PENSIONS

Enjoying the comfort and peace of mind that financial security will bring in your retirement depends on good planning and wise investment.

The key considerations you will likely contemplate for your retirement is the amount of money you’ll need to enjoy the lifestyle you want. This will depend on your health, life expectancy, how much you have already saved and if you think you will work part time to supplement your income after your official retirement.

Is it too late to start a new pension?

Life changes when you retire and so does the way you use your money. You may have paid off the mortgage on your home and not working means less travelling expenses. However, this could be replaced by the desire to travel and pay for leisure activities. It’s never too late to take the steps to increase retirement savings and, whatever your plans may be, it’s important to think about the lifestyle you want.

What sort of pension should Is right for me?

There’s a variety of pensions available, each with rules governing how much you can pay in and how you are allowed to access your money before or at retirement. Despite the government’s attempt in 2006 to simplify the tax rules relating to pensions, it’s still important to seek professional advice. The one rule that governs all pensions is that the monies cannot be accessed until you reach the age of 55, except in special cases. However, the State Pension, to which everyone is entitled, with the amount subject to NI contributions made during your working life, is not paid until you reach the age of 66.

different types of pensions

The different types of pension include the following:

Personal Pension Plan
Self Invested Personal pension (SIPP)
Flexible Access Pension (Income Drawdown)
Workplace Pension
Small Self Administered Scheme (SSAS)
Defined Contributions Scheme
Defined Benefit Scheme

We will help you decide which of these is most suitable for you, explain the relevant rules in plain English.

maximise your savings

You may already have or be a member of one or more of these pension schemes but now could be a good time to revisit the provisions you have made, whether you are in the process of building your pension pot or getting ready to retire. The goal should be to ensure your likely future income is sufficient for the type of retirement you desire and we will help you plan your next steps.

What next?

To plan effectively for your retirement, we will work with you to consider your goals and priorities, review your existing pensions and other investments, and calculate expected future income and how much you need to contribute to ensure you can pay for the lifestyle you seek.

The first step is to book a complimentary wealth check with one of our experts.