Should I join a company pension scheme?

by Peter Harrison, Chartered Financial Planner, Manning and Company

You may have seen the recent TV campaign about company pension schemes, and be wondering how the changes might affect you as an employee.  

Let’s start with the thought that pensions are just a long-term savings scheme. Most people, when they retire (and some people aspire to give up work as soon as possible!) would like to maintain the standard of living they had while they were working. But, with people generally living a lot longer these days, this takes a large pot of money.

State pensions help, and there is the possibility that these will be set at a standard level in the next few years (as long as sufficient National Insurance contributions have been paid).  But the state pension age is rising, for men and women: you will have to be aged 66 by October 2020 before you are eligible for anything. By 2046, you will probably have to wait until age 68. And even then, the pension you receive is unlikely to keep you in the style to which you have become accustomed! The current level, assuming a full record of National Insurance contributions, is a little over £107 per week.

"Financial Planning....what's that all about then?"

by Steve Manning, founder of Manning and Company

Well that's a very good question and it was asked of me over a glass of red between the first and second course of a very pleasant evening meal with friends from my village.

Actually it's a huge question and I think most people have a misconception or at worst experienced a defragmented, often damaging experience of it.

My own contribution to this blog is going to be on the wider holistic' life plan' and how financial planning or the lack of it will without a doubt have an impact on it.

Sometimes things just get too complicated. I built up the company on the understanding that my clients had goals, desires, needs (what ever you wish to call them), some of them were actually specific financial objectives, some where to do with how to handle family, income or health related issues.  Then of course house purchases, inheritance and tax issues and the list goes on.