If you have a defined contribution pension scheme – whether private or through your employer – your retirement savings have possibly been hit quite hard by the COVID-19 pandemic over the past 12 months.
This has come as pension funds invest into the stock market and the turbulence of the past 12 months has caused a variety of peaks and troughs.
Fewer people enjoy the benefits of a final-salary pension, which
pays out an income based on how much you earn when you
retire, while you have to wait longer to receive the state pension
Whatever stage of your life you are at, planning for your
retirement has arguably never been more important than
it is now after last year’s events.
Many people will have plenty of questions about how best to review this process and our latest Active Practice Update provides guidance on issues to consider including:
- Why is planning important?
- How much will be required?
- Where to start
- Tax implications in retirement
If you require further information, please do not hesitate to contact us.