Pension Planning
Pension provisions in the U.K are in crisis. This is undeniable when the state pension for a single person represents only 50% of the income deemed to be poverty level. And over 50% of those retiring will have no additional income, and of those who do only 20% will have enough to meet their retirement hopes. Independent personal action has to be taken if retirement is to be a reward for a lifetime of work and not a constant battle against inadequate income to enjoy your freedom from the daily grind.

Much has been said about declining annuity rates, increasing longevity and the enormous sums necessary to create a workable steady income in retirement. So much so that many people resent the loss of control over their investments as much as the poor returns their pension fund has generated.

Cullen FP take a pragmatic approach to pension planning, we understand that pensions only comprise one element of future wealth planning. Pensions should be considered alongside a broader mix of investments that will meet both income and capital needs when paid employment comes to a close. The different options to unlock the value of pension assets, to maximise cash and arrange pension income all have to be considered’. Of course, if your employer offers you that rare beast, the “Final Salary” scheme, you should take advantage of it. If you don’t have this luxury, then the choices are more complex and you will benefit from some detailed analysis to ensure your provisions match your intentions.

This approach is different from most advice given, where maximising contributions for tax avoidance is often recommended. Whilst taxation can be an important consideration, many people value control and flexibility over tax avoidance. We work with our customers to design pensions into an effective overall investment strategy that delivers retirement objectives.

The one piece of consistent advice all advisors offer on pension planning is: DON’T WAIT. Contact us online or call us now for a no obligation assessment of your situation.