Pensions

When it comes to retirement planning, pensions are usually thought of first. Whilst most people pay into some sort of pension scheme, far fewer pay their pensions the attention they deserve.

Have you reviewed yours recently? You may find that your pension would benefit from some proactive attention. Ensuring you're making the most of your employer's schemes and tax-free allowances, whilst taking an appropriate level of investment risk, can all contribute to meeting your goals. They can add up to have a huge impact on your future retirement income.

Understanding your situation – your pension

Despite the introduction of "pension simplification" by the government in 2006, pensions remain a complex area. Regulations have continued to evolve around annual tax relief and lifetime allowances for both company and personal pensions. It can prove challenging to apply these changes to your situation, and you may benefit from the support of a pensions specialist.

Pensions also now offer more flexibility, with a wider range of vehicles and products available, such as SIPPs (self-invested personal pensions) and the option to take out a lump sum tax free.

Combining technical expertise with knowledge of your individual circumstances, a trusted adviser could:

  • Ensure you are using all your tax-free allowances
  • Advise on appropriate vehicles and products to suit your retirement goals
  • Manage relationships with pension providers
  • Review legacy pension schemes and if appropriate rationalise into one pension pot
  • Arrange transfers
  • Access cash or lump sums on retirement
  • Alter your plans due to ill health or changing domicile

Expert pension advice

With the growing trend for defined contribution instead of defined benefit pensions, individuals are expected to shoulder more responsibility for their pension pot. You may like to speak to our financial planners about personal financial modelling to check you're on track with your retirement plans.

At Smith & Williamson, our pension specialists are experts in this field and offer you an unbiased perspective, as we don't sell products or receive commission. The team is experienced and stable, with more than half its members having worked with us for more than 10 years.

If your retirement plans include investments, we can work closely with our investment team, tax experts to offer you a comprehensive retirement planning service.

Capital at risk. The value of investments and the income from them can fall as well as rise and you may not receive back the original amount invested.