Pension and Retirement Planning

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Can I afford to stop working?

We can help you to achieve the lifestyle that you would like in retirement.

You may not have given any thought as to when you want to retire, or the level of income you might require when you do. You might not have any idea what/if anything by then, the State Pension will provide to assist you. It is really important to have a clear plan as to how you are going to meet the goals of your retirement. The younger the better – before it’s too late.

This is particularly true at a time when State retirement ages are going up (see our State Pension age calculator link below), final salary pension schemes are closing down, and stock markets are volatile. Individuals now have a much greater responsibility for managing their investments for their retirement and determining how much they will need in order to retire in comfort.

For the more ‘sophisticated’ investor, SIPPs can provide a level of flexibility and self choice that other forms of private pension cannot, albeit at a higher cost than those cheaper alternatives.

Irrespective of what form of private pension you hold, or intend to hold, you can calculate how much this is likely to provide in retirement for you, by using the simple tool link below. Simply put in the details that you know about the current values of your existing pension funds (combined values if more than 1), any existing or proposed single/regular contributions going forward, & length of time to retirement. This will calculate, not only your shortfall in provision (if like most people, that’s what you have), but also how much you should ‘ideally’ be contributing in order to hit your ‘target’ figure at retirement.

*Remember to establish whether you would be entitled to the State Pension at your chosen age for retirement which could assist with any shortfall highlighted, by clicking on the link below which can tell you when you would receive that.

Workplace Pensions

You may be aware that the Government are making it mandatory for all employers to offer automatic enrolment in a workplace pension scheme – administered by your employer but where the pension itself belongs to you even if you were to leave that employer for pastures new. Dependent upon the size of your employer, the commencement date for this could be sooner rather than later. The intention is that all ‘eligible employees’ should be automatically enrolled in such schemes by their employer, and whilst you can opt-out, given that your employer is required to make a contribution on your behalf (as will you), we would fully encourage people to make use of this valuable retirement planning arrangement. Before so doing however, you may wish to take advice on what this might mean for you personally, and in that regard, we would be happy to assist you or your employer if need be, in any way possible. Please contact us.

Generally though, we can advise on retirement planning and your current arrangements, project these forward, and agree the best financial plan with you, intended to meet your own personalised retirement goals.

Pension Dilemma?

Many people haven’t seen an adviser for years, if at all, since setting up their pensions, and have no idea how they are performing or whether they should consider switching them to another fund, to an employer sponsored pension, or to a different pension provider. It is in this area that a full in-depth review is important, and we are expert at recommending whether you have the correct pensions, or an alternative approach is required, following this review.

The State can provide a projection on your likely benefits – Write to them for your personal projection at the address below.

For more information about managing your finances when you reach retirement, visit our Retirement Options page or contact us for more information.