Retirement Planning

In April 2006 the Government introduced new pensions and taxation legislation under the banner of "Pension Simplification".  In effect, the new legislation abolished the different tax regimes and unified pensions taxation into one new regime.  Although in certain areas this has led to "pensions simplification", within the industry this is often referred to as "pensions complication" as there are many areas that you need to be aware of and consequently it is even more essential to take specialist professional advice.

We have the experience and expertise required to advise clients on the full range of pension contracts including stakeholder plans, personal pensions, self invested pension plans (SIPPs) and employer sponsored arrangments.

We can provide advice in relation to the above products, pension funding, pensions and divorce (note we can provide a male or a female adviser) right through to retirement planning.

Pension contributions are eligible for tax relief.  Pension funds enjoy preferential tax treatment and are exempt from income tax and capital gains tax liability.  Pension plans currently allow up to 25% of the accrued pension fund to be taken as a tax-free lump sum.  Contributing to a pension is one of the most tax efficient ways to save for retirement. 

Once you reach retirement there are now many options available for your funds, ranging from

• Annuity
  • standard annuity
  • enhanced annuity
  • with profits annuity
  • unit linked annuity
  • temporary annuity
    
• Income drawdown / Phased Retirement
  • Unsecured Pension (USP) or
  • Alternativley Secured Pension (ASP)
    
• Scheme Pension

When you come to take your retirement benefits, you are usually provided with an "Open Market Option".  This is the right to shop around and buy your annuity from the company offering the best deal for you.  Once a standard annuity has been set up the basis cannot be changed at any time in the future.  As such it is important that you seek advice and make the right decision at outset.  Pensions do not have to be complicated.  We appreciate that at retirement many individuals are looking for an uncomplicated arrangement in their later years.