Pensions & Retirement Planning
Do you need expert Retirement Planning advice?
You now have more choice available to you than ever before as to how you access your pension funds. However, with greater choice comes greater complexity. Your pension income options need to be considered alongside your investment income options. It may be more tax efficient to use some other sources of income such as ISAs, offshore and onshore bonds and OEICs.
We will be happy to discuss all these options with you to establish what most suits your needs.
What is a Pension?
A pension is a way for an individual to save towards funding for a time when they do not wish to work so hard, or retire completely. A personal pension is a simple product, it is a fund that is able to grow tax free that you and your employer can contribute to. On 6 April 2015 the Chancellor introduced new rules so that once you reach the age of 55 you can start to access this pot of money, letting you take out as much or as little as you like.
Pension Income Options
There has never been a time when you have had so much freedom of choice about how you access your pension income. However, with greater choice comes greater complexity and the need for independent financial advice.
A summary of options available:
| Option | Description |
|---|---|
| Lifetime Annuity | A regular and secure income for life |
| Scheme Pension | A regular and secure income for life |
| Phased Retirement | Part of your fund and part of your tax free cash are used in segments to provide annuity income |
| Capped Drawdown | A tax free cash lump sum is paid at outset and the remainder of the fund is still invested. Income can be selected if required |
| Flexi Access Drawdown | A tax free cash lump sum is paid at outset and the residual fund, subject to income tax, may be accessed immediately |
| Ufpls | A lump sum is paid up to the full value of the plan. No regular income. 25% is paid as tax free cash the remainder is subject to income tax |
What Should You do Next?
- You can call us to discuss your pension needs
- We can review your existing pension holdings and ensure they are on track to meet your goals
- We will make sure you have invested in an appropriate manner for your circumstances