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WHAT WILL YOUR RETIREMENT BE LIKE?

It is never too soon to start saving for your long-term financial security and we can help you build the right plan that gives you the income options you want. The good news is that with every pound you save you will be taking full advantage of the tax benefits that long term pension savings can offer.

If you already have pension plans, when did you last review the costs and performance? Poor performance and high charges could have a significant impact on your quality of life in later years. If your pensions are held in several different pots, would it make sense to review these?

When you eventually choose to retire, you will be able to access your pension funds in many ways to suit your circumstances. However, the tax implications and rules around accessing your pension can seem complex and even overwhelming. Our friendly, qualified and regulated Financial Advisers can help you find the right answers and to build a retirement plan to suit your objectives.

TO DISCUSS YOUR LIFE COVER, CRITICAL ILLNESS OR INCOME PROTECTION NEEDS CALL FREE ON

 

0800 888 6100

Mature Man

RETIRING EARLY

John, 57, has just retired early from his work as an engineer with a secure pension of £8,000 per year. Over the years he has also saved into another pension that now stands at £92,000. John says he needs to top his income up further until he reaches state retirement age, when his basic state pension starts. John is in good health and does not smoke. He is not really experienced with investments, and is looking for something with a degree of certainty over the next 10 years.

 

If John worked with a TFAS Wealth he could consider all the different options that are available. In particular, his TFAS Wealth adviser could help him look the plans that give a secure income without any investment performance risk, but that also allow the flexibility to review things when John’s state pension starts in 10 years.

PLANNING FOR RETIREMENT

Sandra, 42, is head baker at a small family firm. She has worked at a few places over the years and intends to retire at the normal state pension age, which would be 67. She currently contributes to a personal pension, but has three other pension schemes from previous employers. She is concerned whether her overall pensions will be sufficient. She is also confused by all the different paperwork frequently arriving from her different pension providers.

A TFAS Wealth adviser would first be able to help Sandra work out what she may need when she eventually retires. Her adviser would then be able to compare that plan to what she already has in pension arrangements. By reviewing her pensions, it will enable Sandra to see if they are working hard enough and what they are costing her. It may then be better if they were all consolidated into one place, or if she needed to save more?

Baker Portrait
Smiling Man

SEEKING FLEXIBILITY

Peter, 62, is retiring after running his own small business but intends to carry on working part-time a few days a week. His pension fund stands at £320,000 and he does not yet want to commit to a lifelong income, like an annuity, at this stage in his life. Instead, he would prefer the flexibility of being able to control the level of income he takes from his fund and be able to dip into it for occasional lump sums if required. He has had some experience with investments over the years.

Working with a TFAS Wealth adviser Peter could explore how he could use money from his pension in a way that proved flexible. By researching the different types of drawdown plans available, his TFAS Wealth adviser would select a plan that offered the right combination of flexible access, low charges, and with the investment content that suited Peter’s needs.

A Pension is a long-term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

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