PENSIONS
•
in
Company
company
Pensions
pensi
Schemes.Forpeople with
head
onschemes,youhavea differ
differentprovidersandasannuityratescan
many
start,
believ
whic
e
hisgreatnews.However, make
fr
sur
om
e that
onecompany
your
tothenextyoushould
withou
p
they ar
t
e
r
contr
eally
that
ibuti
und
ng
er
this
standing
will be
what
enough
it is requir
aid b
ements
y the
.
best acc
r
o
etir
rdi
ement
ng to
income
your pe
will
rson
be
al
final salary scheme
to. The traditional
yourearningsforeach
pays
year
a
you
percentage
serve.For
of Fr
example,
start
om the moment you decide that you need to
60thscheme
your
so
comp
ifyou
any
serve
may
40
operate a throug
plannin
h to
g
dra
your
wing
retir
th
ement, right the way
your salary at retir
yearsand important to r
e income, it is very
w
qualifiedfinancial
ev
advise
iew y
r.
our pension with a
a73
pensi
ould get 40/60th
eme
s o
nt
f
is
£40
£40,000,
,000, i.e
you
. a
few c
on
om
of
pa
£26,666.
nies tha
Nowadays
t offe
there are
schemes as they hav
r final salary
expensive. Most
e become too
p
simil
ensi
ar
on
offer a money purchase
way
, which effectively works in a
reliesonthe
to
perfor
aprivatepensioninthatit
investin.Somecompa
manc
nie
eof
sr
the
equi
funds
r
you
pay a percentage of your ea
eyouto
some do not. Many people see
rnin
it
g
as
and
bonus if they do not have
a
andtherefore
to contribute
be having on
do
your
not.
futur
What
e pension?
effectwillthis
taking
sion
the
in
above
come
exampl
of ab
e,
Well
pen
ifyouwanteda
would need to build
out £26,000 you
£370,000ifyouareamale
a
r
f
etir
und
ing
of
at
a
65.
bout
• Personal
companypensio
Pension
nit
s.
is
For
down
those
toyou
without
to
a
and plan early. The
plan
Authori
between
tycurr
15
e
Jersey Income Tax
-
ntly
35
allo
%
ws
of
you
you
to
r
set
in
aside
depending on your age. The
c
s
o
am
me
principles apply as above,
e
willhavetomakeall
however you
Jersey we are limited
the
with
cont
our
ributions.In
pensionproviderssofindingthe
choi
right
ce
one
of
is
payment
nottoohar
and
d.
choo
Thekeyissettingarealistic
Y
pr
ou should do
sing
thi
the
s t
righ
hro
t
ug
funds.
h a
be
ofessionally qualified adviser who will
and
on
ensur
hand
e
each
that
year
you
toreviewyourplan
whatneedstobedone.
are fully aware of
Finally
required
, when
toselec
it comes to the time that you are
fromyourpens
tthetypeofincomeyourequire
escalatio
will
n,guarantees
ion,for
tax
example,
freelump
spouses
sumetc,
income,
you
Option.
have
Thi
the
s
facilitytoexercisetheOpenMarket
best
income
annu
from
ity
allows
your
and
pensio
ther
you
efor
to shoparoundfor the
n
e
fund
the
.
best retirement
As I said earlier, many still have pension funds
20/20 seventeen
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