Retirement planning - it’s never too early

While it’s never too early to start making plans for a comfortable retirement, the truth is that most people do very little to help themselves.

One of the reasons for this is that pension planning is a complex issue and people often don’t know where to turn for the best advice. At Jackson Toms we help people every day with expert advice that is tailored to their specific needs.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

If you haven’t made any plans and don’t know where to start, you are not alone. The UK is heading for a pensions time bomb, with the number of employees contributing to a company pension scheme, now at its lowest level since the 1950s.

In the private sector, just three million workers contribute to company pensions schemes – half the number that were members 20 years ago.

These figures are a reflection of how pension provision in the private sector has changed, and is far less generous to employees than it once was. In the past, most firms offered what are called "defined benefit" pensions, where retirement income is based on earnings. These schemes are still common in the public sector. But today, the vast majority of private firms offer less reliable stock market-linked pensions, and will typically invest far less money into these scheme on behalf of their staff.

This means that employees in the private sector can no longer relay on a generously funded income from their company pension when they retire.

For friendly professional advice on how to take control of your retirement planning, and do more for yourself, call Richard Jackson at Jackson Toms on 01536 526088 or click here to email us.

"pension provision in the private sector has changed, and is far less generous to employees than it once was. "