When planning for your retirement it is important to make the right decisions so that you can maximise income and take your pension in a manner most suitable to your needs. Therefore it is recommended that you obtain full independent financial retirement planning advice from a competent independent financial advisor (IFA) who is registered with the Financial Services Authority (FSA). Annuity Arrow only works with such advisors so that you receive the advice you deserve.
There are many stages to your retirement pension planning and in each of these stages a pensions retirement specialist IFA can help you and provide valuable advice.
It is never too early to start planning for your retirement and the sooner you start saving the easier it can be because your investments have longer to grow and you have more time to build sufficient funds to have the income in retirement that you want and need. If you leave it too late, you will need to pay in larger amounts and may not have access to suitably large funds at that time.
If you have no existing pension provision, contact us and we will put you in touch with an experienced pension IFA that can assess your circumstances and make suggestions and recommendations as to how best save for your retirement. The pension IFA can explain the different pension types and options available to you.
When you decide to take your benefits, effectively retiring; there are also many different options available. Some people think that you have to purchase a lifetime annuity from the life assurance company that you had your pension fund with. This is not the case because you have what is known as an
Open Market Option (OMO) that allows you to shop around for the best pension annuity rate. In addition, there are other options available to you instead of normal lifetime annuity pension products, such as unsecured pensions, phased retirement and alternatively secured pensions. It is possible to take benefits from your pension funds without purchasing any annuity.
For a brief summary of your retirement options, please click here.
However, please either complete our
call back request form or our
online fact find to allow a pension retirement IFA to contact you, without obligation to assess your circumstances and provide free advice. There is no substitute to properly tailored financial advice.
It is also now possible to set up pension plans for children that can be a useful method of inheritance tax planning whilst also making provision for your children or grandchildren in their retirement. We all know how hard it is and it’s becoming harder for younger people to earn enough to pay for their costs of living and to purchase a property. Some find that they don’t have enough income to make any kind of pension provision for themselves. By setting up a pension fund for your children or grandchildren now, you will be making a valuable contribution to their lives and retirements. Also because the funds are in pension wrapper they will grow in a tax free environment and cannot be squandered on other things because they cannot be taken until aged 50 (55 from April 2010). Please contact Annuity Arrow for more details.
