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It’s no secret that some of the best UK property investments are currently to be found in the north of England. Wellesley is just one of the alternative lenders taking advantage of the Northern property boom, but it is not in the market for short-term rewards. Through a series of lasting partnerships and long-term investments, Wellesley is laying the foundations for ongoing growth in the Manchester area.

“Manchester’s potential is great at the moment,” says Jay Patel, relationship director at Wellesley. “There is a very real need for property in Manchester and there is certainly a demand there. And Manchester is a global brand. You recognise it overseas – I dare say partly because of the football club and partly because of the government drive to incentivise overseas investment into the Northern Powerhouse.”

In March 2017, Wellesley completed a £39.9m funding package with construction firm The McGoff Group to fund a 368-unit apartment complex in the region. Situated on the banks of the River Irwell between Manchester and Salford, the Manhattan-style complex will include studio and multi-room apartments, as well as a series of commercial spaces on the ground floor. The project has been split into two phases, with 160 apartments constructed in ‘phase one’ and the remaining 208 apartments created during ‘phase two’. Already, around 90 per cent of the units have been sold to a mix of both onshore and offshore investors.

The early success of this project will be welcomed by Wellesley’s property bond investors. But this was no happy accident.

Wellesley’s loan officers are well versed in due diligence, and place huge value on choosing borrowers who have a strong track record. In this sense, the McGoff loan represents a typical project for Wellesley.

“What lured us toward the project in the first instance was the experience of the developer,” explains Patel. “McGoff are regional developers who have undertaken a number of transactions of this size and ilk which appeals to us. These guys do this day-in, day-out, so it made sense to focus on someone like this.”

“We are looking to focus on more regional developers of this size, with healthy balance sheets that are able to stand up should things go awry.”

In fact, Wellesley was so impressed with McGoff ’s pedigree and potential that it has already provided funding for another project with the firm, and Patel is confident that they will work together on a number of Manchester-based projects in the future.

“In lending there are two types of relationships: a transactional relationship or a relationship lender,” says Patel. “Transaction banking is a one-off thing that does not tend to involve repeat clients. Relationship lending is different in that you actually secure that long-term relationship and you can focus on multiple projects with the same client, so you gain a greater insight into the business. As a lender, this gives us more control over how they operate, and as the borrower, it gives them a reason to trust us.”

Wellesley takes a hands-on approach to its loans, and it has appointed an independent monitory surveyor who conducts monthly site visits. The lender also maintains its own regional presence in Manchester, allowing Patel to receive ad-hoc updates from the site.

This combination of hands-on expertise and relationship building has the dual effect of appealing to both investors and borrowers. As more and more alternative lenders target property developments in the Northern Powerhouse, it is this experience that will ensure that Wellesley remains ahead of the curve in Manchester and beyond.

– Peer-to-Peer Finance News

The post The Northern Powerhouse appeared first on Wellesley.

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Wellesley recently celebrated the completion of Phase one at Downtown Manchester. The team joined the McGoff Group at the topping out event on the roof of the Woden Street development.

Chris McGoff, director at the McGoff Group, says: “The success of Downtown has been superb both in terms of sales and construction and it was fitting to invite the team from Wellesley to the topping out event on the roof, giving them the chance to see the impressive progress made on site.

“Their continued support means we can start the build of phase two immediately, which means completion will be approximately nine or 10 months sooner than expected.  With all apartments sold, the excellent design and prominent site of Downtown on the banks of the River Irwell have delivered a truly prestigious riverside residential development.”

Graham Wellesley, Founder and CEO at Wellesley, adds: “Downtown is a high-quality, aspirational apartment scheme and the impressive pace of sales fully supports this.  Working with the McGoff Group on this project has been a pleasure and it was a privilege to attend the topping out event.

“Since 2007 property developers have found it increasingly hard to secure funding from banks and building societies.  As a specialist alternative lender, we work hard to fill this gap, providing flexible lending packages that meet their needs.

“We also seek out opportunities across the UK, not just in London or the Home Counties, and Downtown is a wonderful example; a development with excellent design that will transform the landscape and revolutionise the Manchester property market with its Manhattan-inspired hotel-style services and high end communal facilities.”

Check out The Alchemy – Downtown Manchester progress video.

The post Construction milestone celebrated at Downtown appeared first on Wellesley.

