You might have been thinking about your pension for a long time, or perhaps you’re one of those people who focuses on the here and now, confident that tomorrow will sort itself out. Either way, time waits for no-one. So now’s the time to put those plans into action or to start making some for a change! So here are a few pointers to push you in the right direction! Don’t forget also, that there are special provisions for people moving abroad. Known as Qrops pensions, these have special regulations when moving pensions from the UK to an overseas destination. A qrops pension transfer is very common in todays faced paced financial world.
Security in an insecure world
This is probably the most obvious reason to start building your nest egg, and it’s also one of the most important. Finding a safe and trusted pension provider who will help your money grow over the coming decades is the first step. Do plenty of research and only commit once you’re 100% sure that you’ve found the right kind of fund. After that, you can watch your pot grow over the coming decades, taking comfort in the fact that you’ve secured a future for you and your loved ones.
You could get double for your money
With the introduction of the workplace pension scheme in the UK, you can double up your pension pot by making a bigger contribution which your employer is obliged to match up to a certain per cent. Speak to someone from the HR department to find out the details of your company’s pension scheme. And if you don’t think it’s worth it, check out these facts: If a 35-year-old on £30,000 per annum puts 4% of their wages into a workplace pension, this can grow to over £350,000 by their 70th birthday. Wouldn’t that be a nice present to open?
You can’t rely on the state pension anymore
The UK is a very different place nowadays and with more economic insecurity just over the horizon, long gone are the days when a person can expect to live comfortably off the state pension. The amount is currently under £10,000 a year. And while you could certainly survive on that much, you couldn’t do much else. It’s time to take control of your own future and become self-sufficient with a private pension. This will ensure you don’t start struggling later in life.
You could get a nice lump sum
Most pension schemes will allow you to draw a lump sum as soon as you retire. This can be as much as 25%, and things are about to get even better – it’s a 100% TAX-FREE! A cash injection like this is a once in a lifetime opportunity, meaning you could finally go on that dream cruise, pay for your grandchild’s university fees, or buy that classic car you always wanted.
You can take your money abroad
If you’re thinking about retiring abroad, but you’re also worried about how it might affect your pension, then contact QROPS Pensions. They offer impartial advice on all pension matters and can help you transfer that hard-earned retirement fund to your preferred destination, including parts of Europe, the USA, Gibraltar, or New Zealand.