Unless you can guarantee a large windfall or inheritance to maintain a lifestyle, retirement planning is fundamental for providing yourself with a secure income for the rest of your life. Changes to pensions have meant increased freedom and flexibility over how to take benefits available to you – whether that is as tax-free cash, leaving your pension fund invested while drawing an income, or buying an income for life. Decisions about pension planning must be made carefully, and we will work with you to deliver a full assessment of the facts and help you make the right choices for your lifestyle and future requirements.
Personal pension planning
Making decisions about retirement is not easy, and with the potential for costly errors, requires full knowledge of the facts. We work with you to prepare a plan designed to deliver exactly the type of retirement you want, and which is flexible to adapt should your circumstances change. We will outline for you the importance of investing, the income choices for you with saving opportunities offered by the government, how annual and lifetime allowances work and, most importantly, how to set realistic targets for retirement and how to make it happen.
Self-Invested Personal Pensions (SIPPS)
Whilst not suitable for everyone, SIPPS remain one of the most flexible ways to invest for retirement. Unlike traditional pensions run by insurance companies, these schemes have a huge investment choice and are controlled by the individual or by an appointed adviser. Providing a greater level of variation of investment opportunities by investing in numerous asset classes, this flexibility can permit risk to be spread wider, yet costs can be higher. In order to utilise the benefits of these investments, careful management is required, and we will always fully explore the use of all pension options before opting for a full SIPP. In the right circumstances, SIPPs can be powerful tools to effectively build up and then de-cumulate assets during an individual’s lifetime.
Corporate and Auto-enrolment
Due to a concerning number of employers not running any type of pension schemes, the government has passed legislation in order to address this huge UK savings gap. Affecting all employers in the UK, legislation now places new responsibilities on who must complete various tasks and schemes to ensure they are acting in a compliant manner. We will help guide you through some of these necessities and ensure you are receiving advice and support at each stage of the process.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
SIPPS will not be suitable for everybody and generally only those who are fairly experienced at actively managing their investment should consider this type of investment.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.