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With the mass media stating that the younger generation are doomed for retirement and that pensioners are living on just £22 per day, you’d assume that people were keeping an eye on their financial future. However, with a third of UK citizens living pay check-to-pay check and most people concerned about monetary issues in the here and now, saving for retirement is not something on the radar for most. However, what has caused this issue?

How pension prepared are you?

Research conducted by Wellesley analysed the current pensions of 2,083 UK citizens. Data revealed that just over 1 in 3 people do not currently save into any pension schemes and pay just their National Insurance contribution. 45% of respondees pay into one or two pension schemes, 3.6% into three, and 4.2% into four or more.

Interestingly, 1.6% of those surveyed are currently only paying into a Lifetime ISA for their retirement and 3% are harnessing the Lifetime ISA and one other form of pension scheme.

Those aged 35 and over seem to have a stronger handle on their financial future. 62% of 35 to 44 year olds are paying into at least one or more pension schemes, followed by 66% of 45 to 54 year olds, 47% of 55 to 64 year olds and 36% of the over 65s. However, a staggering, 43% of those aged 35 and over will currently only receive the state pension upon retirement as they are not paying into any pension scheme.

Following suit, 42% of all respondees aged 18 to 34 also voiced that they are not paying into any pension scheme. Some are also not paying National Insurance contributions due to being in education or unemployment.

Where is the pensions pitfall?

There is a serious lack of knowledge amongst UK citizens when it comes to pensions. Changes in products, terminology, and reforms of the market as a whole over the past 30 years is partly to blame for people’s lack of understanding. The government and pension providers haven’t done enough to educate people after changes have been implemented.

Pensions available to UK citizens

Pensions come in all shapes and sizes and most fall into two categories; final salary pensions and money purchase pensions. Understanding the different pensions available is helpful for financial security.

Money Purchase Pension

Also known as defined contribution schemes, money purchase pensions allow individuals to save into a pension pot. This cash can be drawn upon once they reach the age of retirement or can be swapped for an annuity – a fixed sum of money paid every year for life. These are private pensions and most fall into the following categories:

  • Workplace pension scheme – monthly payments are made by individuals and/or their employer. The money is held and invested by a pensions company until retirement.
  • Trust-based pension – a form of workplace pension; monthly payments are made by individuals and/or their employer. A board of trustees manage investments on the individual’s behalf.
  • Group personal pension – a pension provider is chosen by an employer. The provider claims tax relief at the basic rate on contributions and adds it to the pension pot.
  • Stakeholder pension – similar to workplace pensions however they have low and flexible minimum contributions, capped charges and a default investment choice.
  • Self-invested personal pension – also known as SIPPS, this personal pension scheme allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue and Customs (HMRC).
Final salary pensions

You may hear final salary pensions referred to as CARE schemes – Career Average Revalued Earnings. They are usually funded by employers, but employees sometimes have the option to pay into them too. With a final salary pension, individuals receive a percentage of their salary either before retirement, or when they leave the company, as an annual income.

Often the percentage is based upon how long the person has worked for the company. Most employees will receive an accrual rate from their employer. For example, if the rate is 1/60th an individual would receive 1/60th of their final salary for every year served. A person who has worked for a company for 20 years would get a third of their final salary.

State pension

Everyone in the UK who has paid National Insurance contributions for a minimum of 30 years will receive the basic State Pension once they reach the state retirement age. The State Pension age is currently under review; however you can check what age you will be eligible to receive your State Pension here. The State Pension is currently £164.35 per week.

Check out the quick guide to all pensions below:

The post The Different Types of UK Pensions Explained appeared first on Wellesley.

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For many millennials, purchasing a property is not a solo project. Many are partnering up with Mum and Dad to secure the financial help they need to get their foot on the first rung of the property ladder. With the bank of Mum and Dad funding around 25% of mortgage transactions a year many parents and first-time buyers alike are looking for solutions to make the process more attainable.

The current financial state for millennials

Also known as Generation Y, millennials are people born between 1981 and 1996. Many adults in their 50s and 60s are parents to this generation and are aware of their financial vulnerability. Becoming independent during the Great Recession has led many millennials down a tricky monetary path.

Starting a career as a young adult today is difficult and many parents are witnessing their university graduate children being rejected from job after job. Many millennials are dependant on their parents for financial help even if they are employed, meaning buying a first property is not on the radar for the majority of the under 35s.

Could the Lifetime ISA be the answer?

