Independent Wealth Management
Call us on 01276 517700 or email advice@professional-wealthcare.co.uk
When discussing retirement planning with our clients, a great deal of attention is always given to fund choice and the corresponding past performance figures.
However, it is important to remember one of the fundamental reasons why pensions should be the investment of choice for retirement planning.
Against a background of political wrangling about pension reform, a growing number of UK individuals face an uncertain – and uncomfortable – retirement.
The following article is quite abrupt and to the point. It is difficult to write about some of the basic, yet important issues surrounding retirement planning without perhaps touching some nerves. So if you’re easily offended, please move on. My objective here is to help people to understand retirement and to successfully plan ahead for later life. This involves waking up to some serious issues. So please read this in the spirit it is meant and please don’t shoot the messenger.
When make an investment (whether it be a lump sum, regular savings or a pension contribution), you have some important decisions to make and fund selection will be high on your decision list. If your investment is small, you may decide to use a single fund. However, for most, it is important to build a suitable portfolio of funds because:
Whatever the size of your pension fund, it is very important that your investment is looked after. However, the harsh reality is that with larger funds, the level of care can usually be improved on.
If you are a saver or an investor, have you ever really considered the amount of risk you are taking with your money?
It is important to ensure that pension arrangements are reviewed periodically. Changes in product design and legislation have had a dramatic effect on the options available for pension policyholders.
When I review financial plans for my clients, I generally have three clear objectives.
Saving money requires no explanation, but is obviously always well received.
I often meet married couples where the pension plans are all in the husband’s name. For many this is the traditional way for retirement planning. However, they could be missing out on a simple piece of tax planning.
How Much Tax Free Cash can you take from your pension?
The usual answer to this question is 25%. However, how would you like two bites of the cherry?
I have known Barry and used his financial services for many years for various aspects of our family’s needs. He has always provided a first class independent and personal service, giving un-biased advice that is in our best interest. He operates his business in a very professional way and communicates all the information efficiently and speedily.
David Hey
