COULD YOUR PENSION BE WORKING HARDER? by Anthony Hoskisson
Managing director, Questa
Navigating the complexities of the UK pension landscape might feel overwhelming. But with smart strategic planning, a prosperous retirement may be closer than you think.
Here are some helpful government resources that will aid you in maximising your pension returns.
You can find links to each at
www.questachartered.co.uk/lbv
Achieving the full state pension requires 35 qualifying years of National Insurance (NI) contributions on your record.
Don’t know where you stand? Use the government’s online pension checker to assess your current position.
Should your NI record show gaps, don’t worry. You can augment these shortfalls with voluntary NI contributions, which can deliver remarkable future returns.
In the sea of pension schemes, you may have lost track of some plans. It’s estimated that unclaimed pensions amount to a staggering £20bn.
Unearth these potential treasure troves online by searching for ‘find pension contact details’ or via the Pension Tracing Service.
If you’re gainfully employed and earn above £10,000 annually, you should already be in a workplace pension scheme.
This plan is nourished by an 8 per cent contribution of your salary, divided between your employer (3 per cent), you (4 per cent), and a government tax relief (1 per cent).
Finally, for Lancashire’s self- employed moguls out there, consider the Nest scheme. It’s a low-cost, government-backed plan that could be the key to your prosperous retirement.
While planning for retirement may seem challenging, it’s essentially a strategic game.
By understanding your pension, making informed decisions, and utilising the available resources, you can unlock a comfortable retirement.
Let your pension work as hard as you do, and the returns could be significant.
INVESTING IN A HIGH INTEREST RATE ENVIRONMENT
by James Thompson Director, Becketts FS
Pension savers will rightly feel very confused and conflicted with the direction of their portfolio and the outlook for the immediate future.
In the past 18 months or so, markets have been subject to a series of very significant macroeconomic events.
A spike in post-pandemic demand for goods and services (combined with seriously-constrained supply chains) led to inflation way higher than previously forecast and central bankers scrambling for control.
This was followed in relatively quick succession by the Russian invasion of Ukraine. Over the last year, base interest rates have risen at an incredibly high rate, from close to 0 per cent up to 4 per cent and beyond.
The true effect of rate rises is not seen for many months afterwards and this is playing into the current non-direction of capital markets.
For now, our advice to retirement savers is to focus on the longer- term plan, maintain a high level of diversification and engage with active management and advice to ensure that threat and opportunity are reflected in equal measure.
As is often quoted, “time in the market beats timing the market” - with investor patience being rewarded over the medium to long-term.
Staying invested and keeping to an agreed financial plan is the optimum approach to keeping your pension strategy on track
If you are worried that you ‘should’ be doing something, we’re here to answer questions and offer advice and guidance.
Simply having someone that has your best interests at heart to talk to could prevent hasty decisions that may not be in the best interests of your long-term financial plan.
We’ll help you protect and grow your wealth so you can make the most of it.
We’re a local, award winning financial planning-led wealth management firm.
We’re here for the big questions. The tough decisions. The new beginnings. We’re here to make money simple and deliver no-nonsense, tailored advice to help you live life to the fullest.
Your success is our ultimate goal. We want you to be secure, informed, and fully in control of your finances, no matter how complex they are.
Where will your retirement take you?
Questa’s independent team of trusted financial planners is one of the most qualified in Lancashire.
We are renowned for shrewd financial advice. We also understand that our clients love the freedom and peace of mind that our expert guidance can give them.
Let’s talk about your future. Call 01253 83 00 50 to claim your no-cost consultation.
Plus, discover our pension and retirement insights for Lancashire Business View readers at
questachartered.co.uk/lbv
Questa House, Croft Court, Plumpton Close, Whitehills Business Park, Blackpool FY4 5PR
Make the most of it. Let’s get talking. W.
www.beckettsfs.co.uk T. 01253 881 910
Becketts is a trading name of Becketts FS Ltd. Company No. 5122604. Becketts FS Ltd is authorised and regulated by the Financial Conduct Authority FCA Number 409051.
LANCASHIREBUSINES SV
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RETIREMENT
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