A well-planned pension will ensure that you live the kind of life you had dreamed of for yourself and your family during retirement. It’s what you have worked all your life for; a chance to enjoy the same if not better standard of living even after you are no longer earning an income from work but pursing your leisure goal.
A pension that gives you financial freedom requires detailed planning for you to reap the benefits at the end.
That’s where we come in. The Duke Godley Team has years of experience in guiding and advising customers like you, on how to make the most of your pension and how it fits in the overall planning of your retirement income. It’s our job to fit all the pieces of the jigsaw together after considering your risk appetite and capacity to absorb market fluctuations.
We can help you with any questions you have on pension planning, including:
Auto Enrolment makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme. The employer must also pay money into the scheme.
It is important for an employee to review the plan on regular basis to ensure you are on track to meet your retirement goal and the funds are invested in accordance your risk profile.
Ideal for self-employed or those not in work, personal pensions are individual contracts between you and the pension provider and are set up by you, the member. The pension provider is often an insurance company, although there are also a number of independent providers. Of course, you can also have a personal pension if you are employed.
Self-Invested Personal Pensions (SIPP)
Similar to personal pensions, SIPP’s offer wider investment options including quoted UK and overseas stocks and shares, unlisted shares, collective investments, investment trusts, property and land (but not most residential property) and insurance bonds.
It is very important you take appropriate advice to ensure that a SIPP is suitable for your needs.
Small Self-Administered Schemes (SSAS)
Small self-administered pension schemes (SSAS) provide retirement benefits for a small number of a company’s directors and/or senior or key staff, up to about 11 people. They are open to all employees and their family members.
This is a specialist plan with a lot of benefits but needs specialist advice to ensure it meets your retirement planning needs.
A major benefit of SSAS is that it can offer the employer increased flexibility on where the scheme’s assets can be invested, including in areas that aren’t generally available for other schemes to invest in. A SSAS can also borrow money for investment purposes (subject to terms and conditions).
All of the SSAS’ assets are held in the name of the Trustees – there are no ‘individual pots’ for each member. Each member holds a proportion of the scheme’s assets.
Over your working life, you are likely to be a part of several pension schemes. It makes sense as you get older to review and consolidate your pensions to maximise their potential and give you the best returns as well make their administration and management simpler for you.
Whilst this is true in many cases, consolidation can sometimes prove to be an expensive mistake. Many older pension schemes offered valuable benefits that it is not possible to replicate today – and which you’ll lose by moving your money out of such plans.
It is therefore important to come and visit us and we will help guide you through the pension consolidation process and if it makes sense for you.
Simply put, retirement planning is literally mapping out your financial position and security for when you retire. Pension planning, inheritance planning and trust planning are all ways of managing your finances so that you are in the best place possible during your retirement.
When it comes to retirement planning, consider your tax implications. The choices you make at retirement can make a big difference to the amount of income you end up with. The permutations and combinations to making your retirement as tax efficient as possible can be complicated. You need someone trusted who knows how to structure your assets to give you maximum benefit. That’s where we come in.
You probably know what you are doing when it comes to your finances. We get that.
But we also know that we are at the top of our game when it comes to the latest financial information, market trends and regulations. Moreover, with our years of experience in the field, we’ve learned how to find creative solutions to complex situations and we’ll tailor our approach to your unique circumstances.
Give us a call on 020 8515 1200 or email us if you’d like to discuss how we can help with your investment strategy, whether it’s for you personally or your business.