The constant changes to pensions has left a lot of people in the UK, including here in Yorkshire, extremely confused and concerned about their retirement life.
Our financial adviser team has received calls regarding the alterations to the public sector schemes, and with this in mind has prepared the following article to outline how you may be impacted. Please note that the changes will have no affect whatsoever on your own personal private pensions.
What are the new changes to public sector pensions?
George Osborne announced in his most recent Budget that employers would now have to contribute more money to public sector pensions in the health and education sectors. That means NHS staff, school teachers and the police will all be affected.
Employers have just three years to get ready for the budget changes, which will be introduced in 2019, with the treasury claiming these new pension regulations will lower inflation.
As many are, the financial adviser team here at Heritage Wealth Solutions is concerned that these modifications will stretch public sector departments too much… They will now have to contribute more money to public sector pensions themselves, meaning the NHS may have to find an extra £650 million per year to meet the pension demands, according to the Liberal Democrats.
But how will it affect Yorkshire residents?
As effective financial plans are hopefully already in place to ensure that future retirees have the necessary funds available to them, this doesn’t necessarily have to directly impact negatively on Yorkshire residents. The financial advisers at our Morley office always recommend that – if possible – clients have their own private pensions in place.
So what can our financial advisers offer in relation to private pensions here in Yorkshire?
Over the years we have helped customers in the Leeds, Wakefield and York areas plan for retirement by helping them with pensions and investments.
Our pension planning process is tailored to each individual, with our financial team offering sound advice that will meet the specific customer’s requirements to better their retirement life. We always offer full transparency over financial information as we feel an honest approach always serves the people that we work with best.
For additional information on our pensions advice or to hear more about pension changes, please do not hesitate to call our Morley team on 0113 350 2080.