Making payments into a pension is an excellent way to make tax-efficient savings, and to ensure that you have enough capital built up to enjoy a comfortable retirement. However, they can also be very complicated. Pension legislation has gone through significant changes in the past few years, and new rules have been introduced regarding the amount of tax-free earnings you can save and how you can pass this down to your spouse or children. In order to navigate this complex terrain and make the best decisions for yourself and your family, you need an expert on hand that you can trust to offer objective, professional advice. At Maxim Wealth Management Ltd our financial advisers will work with you across Lanarkshire to understand your specific financial goals and requirements, and then formulate a bespoke pension solution designed to fit your unique situation.
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Do you know your plan options?
Once you have made the decision to set up a pension scheme, you will need to assess your available pension plan options. There are various different types of pension plan available, but they can be broadly split into two categories: individual pension plans, and workplace pension plans. Workplace plans are administered by companies on behalf of their employees, and often include your employer making a pension contribution on your behalf. Individual plans are taken out separately and tend to only include personal contributions.
There are three different pension options available, for individual and workplace pensions alike:
- Personal pensions
- Self-invested personal pensions (SIPPs)
For personalised pension advice, contact a member of our team today.
Maximise your retirement income with an annuity, income drawdown, or a blend of both
Pension advice for a practical retirement strategy
The pensions market is complex, and making the wrong decision could have major repercussions for your financial security and quality of life in retirement. Many people feel overwhelmed by the amount of information and options available, and the pressure of keeping up with changes in pension rules and legislation. This is where speaking to an experienced financial adviser can help. At Maxim Wealth Management Ltd we are dedicated to helping you fully understand your options – using practical, jargon-free language. Based on our advice, you will be in a more informed position to assess your pension options, and to select a plan that helps you make the most of your retirement.