Pensions
info box:
NAFBAE work with our insurance brokers to make sure that all aspects of
our industry have the right sort of pension cover at an appropriate level,
meeting the needs of the member and his 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.
As we see it farriers 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.
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.
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Permanent Health Insurance
Eastlake & Beachell Ltd have arranged a policy exclusive for farriers to protect their income in the
event of incapacity from work.
Unlimited claims are available and in the event of a serious accident cover is provided for the rest of
your working life.
There is a choice of deferred periods ranging from I day to 52 weeks before a claim can be made and
the policy price is not driven by occupation which is good news for farriers who are classed as high
risk and usually find this type of cover expensive.
For a quotation or further information contact Marie Beal
Tel: 0116 204 4624,
email: marie.beal@eastlakebeachell.co.uk
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