The earlier you start, the easier it is
Do you know when you can retire?
Do you know how much money you’ll have for when you retire?
Do you know how long that money will last?
Pensions offer a tax efficient and effective way to save for retirement.
Careful and thoughtful planning gives you the opportunity to save so that you can support yourself and loved ones for when you stop working.
One of the biggest challenges of pensions is jargon. We can help by making it clear and straightforward so that you know the answers to these questions. We’ll keep things simple and help you understand better your existing situation and how you can meet your goals.
Our Process
- Knowing your goals: We’ll discuss what’s important to you and what your financial goals are.
- Research and Development: We’ll research your best options and develop your financial plan, with illustrated forecasts.
- Recommend and Implement: We’ll present our recommendations and show you how it will help you to achieve your financial goals.
Annual reviews to keep you on track.
It is important to keep your personal financial plan on track, including looking at any changes in your circumstances, and regular annual reviews are key.
Our industry-leading software produces an easy-to-follow timeline that gives you an idea of what your long-term financial position is. This timeline takes you from today to beyond your retirement, providing valuable insights.
Pensions FAQs
Whether you are starting a new pension, have been paying into a pension for years, or looking to consolidate your pension plans, you should speak with a Financial Advisor.
If you’re approaching retirement, changing jobs, if you’re self-employed, have complex pension arrangements or looking at tax planning and long-term financial goals; now is the time to speak with us. We can help you understand your overall financial situation for when you retire.
Determining how much you need in retirement depends on several factors, including your lifestyle expectations, current financial situation, and retirement goals.
We can calculate a final savings figure based on various factors that you may not have considered. These factors include your current earnings, expenditures, insurance policies, and investments, all balanced against your future plans, healthcare requirements, as well as wills and estates.
Remember that retirement planning is not static. It’s essential to review and adjust your retirement savings strategy regularly as your circumstances change. With careful planning and ongoing monitoring, you can work toward achieving your retirement financial goals and maintaining a comfortable lifestyle after you retire.
Accessing your pension depends on the type of pension scheme you have and your age.
State Pension: The State Pension in the UK is usually payable at the state retirement age, which is currently around 66 but may change in the future.
Personal Pensions: You can usually access your personal pension from age 55 (increasing to 57 in 2028). You can access it in several ways:
- Lump Sum: You can take up to 25% of your pension as a tax-free lump sum. The remaining 75% can be used to provide an income, either through an annuity or income drawdown.
- Annuity: You can purchase an annuity, which provides a regular income for life or a specified period.
- Income Drawdown: You can leave your pension invested and take income directly from it. Be mindful of the tax implications and investment risks associated with this option.
- Small Pots: If your pension savings are relatively small (usually under £10,000), you may be able to take the entire amount as a lump sum.
Defined Benefit (DB) Pensions: If you have a defined benefit pension, the rules can be more complex. You may be able to take a tax-free lump sum and a regular income, but the details will depend on your specific scheme.
We can help you find the best ways to access your pensions for your circumstances.
Please note that pension rules and regulations can change over time, so it’s essential to stay updated on the latest guidelines from the government and financial authorities.
The fate of your pension when you pass away depends on several factors, including the type of pension scheme you have, whether you have chosen beneficiaries, and your age at the time of death.
For both Defined Contribution (Personal Pensions) and Defined Benefit (Final Salary) pensions, it’s crucial to keep your beneficiary nominations up to date. By specifying beneficiaries in your pension plan, you can ensure that your pension assets are distributed according to your wishes.
We can help you understand the specific rules and options associated with your pension scheme and ensure that your beneficiaries are well-informed about their entitlements.
Estate planning and pension inheritance can be complex, so it’s essential to have a clear plan in place and to review it periodically to accommodate changes in your circumstances or the pension regulations.