By Anthony Vice
Is there a pensions drawback? convinced! 16m humans (half the united kingdom crew) are dealing with retirement poverty i.e. surviving on lower than forty according to cent in their pre-retirement source of revenue. executive experiences that 3m everyone is heavily under-saving, and as much as 10m will not be saving adequate. at the moment 2.75m pensioners (mainly girls) are already at poverty point. by means of 2050, seventy five in step with cent of pensioners will face capability trying out for nation merits.
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Extra info for 7 Ways to Build Your Pension
Some funds offer you the facility to switch your sterling units to another major currency free of charge or for a nominal cost - and this switch should not count as a cash-in on which you would have to pay tax. But you have to remember that you will get the rate of interest which is appropriate to that currency: at the time of writing, US short-term rates were lower than British rates so that a switch from sterling to dollars would bring a lower yield. FRIENDLY SOCIETIES Friendly Societies are safe, long-established, mutual finance companies which offer their members a range of savings, insurance and related products.
What can Richard do to help? He has made his nephews beneficiaries in his will, but that will not give them any money until he dies. He could hand over the £180,000 savings he has accumulated, but Richard thinks he will need at least some of this to live on. So Richard works out a compromise. He gives the nephews half of his total savings, £45,000 each, and he puts the other half into a purchased life annuity. This is taxed on a more generous basis than a compulsory purchase annuity, so he faces only a small reduction in income.
Solving the problem - an example 1. You make a pension contribution of, say 2. You get tax relief at 40% Net Cost 3. You cash in 25% of the pension Net cost of your £15,000 pension fund £20,000 £8,000 £12,000 £5,000 £7,000 26 SEVEN WAYS TO BUILD YOUR PENSION Assume you are a man, aged 65, looking for a level annuity on a single life. 2% [Note: this example assumes a higher-rate taxpayer. For a standard-rate taxpayer making the same purchase, the net cost of a £15,000 fund would be £10,600 because his tax relief is worth less.
7 Ways to Build Your Pension by Anthony Vice