Here’s seven quirky facts that also help focus our minds on the importance of pension planning and investing in our futures.
£40,000
The current annual allowance of £40,000 could buy you one night in The Ty Warner Penthouse at the Four Seasons in New York – the world’s second most expensive hotel room in the world (Source: The Telegraph)
£1m
The lifetime allowance of £1m in pound coins would weigh 9.5 tonnes (Source: Answers.com)
Age 55
TV presenter Phillip Schofield, who turned 55 earlier this year, is now able to access his pension. He was born in 1962, which is the year the first James Bond film, Dr No, was released (Source: Wikipedia)
£159.55
The new state pension of £159.55 a week would pay for a flight to New York from Edinburgh with Norwegian Air (Source: The Telegraph)
8,000,000
The eight million people who are now auto-enrolled are equivalent to the population of Papua New Guinea
(Source: Worldometers)
12,000,000
Meanwhile the 12 million people aged 30 to 65 who are not saving for a pension are equivalent to the population of Rwanda (Source: Worldometers)
£23,000
The average income people aged 22 to 29 expect in retirement – £23,000 – is the minimum salary for a London Bus Driver (Source: City AM)
In the past, many workers missed out on valuable pension benefits, because their employer didn’t offer them a pension, or they didn’t apply to join their company’s pension scheme. Automatic enrolment changed this and made it compulsory for employers to automatically enrol their eligible workers into a pension scheme – it has undoubtedly been a success for millions of UK adults, who have started saving towards retirement for the first time. In fact, since the initiative was introduced in 2012, research shows the number of people saving adequately for retirement has increased from 45% to 56%.
Nevertheless, more needs to be done to encourage people to put away as much as they can towards retirement, with a key focus on the younger generation, who also face the difficulty of finding a way to get on the housing ladder.
Here at The Financial Planning Group we help individuals, families and businesses to place their financial affairs in context with their future goals and aspirations. We provide a simple, structured, disciplined and reviewable planning service. We will change the fundamental relationship people have with their money to give them confidence and clarity in their own future.
If you would like to arrange a pension or investment consultation, please call Tim Norris or Alan Clifton on 0800 731 7614 and we would be delighted to arrange a meeting at our offices in the heart of Teddington.
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