Despite an ever-changing pension landscape, including changes to the amounts one can contribute annually, pension planning and saving for your retirement is as vital as ever. Within permitted limits, pension contributions attract tax relief at your highest rate, assuming anything over the basic rate of tax is reclaimed via an individual’s tax return.
Home aside, many of our clients find that their largest single asset is their pension. Clients often have various pension pots dotted around. These may be in personal pension schemes, self-invested personal pensions (SIPP), small self-administered schemes (SSAS) or with various previous employers – often in defined benefit schemes, defined contribution schemes or a combination of both. Where clients are unclear on what their pension provision is, we help provide a sanity check guiding them to understand how their assets are invested, the risks being taken and whether they are on track to retire with the income they need in retirement.
Our goal is to help you to build a retirement plan that you feel comfortable with during your working life and that will meet your income expectations in retirement. Working closely with you, we will identify what you want from your pension and develop a structure that meets those needs.
The process we follow may involve building on existing plans you have or using other vehicles to consolidate and simplify what you have.