How to plan for a comfortable retirement

When it comes to retirement, few areas of financial planning have so many variables. Over the past four or five decades, there have been many changes to pension legislation, and that will certainly have implications for anyone who has changed jobs a few times during that period.

A large proportion of the workforce will have contributed to a defined benefit scheme – also known as ‘final salary pension’. That was a great option of its time, but such schemes were unrealistically expensive and have now largely been replaced by career average schemes.

Many employers have never offered staff that type of arrangement, preferring to make a money purchase, or defined contribution, scheme available. The benefits under each of these will vary, and anyone with more than one type faces even greater confusion. Add in tax free lump sums and state pensions, and it’s easy to see how retirement income is can appear confusing.

In addition, there has been speculation that the Chancellor of the Exchequer may target the benefits of pensions as he sets about recouping some of the money that has gone on the COVID-19 support packages.

It’s important to keep fully to date with any changes to the rules and deal only in facts. It’s also why seeking independent, jargon-free advice is crucial when looking for help with retirement planning in Chester or any other area. At Hartey Wealth Management, we are a highly rated company with more than 25 years’ experience, and we focus on the regulations in place at the current time.


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