Pensions and Retirement Planning
Once you reach the stage where you're considering your retirement income, expert financial advice becomes even more important. Many of the choices you make at this time will affect your lifestyle so you need to make sure they're right.Pensions can be also used as a very effective form of tax planning; reducing your immediate income tax liabilities, achieving tax free growth, providing a tax-free lump sum in the future and potential to pass on their value to the next generation (and beyond) without any IHT being payable.
It's essential that you review your pension situation regularly. We can advise you with taking steps to make it more certain that your pension pot will be able to achieve the income you want when you retire.
We can guide you through key life decisions and advise you on tax-efficiency, making certain that you're saving enough into your pension enabling you to enjoy the retirement you deserve.
Options are varied and can be tailored to your circumstances.
Advice on taking benefits from pension schemes
We are experienced in providing advice on the many options available when taking benefits from pension schemes, including:
- Pension Fund Withdrawal (Flexible Drawdown)
- Phased Retirement
- Pension Lump Sum Investment/Portfolio Planning
- Capped Drawdown review
- Annuity Purchase
- Impaired Life/Enhanced/Smoker Rate Annuities
- Investment Linked Annuities
- NHS Pension Scheme
- ISA Investment
- Income Producing Investments
Decisions that are made today can have an impact on your retirement income and lifestyle, so it's important to get the right advice. That's where we can help.
There are limits on what can be put into a pension and this is not necessarily the same for everyone. It is affected by your overall taxable income and whether or not you have previously drawn any pensions.
This is a limit on the overall value of individual pension benefits and funds. Exceeding this limit can result in significant tax charges.
NHS Pension Scheme
We have many clients who are members of this scheme and we have a good understanding of how it operates. This includes the 1995, 2008 and 2015 Sections for Practitioners & NHS Staff. We have helped many clients with issues relating to the Annual Allowance and Lifetime Allowance limits, which have been key areas in recent years, and the likely benefits payable and planning for retirement.
The levels, bases and reliefs from taxation are subject to the individual circumstances of the investor and may be subject to future change.