Pensions & Retirement Planning
When it comes to providing for our retirement too many people are doing too little too late. Putting away even a small sum early on can make a big difference to the lifestyle you will enjoy when you retire. The golden rule for most people, is to not rely on the State alone. Modern pensions benefit from tax breaks and nowadays, you can even contribute to your pension if you don't work.
Pension legislation dramatically changed on the 6th April 2006, to see how this may have affected you, contact us for a personal appraisal of your pension situation. Pension legislation is subject to further change.
Pension Planning
Today there are a number of tax efficient ways of providing for a comfortable retirement. The area is complex and choosing the right vehicle requires a detailed understanding of your personal circumstances, tax position, employment status and more. The following are some of the main types of pension contract.
- Stakeholder pension
- Personal Pension Plan (PPPs)
- Group Personal Pension Plan
- Executive Personal Pension Plan
- Employers Schemes (Occupational Pensions)
- Self Invested Personal Pension Plan
If you would like a 'no obligation' chat about your pension arrangements, aspirations or if you have any concerns, please call us on 020 8944 0666.
Retirement Planning
This is all about knowing how to maximise the income (& Capital) from your pension arrangements (and other assets) and should take into consideration your personal circumstances, tax efficiency, inheritance tax, your beneficiaries, flexibility and of course control. Montagu Financial Management can provide detailed advice following a thorough financial review. Some of the main contracts available for drawing your pension benefits are:
- Annuities
- Phased retirement
- Pension Fund Withdrawal
Your State Pension Benefits
It is possible to obtain a forecast from the Department of Works and Pensions as to your potential State pension benefits. By clicking on the attached link and completing the form BR19 you will receive confirmation of your current entitlement and that you may receive when you reach your normal retirement age. This service is in our opinion well written and easy to understand, but as you would expect can take as long as eight weeks to be sent to you. If you are a client of Montagu's we would always welcome a copy of this report for our records.
The link is www.thepensionservice.gov.uk/atoz/atozdetailed/rpforecast.asp
FSA Pensions calculator
Call us on 0208 944 0666 or email ifa@montagu-online.com