Pensions are magical gifts from the government to help you save, with lots of tax benefits, for your Financial Freedom and your future. If you put £800 into a Pension you get an instant 25% return – £1,000 gets invested for you – a gift. If you are a higher rate tax payer you get another £200 in tax relief – so the cost to you is £600 – a 67% return. Similar numbers apply for business owners making contributions from the company. Pensions, long term, grow with no income tax paid by the fund or capital gains tax and, if you don’t make it, it pays in the first instance Inheritance Tax Free. A real gift that keeps on giving – a Pension is not just for Christmas – it is for life!

Also known as a Final Salary Pension. These are a dying breed, like the dodo, slowly dying a death (apart from for people who work in the Civil Service!) In essence, when you get to retirement, they give you a fixed income for life and increase with inflation.

Current limits say that you can pay 100% of your earned income up to £40,000 per annum. For most people this would be lovely to be able to do so just think about saving as much as you can afford and you are likely to be fine. For those who can pay this much, seek advice as you can potentially use previous years allowances.

This is an easy one! As much as you can from as early as you can. The first pound you ever pay in will be your best pound as it has the longest time invested for you – and time in the market always wins… it’s that simple!

This depends on so many factors – especially how much you have put in and how well it has performed wherever it was invested. It also depends on what age you are when you take benefits, your health and the shape of income you want to take. The important thing to do at the stage of retirement is seek advice.

Dig out a statement from the old company or employer. Google the provider or company and they will have a service to check if you have Pension with them, assuming they still exist, of course. There is a Pension tracing service available which you can find on the web.

We refer to this as Human Insurance – protecting you. Lots of people insure their gadgets, their cars, their holidays, but not themselves. This is the most important insurance for those who don’t get sick pay from their employer as Income Protection makes sure you can still earn if you are off work due to illness or an accident stopping you doing your job.

The art of knowing your number. Working out what you need to create, save or pull together to make sure your money outlives you and not the other way around.

You usually just need to appoint another Trustee which is a fairly straightforward process. You need to ensure a Trust always has two Trustees to make things happen.

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