By Anthony Vice
Is there a pensions concern? definite! 16m humans (half the united kingdom group) are dealing with retirement poverty i.e. surviving on below forty according to cent in their pre-retirement source of revenue. executive studies that 3m everyone is heavily under-saving, and as much as 10m usually are not saving sufficient. at present 2.75m pensioners (mainly ladies) are already at poverty point. through 2050, seventy five according to cent of pensioners will face skill checking out for country advantages.
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Additional info for 7 Ways to Build Your Pension
The short answer is any UK tax resident, but there are two important exclusions: 1. Those who are paid more than £30,000 a year and are members of a company pension scheme, though this restriction is being modified. 2. Controlling directors, whatever they are paid - defined as someone who with family and associates controls more than 20% of a company's capital. As this is a pension scheme, which must be invested by age 75, you enjoy the usual pension scheme facility of being able to take up to 25% tax-free in cash; the rest must be used to buy an annuity or an ASP.
Pension Payments - an example Joe McCool, 29, works for a charity and gets £16,000 a year (around twothirds of the national average). Generously, his employer pays £2,000 a year into an insurance company scheme. Joe has been so concerned about the pension news that he started to add his own contributions of £1,200 a year - so that the total pension contributions represent as much as 20% of his salary. Joe has been told that his pension will buy an income of £11,000 a year at age 65 assuming that the plan grows by 5% a year, on the basis that he does not take a tax-free lump sum out of the 25% to which he would be entitled.
The drawback is also obvious: cost. Virtually any one-off will cost you more than a standard product. You should reckon on around £50 a year to run a selfselect ISA, a facility which a number of brokers now oifer and competition is bringing better terms. You need to do the calculation to see where this will leave you in terms of net income (this calculation is especially important for standard rate taxpayers now that the government has ended the credit on dividends). Your capital gains will still be free of tax, assuming that you expect to make more than the annual tax-free limit.
7 Ways to Build Your Pension by Anthony Vice