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MAKING THE TRANSITION FROM WORK TO RETIREMENT IS AN IMPORTANT TIME IN YOUR LIFE
Whether you want to continue working in some way, spend more time with your family and friends, or travel the world in style, the financial decisions you take now are likely to have a significant impact on your retirement lifestyle.
And we’re not going to lie to you… it’s all rather complex (even boring), but you’re likely to find yourself with serious issues if you get it wrong; and all just at the time of life when you could do without them too.
Which is where our Retirement Options Guide can really help you
Making choices at retirement isn’t easy, especially if you haven’t already planned how to achieve the income you need to live the life you want. Starting early is essential, but if you find yourself a little ‘behind the curve’, then making the right decisions now is more important than ever.
Whatever stage you’re at, there’s a complex array of options available; identifying and understanding the best one for you can be a daunting task.
But you don’t need to worry, because we deal with it all for you.
Your personal adviser guides you through all the issues and how they may affect your own circumstances; they are there to help you understand your options and make the right decisions, based on all the possibilities available to you.
So if you’re starting to think about retirement, or making your important decisions right now, do get in touch: we want to make sure those decisions are the right ones for you.
Don’t leave it too late – call us on 01908 523 740
We appreciate that relying on others to help make your financial decisions is not always easy. Having trust in your adviser is essential to the process, which is why we offer you the opportunity to speak with existing clients whom we’ve helped make the retirement transition, so you can be certain that choosing to work with us is the right decision for you.
THERE’S NEVER BEEN A BETTER TIME TO REVIEW YOUR FINAL SALARY PENSION… TRANSFER VALUES DEPEND ON INTEREST RATES… AND THE LOWER THE INTEREST RATE THE HIGHER THE TRANSFER VALUE!
With a final salary pension, there is no pension ‘pot’: the income you receive in retirement will be calculated using a complex formula which takes account of your salary at time of leaving the scheme, how long you’ve been a member, plus other factors too.
They used to be considered ‘gold plated’ pensions, but is this still the case? The majority of schemes are underfunded; a number are likely to go ‘bust’ in the near future. If that happens to your scheme, then the Pension Protection Fund will take over and your benefits will likely reduce.
And that’s not the only catch with final salary schemes:
Your family cannot inherit your final salary pension. With a final salary pension, on first death the income payment is typically halved for the surviving spouse. On second death, the income ceases completely, leaving nothing for your children.
With a money purchase pension you leave the pot behind. Whatever is left after you have made withdrawals will be available to your spouse, then your children, then their children, until the pot is gone.
A person with a final salary pension due to pay out £50k per year may be entitled to a transfer value of £1m to move to a personal pension.
Option a) stick with the final salary pension.
50k reduces to £25k on first death then reduces to nothing on second death. 100% loss!
Option b) Transfer to personal pension.
£1m pot can be inherited by spouse on first death and also inherited by children on second death.
Which would you choose?
It seems an obvious choice, but there can be risks in transferring your final salary pension into a personal pension too. Could your ‘pot’ run out? Or maybe a move won’t fit with your attitude to investment risk? It’s vital you feel fully informed when you’re making such an important decision.
That’s where we can help: simply call us today and talk to one of our pension experts.
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Whether you’re local to us (Milton Keynes, Leighton Buzzard, Northampton, Bedford, London) or farther afield (we cover the entire UK using Skype™ and other secure communications technologies), our expert team of financial planning specialists can provide the advice and support you need to take care of your money effectively.
Call us today on 01908 523 740 or use the form to request a callback.
The sooner you start planning with us, the sooner you can be living your dreams.