- Have you planned for your retirement?
- Do you understand the tax benefits of pension plans?
- When is the right time to draw your retirement benefits and how do you go about it?
Anyone who thinks that the State Pension will be all they need to enjoy a comfortable retirement should think again! A financially comfortable retirement will only come to those who have planned well ahead for this important stage of their life.
The Government has made it clear that the onus on pension provision lies very much with us all individually but they do provide a complicated range of tax benefits for pension planning.
Over the years there have been a wide range of pension arrangements available for those who are employed, self-employed or run their own business. We can offer guidance and advice on plans you may have accumulated over your working life including all types of occupational pensions (for companies) and personal pensions.
For new contributions during the accumulation stages, we are able to provide advice on how to maximize your pension provision and guide you through the range of plans on offer now such as Stakeholder pensions, Personal pensions and Self Invested Personal pensions.
At the stage when you are looking to start taking benefits from your pension plans, we can discuss the choice of options and what the implications of each one are for you and your spouse.
We can offer advice to help clients make informed decisions at this very important stage of life.
- Do you understand the risks associated with savings and investments?
- Are you paying too much tax on interest and dividends you earn?
Our aim is to help you build your savings and investments with a consistent strategy that includes:-
- assessing your willingness and need to accept risk
- allocating your money to a suitable mix of assets and funds
- choosing the right tax product
- reviewing the portfolio
Risk and reward
Whether you are looking for growth or income, it is crucial to decide how much risk and volatility is acceptable in reaching the objective. We can help you decide what you are comfortable with and help you understand the implications of the decision.
Asset allocation and Fund selection
Many studies have proved that over 90% of long term performance can be attributed to choosing the right mix of assets rather than clever timing or picking an individual fund or share.
We can help you decide on the how to split your money across the four main asset classes of Cash, Fixed Interest securities, Property and Equities. Each asset class can perform differently during the various parts of an economic cycle so this allocation decision is crucial to managing risk and returns.
To spread the investment risk we will then recommend a portfolio of funds, selected using detailed research and including both actively managed and index tracking funds.
The index tracking funds will seek to follow the return from a single market or index. They are typically lower cost and they reduce the chance of an active manager underperforming the chosen market.
Tax wrapper choice
Different products have different tax consequences, which can have a significant effect on the overall return. We will explain why ISAs, Unit Trusts, Investment Bonds or Pensions may be more suitable than another product.
We will always suggest that you monitor your portfolio regularly to ensure the intended risk and expected returns continue to be met. Without reviews, a portfolio can become outdated because of changes in investment markets, global economies and legislation.
- Why should you have life assurance, critical illness or income protection?
- How much should it be and what does it do?
- How will your family or business cope if you are seriously ill or die?
When someone is seriously ill or dies there are usually unforeseen financial consequences.
We cannot predict when illness or death may occur but we can prepare for the financial scenario that would follow. Unfortunately far too many of us do not arrange suitable protection plans to solve this issue.
There are different forms of protection to suit different circumstances including cover to protect dependents, your mortgage or your business liabilities. It may be appropriate to consider setting up plans under a trust, designed to ensure the tax efficient and speedy payment of benefits to beneficiaries.
The cost of protection plans depends upon the amount of cover required and the term as well as the age, sex, health and occupation of the life assured. We will always check the whole market for the most competitive premiums and make the best use of your money.