Pre – Retirement Planning
Pensions are the most tax efficient way to save for retirement offering. There many choices open to individuals both in the structure of the pension plan and the investment options available within it. These include:
Stakeholder Pensions – simple, limited range of investment options
Personal Pensions – simple, broader range of investment options
SIPPs – more sophisticated with wide investment powers including self investment
SSASs – many be suitable for family/business groups who wish to pool their resources
In 2006, “Pensions Simplification” was supposed to make saving for retirement as easy as saving into a Cash ISA, but since then constant change to the rules surrounding pensions have seen the implementation of Annual and Lifetime Savings Allowances. Initially targeted at the upper end of the income/wealth scale, these allowances have been considerably reduced value since their introduction and now impact many of our clients. Advice on pension savings is vital.
Also important is to keep pension plans under review. This means not only ongoing reviews to make sure your pension savnings are on track to reach your retirement goals, but a review of the pension plans themselves to ensure they continue to offer value for money and maximum flexibility.
We offer a wide range of services in relation to retirement planning including reporting on the adequacy of existing pension arrangements and planning to achieve certain benefits in the future taking into account not just pension plans but other sources of retirement income such as part time working or rental income.
SIPPs have become increasingly popular in recent years because of the level of control they offer and the variety of investments they allow clients to make. They have also come down in price considerably and simplified SIPP structures that offer access to a wide range of Unit Trusts, Oeics, Investment Trusts and Pension funds, without the full self investment facilities are now commonplace. Such products also typically offer the maximum flexibility in relation to retirement and death benefit choices.
We value long term relationships with our clients; but what do our clients say about us?
In my case I came to Hammond & Raggett to discuss the potential transfer of a final salary pension to a managed fund.
- Considering the transfer of a final salary pension is probably the most significant decision I will make over my personal finances in my lifetime
- Hammond & Raggett provided an excellent detailed financial analysis of the options open to me in advance of my meeting
- In my one to one meetings with Hammond & Raggett they explained clearly the financial implications giving the pros and cons of any decision in language that was easy to understand.
- Once the decision was made the follow up service and administration has been excellent.
- The fund was set up last November and I receive regular updates on the investment strategy. I feel I can call on their services at any time should I need them.
- I regard Hammond & Raggett as a trusted advisor and have complete confidence in their ability to service my personal financial requirements.
Ian, Managing Director