DO YOU HAVE A PERSONAL PENSION PLAN

The Government estimate that about half of all self-employed people do not contribute to any personal or stakeholder pension plan. Since the Government are trying to encourage everybody to contribute to a scheme they have decided to send every self-employed person a forecast of his or her National Insurance Retirement Pension. The idea behind this is to make people aware of how little they can expect from the State scheme and realise that they must make their own arrangements.

At the same time, the rules for annual pension statements issued by pension companies have changed, with effect from the start of the tax year. Pension forecasts will now show the value of a pension in today’s money ie taking inflation into account. This will result in a much lower projection. The idea behind this is to, once again, encourage people to save more for retirement.

Whilst Bick Partnership do not offer pension or investment advice, we will be pleased to introduce you to a suitable firm. Please contact jim@bickpartnership.co.uk or telephone Jim to discuss further.