Some of the most important financial decisions you make in life will be in relation to your retirement planning, so you will want to speak to a specialist pensions advisor.
With the most up to date pensions qualifications and professional accreditations, you can be confident that you will receive the best advice from your Falco IFA (Independent Financial Advisor). Not every financial advisor possesses all the relevant qualifications or market knowledge, but Falco’s founder is a Chartered Financial Planner which is the highest mark of quality in the industry.
You will be offered a review of your existing pension arrangements at the outset and we will discuss with you whether you want to retire early, keep working beyond standard pension age, provide for loved ones, travel the world or keep things simple, because everyone has a different vision for the way they want to live during their retirement years.
Before you retire
The first question you’ll need to consider is how much income you will want to draw from your pension during retirement. Your Falco IFA will guide you through some questions to establish what your overheads are likely to be at that point in your life and how much disposable income you will want in order to live in the way you envisage. By working backwards in this way, we will help you to determine how much money you should be paying in to your pension. We will also advise you on how to ensure your pension contributions are tax efficient, as there is income tax relief on contributions you make to your pension pot.
Do you already have several pension pots? Many of us will have a variety of different employers during our working life which can result in a number of pension pots being dotted around with different providers. If this is the case, your Falco IFA will review your existing pension arrangements to calculate how much money you have already accumulated and what the projections are for the income these pots will generate for you upon retirement. In some cases, we may recommend that you leave your money in an existing pension fund if it is cost effective, matches your risk profile and has been performing well. However, should we believe that your existing arrangements will not enable you to fulfil your financial goals, we will create a more suitable plan for you.
Can I use some of my pension savings? Perhaps you’ll want to use some of your capital ahead of retirement to provide funding for a business, a project or to make a lifelong dream become a reality. Your Falco IFA will talk you through the options and the implications of different decisions.
At retirement
If you have now reached the point of retirement, we can advise you on your options. The information provided by pension companies at this time is not always straightforward. It will certainly be in your interests to receive advice at this juncture, as it is possible that better options exist for you.
There are a wide variety of ways of accessing your pension funds; there are many different forms of annuity, for which Falco can provide independent quotes, and also you have the choice of taking your pension via Flexible Income Drawdown (FAD). The choice between these two options should not be taken lightly as some options are difficult to reverse or cannot be changed at all (for example, annuity purchase) therefore advice is crucial at this point. To assist you with your decision, we can provide thorough explanations of the differences and consequences of each route, as well as providing quotes and cash flow projections for each option.
It’s possible to take a portion of your pension as a lump sum, which is tax free. You may want to think about doing this in order to reduce or pay off your mortgage, buy a second home or fulfil a long-held dream. Your Falco IFA can talk you through the pros and cons of each course of action.
More complex pension scenarios may require SIPP/ SSAS advice, which Falco can provide.
Whatever your circumstances, contact us now to discuss your retirement plans and receive expert independent advice on your options, with no obligation to proceed.