Don't Be Left Behind in Retirement!

The full report on the government's auto enrolment initiative was released at the end of last year.

The main thrust of the report is that there will not be any large scale changes in the short term, with any changes that have been suggested expected to occur mid next decade.

One of the small changes that will occur in the short term is that from April 2018, employers and individuals will have to contribute 2% & 3% respectively, figures that will rise to 3% & 5% from April 2019.

Due to this existing roadmap of changes, the government may not wish to introduce any further changes for the moment.

One proposal is that pension contributions should start at age 18, down from 22 as the rules are currently. While this may be largely positive, it will obviously increase costs for employers.

Another is the proposal that the minimum contribution amount be paid from the 'first pound' of earnings, with all banding being abolished, benefiting lower paid workers especially.

The most important thing to take away from the government's stance is that there won't be any drastic changes soon, and that taking responsibility for your pension and putting an appropriate plan in place is more important than ever.

Contact Westminster Wealth Management today and one of our skilled advisers can construct a financial plan for you that will enable you to meet your financial goals.

The value of investments and income from them may go down as well as up and you may not get back the original amount invested.

A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.