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Best pension plan 2015

If you're considering your pension, you're doing the right thing. Pensions in 2015 have undergone a few major legislative changes so you'll need to be careful when looking for the best pension plan in 2015.
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Changes

There have been a wide set of reforms put in place for pensions in 2015 including a change in the investment charges workers are asked to pay when they save cash in a pension. The government's auto-enrolment scheme is also gathers pace in 2015 as it begins to affect more firms. Then there are changes to inheritance tax which means that we'll be able to take a little more from a loved one's pension after they pass away. Pension bonds, that are government backed, are a boon for those already over 65, and the new "flat-rate" for state pensions is also making changes.

April

New rules allowing those over 55 to take their pension in one go should make life easier for anyone coming up to retirement. This is done with an annuity, which is basically an insurance policy that changes your pension pot into a monthly income. This makes the pension pot into a source of cash like a bank account.

Retirement planning

The best retirement plan is the one that makes the most of your assets, so you'll need to work those out before you make pension plans. Check what pensions you have in place from the various firms you've worked for and work out what your property is worth. Drawing up a retirement plan isn't that exciting but it's vital if you want to live at a good standard for the rest of your life. Consider how many years you'll need the retirement fund for, what kind of lifestyle you expect to have and whether you'll need a little more cash in the early year to perhaps travel or to buy a car that will last throughout your retirement.

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