Opinion: When enough is enough

Over recent years it has been a common sight for government to tinker with any and almost every aspect of Pension’s legislation.

By Jason Street of Taylor Patterson.

The aim would seem to be to find a balance between incentivising individuals to take control of their own planning for retirement, whilst limiting in some way the tax favoured status for those able to build up substantial funds.

We have seen reducing limits on the level of pension contributions, the size of pension funds and the constant threat of whether they might look to change the level of tax relief on contributions or adjust the level of tax-free lump sum that can be taken from the fund.

With state pension ages being extended on a regular basis, all of these factors could serve to undermine any confidence we might have in saving for retirement and the benefits this may provide, leading some to become disillusioned and risk taking little action to address their needs.

In aiming to answer the question, ‘When enough is enough’, Taylor Patterson has developed a Strategic Financial Planning service to aid client’s to understand, build and preserve their wealth. We complete detailed financial modelling to consider how much capital you might need in retirement, to achieve your own personal financial goals.

This planning considers your overall financial assets, not just your pensions and aims to give you the confidence to invest in your future, taking into account the landscape of changing legislation. Of course, whether enough is enough will depend on how much you want to be able to spend!