Retirement and Pension Transfers
Legislation created in 2015 called Pension Freedom has radically altered the way we think about pensions and planning. No longer are pensions just for income in retirement but can now be accessed for a variety of reasons without limits in most cases.
Years ago people carried on working until they literally dropped, but now most of us would like to retire fairly early and enjoy this phase of our lives. People are living longer and retirement can last for 20 or 30 years. The state provides a basic pension, but for many of us this will not give the standard of living that we would like to enjoy in our well-earned retirement, and therefore another source of income will be required. Added to this, the age at which those not already retired we will receive the state pension is going to rise and you will have to wait till 66, 67 or even 68.
The basic principle of pension planning is the same - 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.
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.