Personal plans and annuities
24 Feb, 2009 | General | admin | Comments Off
If you are considering a pension transfer to a personal plan, then you should be familiar with certain terms, because you will come across with them constantly. Although it is not necessary to educate yourself so you know all pension facts, it is okay if you cannot keep up to date with all regulations and changes that might occur in the pension market. In any case, you need to know that annuities are indispensable parts of every personal pension scheme. The member should buy annuities. What you should be aware of is that the cost of buying these annuities has been increasing these last few years and it is already 5% higher than last year. This automatically means that if you choose to transfer your pension now, your funds will be 5% less. These expenses fall – unfortunately – on the member of the personal plan, while they fall on the employer when it comes to final salary plans. You, as an employee, should be aware of these facts concerning your old age pension, because you need to ensure that your eventual income will be adequate and sufficient. A possible wrong call now can affect your entire post-retirement life, so you need to be cautious and well-informed before making any drastic decision.
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