Nowadays, people are living longer than ever before, which is great news, but does mean that when you retire, your money has to last for longer, so it is crucial you plan for the future and make the right choices, ideally with the help of independent, professional pension advice.
After all, given that your pension income may have to last for between 30 and 40 years and the choices you make might be irreversible, this could be one of the most important financial decisions of your life - and one of the most costly, if you get it wrong, which is why professional pension advice can be so valuable.
Our focus immediately before and during your retirement, is helping you to decide which options are right for you, with regard to taking the capital and income benefits from your retirement savings and investments.
If a traditional Annuity is the right path for you, in which a guaranteed income is paid throughout your life, however long it may be, we will ensure utilisation of your 'Open Market Option', researching the whole Annuity market to find you the highest level of retirement income possible; an exercise which is often ignored and can result in a significant loss of income over the course of one's retirement.
Equally, if you have health concerns, you may be able to receive a higher level of income than you might imagine, via an 'Enhanced' or 'Impaired Life' Annuity and our research will look to explore all opportunities in this respect, to ensure you are not one of the many who miss out on income to which they are entitled.
Alternatively, perhaps you would like to keep your retirement options open by commencing 'Phased Retirement', or if you have a reasonably large pension fund and are prepared to accept a greater degree of risk, you could consider Income Drawdown, in which you take an income direct from part of your pension fund, allowing the remainder to stay invested, benefiting from stock market growth and providing greater death benefits to your desired beneficiaries.
This option allows you the flexibility to retain control over your retirement investment and importantly, vary your income, so the amount and frequency of your withdrawal can change from time to time, to suit your requirements.
However, you should bear in mind that with this type of plan, there is no guarantee your income will be as high as that offered by an Annuity and in addition, the increased flexibility brings increased costs, such as the need to review arrangements on an ongoing basis.
If Income Drawdown is the best course of action for you, we can help find the right home for your pension funds and assist with ongoing income reviews, in accordance with HM Revenue & Customs and Department for Work and Pensions rules.
Our discussions regarding your retirement plans will focus on your income needs, your objectives for any capital lump-sums, tax-efficiency and your wishes in respect of the wider benefits available.
Our pension advice will centre around delivering your goals and most importantly, the retirement you hope for.