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Why save for retirement?

A UK pension scheme is a highly tax efficient way to help you get the retirement income you need.

Unless your retirement is already on the horizon, you may struggle to picture exactly what you will be doing in 20 – 40 years’ time.  But whatever you want your retirement to be a well crafted pension should help give you a financial cushion to enjoy it that little bit more.

The sooner you start contributing the longer your contributions have the potential to grow.  Your retirement may seem a long way off but don’t fall into the trap of putting off saving because you have plenty of time.  The longer you delay the more you will need to pay in to try and get the same size of pension income.   Fox Payne Associates Limited will be able to show you just how significantly different just a few years delay makes.

The longer you live the more money you are likely to need.  Most people retiring at 65 will live to their early 80s so you could live nearly as long in retirement as you have been working!  That’s a long time not to have enough money if you haven’t planned it right.

What about relying on the state or using other investments?

Like most people you will probably get something from the basic state pension.  But the age that you get it could be later than when you want to retire so you might have to work longer than you thought.  Fox Payne Associates Limited will take all state benefits into account within your personal retirement plan.

There are other investments that you can make but how many of them are topped up by at least 20 pence in the pound by the Tax Man and then allowed to grow free of almost all tax?  Fox Payne Associates Limited will take into account other investments.

So how much will I need to live on when I stop work?

Well everyone’s lifestyle and expectations and spending habits are different and in most cases people tell us they can live on about two thirds of their pre retirement earnings, would two thirds of your current income be enough to live on?  Have a think about your expenses now and what they will be like when you stop working.

Pensions are not all about saving as one day you will have to release your accumulated fund to live on.  Years of hard work are about to pay off as you use the money from your pension fund to buy an income for the rest of your life.  So doesn’t it make sense to ensure that you are getting the right arrangement for your circumstances?  Choices have really opened up so buying an annuity may no longer be the only option and as this is often a permanent decision it is probably one of the most important choices you will ever have to make.  Fox Payne Associates Limited will ensure you understand all your options and don’t lock yourself in to a costly mistake.


HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.


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