The thought of retirement may seem far off especially when you’re in your thirties or forties but it comes so quickly. That’s why it’s worth seriously having in place a retirement plan even now.
With careful planning and advice from Verity Accountants, you and your family can protect your wealth for your future and enjoy a long and happy retirement. Our highly experienced Accountants and Independent Financial Advisors will work together with you and your family to understand your long term financial and retirement goals to arrive at the most tax effective strategy to implement and manage your savings and protect your estate.
Retirement Planning Options
There are a huge range of retirement planning options to advise you on and we’ll be happy to start the conversation with you many years ahead of retirement and make changes in line with your changing needs. If you are a business owner, our corporate finance team can assist to establish a succession plan and discuss other exit options.
Although the contribution from the government to older citizens is declining, and the age at which we are entitled to receive a state pension is increasing, individuals can take their future in their own hands. Equally, private sector employers have imposed closing salary pension schemes in favour of defined contribution schemes. These trends mean individuals should be making increased contributions to private pension schemes to ensure their retirement is not a steady decline into poverty.
Our Certified Chartered Accountants offer leading edge pension and retirement advice and are well placed to help you understand the complexities around retirement. Our expert Accountants and Independent Financial Advisors will ensure that Firms offering pensions advice must be regulated by the Financial Conduct Authority (FCA), meaning that they must follow certain rules and standards when dealing with you.
Key Approaches to Supporting You:
There are several ways access to practical advice on a wide range of retirement planning including:
- Stakeholder pensions – This could be more secure and flexible variation on the personal pension for you. However, a thorough evaluation of your circumstances and forward planning is essential. And you will benefit from advice from our advisors.
- Personal pensions – Your personal and professional circumstances will greatly influence your options and you may need help to navigate the many products on offer.
- Company pensions – Both salary related or a money purchase schemes are available. You will need advice on knowing where you stand today, and what to do if you leave your company. Our Advisors can provide insight into what you should do if your employer does not offer a company pension scheme at all.
- The state pension – The most common scheme available to many people in the UK. You build up some state pension, but the amount received varies. Our Advisors will help you to understand how you build up state pension and how much income it will provide in later life.
- Self-Invested Personal Pensions (SIPP) – a personal pension for the self-employed, SIPPs offer unique benefits, but also come with their own risks and tax implications. However, there are many benefits to be derived from the government’s contribution towards this sort of scheme.
- UK pension rules and tax relief – Recent changes to the rules governing pensions allow many people to pay more into their pension schemes, and on more flexible terms than previously. Our Advisors will support you to come up to speed with contribution limits, tax relief, and annual and lifetime allowances.
Practical Steps to Retirement Benefits
Planning your pension can be a complex and daunting prospect. However, with good advice we can put the subject in perspective so that you can take practical steps based on informed decisions.
Our expert Accountants and Financial Advisors have found that accident insurance, life assurance and a pension are essential parts of the financial protection every family should have as part of retirement planning.
Putting in place different insurances can be expensive. That’s why, our Advisors will ensure that you have in place the most popular and cost-effective insurance types such as
- Car insurance.
- Home – buildings, contents or mortgage protection cover.
- Travel insurance.
- Accident and sickness insurance.
- Life insurance
- Critical illness cover.
- Health insurance.
- Cover for credit card loss.
Perhaps the ultimate form of insurance for all people is life assurance, which protects you and your dependents from financial hardship during retirement and in the event of your death. Making a decision on your retirement planning requires a careful assessment of your needs and circumstances before selecting either a protection or an investment policy.
Would you like to know more?
For advice on retirement planning and insurance products, please get in touch with our dedicated team of Certified Chartered Accountants and Independent Financial Advisors.
We offer initial free consultations. Please feel free to get in touch via email or our quick contact form below or to speak to an advisor phone T: +44(0) 203 643 5295.