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Pension Planning & Retirement Income
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Estates & Inheritance
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Protection
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Bespoke retirement planning
Although it may seem a long way off, planning for retirement is as valuable and pertinent as any other financial decision. Few people wish to rely solely on their State Pension and with life expectancy constantly improving we can spend as much time in retirement as we can working. Many of us aspire to have a long, active and fulfilling retirement. To achieve this, it is essential we save for this time during our working life.
Pension and retirement planning should play a major role in your overall financial planning and should be considered as early as possible and reviewed regularly.
Pension and retirement planning should play a major role in your overall financial planning and should be considered as early as possible and reviewed regularly.
Planning for Retirement
We are able to assist clients who are taking an active interest in planning their retirement. Once we have established your objectives we will provide you with advice concerning the most suitable pension provider, taking account of charges, flexibility and investment choice. We also communicate the benefits of funding pensions and explain the generous tax reliefs available to individuals.
We can assist with more complex pension considerations such as
- Calculating your lifetime allowance
- Liaising with other parties concerning protection of your pension funds
- Reviewing maximum contribution levels ensuring that you take advantage of all available reliefs
We understand that during their working life people may work for a number of employers and will amass a number of pension plans. If you are in this position, our pension review service can help. We discuss your objectives and review each of your pension plans to provide a solution such as consolidating your existing plans into one cost-effective pension plan.
One solution does not fit all and the added advantage of being an independent adviser means we can advise our clients on a range of pension solutions.
One solution does not fit all and the added advantage of being an independent adviser means we can advise our clients on a range of pension solutions.
We regularly use
- Personal pensions
- Self-Invested Personal Pension Plans (SIPPs)
- Small Self-Administered Schemes (SSASs)
- Stakeholder pensions
post-Retirement
Entering retirement is a big change and it can often be daunting to start relying on multiple sources of income instead of a salary to meet your day-to-day expenditure. Commonly, your private or employer-sponsored pension fund can be the biggest source of retirement income and it needs to work hard for you.
It is essential to start talking about your retirement plans up to 12 months before you stop working.
It is essential to start talking about your retirement plans up to 12 months before you stop working.
We guide you through the areas you need to consider such as
- Planned capital expenditure
- Regular expenditure (fixed and discretionary)
- Income requirements
- Health
- Financial dependants
- Long term objectives for your eventual beneficiaries
As with planning for retirement, there is a wide range of options available for those clients seeking to secure a retirement income. We discuss and assess your priorities and give consideration to security of income, the need for flexibility, death benefits and your income and inheritance tax position.
We consider all retirement options including
- Full retirement
- Phased retirement
- Annuity purchase
- Income drawdown
Once we have agreed the right approach for you, we will devise your retirement strategy. To ensure it remains on track we will meet with you regularly and review your circumstances.
Corporate pension planning
Our experienced team deals with a number of corporate pension schemes and assists employers with the establishment and running of their company pensions.
The corporate pension planning service can be as simple as assisting with the establishment of a pension scheme. With our more detailed proposition, we regularly meet with you to discuss the scheme, keep you up to date with any legislation changes and assist with the scheme administration.
We also offer to meet with your employees and explain the scheme, discuss their objectives and attitude to investment risk and assist with their own retirement planning. Our corporate pension planning service is bespoke and we are happy to build a proposition around what your needs are as an employer and the needs of your staff
The corporate pension planning service can be as simple as assisting with the establishment of a pension scheme. With our more detailed proposition, we regularly meet with you to discuss the scheme, keep you up to date with any legislation changes and assist with the scheme administration.
We also offer to meet with your employees and explain the scheme, discuss their objectives and attitude to investment risk and assist with their own retirement planning. Our corporate pension planning service is bespoke and we are happy to build a proposition around what your needs are as an employer and the needs of your staff
Commercial Property
For some clients the most traditional approach to investing their pension fund is not always the right solution. We have a wealth of experience assisting our clients with purchasing commercial premises within their pension funds. This has many attractive features and can be a tax efficient way of owning your business premises or diversifying your pension portfolio. We have good connections with legal professionals and mortgage lenders that can help you with this process.
For some clients the most traditional approach to investing their pension fund is not always the right solution. We have a wealth of experience assisting our clients with purchasing commercial premises within their pension funds. This has many attractive features and can be a tax efficient way of owning your business premises or diversifying your pension portfolio. We have good connections with legal professionals and mortgage lenders that can help you with this process.
