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Pension

How does it work?

You make two payments per month. One to the lender to repay the interest on your borrowings and another into a personal pension plan. The plan is to build up your pension fund sufficiently to take out enough tax free cash to repay the loan and provide you with a retirement income.

ADVANTAGES:

  1. Has tax advantages as the contributions you make to the pension attract tax relief at the highest rate of tax you pay.

DISADVANTAGES:

  1. You must ensure your pension is well funded so that you have sufficient to repay your loan and provide for your retirement.
  2. The lump sum is paid on retirement which may mean you are paying interest on the loan for longer than 25 years.
  3. You cannot access the pension fund to repay the mortgage until retirement age.

A pension is a long term investment. The fund value may fluctuate and can go down.

Your home may be repossessed if you do not keep up repayments on your mortgage.


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Company address:
Police Clubs Financial - Newforge Country Club, 18b Newforge Lane, Belfast, BT9 5NW
T: 08000 322 966
F: 028 90 666 890

Email: enquiries@policeclubsfinancial.com

The levels and bases of taxation are subject to change.

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. This site does not confer any form of personalised financial advice, should you wish to receive specific financial advice please contact us.

Police Clubs Financial is a trading style of McAuley Financial @ Newforge which is an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Services Authority. TenetConnect Limited is entered on the FSA register under reference 149826.

Telephone: 08000 322 966 | enquiries@policeclubsfinancial.com

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