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Financial planning for retirement

When you retire, you will need an income to support you. While the government will provide a state pension, it only covers very basic living costs, and it pays to plan ahead for your retirement.

Click on the links below to find out more.

Retirement and pensions advice

Most employed people will be automatically enrolled in their workplace pension scheme.

There are options available for those who aren't employed too, such as a personal pension scheme or stakeholder pension scheme. Some people opt for a combination of pension schemes.

Find out more about Auto-Enrolment:

Planning retirement now

You will make contributions from when you open the pension scheme until you retire and, in some cases, your employer and/or the government will contribute as well – so it's important to start early.

Most pension schemes restrict the withdrawal of funds until after age 55 unless your circumstances are exceptional – for instance, retiring early due to ill health. At that point, you will usually take some in a cash lump sum, and the rest as income in the form of a pension.

There are options to make your pension go further, or create a more reliable income that will last for life, such as buying an annuity or entering into an income drawdown. It's important to plan this in the lead-up to withdrawing your pension.

Our independent financial advisers in Glasgow can help you weigh up your options and find the right wealth management option for you, at the right time.

If you need retirement planning advice, our advisers in Glasgow can help you whether you are planning for retirement or if you have already retired. We provide a free initial consultation to determine the most suitable solution for you.

Pre–retirement pensions adviceOutlook

We can help you if you need pensions advice for any period before your retirement.

The government made radical changes in April 2006 (“A-Day”) to pension legislation. This has commonly become known as “Pensions Simplification”.

Further legislation relating to changes to annual allowance, lifetime allowances carry forward and drawdown were introduced in 2011. For the current rates, see our Tax Rate Card 2020-21.

New pension legislation then came into effect in April 2015, which has resulted in those who have defined contribution (DC) pension plans having more choice available to them than ever before.

If you have a DC penion plan, when you reach 55 you will have a variety of options:

  • You can leave your pension plan untouched.
  • You can purchase an annuity.
  • You can take an adjustable income (flexi access drawdown).
  • You can take your cash in instalments (uncrystallised funds pension lump sum). 
  • You can take your entire pension pot in one lump sum.

Many people are still finding the options open to them confusing and some are making choices that may not be the most suitable for their circumstances.

This area has become highly complex and specialised advice and guidance is definitely required. Finishing Line

Contact us to arrange a free initial consultation or find out more about the various types of pensions circumstances and terminology below:-

State pensions - with significant alterations proposed to State Pension Provision and the increase in the ageing population, taking control of your own retirement plan is becoming more and more the norm. The extremely attractive tax benefits associated with pension contributions should not be overlooked.

A review of existing arrangements will give you the peace of mind that you have invested in the most cost efficient pension plan with the appropriate investment choices available to fit with your personal attitude towards risk and reward.

A review will also provide a clear indication if existing plans and the level of funding will be sufficient to maintain your standard of living.

The best pensions advice for you can then be tailored to meet anticipated shortfalls in line with the budget available.

Post–retirement pensions advice

In the past retirement income has been provided through the use of annuities, guaranteeing a set level of income throughout an individual’s retirement. There are however, a range of alternatives now available, such as capped and flexible drawdown.

Contact our pensions advisers to arrange an appointmentTimeMgt

While we are based in Glasgow, we are happy to travel to visit clients across Scotland and the rest of the UK. For free initial pensions advice from our experienced financial advisers, contact us on 0141 272 0000 or fill out our online enquiry form.