Pensions and retirement | Building your pension fund and maximising income in retirement

Pensions & retirement

Pensions and retirement | Building your pension fund and maximising income in retirement

Building your pension fund and
maximising income in retirement

Gone are the days when most people knew they would retire on a comfortable pension, whatever their occupation. We are increasingly expected to take control of funding our own retirement. Yet this is a hugely complex area, with the rules on making contributions and how you can eventually draw your pension changing frequently.

In this section we look at the key issues to consider, according to where you are in life. We can explain what provision you already have and how you could supplement this, depending on your occupation. When you are about to retire, we can make recommendations so you can take advantages of the options open to you to enjoy a comfortable retirement.

Take the next step

Need help working out how to make the most of your money?
Call us on

08000 85 85 90

to book an appointment with one of our advisers. Or request an appointment online:

Book an appointment

Starting out

You should by now already be making regular contributions, into either a corporate pension scheme or your personal pension plan.

Even though you may be feeling the strain financially, maintaining your payments will help ensure your pension fund stays on target.

Young family

You should by now already be making regular contributions, into either a corporate pension scheme or your personal pension plan.

Even though you may be feeling the strain financially, maintaining your payments will help ensure your pension fund stays on target.

Children growing up

Now is the time to make sure your pension plan is on target to provide you with the kind of lifestyle you are expecting when you retire. If it isn’t, what can you do to plug the shortfall? With restrictions on the amount you can contribute, you may need to look at alternative ways.

If you have changed jobs and have money in a number of different pension funds, it could make sense to consolidate them into a single fund.

Approaching retirement

You would like to retire early, but can you afford to? What impact would this have on your assets, including those outside your pension? Even if you are retiring at the normal age you should check your pension and obtain projections to ensure you are on track.

We can explain your options in the context of your current provision and future requirements.

Choosing an annuity is a once in a lifetime decision, so it is important to make the right choice. Find out how we can help you get a higher level of income.

Retired

Happily there is far more flexibility now in how you take your pension, so you can arrange things in a way that suits you. You might be tempted to take a tax-free lump sum on retirement, but what effect will this have on your pension fund and income later in retirement? If you are not in a final salary scheme, you will more than likely secure your income by buying an annuity. Prices vary considerably, so shop around to get the best deal.

You could receive substantially more income if you are considered to be above-average risk. Would you prefer guaranteed or variable income? What about your dependents? Will they continue to receive income should you die? We can explain your options so you make informed choices about your retirement income.

FREE Newsletter

Sign-up for our e-newsletter for updates about making your money work harder.

The next issue will be published in February.

It will include articles on:

  • saving to pay for university fees
  • changes to tax-free payments on voluntary severance
  • why it can pay to shop around for an annuity.

Plus we will be looking at the
Hutton report in more detail.