It is absolutely understandable that once the word "pension" is used in conversation the vast majority of people become disinterested. The very word conjures up images of old age and loss of income. This is unfortunate.

A pension is essentially a way of producing a level of income for yourself in retirement. The State will provide a certain income but it may be substantially below your current standard of living. Therefore, you should try to put aside a certain amount during your income-earning years so that you have additional income in retirement.

Most people today will enjoy many years of life after retirement age. Therefore, it is vitally important that a properly designed pension plan is established in order to provide financial security for these years.

MMPI advises on pension plans for companies and individuals, whether they are employees, self employed, company directors.

Individual circumstances and any existing pension provisions are assessed, as are the lump sum and retirement options, the current tax implications, tax reliefs and all of the other aspects of pension planning.

With the various changes to pension legislation over the past several years there are now several options available to most retirees. There was a time when your only option at retirement was to accept a retirement income for the rest of your life - a so-called annuity. The level of this income was determined solely by your employer or by a pension actuary; and the income ceased abruptly on your death.

But today you have the option to retain your savings in a retirement fund and to draw down income at your choosing. Furthermore, on your death, your savings may pass to your spouse and your estate.

If you believe you require further clarification on any matter relating to pensions or retirement planning please feel free to contact us for independent and impartial advice.