Gone are the days when an individual would enter a company straight out of school or university, work there their whole working life, and retire with a pension and gold watch.

These days, individuals want variety and challenges. Stats show that on average, a person will change jobs 12 times in their working life. Why? There are various reasons which include; better salaries, new challenges, getting promoted, more job satisfaction, more international relocation or the rise in retrenchment figures.

In many countries, pension contributions are compulsory to encourage saving for retirement, but individuals can generally cash in their pensions if they leave an employer in a few years. These funds are not always reinvested into another pension plan.

The only consistency in an ever-changing employment world, would be a privately invested pension plan. This allows you to build up a long-term retirement nest egg no matter where in the world you live or work.

With more and more expats entering the global employment market, it is vital that a private pension plan become an important part of retirement planning.

“My message to the individual would be this: By failing to effectively plan for your mature years, when you hit retirement age (65) you’ll need to accept that you are most likely going to have to work into your 70s (which is fine if that is what you really want to do because you enjoy your work  – and providing that you still able to work, and that employers are seeking septuagenarians to join their workforce) OR you are going to have to considerably compromise your lifestyle in retirement.” - Nigel Green, CEO deVere Group
Benefits of a private pension plan
•    Regular monthly or lump sum contributions no matter where you are in the world.
•    Minimum contributions are affordable and admin fees generally low.
•     Choose your own risk profile. 
•    Flexibility to invest in a range of securities, bonds, equities, etc.
•    Retirement age from 55.
•    Ideal for self-employed individuals.
•    Can take part lump sum and buy an annuity (guaranteed income) with the remainder.
•    Can leave it invested and take cash amounts when you need it via drawdown.
•    Usually some tax relief on contributions and at retirement.

Even if you have a company pension plan in place, having a privately invested pension plan would just make your retirement nest egg that much bigger and offer a better standard of living.

It is advisable to start a privately invested pension plan as early as possible in your career.

 Never underestimate the power of compound interest.

Speak to your deVere adviser about starting a private pension plan. They will give you the best recommendation based on your current financial circumstances.[email protected].