F;OR INDEPENDENT ( f c i f FINANCIAL ADVICE %c-Jb


FROM THE UK’S LARGEST PROVIDER • CLITHEROE


DOUG PARKER INDEPENDENT


FINANCIAL ADVISOR 10 Waddow Grove Waddington BB73JL


Tel. (01200) 423083 Fax. (01200) 444059


Pensions, Life Assurance, Mortgages' ('PIA do not regulate Mortgages)


Members of DBS Financial Management PLC which is regulated by the Personal Investment Authority


CAN YOU AFFORD TO


RETIRE? Tips to help make sure you can do so in comfort


ADVANCES in med­ ical science and healthi­ er living standards mean that most people can look forward to a much longer, active retirement than previ­


ous generations. However, the income


F in a n c ia l In t e g r it y


• All aspects of financial planning • Free consultation in your own home • Completely impartial financial advice • Professional and confidential service


I n d e p e n d e n t


F i n a n c i a l a d v i s e r s M A L C O M W H I T E


(C h a r t er e d In su r a n c e P r a c t it io n e r ) GRNCM, BA(Hons), LTCL, LGSM, ACII. ASFA, FLIA (Dll'), F1>C


L E S L I E G R E G O R Y HA(Hons), MUA(Dn'), Fl’C


R ingley H ey, Slaidburn Road Waddington, Clitheroe BB7 3JJ


Tel: 01200 442200 Fax: 01200 444331


E -M a i l : i fa@ Fm a n c ia l in te g r i ty .c o .u k W A vw .f in a n c ia l in teg r ity .co .u k


A Member of DUS Finangiai. Management m: which IS REGULATED BY THE PERSONAL INVESTMENT AUTHORITY


th a t most people look forward to in retirement is almost certainly not going to be provided by s ta te pension benefits


alone. I51TLD IT'


with local independent financial advisers Hartley Wadsworth and Partners, explained that, while for many people contributions into some form of pension will be a prudent way to save, for some people pay­ ment into a pension plan is not the only way to build up reserves for retirement. His top 10 pension tips


David Hartley, a partner


are:1. Find out about your entitlement to the state pension scheme and other secondary state schemes. Complete a form B i l l9 (available from your local DSS officej or call the Pen­ sions Information Line on 0845 7313233. Once com­ pleted and returned, you will get a forecast of your state pension entitlement at retirement age. Women born between April 6th, 1950, and April 5th, 1955, should check the age at which they can claim the state pension. The Pensions Information line will pro­ vide a "Women’s Pensions


Pack" on request. BEST OPTION


join a company pension scheme, then this will nor­ mally be the best option. Sometimes known as a work


2. If you are eligible to


ADVERTISING FEATURE Editorial compiled by DAVID HARTLEY


Advertising co-ordinated by LISA RUDGYARD or company scheme, your until these new plans come


employer will often make contributions on your behalf. A company scheme may offer a guarantee of a percentage of your salary depending upon how many years you have been in the


job. 3. If your company has


in could be damaging, some providers are offering per­ sonal pension plans which will give a penalty-free transfer to a stakeholder pension if you later decide it is in your interests to switch.


no scheme, or you are self- employed; you may need to consider a personal pension plan. You will get tax relief on your contributions, which means a reduction in your tax bill. Your pension will depend upon the amount of money you have put in and how successfully your pension company has invested it - there is no guaranteed level of benefit.


sonal pension plan, consider more than one provider. Examine the fees and charges associated with each and consider the past investment performance of the plan concerned. 5. Work out what you can


4. If considering a per­ EXAMINE FEES


impartial independent financial advice as it can calculate the potential ben­ efits of your existing plans, in addition to outlining the alternative options avail­


7. Make sure you get IMPARTIAL 'sSaSHsK > r A,


able to you. 8. Even when you are


taking advice, make sure you understand the issues involved. Ask for clearly, understandable, jargon-free explanations. Remember this is your future you are talking about. 9. Start saving for your


afford to contribute and save a realistic amount. Do not over commit yourself to contributions you may later find a burden. Every year or so check your pension sav­ ings are still adequate, tak­ ing account of inflation and pay increases etc. 6. Look out for the new


style stakeholder pension, a new kind of scheme avail­ able from 2001, with low costs and greater flexibility. The new plans should offer many people a better chance to build up an ade­ quate pension. Although to postpone pension planning


options - pension plans are not the only way to create funds for your retirement years. Particularly those who have left pension plan­ ning late, falling annuity rates have seriously reduced the amount of income that is generated by a pension fund, and saving through plans such as Individual Savings Accounts (ISAs) can be an extremely effi­ cient way of building up lump sums of cash for retirement. While ISAs do not benefit from tax relief like a pension, the funds can


10. Consider all the EFFICIENT WAY # % - m i %


LA


•VT'Si* * \


f


m Hr.


* '


pension early. You will have a growing asset, which could make all the differ­ ence when you get older.


\


PLANNING lor retirement is essential if you waul to enjoy life to the full


be taken tax-free at any ever make. Because every


time, unlike pension income which is taxable. Many peo­ ple prefer the flexibility of having lump sum reserves of tax-free cash, giving greater flexibility during the first 15 years or so of retirement, which is likely to be the years during which people are the most active. We believe it is logi­ cal therefore to have maxi­ mum funds available during


those years. IMPORTANT


retirement is one of the most important financial planning decisions you will


Planning for income in


one has different circum­ stances we have only pro­ vided a very broad outline of the issues involved. We recommend that you call the Government Pensions Information line for a copy of "Don’t leave your pen­ sion to chance" which gives an overview of how pen­ sions work and the choices available. You can also write to DSS Pensions at Freepost BS555/1, Bristol, BS99 1BL, or speak to an independent financial adviser about your individ­ ual options.


R e t i r e m e n t


Friendly, professional, unbiased advice Free, no-obligation first consultation


I v a n A H a r g r e a v e s & Co.


INDEPENDENT FINANCIAL ADVISERS 53A KING STREET, WHALLEY I3B7 9SP


TELEPHONE: 01254 824888 A member of DBS Financial


Management PLC, which is refill.) ted hv the


Personal Investment Authority. d b ! n i n >'-<>, ;-


a y ■ i-y-"


I P e n s i o n s S p e c i a l i s t s


d e p e n d e n t f i n a n c i a l a d v i s e r s I n v e s t m e n t a n d


D AVI D; HARTLEYS : Visits can al so be arranged at your home Personal • Investment • Authority


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