Page 30 - Phonebox Magazine September 2014

Whether you are saving for retirement or whether you are about to retire the pensions landscape is rapidly changing. For those saving for retirement, ‘auto-enrolment’ is designed to persuade everyone that they need to do something sooner rather than later to avoid poverty in old age. For some, this will be their first foray into pensions. For those retiring, the changes announced in the Budget, some of which have already come into place and some of which come into place next April, are dramatic to say the least.
A few months on from the Budget the Government is still trying to legislate for unforeseen side effects of its pension proposals and life offices are still coming to terms with the reality of dramatically falling annuity sales. However, annuity products still serve a good purpose, mainly because they can offer a promised income for life. Furthermore, many companies are already looking to develop new products to suit the new rules. Only this week Prudential announced that over the next two years they are going to invest £100 million developing further initiatives, in a bid to tackle falling annuity sales.
Whilst we are frequently told that rules changes are designed to make pensions simpler, nothing could be further from the truth. The new rules bring more choice and flexibility and hence greater uncertainty. Furthermore, recently published figures from the Association of British Insurers showed that there was now an even wider gap of 35% between the lowest and highest annuity rates (July 2014). The need for pensions advice is, therefore, greater than ever.
If you would like to discuss or review your own investments or pensions, or look at how we can help implement a strategy for retirement then please call us. Initial meetings are without cost and we are happy to come to see you in the comfort of your own home. See our advert below.
This article does not constitute advice and should not be taken as a recommendation to undertake any course of action mentioned without consulting a relevant professional.
brings you
Finance Matters
Simpler Pensions?!
What would you like your retirement to look like?
A 65 year old male retiring at the end of 2012 would, on average, receive 56% less pension than in 1994, and a 65 year old female, 50% less.
The same research issued by Moneyfacts in early 2013 also shows annuity rates in the
UK have fallen in 15 of the last 18 years and the reduction was 11.5% in 2012 alone.
If you wish to review your pension arrangements or you are approaching retirement, why not contact Advison to see how we may be able to maximise the benefit from your retirement planning.
Our financial advisers will help you to:
• ensure you have a clear financial plan for the future
• provide protection and peace of mind for your family
• make the most of your hard earned savings and investments • save for your retirement
• minimise your personal tax liabilities
• protect your estate for your beneficiaries
...and give you access to ongoing advice and support
Speak to the experts...
Speak to Advison now on 01908 285690
www.advison.co.uk
Advison Ltd is an appointed representative of IN Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Tax advice is not regulated by the Financial Conduct Authority. Registered (England) No. 5009271
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