It’s not often that pensions are a topic of conversation around the kitchen table, in the pub, or on a walk!
The planned reforms from April , however have got lots of people talking and thinking about pension planning.
And it’s not just pension planholders coming up to retirement that are considering this issue. It will also impact upon those in the workplace who are looking to build up their pension pot (or thinking about taking one out), recognising that the new rules may require a change in strategy. Furthermore, even those with an annuity may get in on the act, as there has been a suggestion of allowing them the option of cashing it in.
So it’s clear that these changes will have an impact right across the board, irrespective of age, lifestyle situation, attitude to risk and tax position. And whilst it’s good to chat about this amongst friends and colleagues, it also makes sense to take professional advice, should you want to find out more. The latest edition of our MoneyView newsletter discusses some key developments.
To read more, please click the link below.
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Remember the Three C’s of Pension Planning
The Three C’s of pension planning are a reminder of the importance of good quality professional advice:
Complex challenges – the world of pensions is full of complex choices and changing legislation
Consequences of getting it wrong – making the wrong choices could compromise the latter years of your life
Can’t “Self Serve” – you need guidance to help you make the right choices
With so many employers offering at best, a basic workplace pension scheme, the choices for a comfortable retirement are looking less and less rosy for those without a plan in place. If fewer people are working, and more retiring, it is only a matter of time before the value and availability of even the basic state pension is either eroded or removed entirely. It is therefore more important than ever to think about and start planning for your future.
Actually, there’s a fourth ‘C’: Contact us today to make sure you get the right advice!
Find out how to ensure you have the right pension provision for your lifestyle – call us on 01202 477747 for a free no obligation consultation.
Cashflow Modelling: the heart of your pension plans
We make use of Cashflow planning models to help you make informed decisions about the options for your pension plans. Find out more about cashflow planning.
Options at Retirement
Most people only retire once in their lives. Some retirement decisions can’t be changed and could last a lifetime so it is important that you understand all the options available before making any commitments. Norris and Fisher will outline the things we think you should watch out for, the range of options and the risks. If you are not a Financial Adviser but are thinking about your retirement options then please call for a free consultation with one of our Advisers.
- Individual & Corporate Advice
- Full benefit reviews / projections
- Transfer analysis
- Consolidation analysis (transfer a number of policies into one)
- Pension Benefit options (drawdown, annuity, etc)
- Open Market Option (ensure you receive the highest level of income available)
- Impaired Life Annuities
In order to make a decision upon the above you will need to have considered the following –
- Do you know how much income you will need in retirement?
- Do you know how much income your pension is likely to provide when you retire?
- Do you know in what form you will be taking your retirement benefits?
- What other income can you rely on in retirement?
- How much pension would your spouse/partner receive in the event of your death now or in retirement?
- Have you planned ahead for your pension?
- On retirement can I get a better pension elsewhere?
Is my retirement funding on track?
Norris and Fisher can help you answer the following key questions:
- How much money will I need?
- Will I have enough money to enjoy the lifestyle I want?
- Will my pension be sufficient however long I live?
- Is my pension fund or insurance company secure?
Approaching retirement? Ask yourself these questions
- Is it best to pay off your mortgage and any other debts now?
- Do you need to review any deposit accounts or savings?
- Has your attitude to risk changed?
- Do you know how much your estate is worth?