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Killik & Co warns consumers to prepare pension for “tough times”

Killik & Co is urging consumers to review their pension investments to ensure they are prepared for “tougher times ahead”.

Investments should be reviewed at least once a year to assess performance, fees and suitability, according to Killik & Co.

It suggests that couples with an Isa should ensure they contribute £7,200 to take advantage of the Isa allowance for the current tax year, before April 5, 2009.

Killik says over a period of 25 years, assuming a compound interest of 5 per cent per annum, this could grow to £720,000 in a tax advantaged wrapper.

Another option for higher rate tax payers over 50 is to transfer existing shareholdings and putting the proceeds into a Sipp. Killik and Co says this will give a 114 per cent boost to a pension without any investment risk.

Killik & Co financial planning division managing director Malcolm Cuthbert says: “Everyone should review their finances at least once a year and the New Year is a perfect opportunity to do so.

“This Christmas people have already been more prudent and reined in spending but there is still much that can be done to prepare for tougher times ahead by making your money work harder through smart planning and taking advantage of tax relief available on ISAs and pensions”.

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