2019 Guide to Planning for your Retirement

Are you ready for life beyond work?

2019 Guide to Planning for your Retirment

When it comes to planning for retirement, the earlier you start, the more potential your money has to grow. Retirement planning is not simply about paying regularly into your pension and forgetting about it. Instead, it is essential to review your progress against your retirement goals and take account of changes that may affect your plans.

A critical aspect of retirement planning is structuring your affairs to ensure that you can meet your desired level of income when you stop working. With ever-changing pension legislation and increasing life expectancy, it makes sense to use all the tax-efficient options available to create a flexible retirement plan.

The Ancient Greek historian Thucydides wrote that ‘the secret to happiness is freedom’ – and now you have more options than ever when it comes to your retirement savings. In our guide, we consider what these are and the revolution in pensions that transformed the retirement prospects for millions following the passing of the Pension Schemes Act 2015. April 2019 was the fourth anniversary since the introduction of the pension freedoms – a fundamental change in the approach to retirement savings.

Announced by then Chancellor George Osborne in Budget 2014, pension freedoms now give over-55s full control of their retirement savings. The changes which commenced on 6 April 2015 mean individuals with a defined contribution pension have the freedom to access their pension as they wish from age 55. Under these changes, those with a defined contribution pension scheme are no longer required to purchase an annuity.



Saving adequately for the future

Saving adequately for the future

The good news is that the number of people saving enough for a comfortable retirement has hit its highest ever level, with almost three in… Read More »

Tax relief and pensions

Tax relief and pensions

When it comes to managing money, one of the things some people find most difficult to understand is the tax relief they receive on payments into their… Read More »

Pension lifetime allowance

Pension lifetime allowance

The pension lifetime allowance is a limit on the value of payouts from your pension schemes – whether lump sums or retirement income… Read More »

State Pension

State Pension

Data for people qualifying for the full new State Pension following its introduction in April 2016 reveals that almost two in five… Read More »

Women’s State Pension age changes

Women’s State Pension age changes

On 3 October, campaigners lost a significant legal battle against the Government’s handling of the rise in women’s State… Read More »

Defined contribution pension schemes

Defined contribution pension schemes

With a defined contribution pension, you build up a pot of money that you can then use to provide an income in… Read More »

Defined benefit pension schemes

Defined benefit pension schemes

A defined benefit pension scheme is one where the amount paid to you is set using a formula based on how… Read More »

Personal pensions

Personal pensions

A personal pension is a type of defined contribution pension. You choose the provider and make arrangements for… Read More »

Self-invested personal pensions

Self-invested personal pensions

A self-invested personal pension (SIPP) is a pension ‘wrapper’ that holds investments until you…Read More »

Freedoms to turn pensions into money you can use

Freedoms to turn pensions into money you can use

Under the pension freedoms rules introduced in April 2015, once you reach the age of 55, you can now take your…Read More »

Delaying taking your pension

Delaying taking your pension

You might be able to delay taking your pension until a later date if your scheme or provider permits this…Read More »

Purchase an annuity

Purchase an annuity

You can normally withdraw up to a quarter (25%) of your pot as a one-off tax-free lump sum, then convert the rest into a taxable…Read More »

Flexible retirement income

Flexible retirement income

With this flexible retirement income option known as ‘flexi-access drawdown’, you can normally take up to 25% (a quarter) of…Read More »

Small cash sums from your pot

Small cash sums from your pot

You can use your existing pension pot to take cash as and when you need it and leave the rest untouched where it can…Read More »

Cashing in your entire pension pot

Cashing in your entire pension pot

You could close your pension pot and take the entire amount as cash in one go if you wish. Normally, the first 25%…Read More »

Start planning for your future, today

Retirement planning is a long-term commitment. But wherever you sit in your retirement journey, we’re here to support you, whether it’s starting a pension, saving more into your plan or helping with your options for retirement. To find out more or to discuss how to maximise your retirement opportunities, please contact Mercier Allen – don’t leave it to chance.

To download the full guide please click here.