Launched in April 2017, the Lifetime ISA pricked the ears of the millennial generation. The previous year the Help to Buy ISA launched, but many were disgruntled by the £250,000 property price cap for those living outside of London and a singular £3,000 government bonus if you meet the contribution limit of £12,000.

Available for 18 to 40 year olds, the Lifetime ISA allows savers to use the saved funds against properties up to £450,000 and presents an annual government bonus of up to £4,000. Savers can invest £4,000 a year up until they are 50.

Whilst the LISA can be used to fund retirement as a form of pension pot, four in 10 millennials revealed they want to use a Lifetime ISA against their first property. Theoretically, an 18 year old could open a LISA, pay in the maximum contribution for 10 years (£40,0000) and receive an extra £10,000 from the government. This would mean a property pot of £50,000 at the age of 28. However, what young adult could realistically save so rigorously?  Young adults with conscientious parents.

Goodbye to the traditional bank of Mum and Dad

Traditionally, parents who are in a position to help their children buy their first home tend to give a cash gift towards a deposit. However, many parents are now harnessing the LISA on their children’s behalves and siphoning £4,000 away into an account annually. Parents who cannot afford to stump up this figure are offering incentives to their successful saving offspring such as matching the sum they deposit. Whilst the account must be opened by the child, the bank of Mum and Dad can gift money to be saved into the account.

Whilst money towards a deposit is undoubtedly helping millennials nationwide secure their first home, parents who want their money to work for them whilst encouraging their children to save are continually taking the new approach via the LISA.

An alternative investment opportunity

There are some parents, dissatisfied with low interest rates, who have been seeking alternative investment arrangements. Knowledgeable individuals want to seek a higher return on money invested into their children’s future.

One alternative to consider are retail bonds. Wellesley offers a listed bond which provide investors the opportunity to hold their investment within an ISA, whilst earning a competitive rate of return. Subscribed funds are lent to experienced property developers whose loans are secured against residential property.

The post What Does the Lifetime ISA Mean for the Bank of Mum and Dad? appeared first on Wellesley.

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The new State Pension amounts to £160 per week. This gives men and women of retirement age an annual income of £7,658. This is the full amount – whether you receive this much will depend on your National Insurance record.

Whether or not you can live on the new state pension alone depends on the lifestyle you want when you retire. For many, it is nowhere near enough. Even the government has stated that the state pension available is not enough. In their document, Your State Pension Explained, it is explained that, “for many people, the state pension is only part of their retirement income.” Therefore, savings, investments or rental income are commonly used to supplement retirement funds.

For many current and future retirees funding retirement is a stressful question, but one which needs answering.

What are your retirement goals?

Your plan for retirement will help you decide what is the best pension route for you. Do you want to spend more time with your family? Take up a new hobby? Increase your savings?  Whatever your plans, you are going to need income, but not everybody has the same goals. Which retiree profile do you resonate with?

Avoid running out of money

For most, being comfortable during retirement is the aim. Many current and future retirees fear having to rely on their children or returning to work if their pension pot is not sufficient.

Maintain or improve lifestyle

Retirement is a period of life to enjoy and for some people the aim is improve their lifestyle. A key part of this is to maintain or grow purchasing power over time to counteract inflation throughout retirement.

Increase wealth

For those who are very financially comfortable for retirement the goal is often to grow their wealth further. Individuals in this category tend to invest and pass the funds down to children and grandchildren.

How will you fund retirement?

Once a retirement goal has been decided, a plan can be formed on how you will achieve it. Estimating a cost based upon your non-discretionary spending, discretionary spending, inflation and investment time horizon. With life expectancies on the up, planning for a long retirement is now the norm.

In turn, you can then calculate your income. It is best to determine this figure without taking investments into consideration. The most common non-investment income sources for retirees are:

  • Salary
  • Pension
  • State pension
  • Business and property
Making the most of your money

Whilst there are some traditional ways to fund retirement, there are also other investment opportunities which have become commonplace in the pension landscape for many.

ISAs

An Individual Savings Account (ISA) allows you to save or invest tax-free. Many retirees utilise their ISA account and leave their pensions untouched. This is achievable as money withdrawn from an ISA isn’t regarded as income for tax purposes, so you can draw down upon it without entering a higher-rate tax band. Other retirees opt to use an ISA for emergency situations for one-off expenses.

