Saving for your future, today
BFBA work with Eastlake & Beachell, our insurance brokers, to make sure that all aspects of our industry have the right sort of cover at an appropriate level, meeting the needs of the member and their family.
You should ensure that your income continues when your business ceases upon reaching your retirement date. One way to achieve this is to let your business pay for your retirement income and reduce your tax liability at the same time by investing in a Personal Pension Policy.
Contributions are tax relievable and are paid into a fund which grows almost entirely tax free until you reach your chosen retirement date, at which time you can elect to take some of your fund as a tax free lump sum and the rest can be used to provide you with an income for the remainder of your lifetime.
Marie Beal, Eastlake & Beachell Ltd
Address: 29 The Crescent, King Street, Leicester LE1 6RX
Telephone: 0116 204 4624
Farriers can face a number of problems
- The physically demanding nature of the farriery business means that many young farriers anticipate retiring earlier than colleagues in other industries.
- Careers can be further shortened or interrupted by injury/joint problems.
- The length of career and therefore the time available for saving towards retirement is relatively short for a farrier
- Some farriers wish to retire gradually over a number of years rather than at a specific age.
Selecting the right policy
It is therefore vital to make not only adequate pension provision but also to select the right personal pension policy from the dozens currently available from Banks, Building Societies or Insurance Companies.
We have access to the vast majority of personal pension policies and have arranged terms on a lower charging structure than 1% Stakeholder minimum charge.