Retirement and Pension Planning
What is your retirement strategy & what income/cash do you want to achieve to meet your objectives on time?
What are my options?
Are you on target? Taking retirement planning advice early (around 12-18 months before your intended retirement date) is usually worthwhile.
Financial planning is key to meeting your objectives, whether you plan to stop work entirely or reduce your workload as you ease into retirement. Having sufficient capital to provide income and cash to meet your needs, whatever they are, both expected and unexpected, is important.
There has been much recent press about changes to pensions legislation and the increased flexibility in the way that pension benefits can now be used and drawn.
These significant pension benefit changes came into force from 06 April 2015. It should be clearly noted that the principle that a pension should provide you with income for the rest of your life does not change. Therefore, although these new changes are welcomed, the financial planning approach to any new changes should be balanced to take this longevity into account.
You may have accumulated various type of pension plan and some of these are detailed below:
Personal Plans, Retirement Annuities, Stakeholder Pensions & SIPPs
Since the introduction of stakeholder pensions in 2001, new pension plans have become more flexible with lower charges. Some of the older type schemes, such as Retirement Annuity Policies (RA 226) and Executive Pension Plans (EPPs), can have significant advantages such as guaranteed annuity rates and the level of tax free cash available. These need to be checked to understand the significant value that they could offer. Other alternatives may include Self Invested Personal Pension Plans (SIPPs).
Occupational Pension Plans, Final Salary & Money Purchase
We provide a full advice service for Defined Benefit Transfers (Final Salary) arrangements. Please note that we will not sign off pension transfers without conducting a full review and transfer analysis. If our recommendation is not to transfer we will not subsequently act contrary to that advice to arrange the transfer for any insistent clients (where the client elects to reject the advice and proceed with the transfer anyway). We charge for the transfer review and recommendation so our fee would still be due even if we recommend not to transfer.