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erik
Apprentice
Joined: 11 Jun 2006
Posts: 7
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 Posted: 10/18/07 - 04:57 Post subject: |
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| I am start thinking about my retirement, I am not too old, but I think that this is a right time for me to start planning and investing in my future. I want to know, what I should do to realize my pension plan and how much I have to contribute and how can I know amount of my pension. |
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gaelan
Apprentice
Joined: 11 Feb 2007
Posts: 4
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| Posted: 11/29/07 - 02:43 Post subject: |
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It is good that you think about your retirement. First of all you will have to define all important things about your pension; it sets out the plan’s provisions such as eligibility, contributions, benefits, etc. After that you decide how much you want to contribute. If you are not sure how much you need to do first go to the Budget Checklist and then the Pension Calculator. After receiving and reading through a quotation and key features you complete an application form with a pension provider. Your contribution is invested every month (you can also invest lump sums each year).
You should review your Personal Pension contribution regularly (at least every year). At retirement (any age after 55 but 50 before 2010) you take your benefits. A tax free cash sum is available up to 25% of the fund you have built up.
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