In the current climate everyone should be thinking of reconsidering their pension provision. IFA’s can help you review your pension at any stage of your life.
Some in the news say a simpler, more generous state pension of £140 a week would remove millions from benefits and provide an incentive to save without costing taxpayers more than the current system, a study argues.
Research for the National Association of Pension Funds found that under the existing system a third of pensioners would be eligible for the means-tested pensions credit by 2055, but under a single-tier state pension this would fall to 5 per cent. The NAPF said the study showed that of the Government's two options for state pension reform, the single-tier system costs no more than the current system and helps more people.
"It would particularly benefit low earners, women and the self-employed. It would also support 2012 pension auto-enrolment reforms by confirming that it 'pays to save' and that savings will not be eroded by means-testing," the NAPF said.
Whatever your income it would be wise to reconsider your pension provision sooner rather than later. Enable one of Bishop Stortford’s IFA’s can help you look at your options in the light of the current economic climate and help you start to make changes that work toward maintaining or improving the quality of life you can hope to enjoy in your hard earned retirement years.
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