We are all aware that it is not desirable to consider life in retirement with just the State Pension for income. Even the move to a flat rate pension in 2016 (currently £168.60 per week in 2018/19) is not going to fund a lifestyle to which we have become accustomed.
We have many years of experience in the area of retirement planning, both pre-retirement and post retirement. Whilst it is important to accumulate assets to provide income in retirement, it is essential to fully consider the options available when you draw benefits, which becomes increasingly complex.
The legislation regarding pensions has always been quite complex, but in 2006, many layers of regulation and legislation were drawn together in an exercise known as ‘Pension Simplification’. In fact, this was the start of something very different. The last two Governments have made significant changes to pension legislation, following simplification in 2006 there were major changes to retirement planning legislation in 2009, 2011 and once again in 2014. Add to this the new regulations around workplace pensions (also known as auto-enrolment) and changes to the State pension; you have something that is incredibly complex.
The most recent changes in the March 2014 budget and in the Finance Act 2014 have seen revolutionary changes to the way you can use pension funds in your lifetime, but also on your death. This means that planning is more important than ever.
We have significant experience in the following areas:
- Personal Pensions
- Self-Invested Personal Pensions (SIPPs)
- Advice on Occupational Pension Scheme benefits
- Annuity purchase (including investment and underwritten annuities)
- Income drawdown
- Pensions and divorce
- Legacy pension products
We have a particular specialism with the NHS Superannuation Scheme, because of our long involvement with dental practitioners and dental specialists. We have always believed that advice is essential and with the recent changes to legislation, it is vital for everybody to take advice.