A pension is simply a way of saving money to help provide a comfortable retirement. For the vast majority of us it’s usually regarded as the best way to save for life after work. The fact is that the state pension alone is too little for most of us to rely on.
But, unlike many other forms of saving, the HBOS Group Money Purchase Scheme has extra advantages.
Key benefits
Contributions from HBOS
First of all, HBOS will add extra money to your own individual retirement account on your behalf. You can choose the level of contributions towards your retirement - and HBOS will contribute further on your behalf, up to given limit.
Tax Benefits
You also get additional tax savings. For example, if you are a basic rate tax-payer, every £100 that you contribute to your individual retirement account will cost you just £80. If you are a higher rate tax-payer, each £100 you contribute will cost you just £60.
On top of this, your money grows virtually tax-free over the years - and there's even an option of taking a tax-free lump sum when you retire - making it a really attractive way of saving for the future.
State Benefits
Other means-tested state benefits may also be available to you in retirement and you should consider these when choosing your retirement options. Click here to visit the Pension Service web site for more information about state pension benefits. (NB HBOS cannot be held responsible for content held on external web sites).
