Independent Financial Services

Pensions

A pension is simply a tax efficient way of saving for your retirement. For every £1.00 you invest in your pension, you normally only need to contribute 78p as HM Revenue and Customs make up the difference in tax relief. If you are a higher rate tax payer, you can claim additional tax relief through your self-assessment tax return. (These figures are correct for tax year 2005/2006)

One of the most important factors about financing your retirement is the earlier you start, the longer your fund has the potential to grow.

The other important factor is where your money is invested. Too often we see people invested in poorly performing managed or with profit funds and this performance could possibly make a difference to the retirement income you can potentially receive.

It is so important that your pension fund performance is reviewed regularly, and we do this by offering our clients at review at least once a year.