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Pension Contracts - Quick
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Pension Contracts covers
many issues relevant to people with different financial circumstances. If
you're already saving in some form of pension arrangement
you may want to see how pensions
A-Day
changes affect you. On the other hand if you want to know more about
pensions generally - you could start with
About Pensions.
Pensions - Why Bother?
Before you read about specific
Pension Contracts - why not first think about your Holidays. Why?
Well unless you're about to retire soon - or say within the next few
years - any talk about Pensions -
including Defined Benefits - Defined Contributions - Final Salary
Schemes - Contracting-In - or Contracting-Out -
will probably leave you stone cold. That's not
surprising since most of us close our minds to things that don't
directly concern us - particularly when we have other priorities -
like the mortgage - the car - the bank-loan or the holidays - to name
just a few.
However most people will move
heaven and earth - or will certainly go to extreme lengths to
protect their holiday-entitlements.
But then of course the word "holiday" sounds much more exciting than
the word "pension" - so try to imagine how you'd feel
if your Summer Holiday was "cancelled"
next year.
Impossible. Couldn't happen. In
any case you've got Holiday Insurance
- right? But what about next year's holiday - and the following
year - and the year after that? Well the thing about Holiday Insurance
is that you've got to actually book the
holiday in the first place - before you can get any
insurance against it being cancelled.
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So it might surprise you to
learn that the latest survey figures show that from around 26
million people currently "in-work" - over 11 million people have
no private pension arrangements. This means they appear to be
relying entirely on the State system to fund their retirement
years - including their Annual Holidays. Basically what these
people are doing is "gambling" that they'll be able to afford an
annual holiday - plus pay for all their other living expenses -
out of a retirement income that could be less than 25% of today's
Average Weekly Earnings - currently £482 a week for a man or £373
a week for a woman. (see Tax & Social Security Link) |
If you don't want to be one of
them - and to be honest who would - you might be interested in
Pension Contracts for
spenders
- that's people who like to spend their money as well as save it - but
who make sure they book their Holiday/s in
advance.
| If
you are affected - or you believe you may be affected by the
new "A-Day" rules you should contact your Employer or a
Financial Adviser as soon as possible |
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