Prudent Financial Planning IFA's
Independent Impartial Advice from Prudent Financial Planning
Legislation created in 2015 called "Pension Freedoms" has radically altered the way we think about pensions and planning.
Years ago people carried on working until prescribed retirement ages without any choice, but now this is no longer the case. Now people for reasons they have decided upon themselves may wish to retire earlier than previously prescribed by their pension provider, or access Tax free funds for a needed purpose.
People are living longer and retirement can last for 20 or 30 years. The state provides a basic pension, but for most of us this will not give the standard of living that we would like to enjoy in our well-earned retirement, so another source of income will be required. Added to this, the age at which those not already retired will receive their state pension is going up and you will now have to wait till 66, 67 or even 68.
The principle of pension planning is simple - whether your employer offers a company pension scheme, or you have to make your own arrangements: the sooner that you start making contributions, the more comfortable your retirement could be.
If you have pensions from previous employment or older personal pension we can advise you of their benefits and see if those benefits could be enhanced or provide an alternative source of funds available for you to use earlier. Costs in running the scheme could also be lowered.
To schedule a consultation, click below and we can find the best option for your circumstances.
A pension is a long term investment. The fund value may flutuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates & tax legislation.