Pension Awareness

Neil Holmes
Financial Planning

‘Nothing can be certain, except death and taxes’ was written by Benjamin Franklin over 230 years ago, and is still quoted today.

Unless your preferred investment approach is immortality, saving into a pension will have registered on your list of ‘things to do’ at some point since automatic enrolment was introduction in 2012. 

While many people will opt out, the hope is for the majority to be taking full advantage of this scheme at its maximum level. 

Someone aged 25 today, earning £25,000 per annum, could be saving £167 per month into their pension, (£2,000 p.a.) 

At a modest growth rate of 5% per annum, by State Pension age of 68, those savings could be valued at approximately £188,000 in today’s money. This could support the equivalent income of £25,000 per annum, including a full State Pension entitlement, for approximately eleven years. 

Saving into a pension should become easier with age, as sense turns to saving over exuberant nights out.

In electing to part with just an extra £50 per month, the estimated value would increase to £246,000, increasing the funds longevity to 17 years, age of 85. 

While death remains a certainty, saving early reaps reward, and regular discussions with a Financial Adviser will add value to your pension fund. When it’s time to ease back, effective planning will even make those taxes as bearable as possible.

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