“Let’s talk pensions”

Ahead of this year’s Pensions Awareness Day on September 5, Gillian Palmer of The Finance Hub (TFH) introduces us to Martyn Bates of Alexander Bates Campbell IFA, one of the Hub’s many special experts who will also be present at the Hub’s free all-day pensions consultation workshop on September 10…

“Pensions can provide an avenue to tax-efficient savings, much-needed income in retirement and the ability to pass on wealth to your family without the burden of Inheritance Tax. So embrace them,” says Martyn Bates, Co-Director of Alexander Bates Campbell (ABC) an Independent Financial Advisory firm which prides itself on experience, expertise and professionalism. 

Founder Gillian Palmer emphasises the importance of welcoming ABC-IFA into TFH earlier this year.

“As the owner of The Finance Hub my mission is to find the best financial advisors to fit every one of our clients’ needs. Financial advice is a broad topic and I very quickly realised that having just one type of financial offering here at The Finance Hub would not be everyone’s liking. Also, how likeable the advisor matters too,” states Gillian.

“Some of our clients have personal pensions abroad which they need advice on, and I also wanted to offer businesses who may be opening offices outside the UK or already have international businesses, the support they need when it comes to workplace pensions advice.”

Martyn of ABC-IFA adds that he and his colleagues can help people understand what they can contribute and what their pension pot could provide, over and above the state pension. 

“Today’s ‘old age pension’ is only £11,502 per annum (entitlement starts at age 66 rising to 68). Do you really want to work until that age?” questions Martyn.

“Pension pots can fill the gap between your wish to stop working and the state provision starting. Making that pot as large as possible while working gives you options and flexibility. It could be possible to invest £200,000 into a pension today at a cost of only £110,000 after tax relief. Equally, those earning £120,000 pa could make a £20,000 contribution at a cost of just £8,000.”

“Martyn’s final bit of advice is “Be aware of your retirement savings and embrace them within your overall wealth plan. Pensions offer much more flexibility than you think and could make a huge difference,” he says.