Independent pension advice and retirement planning for clients in Glasgow and across Scotland with Riverpark IFA
Independent pension advice and retirement planning for clients in Glasgow and across Scotland with Riverpark IFA
There is no magic formula. Building a pension fund sufficient to fund a comfortable retirement is no easy matter, and needs to be given serious attention.
Unless we wish to live on the State Pension, each of us must ensure that we have adequate pension provision in place. If your employer does not provide a pension, then you should consider making your own arrangements – which we will be pleased to assist you with.
It is important to start as soon as possible, invest substantially, take maximum advantage tax relief, and secure any available employer contributions.
Of course, unlike so much in life, putting money into a pension isn’t the same as spending it. What you are really doing is assuring your own future.
Initial consultations are free of charge. Where you ask us to arrange financial business on your behalf, you will pay for our services by a fee, which will be agreed before the advice is given.
All our financial advisers obtain an annual Statement of Professional Standing. This confirms that they are suitably qualified, that they subscribe to a code of ethics and that they have kept their knowledge up-to-date through continuing professional development.
Pension changes in Scotland – what are the new freedoms and why are they making pensions more attractive?
Every UK resident under 75 can receive 20% tax relief automatically – for instance, you make a payment of £8,000, to which the government adds £2,000 to make a total contribution of £10,000.
If you pay higher-rate tax (40%), you can currently claim back up to a further 20% through tax return so the effective cost of a £10,000 contribution could be as little as £6,000.
If you pay top-rate tax (45%), you can currently claim back up to a further 25% through your tax return, so the effective cost of a £10,000 contribution could be as little as £5,500.
Tax rules can change and the amount of tax relief to which you are entitled depends on your personal circumstances. To receive full tax relief you must have paid enough higher or top-rate tax.
