On other web pages, we have said that the unique plan we produce for you may be a mix. Here is a brief introduction to some matters you might want to consider.
Do you want to just stop working? How many people with high-powered jobs have died on the golf course within 18 months of retiring? If you are a professional person, what about doing 3 days a week? If you have valuable skills, what about becoming a consultant for a couple of days a week? If you will still be a higher rate tax payer, would you rather risk getting extra investment performance in the little UK tax haven that is your pension fund, than having extra income taxed at the top rate?
If it is attractive to return to doing “what you do best” (and losing the burden of running the complex business or practice), consider Phased Retirement. Phased Retirement can be applied to your pension pot. In Phased Retirement, you convert your retirement fund gradually over a number of years into income.
Before you retire, we can give you this control by setting up many contracts (possibly more than 1,000) and using a number of them each year to provide you with your desired level of income: part from tax-free cash and part by annuity. The balance of your pension fund (i.e. the contracts left not ‘vested’) continues to be invested, thus providing you with the possibility of higher future income.
What if you die within 18 months of retiring? We can talk you through the costs & benefits of all your options. You must decide what type of death benefits to include at the outset. The options available include a spouse’s or dependent’s pension. This can be up to 100% of the pension you received. Some annuity companies offer a guaranteed period, which will ensure that on death within up to the first 10 years, the remaining payments you would have received continue to be paid to your estate. Some annuity companies offer Value Protection, which ensures that on death (before age 75), the original fund value, less the gross income payments already made, can be paid out less a flat rate tax charge of 35%.
Our initial appointment is free of charge – no matter how long it takes. Our annuity search is free. We are happy to meet at your home or office within London or Hertfordshire. It is likely we will be able to visit your home or office in the Home Counties and further afield. If you are further away, or you prefer, we offer meetings by SKYPE video-conferencing. Taking a little bit of time now can improve your standard of living in retirement quite substantially, especially if you qualify for an Impaired Life Annuity. Call us now to book an appointment to start the process. It is your first step to a better retirement.