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Mind your money
| Content Provider | Scilit |
|---|---|
| Author | Jones, Martin Jones, Waterson |
| Copyright Year | 2018 |
| Description | Employer sponsored pension schemes are common, particularly among larger companies. Typically, schemes are either final salary or money purchase. Final salary schemes pay an income in retirement dependent on earnings and length of service. Money purchase schemes pay an income which depends on the amount of savings accumulated in the scheme. Apart from the obvious risk of losing money, there is a particular risk in retirement planning and it applies to the postretirement period when readers may be withdrawing money from savings to meet income requirements. When money is withdrawn from pensions, it is generally possible to take some as a tax-free lump sum. Austerity measures have drastically cut back the amount of contributions attracting tax relief and larger funds, in excess of the lifetime allowance, are exposed to an additional tax charge on the excess. Annuities are issued by insurance companies and typically guarantee an income for life in return for a capital sum. Book Name: Life After Work |
| Related Links | https://api.taylorfrancis.com/content/chapters/edit/download?identifierName=doi&identifierValue=10.4324/9780429443510-10&type=chapterpdf |
| DOI | 10.4324/9780429443510-10 |
| Language | English |
| Publisher | Informa UK Limited |
| Publisher Date | 2018-10-26 |
| Access Restriction | Open |
| Subject Keyword | Book Name: Life After Work Schemes Salary Purchase Companies Retirement Pensions |
| Content Type | Text |
| Resource Type | Chapter |
