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Retirement and Pension Planning
Your retirement years can be the most fulfilling of your life, but effective planning is vital. We offer bespoke financial planning and pension advice to help you achieve your retirement goals.
Free from the day-to-day obligations of work, retirement is a time to enjoy life to the fullest.
Achieving the lifestyle you want, however, relies on a carefully crafted and robust financial plan, built to ensure you have a reliable, sustainable income to support your long-term retirement goals.
Working with a financial adviser when planning for retirement should bring clarity and peace of mind so you have a clear picture of what retirement will look like and what you need to do to get there.
This is an important initial step when planning for retirement. A financial adviser can assist you by spending time with you to understand your retirement aspirations and the various aspects that you may not have considered like when you want to retire, what kind of lifestyle you want to lead, and what activities you want to pursue during your retirement.
Your plan will be based on your current financial situation and retirement aspirations. By using the latest financial tools, such as cashflow modelling, your adviser can show you how much you will need in retirement and the impact various factors can have on your ability to make your retirement pot last. This personalised plan gives you a clear picture of what you need to do to achieve your retirement goals.
If you decide to proceed, your financial adviser will implement the agreed aspects of your personalised plan, such as withdrawing income in the most sustainable and tax-efficient way. We understand that life changes, and your adviser will review your retirement plan and make any necessary adjustments to ensure you stay on track to reach your retirement goals.
Your pension is the cornerstone of a successful retirement but choosing the right products can be complicated. Our pension advice will guide you through it and help you decide whether to consolidate or transfer pensions, or adapt your investment strategy so your goals stay on track.
Pensions are great for optimising your tax planning. Not only do you receive tax relief when contributing to a pension, but your money can grow tax free and is exempt from inheritance tax. We can advise on the most tax-efficient way to achieve your retirement and legacy goals.
Our financial advisers can support you on all areas of pension and retirement planning, such as;
Important - The FCA does not regulate estate planning.
No matter what stage you are at in planning for retirement, don’t hesitate to contact us to arrange a free initial consultation.
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This depends on the lifestyle you wish to live in retirement. You might have enough to pay your monthly utility bills, food shop and council tax, but do you have enough to eat out at restaurants, go on nice holidays and treat your grandchildren every now and then? Our cash flow modelling tools enable you to visually see the impact that your forecasted income and expenditure will have on your ability to make your pension pot last. Ask your adviser for more information.
In our experience, people drastically underestimate how long they will live and how much they will need to live on, and overestimate how much their pension pot will pay each year. The common rule of thumb is you will need between half and two-thirds of your net income to maintain your current lifestyle in retirement. But is that really enough in practice? To create a realistic retirement plan, you’ll need a good handle on how much you are likely to spend once you stop working. We regularly work with our clients to model various future scenarios, providing clarity for your retirement planning.
If you have a defined contribution plan, as all private pensions and most workplace pensions are, any unspent money in your pension pot can be passed onto family when you die. If you have a defined benefit plan (also known as a final salary pension), which is the case for a lot of public sector workers, you cannot pass it onto family, but the scheme might make provision for your family when you die. You might also be able to transfer to a defined contribution pension scheme but the Financial Conduct Authority consider that most people will be best off keeping these valuable arrangements.
If you have defined contribution pensions, you can take all of your pension as a lump sum – however, it will incur a heavy tax charge. When you turn 55, you can take up to 25% of your pension as a tax-free lump sum (57 from 6th April 2028). Whilst some people may have protections in place that allow a higher tax free lump sum, most will in future be limited to the maximum under the proposed Lump Sum Allowance (LSA) of £268,275. Any additional withdrawals will be taxed at the relevant income tax band that year. Lump sum withdrawals are not normally possible within any defined benefit pension schemes, but these may offer a separate tax free cash lump sum as part of the scheme benefits at retirement or allow you to exchange some income entitlement for a cash sum.
There is no limit on what can be saved in your pensions each year, but anything over £60,000 or 100% of relevant UK earnings will not be eligible for tax relief. For a defined contribution plan, this figure is based on the total contributions from you, your employer and anyone else. For a defined benefit plan, it’s based on the increase in your pension benefits that year. If you didn’t use the full allowance in previous years, you can carry forward any unused annual allowances from your three previous tax years.
If you have several pension pots, you have an opportunity to combine them into one. This will not only make it easier to manage and keep track of your pension savings, but it might also save you money and give you more flexibility. But there are also potential downsides which your financial adviser will be able to outline for you before you make a sensible, informed decision.
This depends on how you take retirement benefits, and it is a complex area to understand. Most pension options allow anyone to inherit a person’s pension. It doesn’t always have to be your spouse or a civil partner. There are potential tax implications - so it’s important to understand your options but it is always good practice to keep your pension provider(s) informed of who should benefit from your pension whether you die before or after accessing the benefits yourself. Our independent financial advisers can help you understand your options and put a robust plan in place.