Regardless if retirement is many years away or just around the corner, it is essential that you are fully prepared for this critical life event. Retirement should be something that you are looking forward to after years of working and not something you should be anxious about.
It is important to make sure that you have not only saved enough money, but that you can sustain the necessary level of income that is needed during your retirement. This can be a daunting challenge for most.
When we first speak to our clients, we often find that they are often unsure if they can afford to retire, or they do not understand how their pension works because of the complex literature and ever-changing legislation. This is where we can help.
Our knowledge and expertise will help to put your mind at ease, whether it is reviewing your current pension plans or starting from scratch.
When establishing an income and taking a lump sum from your pension, it is important to understand and appreciate the pension rules and the ever-changing legislation. Whilst there has been increased flexibility in recent years in relation to accessing your pension, the rules have equally become more complex. Our team of financial advisers can assist you in making the right decisions and reduce the risk of paying unintended tax.
Whilst there has been an increase in pension flexibility in recent years, the rules have equally become more complex. There are other important aspects to consider too. You may find that your existing pension plans do not reflect what you want from your retirement. Contrary to belief, older style pension plans are not automatically updated to reflect the most recent legislation and may be inflexible and outdated.
You may also find that your existing pensions are extremely expensive and are not performing well. This can have a detrimental impact on your savings and can negatively affect your ability to meet your retirement plans.
What we can offer you
A comprehensive pension “health check”, conducted by one of our fully-qualified pension experts covering:
- Does your current plan reflect all the legislative changes that have come into force in recent years?
- How you can take your pension. We will provide a full breakdown of the options and restrictions that may impact your goals and objectives.
- Pension death benefits. Are there any limitations that you may not be aware of? We will provide you with the options available and discuss potential improved alternatives.
- Assess and understand the charging structure of your pension. Are you paying too much for the service that you are being provided with? And does the plan reflect the legislative changes that have come into force in recent years?
- Review the underlying investments in your pension to make sure that they will achieve your objectives and meet your agreed level of risk.