Pensions & Retirement Planning

Your retirement can last 20 years or more, so you need to be prepared. You could be living on your retirement income for a long time.

The earlier you start saving in a pension scheme for your retirement, the longer your money has the potential to grow.

You cannot normally take your own pension savings until you reach age 55.

If you are employed you're usually paying National Insurance Contributions (NICs). This means you will be eligible for a basic State Pension. It's a good start but it is unlikely to be enough to give you the lifestyle you would like in retirement.

The future state retirement age will increase in the future in line with increases in longevity (people living longer) click the link below to find out when you are eligible to claim your Basic State Pension.

State Pension Calculator

We can explain your options if you have saved or are saving for your retirement in a money purchase pension scheme such as:

 A Personal Pension - a money purchase pension from a financial services company into which you and/or your employer can make contributions.

A Stakeholder Pension - a type of personal pension that has to meet certain standards set by the government.

A Group Personal Pension Plan - arranged through your employer

A Retirement Annuity Contract - this is similar to a personal pension but was sold before personal pensions became available in 1988

A Free-Standing Additional Voluntary Contribution (FSAVC) Scheme -  a scheme which builds up your own investment fund

There are a number of options to choose from to take an income from your pension savings, for example:

Open Market Option - Your right to shop around and purchase your annuity from the company offering the best deal for you.

Lifetime Annuity - This will pay you an income for the rest of your life.

A Fixed-Term Annuity - with a short-term annuity, you use part of your pension fund to buy a fixed-term annuity, usually for five years, with the remainder of your fund either still invested or used to secure a guaranteed maturity amount. At the end of the term you can but another short-term annuity and continue in this way until you decide to buy a lifetime annuity.

Income Drawdown - An income Drawdown lets you draw an income from your pension fund whilst leaving it invested.

Phased Retirement - You can start to draw an income from part of your pension fund whilst leaving the rest of your fund intact.