Retirement Preparation

Managing your retirement savings in one place.

Today it has become very common to have been employed by various companies and made contributions to a pension during our time in each role. This means that many of us will have more than one pension, but this can make it difficult to keep track of all of the different plans you may have.

Consolidating your pensions allows you to manage your retirement saving in one easier to manage place. It can, however, be a complex and time-consuming assessment to make on whether combining your pensions is the most suitable decision to take.

With professional advice to make a qualified, technical analysis of the costs, charges and performance of your existing pensions could prove highly beneficial. Any initial, as well as ongoing advice and management of these plans, has been proven to increase the overall value by ensuring your retirement goals remain on track rather than relying on luck.

Investment Risk

Many people who don’t seek financial advice may also carry the risk that their retirement fund carries a higher degree of risk than they are comfortable with.

Many workplace pension funds will automatically offer a default fund that reduces the risk as you move towards retirement to protect your accumulated capital. This is not always the case, so if a month before you retire the stock market was to crash then your retirement savings and expected income could be drastically reduced!

By taking financial advice as early as possible in your retirement planning could prevent this, as we focus as much on protecting your capital as we do making your savings grow.

Final Salary Pensions

Not all pension types can or should be transferred, however for more complex pensions such as final salary schemes and those with valuable guarantees have a statutory requirement to obtain professional advice before you are able to consider a transfer. This is something we can assess on your behalf as to recommend the most suitable option.

We hold all the relevant permissions and qualifications to be able to advise on all types of pensions as well as the way in which you can take benefits.

Review your pension situation regularly

As highlighted above, regular reviews of your retirement planning are essential. The earlier you start your retirement planning, the more likely you will be able to meet your retirement goals such as an earlier age you would like to retire or having that capital lump sum and income to be able to retire abroad.

When we create a plan for our clients, we take a holistic view of your overall circumstances. This will give us the flexibility to be able to adapt your financial plan around you.

Please contact us if you want to know how planning for your retirement can be more valuable.