Pensions

The retirement landscape is getting tougher with the state retirement age regularly increasing. Even when you get your state pension it is unlikely to meet more than your most basic needs. Planning for retirement is therefore vital if you want to have any quality of life when you retire.

Auto enrolment has been introduced by the government in an attempt to address the pension savings gap that many people have. This should help to some extent, although it is still possible to opt out of your employer’s pension arrangement.

If you are unsure of what retirement will look like for you, then an independent appraisal will help identify any shortfalls in your existing arrangements.  Pensions remain the most tax efficient way to save for the future due to tax relief on your contributions, and virtually tax free growth of your pension fund. On retirement, 25% of your pension fund is usually tax free, although income or further withdrawals will normally be taxable.

Since the introduction of pension’s freedoms, it is now possible to use flexible access drawdown in retirement, whereby you decide how much income or lump sums you require from your fund, although it is always wise to seek professional advice before going down this route. We can help by providing a cash flow analysis, which will allow you see how long your pension fund is likely to last, or how much you can take from it. Of course, it is still possible to take a lifetime annuity, which provides a guaranteed income for life, and does not carry the investment risk associated with flexible access drawdown.

With independent tailored advice, we can help you maximise your retirement potential, while minimising the effects of taxation. During the period you are building your pension fund, we can also ensure that you are investing in funds that are appropriate for you, and which only carry the level of risk you are happy to accept.

Edward Wilson Financial Ltd is authorised and regulated by the Financial Conduct Authority. (www.fca.org.uk)FCA no.677842 . Registered in Scotland No. SC495979 Registered Office: 92 Broomfield Road, Portlethen Aberdeen AB12 4SU

The advice and/or guidance contained within this site is subject to UK regulatory regime, and is therefore restricted to consumers based in the UK. The information contained in this website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

Edward Wilson Financial Ltd is authorised and regulated by the Financial Conduct Authority. (www.fca.org.uk)FCA no.677842 . Registered in Scotland No. SC495979 Registered Office: 92 Broomfield Road, Portlethen Aberdeen AB12 4SU

The advice and/or guidance contained within this site is subject to UK regulatory regime, and is therefore restricted to consumers based in the UK. The information contained in this website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.