It may be tempting to say, ‘But retirement is a long way off’, yet it’s never too early to start investing in order to protect your future. To afford the lifestyle you want when you retire, you need to do something about it today. You now have a much greater choice when it comes to how and when to take retirement benefits from pensions since the pension simplification rules were introduced.<\/p>\n
UK’s\u00a0pension tax regime radical overhaul<\/strong> The most important thing is to plan your retirement funding strategy in advance. Anyone investing in a pension should remember that whilst pensions are extremely tax-efficient, it’s important to regularly review where your money is invested. This becomes more important as you begin to approach retirement when your investment aims may gradually change from growing the value of your pension fund to protecting it. – you want to save money for retirement in addition to your occupational workplace pension Personal and stakeholder pensions are ‘defined-contribution’ private pensions that you arrange yourself. You contribute money into a pension fund which you use to buy a regular income when you retire. Sometimes employers set up group personal or stakeholder pensions for their employees.<\/p>\n Tax-efficient environment<\/strong> UK investors under age 75 can benefit from up to 45% pension tax relief (2013\/14 tax year).<\/p>\n The higher your rate of tax, the more tax relief you could receive. Even non-earners, including children, and those with an income under \u00a33,600 can benefit, but can only contribute up to \u00a33,600 this tax year.<\/p>\n You deserve a comfortable retirement where you don’t have to worry about getting by on a State Pension and other benefits. By acting now and putting in place your pension arrangements, or by reviewing your current pension provision, you’re making sure that you can really enjoy your retirement. Contact us to discuss how we could help you plan \u2013 don’t leave it to chance.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" TO AFFORD THE LIFESTYLE YOU WANT WHEN YOU RETIRE, YOU NEED TO DO SOMETHING ABOUT IT TODAY It may be tempting to say, ‘But retirement is a long way off’, yet it’s never too early to start investing in order to protect your future. To afford the lifestyle you want when you retire, you need… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/632"}],"collection":[{"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/comments?post=632"}],"version-history":[{"count":0,"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/632\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/media?parent=632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/categories?post=632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dokanefinancialservices.co.uk\/financialnews\/wp-json\/wp\/v2\/tags?post=632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nOn April 6, 2006\u00a0major changes were introduced to the structure of UK pension schemes. These changes heralded\u00a0probably the most radical overhaul of\u00a0the UK’s\u00a0pension tax regime.\u00a0The new simplified regime\u00a0was largely a replacement of the past pension framework\u00a0as opposed to\u00a0the addition of another layer of legislation.<\/p>\n
\nA private personal or stakeholder pension scheme could be right for you if:<\/p>\n
\n– you’re self-employed, so don’t have access to an occupational workplace pension scheme
\n– you aren’t working but can afford to pay into a pension
\n– your employer offers it as an occupational workplace pension<\/p>\n
\nPersonal private pensions grow in a tax-efficient environment. You pay no capital gains tax on any growth and no further UK tax on any income the investments produce, and income from fixed-interest investments and deposits are received gross.<\/p>\n