Financial Planning at Retirement
Since the changes to pension legislation in April 2006 and the variety of new pension products now available, saving for retirement is easier and better value for everyone.
Retirement Planning
Some of the rules introduced in 2006:
- The minimum retirement age is 55 years.
- Maximum tax free cash lump sum ceiling of 25% will apply to all pension schemes and policies.
- Anyone with total pension rights of below 1% of the Standard Lifetime Allowance (£1.8 million in 2011–12) will now be able to take their pension fund as a lump sum within a one year period.
- Pension Funds can now be left to relatives and charities on your death
The new arrangements have far reaching consequences for a number of existing pension plans. It makes sense therefore to look at what current and future pension options you have, and decide which of them are attractive for you, your family and your particular situation.
With the help of my support team, I offer advice on the most suitable solutions and help you understand the new opportunities available, review your existing arrangements and assist you in your pension planning.
Please contact me if you would like up to date information about A Day Pension changes which came into force on 6th April 2006 and the effect they may have on your pension planning.