Retirement is not what it used to be – the days of a comfortable old age cushioned by a clear-cut pension income are now the stuff of dreams for many of us.

Changes in the law have made it difficult to know how to make the most of the pension opportunities but nevertheless, there are some simple steps you can take to boost your pension pot.

The sooner you start building your pot, the smaller the percentage of your earnings you will need to save. One of the team can help you with the figures but initially aim for a pension fund equal to two thirds of your final salary. Your annual pension contributions expressed as a percentage of earnings should equal half your age when you start saving.

If you are already building your pension fund, then check that you are getting the best out of your arrangements. Make the most of tax breaks because contributions attract basic rate tax relief. They can add around 25% to your pot. Even more is possible if you are a higher rate taxpayer.

If you are employed and can join a company staff pension scheme, do so. This means your employer will also be contributing to your own pension pot and that’s free money. If you ignore this opportunity, it can be the same as taking a pay cut. You can also make additional voluntary contributions within a company or personal pension arrangement, with the dual advantage of increasing your pension pot, whilst cutting your tax bill.

You can also set up your own pension fund. It’s important to check from time to time that your pension fund arrangements are working for you.

You have choices before, during and after building your pension pot. If you are unsure what to do for the best at any stage, then contact Matthew Walne 0n 0116 2355 733 who will be happy to help.