With the new world of "Pension Freedom" upon us, the choices and options available to those with pension funds, even those with Defined Benefit pension schemes, have increased dramatically. Many options offer advantages to those looking to access their pension benefits - but there are also pitfalls.
Not paying too much tax, releasing funds when you need them and perhaps most importantly, not running out of money before you die are all considerations. The more varied and complex the options become, the greater the need for knowledgeable advice.
We can help you to plan your retirement income using cash-flow modelling to show what is likely to happen to your income over time and help to choose the right option for you. Thereafter we will continue to work with you throughout your retirement to maintain your plan and make sure that it continues to meet your needs and adapt to changing legislation. To make an enquiry click here.
1) Free initial meeting* - to establish your general requirements, explain our services and give you an indication of costs.
2) A fact-finding meeting* - to discuss your circumstances in detail and establish your goals and needs.
3) Research - to identify which financial products and tax wrappers will best meet your needs. Then to identify which investment funds you should hold in the plan, based on your attitude to investment risk.
4) A meeting* to present a verbal recommendation to you.
5) A written recommendation/financial report - to give you a written reference point of the reasons for our recommendation.
6) Implementation of the agreed strategy.
7) Maintenance - to ensure the arrangements continue to meet your needs as these change and to ensure they are running as efficiently as possible.
Additionally, for our clients who want an integrated Wealth Management system we offer a web-based platform called Medics Wrap which can bring your pensions, ISAs and other investments into one place making it simpler to assess and improve your retirement plan.
In each of these areas, getting good financial advice can help you to maximise the effectiveness of your investment planning and offer reassurance and support in achieving your financial goals.
If you are looking for advice on a potential transfer of Defined Benefit Pension benefits, you can find further information here.
*Meetings may be in person or via videoconference.
How long will my pension need to last? - Life expectancy calculator from the Office for National Statistics (ONS)