• What will I live on live on after I have retired?
• How much money am I going to need?
• And how long will I need an income for?
• These are some of the main reasons for seeking pension advice

The first Rule one for starting a pension is: the earlier the better, however better late than never. An early start will give more time time for compound interest to work its magic – a small contribution when you are young is worth much more than a large contribution in later years . Remember too that every pound you pay into a pension is boosted by tax relief at your marginal rate. So get some tax back, you are entitled to it!!!!

If you are in employment then you should have access to a workplace pension, which all employers must now offer by law. However, if you are self-employed then you will have to set up a personal pension.

Everyone with a defined contribution (money purchase) pension now has been given full access to it from the age of 55. Up to 25 per cent of the pot can be currently withdrawn tax free ( If resident in the UK), with the remainder of your pot taxed at the individual’s marginal rate. Do you know the current value of your pension pot? There are numerous options including:

investing for income

drawing out lump sums

purchasing an annuity

or any combination that suits your needs in retirement.

Giving the need for good Independent Financial advice, such as the advice from “All Saints Financial Solutions”.