Pension Geek’s Pop QuizPosted on: 28 November 2011 by Andrew Stallard
Test your financial know how against these pensions-related songs.
Welcome to the Worldwide Pensions Pop Quiz! Want to know more about pensions? Worried about how you can fund yours? Test your knowledge of pensions, and pensions-related songs, against our Pension Geek's and find out the facts along the way!
“Will you still feed me when I’m 64?”
In the 60s, era of the Fab Four from Liverpool, your chances of reaching retirement age were much less than they are now. Happily for most of us in the UK our chances of living a long life are the best they have ever been. Active, healthy retirement into our late eighties, if not even longer, is a real prospect for nearly everyone.
“She Works Hard for the Money”
Most of us are going to have to make our own pension provision if we don’t want a retirement of Weetabix, toast and no Sky HD! But there is some unexpected help from the “Taxman”. Saving money in a pension helps you benefit from one of the most generous tax breaks in the UK and will also reduce your tax bill.
“Money for Nothing”
For every £80 you put in a pension, the chancellor will add another £20. If you are a higher rate tax payer he will even double your money. Without a pension you are missing out on this.
“Take the Money and Run”
Many people think money in their pension is locked away until their old age. Not necessarily. Even though the age for state retirement is creeping upwards, one of the tax advantages of a personal pension is that you can take 25% of it as a tax free lump sum at 55 and buy that long wished for dream holiday, or even a Porsche.
“I’ve seen the future, I can’t afford it”
You can - if you start early. The sooner you start saving for a pension the better. Start saving during your twenties and ten percent of your pay should fund the longest holiday of your life (retirement) but leave it until your forties and you are going to have to commit a quarter of your income.
“Opportunities (Let’s Make Lots of Money)”
Business owners can use their pension fund to purchase company premises - saving tax and also turbo charging their retirement. Pension contributions are a legitimate business expense and tax deductible; ask your accountant. It's a good idea to take advice form your independent financial adviser about this, too.
“I fought the Law”
What about your pension as an employee or employer? From 2012 all UK firms, regardless of size will be forced to automatically enrol their staff into a pension scheme and start contributing. Starting with a minimum total contribution of 2% rising to 8% by 2017 with the employer putting in 1% rising to 3%.It may be better to have your own scheme that works for your business in place before a government pension scheme (the National Employment Savings Trust, or NEST) is imposed upon you.
“Help! I need somebody!”
Don't be afraid to ask for advice. All good independent financial advisers will be able to point you in the right pension direction.
For friendly, jargon free financial advice from a local firm about pensions for yourself, your workers or any other financial advice call Andrew Stallard on 0845 230 9876, e-mail firstname.lastname@example.org or take a look at our website www.wwfp.net probably one of the biggest financial advice resources on the Net!
And finally… did you recognise all the songs?
Beatles, Donna Summer, Dire Straits, Steve Miller Band, ABC, Pet Shop Boys, The Clash, Beatles.
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