It’s never too early. One day it may be too late.
We understand life is busy and there are so many things to think about like saving for a house, juggling family life and going on a trip of a lifetime. Whilst it’s important to think about all these things, it’s also important to take time to think about your pension.
Whilst slowing down from work and retiring might seem like years away, starting early to invest can make all the difference, after all your financial future is what you make of it.
Here's a few things to consider
- For every £80 you invest the government will add £20. If you pay 40% or 45% Income Tax, you can reclaim additional tax relief directly from HMRC.
- Personal pensions are an attractive option as any growth is free from UK Income Tax and Capital Gains Tax.
- Depending on what type of fund you choose, your money could be used to buy commercial property, shares in companies, bonds, or a mixture of all these types of investments to provide you with a pension pot, which you can access any time after age 55 (57 from 2028).
- For some, pensions can also be a great way to get around tax traps, which are affecting a growing number of people as incomes increase. You can find out more about this here.
So, what should you do?
How you plan for your retirement depends on your own individual circumstances and goals. You’ll likely have lots of questions such as, how much money do you need to fund a comfortable retirement? What’s the right strategy to take, and how can I take advantage of the tax benefits of pensions?
When it comes to navigating this, you’re not alone. Our NFU Mutual Financial Advisers can answer your questions and help bring clarity and focus to your financial goals.
Simply give us a call today on
A member of the team will be able to support you in arranging an appointment to discuss your individual needs either through our non-advised or advised service.
Already know what you want to do?
You can invest in a pension with us online.
Important things to remember
The value of investments can fall and you may get back less than invested.
The tax treatment of pensions depends on your individual circumstances and may change in the future.
When you contact us we'll explain the advice services we offer and the charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers. Financial advice is provided by NFU Mutual Select Investments Limited.