You won’t be surprised to hear that the subject of ‘pensions’ is rarely greeted with glee! It tends to be something that our clients see as a ‘must have’. Pensions are wrapped in technical jargon and complexity, and it’s not surprising that many people are unsure about what to do, when to do it or whose advice to take.
TAKING THE TENSION OUT OF YOUR PENSION
The truth is that despite all this, your pension is a brilliant way of growing your wealth in a really tax-efficient way (even if you won’t reap the benefits for a while). We can help you with the following pension options:
- Pension Planning
- Pension Consolidation
- Pension Finding
- Managing your Pension Contributions
- International SIPPs & QROPS
COMMON PENSION QUESTIONS
When meeting with our team we will look into any questions you might have around pensions including:
- What is my pension worth right now?
- How much will I receive each year in retirement?
- Could my pension be better invested?
- Is my pension being managed in the best and most cost efficient way?
- Should I be contributing more?
- What can I do to improve my chances of receiving more in retirement?
- What if I want to retire early – or work for longer?
Your current position
There’s no point discussing what we could do without understanding where you are already. You may have a single pension, various pensions with different providers, a lost pension or maybe you haven’t got a pension at all.
Either way we’ll help you analyse your existing position with your private or workplace pension and calculate where it is likely to leave you at your planned retirement age. That creates a base from which to build.
Tailored Pension Advice
Having seen where you are, we can help in two ways:
- Let you know whether you have the best pension plan in place for your needs.
With your permission we can speak directly to your pension provider to understand your options, your pension’s performance, your charging structure, and, most importantly, the amount you are likely to receive on retirement.
- Recommend what else you can do to improve your pension plan (if it needs improvement!).
This could involve pulling your different pension pots together, switching providers, changing the level of your contributions or more.
If you decide to move forward with us, we’ll help you with all the administrative paperwork. The aim is for you to relax knowing that your pension is working hard for you.
Approaching Pensionable Age And Legacy Planning
Are you approaching pensionable age? Have you thought about the legacy you want to leave behind? As Duncan Raeside, Senior Financial Planner at Headway Wealth, shares, quite often when clients approach retirement age, they start thinking about wills, trusts and estate planning to ensure they leave as much to their loved ones and less to the tax authorities.
Top Reasons For Pension Consolidation
According to research*, the average employee in the UK stays with their employer for 4.1 years. However, this number varies slightly between women (3.9 years) and men (4.3 years). Men also hold 12.5 jobs in their lifetime, on average, while women have 12.1 jobs.
Pension Tax Benefits for Entrepreneurs & Business Owners
Of those who have failed to make any private pension provision, more than half (54 per cent) said this was because they simply could not afford to set money aside. Nearly one in five (18 per cent) say they don't have a pension because they will never retire, and 9 per cent claim they have sufficient funds in a company pension from previous employment.
As with everything we do, it’s crucial to be bespoke and agile. This is your pension and nobody else’s. Your circumstances can change (for better or worse) as can the markets, specific products and regulations.
Your pension plan will need regular checks and possible tweaks over time. We’ll send you quarterly and annual updates that are easy to digest and we’ll do our very best to manage your pension so you don’t have to worry in your later years in life.