Financial planning for your retirement

Maintaining your standard of living in retirement is a concern for many people. The Government’s message that individuals need to be taking more responsibility for their financial wellbeing must be taken on board with the State no longer providing an adequate retirement pension, the rapid decline in final salary pension schemes and increased longevity.

Your situation is complex

Many people’s pension situation is complex, with a number of different pension schemes being accumulated over their working life. As part of our financial planning process, we will take time to unravel the detail and consider whether you have adequately provided for your retirement.

You need sound retirement planning advice

You can do much to ensure that sufficient critical capital is built up. This may include the best use of your annual ISA allowance or setting up a stakeholder pension. For larger sums, a Self Invested Personal Pension (SIPP) might be appropriate. We can give you useful SIPP advice, ensuring that any SIPP investments you might make are consistent with your retirement financial planning goals.

You need tax efficient solutions

We will always consider the tax implications of our advice. However, any decisions should be made in the context of your overall financial plan, rather than to achieve a short term tax benefit.

You need a financial planner that understands the latest legislation

In 2015, the UK government introduced some of the biggest changes in pension history, commonly known as the "Pension Freedom Act", offering pension investors unprecedented flexibility and access to their pension savings. 

For instance, from the age of 55 you have total freedom over what you do with your pension fund. You can choose to take your pension fund as one cash lump sum or a series of smaller cash lump sums. You will normally receive the first 25% of your fund tax-free, after which you will pay tax on withdrawals at your marginal rate of income tax.

In addition to being able to take money out of your fund as one or more cash lump sums, you can also take as much pension income as you like under a drawdown pension, rather than being limited to the amount you can draw each year.

We specialise in retirement planning and are able to offer you sound retirement planning advice.

A PENSION IS A LONG TERM INVESTMENT; THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND ON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.