Retirement Planning
Your Financial Planner will be able to advise on the wide range of options in today’s pensions market. This could cover anything from choosing the most suitable pension through to advice on setting up a Self-Invested Personal Pension or making withdrawals from an existing fund.
Saving for Retirement
Pensions planning is a key part of long-term financial planning and one where legislation is changing all the time. We can help you understand the latest regulations and how they apply to areas including company pensions, personal pensions, stakeholder pensions and Additional Voluntary Contributions.
Self-Invested Personal Pension (SIPPs) and Income Drawdown
A SIPP allows investors to select the investments in their pension portfolio. This gives you greater control as you are not restricted to the range of funds offered by traditional pension product providers. It is a flexible product that allows you, for instance, to extend your retirement date, have a phased retirement plan or use income drawdown. In addition to giving you all the taxation benefits you receive with a traditional pension, SIPPs also have transparent set-up costs which can compare well with traditional pension providers.
Approaching Retirement
A traditional pension is just one option for those planning for their retirement; so many investors seek advice on which products are suitable for them . This is particularly important as annuity rates continually fluctuate and because some options are available before retirement, but not necessarily afterwards.
Stakeholder Pensions
All businesses employing five people or more are required by law to offer a stakeholder scheme if they do not already have an established occupational pension scheme or qualifying group personal pension. Current legislation also means that anyone can pay into a personal pension scheme whether they pay tax or not. If you do not pay tax, the amount you can pay in is limited, but you will still have the basic rate tax relief added to your contribution. You can also put money into someone else’s personal pension, such as your spouse, civil partner, child or grandchild. They will receive tax relief at the basic rate and this will not affect your own tax bill. Again, if they have no income, the amount you can pay in is capped.
Company Pension Schemes
With legislation becoming increasingly complex, we offer advice on the appropriate pension arrangements for directors and employees. We can also provide the full range of services required for the administration of final salary, money purchase and small self-administered pension schemes.
No investment is suitable in all cases. If you have any doubts, please contact us for advice.
For further information please complete our online form or contact one of our financial planners.