Wellesley offers an ISA eligible bond which is listed on the Irish Stock Exchange.  This unique investment is used to acquire loans made by Wellesley which are secured against UK residential properties. Being ISA eligible, this means you could hold your investment within an ISA, allowing you to earn tax efficient fixed returns.

Enhanced Equity Income Fund

A choice for post-retirement income is enhanced equity income funds. The sector is diverse, which allows investors to earn a potentially greater yield on their savings, especially considering the current low interest rates.

Retirees seeking these high dividends will have to accept some risk. These funds used derivative trading to fund higher dividend payments. The strategy aims to provide a growing level of income which is higher than that of the FTSE All-Share Index.

Are you on track for a comfortable retirement?

Research suggests that, on average, those aged 55 to 65 have £105,496 in pensions. A pension pot of £100,000 would mean an income of around £5,000 per year in retirement. Further investigation unveiled that to live at the minimum acceptable standard during retirement costs £9,700.

With such a discrepancy in figures despite such a large pension pot, relying on a state pension and workplace pension simply isn’t enough to fund retirement for the majority. Future retirees need to be proactive with their money to secure a comfortable financial future and look into investment opportunities. Authority to conduct investment business.

The post Is Your Pension Going to Be Enough? appeared first on Wellesley.

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Spotlight on Planning.

Savills assess whether new planning policy will lead to increased housing delivery.

The proposed revisions to the NPPF are the biggest shake up to the planning system since 2012. The aim of the revisions is to deliver more residential consents where housing need is most acute, and to make local authorities more accountable for meeting the targets set in plans.

Are these changes enough to push housing delivery closer to the government’s 300,000 target? Does planning policy align with the wider economic strategy, and is enough being done to unlock sites in the areas with the greatest housing need?

Savills assess how far the proposed revisions to the NPPF are likely to result in increased housing delivery and show where policy needs to develop further if it is to ensure the planning system is effectively tackling the housing crisis.

Read the report

The post Planning: new measures to increase delivery appeared first on Wellesley.

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First time buyers form an increasingly important buyer group for the new homes market – but the kind of home they need is not universal.

Savills’ report show that first time buyers have steadily increased their share of the mortgage market but are being increasingly limited by affordability.

This is impacting the kind of home many can afford, as well as the age at which they can buy. As the average age of first time buyers increases they are looking to ‘future-proof’ their homes for a growing family.

This means the traditional product on offer to a first time buyer, and likewise schemes which utilise Help to Buy, must adapt to this changing profile to retain demand.

Click here to read the full report

The post Market in Minutes: New homes and first time buyers appeared first on Wellesley.

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Many of us are conscious of where we are wasting our money. Mystery direct debits. Expensive phone tariffs. Meals out. Everything adds up and, for some, an overdraft is a necessity as opposed to a financial buffer for one-off circumstances. Whilst poor money management can be fixed for good with tools such as budget apps and online banking, there are scenarios where your money isn’t working hard enough for you. This is what is known as dead money.

What is dead money?

A colloquial term, dead money refers to cash that is not earning interest. Whilst a piggy-bank full of cash or a general savings account may seem like a great way to save money, the funds are not creating any extra income.

Where could your money be dying?

Many people assume that if their savings and ISA accounts are growing, their current account isn’t over drawn, and their credit card has a £0 balance, that their finances are in fantastic order. Whilst this is by no means a bad way to live, making your money work for you is undoubtedly a more lucrative offer.

Currently, your money could currently be dying because:

  • It’s sitting as physical cash in a safe
  • It’s siting in a low or 0% interest savings account
  • The stock or share you originally invested in has decreased in value
  • It’s sitting in a general current account
How to keep dead money alive

If you want to keep your money in cash form, there are a number of ways in which you can make it earn you a return…

Stocks and Shares ISAs

Stocks and Shares ISAs are usually a fund used towards shares, property, or bond investments. Like pensions, ISAs allow you to save tax free. For the 2018/19 tax year, you could save or invest up to £20,000 into a one or more ISA accounts.

At Wellesley, we offer an ISA eligible Property Bond. Money you invest into our Wellesley Property Bond is used to acquire loans made by Wellesley which are secured against UK residential properties. The Property Bond can be held within an ISA, which allows you to earn tax efficient fixed returns of 5.50% pa.

