Retirement Planning

Do you know what you will need in your retirement? 

Do you know how and when you will achieve it?

As this is an area that we specialise in we are proud to help people save for their futures, whether they are just starting out, moving between jobs, building their own businesses or trying to work out how much they will need to provide them with a future income. Whatever stage you are at with your retirement planning we are able to help.

When looked at in simple terms pensions fall into two stages.  Initially you work hard and save for the future, perhaps with the help of an employer and then you draw the income from your accumulated pension funds.

For those people saving we find there will often be many different objectives demanding a share of your income.  We can help your prioritise what is relevant and most important to determine a suitable retirement strategy.  This may mean establishing a pension if you don't already have one.  If you do have one we will check to make sure it is working your money hard and will deliver you a retirement when you want it.

Employed clients may be able to benefit from generous work based pension schemes, or if you control the business you may wish to fund the pension directly from the business to save on National Insurance costs.

Once you reach retirement and look to draw an income from your pension there can be a bewildering array of options available.  Your pension provider will normally write to you and offer you an income in the form of an annuity.  We can help you compare this against the open market to see if there is a higher income available elsewhere.  Indeed, annuities have much more to them than first meets the eye and specialist annuities should be considered for those that have suffered poor health in the past.

There are other options available as well.  If you don't want to commit to an annuity there is the potential for temporary annuities (which pay an income for a set period of time before maturing) or the prospect of Capped or Flexible Drawdown which may be suitable for some clients, it allows you to draw funds from your pension whilst it remains invested.