Investment for the Future/Planning your Retirement
We cannot always rely on the sale of the business to secure our retirement. Factors such as finding a suitable buyer at the appropriate time, securing the right price, taxation issues on sale etc, etc.. all have an impact on the amount potentially available at retirement.
A sensible (not too mention tax efficient) approach is to balance the above with a long term plan and appropriate use of pension planning which may include Self Invested Pension Planning.
It may well be that you are approaching retirement age and wondering how on earth you will be in a position to retire as it is some time since a review of your existing plans took place………
As an owner of the business with responsibilities to staff, customers and the Bank manager it is difficult to say the least to be on top of everything all of the time.
The business pension scheme for example….who’s left?, who’s joined?, staff queries, paperwork from the pension company etc….
All of this before wondering how the scheme is performing!!
It is vital that the scheme is managed efficiently and the fund managed prudently after all it will enhance staff satisfaction/loyalty if they feel that their pensions are being looked after well and it will ease your burden to know that the hard earned contribution from you and your staff has been invested wisely.
Innovations in technology have been rapid and there are cost savings and efficiencies to be made…………when was the last time your scheme was reviewed.