Some key features of our Property Bond include:

  • Property backed loans
  • Loans are only ever lent to experience property developers
  • 3 Year Bond
  • Minimum invest of £1,000
  • Listed on the Irish Stock Exchange
  • Administration and custody services provided by The Share Centre
Regular current and savings accounts

Interest rates between current accounts and savings account vary between providers. Some banks draw customers in to opening current accounts with high interest rates that are fixed for a certain period of time before dropping to a much lower figure. Having a current account with one provider and a savings account with another is a great way to benefit from the best interest rates you can find, however, some people prefer to keep all their finances with one provider.

If this is the case, it may be worth having a look at the offers available from providers. Some offer a high interest savings account if you open a current account with them, or financial perks for opening a current account and credit account.

Premium Bonds

Despite many considering premium bonds as somewhat archaic there are still around 21 million people saving almost £72 billion in them. Although the prize rate did fall from 1.25% to 1.15% in May any winnings you receive are tax free and, the more you save, the better chance of winning you have.

You can apply for Premium Bonds online and can save between £100 and £500,000. All the money you save in a Premium Bond is backed by the treasury as money placed into Premium Bonds is lent to the government.

Lifetime ISA

Whilst not all providers jumped at the chance to offer the LISA, it is an option for anybody under 40 who is unsure of where to stash their money. You can save up to £4,000 per year in a Lifetime ISA and the government will add a 25% bonus on top every year until you turn 50. So, if you save the full £4,000 one year, you’ll have £5,000 before interest. It can be used against a first property or cashed in when you turn 60.

Don’t let your money die

With a variety of options on offer it is time to put your money to work. There is, essentially, free money to be had by simply creating a new account or shifting your money between providers. Spending a small amount of time assessing your finances and making sure they are giving you a return will benefit you long term.

The post How to Make the Most of Your Money appeared first on Wellesley.

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Since the Northern Powerhouse scheme was unveiled in 2014 there has been divided opinions on just how successful the merger of major cities would be. Bringing the cities of Manchester, Liverpool, Leeds, Sheffield, Hull and Newcastle together to create a super-region fuelled by £300 billion originally seemed like a tall order. With part of the initiative to improve the North’s economy, many argued that the already dominant Manchester, Leeds and Liverpool were already providing the infrastructure needed to grow successfully. Despite mixed feelings, since the IPPR North published its strategy for Northern economic transformation, much has been achieved.

Public transport development

The 19 transport authorities of the North have formulated plans to create a coherent Strategic Transport Plan to improve connectivity between all of the regions major towns and cities. Essentially, the plan is to reinvent Transport for London for the North. However, the implementation of this plan is entirely dependent on further funding from the government.

One project that is well under way is the £1 billion expansion of Manchester Airport. What is being dubbed the ‘super terminal’ is set to be finished by 2020, but some passengers will get a sneak peek as soon as next year with the opening of the first pier. The aim of the project is to boost capacity, cut airport queuing times and make travel an easier experience. New flights from Manchester to the likes of China and Mumbai will also be introduced to boost trade.

Northern business strategy

Secretary of State for Business, Energy and Industrial Strategy, Greg Clark, revealed plans in November 2017 for a modern Industrial Strategy. This is set to develop the economy of the North to give regional businesses a global competitive edge.

However, Clark was keen to state that investment in infrastructure, 5G technology, improved transport and an uplift in innovation spending will provide certainty for British businesses nationwide as the country leaves the EU.

Property development in the North

Irrefutably, the property industry has seen the most impressive growth over the past four years. Due to the high property prices of the South and London, many professionals are looking to the North for employment opportunities and affordable housing comparably. Data from Hometrack revealed that the average house price in Manchester increased by 8.8% in 2017, with Leeds enjoying 7% growth.

With local economies thriving, unrivalled business innovation, and a tech boom, the number of jobs has sky rocketed across the Northern cities. Many university graduates who studied in the North are choosing to stay there to start their professional lives due to the countless job opportunities and many of the development plans across the region are creating new roles and apprenticeship schemes too. With attractive and affordable rental properties an additional perk, the North is retaining talent successfully.

Whether flocking from the south or remaining in the North post university, investors and developers are revelling in the growth of the property industry. Student and buy-to-let properties are the two major players attracting investment and West Yorkshire’s financial and cultural heart, Leeds, is one of the current hotspots, along with Manchester and Liverpool. Sheffield, Huddersfield and Preston are all emerging locations where average yields are rising. Furthermore, these areas suffer from a lack of appropriate student housing; a weakness that many investors are looking to capitalise on.

