Advice on Retirement planning
At retirement, you need savings to maintain your standard of living. In the UK, pensions are the best way to save for retirement. They are used to provide a regular income. It is a type of investment that your or your employer contributes to.
The payments you make are invested. The aim is to generate income when you retire.
Why do I need advice?
Getting pension advice is now more important. People are living longer, and the number of retirees is increasing.
The Government has confirmed that you should not rely on the basic state pension.
When you reach state pension age you are entitled to basic state pension. A single person’s pension is £156.20 per week.
Over the last few years, the state retirement age has increased. With people living longer it was necessary to increase the retirement age. The state pension age is 66 but will increase to 67 in 2028.
National Insurance would need to increase to keep the current age at 66. Relying solely on state benefits will require you to work longer.
By 2050, the life expectancy of a man will be 89. Women will, on average, live longer, age 91. This is why the state retirement age is increasing.
The current life expectancy is 82 and 84. Living longer could have a dramatic impact when you retire. The amount of savings will need to be larger to maintain your income.
To have a comfortable retirement, you need to start planning and investing. It is essential to consider all your options when planning for retirement. It is the best way to ensure a comfortable future.
Why not sign up for our monthly newsletter
Each month we send out our newsletter and our latest publication. We cover all aspects of financial planning. It’s free and you can unsubscribe any time.
Your Personal Finance Portal
Our clients have access to our Personal Finance Portal. Clients gain access to valuations and secure messaging. You can share and receive documents.
There is the option to integrate open banking. This allows our clients to see all their finances in one place.
Access to the Portal is available on desktop, tablet or mobile.
Our Retirement Review Service
If you are looking to save or review your retirement plans, we can help you.
We are located in Bristol and have locally based advisers. We can hold meetings face-to-face or online if you prefer. As part of our service, we assess your risk and help you set up your retirement plan. Consilium Asset Management is Independent. We work on your behalf and can offer advice from the whole market.
Financial Planners can be either independent or restricted. Restricted advisers can only advise on one or a few product providers.
How much should you pay in?
Advice on retirement and financial planning should include how much to contribute.
You will benefit from tax relief when you make pension payments. Payments are made minus Basic rate tax. Higher-rate taxpayers claim the difference using self-assessment.
The minimum retirement age is 55. From 2028, this will increase to 57.
When you retire, you can take a part of your pension as a tax-free lump sum. The remaining money from your pension will be subject to income tax.
There are free pension calculators, but they are not always accurate.
Do not rely too much on free calculators. The level of pension income they project can vary markedly.
Our financial advisers can help you to understand your retirement. The benefits of financial advice can be beneficial. They can help you with your financial planning objectives.
More on Retirement Funding
Pension options at retirement
Book a Call
The initial call enables us to find out more about you. We can discuss how we might be able to help you. There is no charge for the meeting, and there is no obligation on your part.
Our brief Video outlines our services.
Schedule a call
Comprehensive Retirement Planning Services for Your Future
When you reach your chosen retirement age, you might have income from multiple pension schemes. These could be benefits such as defined contribution pension schemes or Personal schemes.
You might want to vary the amount of income each year. You might want to secure your income with a pension annuity and take it as tax-efficient as possible.
A pension drawdown is a suitable option. This allows you to take a tax-free lump sum and a regular income.
The tax-free cash can be taken once or over successive years. How you take your retirement income is essential; we can help you with this.
More on Income Drawdown
Should I combine my pensions?
Combining might be worth it if you have more than one pension. However, it is not suitable for everyone. Some plans will have guarantees, depending on the type of pension, and others will not.
Since Pensions Freedom, modern pensions are now more flexible. Some older plans are still not as adaptable as modern pensions. You should assess the advantages and drawbacks of transferring. You will need to consider the costs of combining pensions. This is balanced against having all your pensions in one place.
Clients with Defined benefits need specialist advice if they wish to transfer. Although we do not provide this advice, some financial advisers will.
Lifetime Allowance
Previous governments introduced the pension lifetime allowance. The aim is to restrict the size of a pension pot. Some investors will have pension protection and need specialist advice.
The spring 2023 budget abolished the pension lifetime allowance charge, but some aspects still require advice.
Advice on pensions can include pension tax charges and death benefits over 75.
This is an area we specialise in. Our financial advisers can help you make informed decisions.
More on the Lifetime Allowance
Tracing Old Pensions
If you have worked for several employers, you might have old pensions. Tracing old pensions can be a challenge. We recommend that you:-
- Contact your previous employer if you can.
- See if you can find any old paperwork you might have.
- Contact the pension provider. They will provide you with up-to-date information.
- Access the Government pension tracing service.
- Speak to a professional adviser. They might be able to track the policies for you.
More Useful Information
Help Guidance and Advice
Pension Wise
Pension Wise is a government-provided service. It is for people aged 50 or older with a pension in the United Kingdom. It can help people understand the kinds of pensions they have.
How to access funds and tax issues. The service only offers guidance, not financial advice. You can arrange a pension-wise appointment from their website.
Access to Pension Wise
Do you have a Pension Question?
We are happy to help if you have questions about your pension and your situation. We are open regular working hours Monday to Friday, 9:00 am to 5 pm.
Call us on 01454 321511
Alternatively, you can email us
Retirement Advice
Many of our clients live in Bristol, Bath and South Glos. We also deal with clients throughout the South West and the UK.
If you are retired, want to take benefits, or learn more, we can help you.
We can provide advice on all aspects of retirement plans, Including Personal, SIPP and annuity purchases.
Contact us
If you want advice about retirement, please contact us or book an appointment. Our free financial planning meeting is only available to prospective clients with over £300,000 in pensions or investments.
The value of your retirement savings and income could fall and rise. There is no guarantee you will get back more than you invested.
Contact Us