Financial Planning at Retirement

Since the changes to pension legislation in April 2006 and the variety of new pension products now available, saving for retirement is easier and better value for everyone.

Some of the new rules:
  • Total annual pension contribution allowance of £255,000 in 2010–11 tax year.
  • Basis years abolished. Most people will be able to contribute up to 100% of their earnings each year on which they will receive the tax relief.
  • The minimum retirement age rises to 55 years by 2010.
  • Maximum tax free cash lump sum ceiling of 25% will apply to all pension schemes and policies.
  • Anyone with total pension rights of below 1% of the Standard Lifetime Allowance (£1.8 million in 2010–11) will now be able to take their pension fund as a lump sum within a one year period.
  • Pension Funds can now be left to relatives and charities on your death
The new arrangements have far reaching consequences for a number of existing pension plans. It makes sense therefore to look at what current and future pension options you have, and decide which of them are attractive for you, your family and your particular situation.

With the help of my support team, I offer advice on the most suitable solutions and help you understand the new opportunities available, review your existing arrangements and assist you in your pension planning.

Portrait of gentleman enjoying a comfortable retirement

Please contact me if you would like up to date information about A Day Pension changes which came into force on 6th April 2006 and the effect they may have on your pension planning

 

  • Foster Denovo Limited is authorised and regulated by the Financial Services Authority. Foster Denovo Limited is entered onto the FSA register (www.fsa.gov.uk/register) under reference 462728.
  • The Financial Services Authority does not regulate taxation and trust advice.
  • The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
  • Foster Denovo Limited is not a partnership in the legal sense, but uses the concept of partnership to symbolise commitment of its advisers to the same values and ideals, the number one of these being their commitment to looking after their clients.