.
Due to the savings gap and the lack of sufficient retirement planning, the government has recently introduced a scheme that will ensure at least 8% of an employee’s salary is put towards their retirement pension plan. This is funded primarily by the employee, and partially by the employee.
Workplace pensions are arranged by your employer and help you to save for your retirement. Employers place a percentage of your salary into a pension scheme every time you are paid, and it is now a legal requirement for employers and employees to contribute to pension schemes if:
- Employees work in the UK
- Are aged between 22 and state pension age
- Earn over £10,000 a year
With the recent legislation, it is also possible for any individual of pension age to take as much – or as little – from their defined contribution pension savings as they like, with 25% tax free, and the balance being taxed as income in the year it’s taken. Our experienced pensions advisers can provide further information on a number of retirement planning options.
For more information on pension planning, book your free consultation with one of our experienced advisers by calling 0800 848 8250, email email@example.com, or fill out our simple contact form.
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