Property prices in the South

With plans for the Northern Powerhouse set to continue until 2050 we have only seen a fraction of the grand plan. However, despite being only four years into the development, the completed changes have enabled the property sales and rental markets in the Northern region to blossom.

Whilst property is positive in the North, has the Northern Powerhouse scheme had an impact on the South since it was revealed in 2014?

Despite there being a clear North South divide in the UK, the changes in the North have had a huge impact on the property market for the country as a whole. In the past, London has hogged the property spotlight and the majority of investment has been concentrated in the South and the capital. This resulted in house prices constantly climbing and increased demand for rental properties.

Whilst rental yields and property prices in London and the South are unlikely to drop drastically any time soon, growth has slowed since 2014. In April of this year, the capital recorded their first annual house price drop in nearly a decade. This ‘London effect’ seems to have rippled throughout the South, with residents of Oxford and Cambridge having to accept lower asking prices on the properties they are selling.

Overall, the Northern Powerhouse could be a blessing in disguise for those in the South who are looking to secure a home. A halt in rental yield and property price growth would certainly benefit the individuals who are trying to secure a home. If not, perhaps a move up North should be on the cards?

The post What Does the Northern Powerhouse Mean for Property Prices? appeared first on Wellesley.

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Planning financially for retirement is essential but, for some, just relying on your state pension or paying into a private pension doesn’t seem enough. Whilst pensions have large tax benefits, many are seeking other additional solutions to finance life after giving up work. We reveal some alternative ways to save for retirement.

Stocks and Shares ISA

Stocks and Shares ISAs are usually a fund used towards shares, property, or bond investments. Like pensions, ISAs allow you to save tax free. For the 2018/19 tax year, you could save or invest up to £20,000 into a one or more ISA accounts.

At Wellesley, we offer an ISA eligible Property Bond. Money you invest into our Property Bond is used to acquire loans made by Wellesley which are secured against UK residential properties. Being ISA eligible, this means you could hold your Property Bond within an ISA, allowing you to earn tax efficient fixed returns of 5.50% per annum.

Some key features of our Property Bond include:

  • Property backed loans
  • Loans are only ever lent to experience property developers
  • 3 Year Bond
  • Minimum invest of £1,000
  • Listed on the Irish Stock Exchange
    • This means you have the opportunity to list your Bond should you require access to your funds
  • Administration and custody services provided by the share centre
Company SAYE schemes

Many large companies offer their employees SAYE (Save as Your Earn) or ‘Sharesave’ schemes. Employees can buy shares in the company with their savings for a fixed price. You can save between £5 and £2500 per month for three or five years. Employees who complete the length of the savings plan receive a tax-free bonus on top.

The People’s Pension

If you are working for a company and they have one to 10,000 employees, it is law that they enrol you on The People’s Pension. You have the option to opt out but having multiple pension sources is allowed. Each pay period you will automatically pay a small amount into your People’s Pension, along with a contribution from your employer.

Often, people find that the return on their savings with The People’s Pension is better than any savings account they hold with a bank.

Investing in property

One approach households take is constantly moving up the property ladder throughout time. Moving from a starter home to various family homes means that downsizing upon retirement will leave you with a lump sum to live off. This means you will need to have paid off your mortgage when you come to sell to receive the maximum.

Another avenue some are harnessing in their 40s and 50s is creating a portfolio of buy to let properties. Letting out homes and becoming a landlord is a way of generating income during retirement and you can be as hands-on or off as you please.

Continue working

The current state pension age in the UK is 63 for men and 65 for women. However, you do not have to retire when you reach this age. Many people choose to continue working, whether this is in their current role or taking a part time job to supplement their state pension.

What is the best pension for me?

It is worth remembering that everyone will receive a state pension when they reach the qualifying age. However, with this amounting to £164.35 per week, there is motive to save or invest in multiple methods to ensure your retirement is financially comfortable.

Whilst there is a greater emphasis on contributing to a pension from an early age to build your pot overtime to give you a better income, it is never too late to start saving for the future. If you begin contributing to your pension in later life, you can still add the equivalent of your annual salary in to your pension fund tax free each year.

If you are unsure of the best avenue for your future it is best to seek the advice of a pensions expert.

The post 5 Alternatives to a Traditional Pension appeared first on Wellesley.

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