RETIREMENT PLANNING

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PENSIONS

Rather than just ask our clients the questions “How much would you need to retire on and at what age”, we prefer to ask our clients how they see their own retirement. It does lead to some colourful answers!!!! However, we believe it is an important step in the planning process to visualise their own retirement.

Since April 2006 pension legislation has seen some radical changes, the bulk of which, we believe are extremely positive and, give people a real incentive to save for their futures. Pensions have come a long way from the dark days of commission riddled savings plans which were the subject of many mis-sold cases in the 80’s and 90’s. Pensions today, are low charge, flexible and offer superb fund management.

As part of our planning process we would seek to use all available tax relief we can when formulating our clients retirement plans. This, coupled with the option of self investing and independent fund selection puts our clients on the right road to achieve their own goals.

Please note that the availability of tax relief is dependent upon any individuals circumstances and may be subject to change.

PRE RETIREMENT

When you have a clear goal in mind of how your retirement should look and the income you will need, we will need to take your entire financial position into consideration and work out the most efficient way of saving to meet your objectives.

TAX EFFICIENCY

Pension funds grow virtually tax free and tax relief is so generous it allows some of our clients to obtain higher rate tax relief on part of their income.

In addition to relief on personal contributions, other tax planning opportunities exist. For example, employees and employers can save National Insurance if salary is exchanged for pension contributions and it is now possible to carry forward contributions for up to 3 years and still gain tax relief at your highest rate if your income allows.

OTHER RETIREMENT SOLUTIONS

When people think pensions they tend to think of traditional defined benefit schemes, private pension arrangements and state pensions, however, income in retirement can obviously take many forms. Your income could also include rental payments, dividends from shares, Unit Trusts or ISA’s, deposits, income from insurance bonds or even trusts. As part of the financial planning process it is our job to blend the savings vehicles which would yield the most efficient income in retirment.

REGULAR REVIEWS

Every financial plan will need to be reviewed at some stage but pension planning needs constant attention in order to keep your goals on track. Salary increases, inflation, investment returns and career change are all events which require us to re-evaluate your plans and we would always recommend a review annually as a minimum.

POST RETIREMENT

When people think pensions they tend to think of Final Salary Schemes, Private Pension arrangements and State Pensions, however, income in retirement can obviously take many forms.

Your income could also include rental payments, dividends from shares, Unit Trusts or ISA’s, deposits, income from Insurance Bonds or even Trusts. As part of the financial planning process it is our job to blend income steams to minimise tax and maximise return.

Unfortunately, due to the lack of trust consumers can sometimes have in the financial services community many people simply go on line and buy annuity with pot of money they have spent their entire lives building and often regret not having taken advice.

PENSION INCOME OPTIONS

Potentially, and especially if you are retiring early you might have to live with your decisions for 40 years or even more. The importance of a proper discovery session with your adviser cannot be overstated.

You will only ever receive advice from an adviser with the requisite qualification.

ONGOING ADVICE

Depending on what decisions you make regarding your pension income options, you may want ongoing advice from us to manage your income in the most efficient way. As our client you will be able to login and look at the value of plans at anytime and monitor performance against your goals.

Income Drawdown Pensions Plans are sophisticated products and subject to the fluctuation of the underlying assets, therefore, we always advise clients to review these plans on a regular basis in addition to the underlying investment strategies.