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Retirement Planning

These days there’s no such thing as a job for life, as you’re more likely to have gained another pension plan than a carriage clock when you leave your employer. If you start a new pension plan each time you move employers, you will end up with a cluster of them, many of which you may forget about.

However, the most important choice you will make will be over the actual annuity, or unsecured pension (also known as income drawdown) product, as this will determine your ultimate income. There is also the option of taking 25% as a tax-free lump sum, which could pay for a long holiday or be re-invested elsewhere to generate additional income.

An annuity will provide you with an income stream for life, but this does mean you give up all right to the capital – and your descendants will not inherit anything if you die shortly after retirement. You therefore need to think carefully about whether you include guarantees in your annuity choice (thereby securing some of that fund value at least for the short term) and also the rate being offered to you, particularly if you smoke or have certain health conditions.

With an unsecured pension (income drawdown) arrangement, you retain your entitlement to the capital and draw an income directly from the value each year. These schemes can be quite flexible, though, and offer access to a wide range of underlying investment funds so you can decide what risks, if any, are worth taking and allocate your money accordingly.

The choices available to retirees have increased significantly in recent years and this has brought with it an acute need for advice prior to making any decisions.

  • Key Considerations
  • Is a pension the only way to build for retirement
  • What are the tax advantages of a pension
  • Pension versus ISA
  • Is your property your pension
  • How do I make sure my investment strategy is consolidated across my pensions
  • What happens to my pension when I die
  • Could you survive on the State Pension
  • What effect does inflation have on my pension
  • I own a business, should I fund a pension

Our Key Skills

Retirement has changed for most of us, so that it has become more flexible, with a reduction in working hours later in life, rather than simply picking a specific date to stop work altogether.

We work with our clients to build a long-term income strategy for their retirement years. The structure of pension income can often contain a number of investments, such as Property, ISA’s (Individual Savings Accounts), together with the State Pension and available Pension Policies.

For those at or close to retirement we help you to understand the various options you have and the inherent pitfalls.

Clear guidance at the beginning or end of your working life is paramount to making sure you maximise the income you can achieve.