How much do I need to save to provide for my retirement pension ?
The majority of people are not making enough, if any provision for when they retire, it is usually last on the budget, after mortgage, food, bills and other essentials.
The earlier you start the better, and less expensive. People would say my house is my pension, we are now living in a very different world post credit crunch, and it makes very sound financial sense to have more than one string to your bow to rely upon.
With 20% tax relief currently available on premiums paid it means that for every £1000.00 you contribute you get 20% £200.00 off your tax liability. This may change in the future so make the most of current legislation.
The Jersey RATS (Retirement Annuity Trust Scheme) provides an ideal vehicle to save towards your retirement which can be as early as 50 if you have enough in your “Pot”.