Bespoke wealth planning for you and your family
Our estates and inheritance planning service provides peace of mind for our clients and their family. We connect you with the appropriate professionals and provide advice on how to make the most of your physical and monetary assets.
About Inheritance Tax
FACT BOX Inheritance tax
Inheritance Tax (IHT) is a combined gift tax and death duty which is levied on all property owned by an individual domiciled in the UK. It applies upon death to both your estate and gifts made during your lifetime. As a general guide, on the death of the first spouse, assets are passed free of IHT to the surviving spouse. As such any inheritance tax liability usually occurs on the death of the second spouse. However, currently, for married couples the first £650,000 (£325,000 each) of the estate value is free of IHT and this is referred to as the nil rate bands. The balance of an estate above these nil rate bands and any cumulative gifts, which take place either at death or within seven years of death, are taxed at 40%.
In addition to the current nil rate band, further “nil rate bands” was introduced in April 2017, namely the Residential Property Nil Rate Bands, which will apply if you leave your residential property to children or grandchildren. These are being introduced gradually over the next four tax years and in effect by the tax year 20/21, a married couple should be able to pass a £1 million joint estate free of IHT to their descendants, providing it includes the family home.
In addition to the current nil rate band, further “nil rate bands” was introduced in April 2017, namely the Residential Property Nil Rate Bands, which will apply if you leave your residential property to children or grandchildren. These are being introduced gradually over the next four tax years and in effect by the tax year 20/21, a married couple should be able to pass a £1 million joint estate free of IHT to their descendants, providing it includes the family home.
Estate Planning
When planning for inheritance tax, drawing up a will is a simple but vital task. Approximately 70% of UK adults die without a will increasing difficulties for their family. We walk you through the process to ease estate administration and mitigate future tax. Costs can be modest and we make the whole process straightforward to navigate.
There are many options enabling you to pass on your assets, or remove them from your net estate, reducing future Inheritance Tax. We help you understand the benefits and effects of the choices available ensuring both you and your family gain the maximum benefit from a lifetime’s work.
There are many options enabling you to pass on your assets, or remove them from your net estate, reducing future Inheritance Tax. We help you understand the benefits and effects of the choices available ensuring both you and your family gain the maximum benefit from a lifetime’s work.
Possible Considerations
- How much income will enable me to achieve my desired lifestyle throughout my lifetime?
- How much can I afford to gift?
- Do I want control over how the gifted assets are used, to ensure they are not mis-spent?
- Who will benefit from my gift and what happens if their circumstances change in future?
We prepare you for the unforeseen
Our protection planning prepares you for any eventuality whether it be business, health or family related. When the unthinkable occurs, our planning will ensure you are able to cope financially in an emotionally fragile time.
Long-Term Care
With high life expectancy and ever increasing costs of long term care, it is vital to have a plan for the unexpected. We help ensure the protection of assets and make investments work for you to provide either a regular income or a lump sum that could go towards providing quality private care.
The Care Act 2014 introduces a ‘lifetime cap’ on an individual's care expenditure during their lifetime. This came into effect in April 2016 but only applies specifically to the cost of care received, and not associated cost such as accommodation. Our life assurance planning therefore provides the necessary safeguards to ensure a secure future.
Points to consider
The Care Act 2014 introduces a ‘lifetime cap’ on an individual's care expenditure during their lifetime. This came into effect in April 2016 but only applies specifically to the cost of care received, and not associated cost such as accommodation. Our life assurance planning therefore provides the necessary safeguards to ensure a secure future.
Points to consider
- What State benefits am I entitled to?
- Will I have sufficient funds available for care fees?
- Do I have to sell the family home?
- Could I still leave a legacy to my loved ones?
- What if my costs increase or care needs were to change?
Life Assurance
Life assurance and financial protection helps you meet your financial obligations in the event that you are unable to work due to illness and/or help your dependants cope financially in the event of your death. We can help you assess your protection needs and put in place a plan that can pay out a lump sum or regular payment in the event of death or the diagnosis of a terminal illness.
Points to consider
Points to consider
- What is the best way to safeguard my family financially?
- What would happen to my finances if I got a critical illness?
- How do I pay my mortgage if I lose my job or cannot work?
- What happens to my business if I die?
Business Protection
In an unpredictable world, a secure financial future for your business interests is fundamental. We provide advice on shareholder protection, group income protection and keyman insurance to ensure all your business interests are financially secure.
