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Brits face massive Pension gap

Britons are facing a 1.2 trillion pensions gap between what they think their retirement income will be and how much they will actually receive, research showed. The average person needs to save 50,000 more during their working life than they currently plan to in order to obtain the pension they want, according to consultancy firm Hewitt Associates.

The group found that the average worker, who was aged 43 and earned 25,000, hoped to retire at 63 on a pension worth 15,300 a year.

Read more from Channel 4


Did you know...

a SIPP can also borrow

up to 50% of

the fund value?

SIPP Approved Properties
(Self Invested Personal Pension)

  • Do you have frozen pension funds?
  • Is your existing private pension performing?
  • Wish you had invested in property?
  • Why not transfer your pension into a SIPP?

  • Set up a SIPP
  • Use the SIPP it to invest in HMRC compliant property
  • Enjoy TAX free growth and income
  • At the age of 55 take out a 25% tax free lump sum

A Self Invested Personal Pension, known as a SIPP, is a personal pension for which the person investing for retirement decides what their pension fund is invested in. Traditionally pensions are managed by a pension fund manager who may invest in volatile stocks and shares or boring cash and the investor has no control or influence on this decision.

Any type of pension can be transferred into a SIPP, for example many people have several 'frozen' pensions from previous employment or businesses and/or personal pensions that they can transfer. This is a complex area and it does need professional advice. We have partnered with some of the UK's leading independent wealth management companies which specialises in pensions and investments. They will carry out a review completely free of charge for potential investors to assess whether their existing pension plans may be transferred into a SIPP.

Once the SIPP has been set up, the investor selects the property they wish the SIPP Trustees to invest in. It is also possible to increase the amount of funds available in a SIPP by borrowing up to a further 50% of its value. For example if a SIPP has funds of 70,000, it can borrow another 35,000 making available 105,000 to invest in a property. An investor using a SIPP can make further contributions ongoing into their SIPP and is entitled to full tax relief which means that if a 40% tax payer paid in 100,000 it could only cost him 60,000.

For further details please contact us and we will provide you with qualifying property information and introduce you to an independent SIPP/pension specialist.

Quay Property Investments do not provide advice on SIPPs direct. We introduce all qualifying clients to an authorised FSA regulated company for this purpose. Quay Property Investments are not regulated by the Financial Services Authority. Quay Property does not offer financial advice.