PENSIONS
PENSIONS
If you’re approaching the end of your working career – or you’re concerned that you haven’t yet got a plan in place for when the time comes – it’s important to get your pension in order as soon as you can.
Our team will calculate how much money you will need to enjoy a comfortable retirement, based on your current and projected earnings and any larger purchases or expenses that are in the pipeline. From there, we will put together a well-structured plan for your pension pot that considers your long-term financial goals for yourself and your family.
Whether you want to pay off your mortgage, set aside some cash for an around-the-world trip, or gift some money to your children to help them on their way, we can set you up with a pension plan that’s designed to support your goals, yet has enough flexibility to see you through life’s unexpected challenges.
What pension plans are available?
We can introduce you to a range of pension strategies and products that are designed to achieve different outcomes.
Self-Invested Personal Pensions (SIPPs) are one of the most common types of pensions in the UK; with these plans, you can choose how much money you want to pay into your pension account and when, and you can adjust your contributions based on your income or lifestyle. We can also set up, manage, and review NEST workplace pensions, which can aid in streamlining the savings process.
Elsewhere, we can look at low-cost stakeholder pensions, which can be ideal for self-employed people or for workers who are not enrolled in their company schemes. We can look at the suitability of income drawdown, which allows you to withdraw income or lump sums from your pension whenever you need to (within government-approved tax limits, of course). And finally, we can assess the viability of a pension annuity, which offers the security of regular retirement income payouts or the option to receive a one-time, lump-sum payment to see you through your twilight years.
Why should you seek advice from a pension advisor?
The amount you contribute to your pension will obviously have a significant impact on how much cash you have waiting for you in your retirement. But the way in which your money is managed can have just as much of a bearing on how much you’ll be able to enjoy life when you finally decide to finish work. Take a wrong turn and invest in an unsuitable pension, and your retirement income may fall short of your expectations.
Having a finance professional on board to help you make big and often challenging financial decisions is vital. Our pension advisor can support you throughout your working life and beyond, adjusting your contributions and exploring new avenues if your requirements change. Another reason to seek the advice of a qualified pension advisor is to ensure you pay as little tax on your pension payouts as possible. While our tax planning advice will always be within the parameters of the law, there are legitimate ways we can reduce your tax liabilities, particularly if you are keen to leave some money to your children or other dependants.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
Auto enrolment, Estate planning and Tax planning are not regulated by the Financial Conduct Authority.
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paul@jonesmortgages.co.uk