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What have you done with your pension money?

Aegon regulatory strategy director Steven Cameron says providers need to do a better job of explaining what can be done within pension products or with pension funds.

“People think if it’s in their bank account they have ready access to it when they need it, where as they probably don’t think that’s the case within their pension.

“Investing in a bank account is hardly an investment strategy apart from that your money can’t go down in value in nominal terms.”

If you have very small pensions and require a cash amount then cashing in your pot, taking the money and putting the rest in a bank account isn’t too much of a problem. But for bigger pots above £30,000 the tax consequence, impact of inflation on cash, and the lowering of bank deposit guarantees need to be made absolutely crystal clear.

That´s where Blacktower can help you –  we work hard with all our clients to find the best and most tax efficient investment plan to suit your individual needs. We are completely independent so can offer you products from various providers from across the financial market place.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Taking your skills to the Netherlands

Windmill in SilhouetteWhile many expats are overseas because they’ve retired, a significant number of Britons move away for work.

Taking your skills abroad can be a thrilling prospect, and, of course, where in the world you end up will greatly depend on global career opportunities, but for many Britons, the chosen destination is the Netherlands, one of Europe’s most popular expat havens when it comes to relocating for work.

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Save or borrow?

The value of having expat regular savings has been underlined by a recent survey which showed that the typical 55-year-old borrows £6,785 against the value of their home in order to take a holiday, with others borrowing an average of £58,850 in order to buy a holiday property.

“With an average spend approaching £7,000 for holidays, travel is a popular choice for those unlocking cash from their homes, often alongside other uses to improve their lifestyle in retirement,” said Dean Mirfin, technical director at Key Retirement, the firm behind the survey.

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