Family services
Pensions & retirement
The recent Budget brought about the biggest change to pensions and retirement planning in living memory. The new level of flexibility and choice means that it’s no longer about choosing the right annuity or pension plan. Instead the focus is building up sufficient funds and ensuring that your investment is managed appropriately to provide a sustainable income for your retirement. That’s where our expertise in wealth management comes in.
We’ll help you to put a financial plan in place, to give you the best chance of having the funds you need for your retirement, starting with a few simple questions;
How much is enough?
This very much depends on the lifestyle you want to have in retirement. What most of us don’t realise is that to secure even a modest income equivalent to the minimum wage of just over £12,000, we need a pension pot of at least £220,000. We’ll help you work out what the projected costs of day to day living might be for you in retirement, to help you establish what you need as a minimum.
What’s the best way to build up funds?
This will depend on several factors unique to you, including your personal circumstances, employment status, financial situation, health and attitude to risk.
How do I ‘future proof’ my pension fund?
Making the right choices to secure the income you need in retirement are made even harder by ongoing changes in tax rates, rules and regulations. We’ll help you keep on top of any changes by regularly reviewing your pension provision. These reviews mean that we can make recommendations and adjustments if required, to keep your plans on track and give you the best chance of having enough in the pot when you retire.
Contact us today to arrange a meeting to find out how we can help you plan for your retirement. The first meeting is at our cost, and with no obligation, so you really have nothing to lose.
Important information
A pension is a long term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
Talk to an adviser
Book your free first meeting
No obligation. We’ll listen, explain your options and only recommend what’s right for you.
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Q&A
Questions & answers
When can I take money from my pension?
Under current rules you can usually access a personal or workplace defined contribution pension from age 55, rising to 57 from April 2028. The State Pension age is set separately and is currently 66, rising to 67.
How much of my pension can I take tax free?
Usually up to 25 percent of your pension, subject to an overall tax-free limit of 268,275 pounds for most people. The rest is taxed as income when you draw it.
Should I combine my old pensions?
Sometimes. Combining can make pensions easier to manage and cheaper, but some older schemes have valuable guarantees or protected tax-free cash that could be lost. We check every scheme before recommending a transfer.
Will my pension be subject to inheritance tax?
From 6 April 2027, most unused pension funds and death benefits are expected to be counted in your estate for inheritance tax. This makes reviewing your pension and estate plan together more important than ever.
How much can I pay into a pension each year?
The annual allowance for tax-relieved contributions is 60,000 pounds for most people, or 100 percent of your earnings if lower. It is lower for very high earners and for people who have already flexibly accessed a pension.
Your first meeting is free
Talk to an independent financial adviser in St Albans. Call 01727 223251 or send us a message.