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your Pension journey

Considering how to fund your retirement can seem daunting. A pension is one of the most tax efficient ways of saving for retirement, since investing in a pension has several tax advantages; you will receive tax relief on the money you pay in, your pension pot grows virtually tax free, plus as you near retirement you can withdraw a tax-free lump sum.

To help you navigate your way through the maze of different pension options, our experienced, professional advisers can guide you towards finding the most appropriate solution that meets your specific retirement needs, regardless of where you are in your retirement journey.

How We Can Help…

Our comprehensive retirement planning process is designed to help us understand more about your retirement goals so that we can help you generate the income needed to fund them. Our expert advisers can provide specialist advice on your retirement options, outlining the most appropriate solution that meets your specific retirement needs.

We offer an initial free consultation, following this, we produce a retirement strategy for your consideration. Once we have agreed how we can help you achieve your retirement goals, we will outline any fees payable to manage your portfolio.   

 

Got any questions? Just call us on 0117 907 1965

 

PLANNING for your future

There are no restrictions on the number of pensions you hold, but there is an allowance which governs how much tax relief you are entitled to. For example, you are entitled to pay into a personal pension and be a member of your employer's pension scheme. Your employer will pay contributions directly from your salary before it is taxed, giving immediate tax relief.

At Absolute Wealth Management, we can help you review and where necessary, look at consolidating pension schemes, to maximise your retirement savings, allowing you to fund the lifestyle you want post retirement.

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Approaching Retirement

With the new pension freedom, which entitles people to draw money from their pension once their reach 55, there are important tax implications to consider before drawing upon your pension. Making the wrong financial decisions could leave you with insufficient retirement income; our specialist advisers will help you develop a tax efficient retirement plan. 

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MANAGING YOUR RETIREMENT INCOME

Once you have decided to stop work you are entitled to take a monthly sum from your retirement plan; but the planning should not stop there since your retirement fund may be needed for up to thirty more years. Our advisers can help ensure you make the most out of your retirement income and are being as tax efficient as possible.

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Understanding your pension

When considering your retirement options, it is important to appreciate that there are several different types of pension available to you; a defined benefit pension, a defined contribution pensions and your State pension.

Final Salary Scheme

A final salary scheme, also known as a defined benefit scheme, is the type of pension scheme large companies and the public sector offer their employees. It a salary-related pension which pays out a secure income for life and increases each year.

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Personal Pensions

There several different types of personal pension schemes, which build up a pot of money that you can draw on in retirement. The amount of money available will depend upon the level of ongoing charges, how well your investments perform and your contributions.

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Stakeholder Pension

A stakeholder pension is a form of defined contribution personal pension, which uses your contributions to invest in stocks and shares, along with other investments, in order to grow a fund for you prior to your retirement.

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SSAS Pension

A Small Self Administered Scheme (SSAS) is ideal for owners of small businesses since it is a specialised employer defined contribution scheme which is trust-based and can include both employees of the company and their family members.

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SIPPS

A self invested personal pension plan (SIPP) is a specialist pension product usually based on a minimum fund size. It allows you greater control over the investments which generally entails higher costs, compared to a standard personal pension.

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Annuities

An annuity is designed to provide regular income in retirement by purchasing an insurance product to pay out a guaranteed income. Previously popular, as a result of the change in the pension regulations annuity rates and products vary greatly.

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State Pension

The basic state pension is a regular payment from the government based upon your National Insurance contributions. Under new regulations introduced on 6 April 2016 you must have at least 10 qualifying years of National Insurance contributions.

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Arrange a free initial no obligation consultation

Or call on 0117 907 1965

 

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41 North View,

Westbury Park,

Bristol BS6 7PY

0117 907 1965

info@absolutewm.co.uk