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ADVERTORIAL finance
rockgodsbecome
PENSIONERS
Themusicalfestivalseasonisuponus,anditisalwaysat
A
thistimeofyearthatrealisationdawnsthatmoreand
moreofthoserockgodsfromyesteryearhavesuddenly
becomeofpensionableage.
©Dreamstime.com
mongthoseonstageatthis
year’s Glastonbury Festival
“Accordingtoa
were a wealth of veterans
recentsurvey
including Tom Jones, Status Quo,
Neil Young, Crosby Stills and
commissionedby
Nash and the Boss himself, Bruce
Springsteen.
theBBC,halfof
Elsewhere at British festivals this
UKadultsaged
summeryoucouldfindotherswho
havelongleftthefirstflushofyouth
between20and
behind;bandslikethePetShopBoys,
60arenotputting
Duran Duran,The Specials, Human
League,UltravoxandSqueeze.
asideanyfunds
They all still rock but the years roll which individuals can claim tax
inexorablyby.Therockgenerationof benefits. What makes pension
intoapension.”
the 1950’s and 60’s are today’s contributionsspecialisthattaxrelief
pensioners. Andbeforetheyknowit, is available. Personal contributions
thepresentcropofrisingrockstars are payable net of basic rate tax of
willbeheadingtowardspensionable 20%andrelievableagainstthehigher
age. rate of 40%.However, individuals
Thisexemplifieswhytheimportance with an income above £150,000 in
ofretirementplanningshouldnever thisoreitheroftheprevioustwotax
beunderestimated. Andyet,sadly,it years may only receive higher rate
is. According to a recent survey tax relief on contributions of up to
commissionedbytheBBC,halfofUK £20,000pa.Furthermore,25%ofthe
adults aged between 20 and 60 are fundcanbetakenasataxfreelump To receive a free guide
not putting aside any funds into a sumatanytimeaftertheageof50(or covering Wealth
pension. Among41to60-year-olds, 55 when this becomes the Management, Retirement
45%arenotcurrentlypayingintoa minimumretirementagein2010/11). Planning or Inheritance Tax
pensionfund. Thisincreasedall-roundflexibilityin Planning, produced by St.
The recent changes to legislation the system gives people a real James’s Place Wealth
havemadethepensionsystemmuch chance to start funding a good Management, contact
simplerandmoreflexibleforevery- pension. But as we have seen, the Richard Rochford of the
one. Peoplecannowinvestasmuch years rapidly roll by and the vast St. James’s Place Partnership
as they earn into a pension plan majority are finding out that the on 01273 455636 Quoting
provided this does not exceed prospects of living longer could SBT or email
£245,000. A lifetime allowance of mean a greater risk of outliving richard.rochford@sjpp.co.uk
£1.75m caps the size of a fund on savings.
PAGE19 AUTUMN2009
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