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Boost client pensions by 70 per cent by acting now says Skandia

Advisers can help clients boost their pension funds by over 70 per cent by taking advantage of the new annual allowance now rather than waiting according to Skandia.

Skandia’s analysis shows that a client aged 50 could boost their pension fund by 73 per cent by investing their entire allowance now compared to waiting ten years and by 32 per cent by investing now rather than delaying by five years

Clients who fail to take advantage of the new annual allowance that enables them to personally invest 100 per cent of their annual earnings up to a maximum of £215,000 could be missing out if they delay on investment opportunities. Skandia also warns that there are no guarantees that the current annual allowance will be retained by future governments.

Skandia pension marketing manager Billy Mackay says:
“Advisers will have many clients that could benefit significantly from the new pension regime. These benefits still need to be sold to clients, in most cases it will be up to advisers to make them aware of the new opportunities. For the client who is reluctant to commit to thinking about their pension they must accept that the decisions they take now can have a huge impact on their standard of living in retirement.

The cost of delay can be huge and there are no guarantees that the current annual allowances will be retained by future governments. Clients and advisers need to make sure they are making the most of the opportunities available while they still can.”


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Cricket - thumbnail

England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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