Nowadays people are living longer than ever before, which is great news, but means that when you retire your money has to last for longer, so it is crucial you plan for the future and make the right choices.
After all, given that your pension income may have to last for between 30 and 40 years and the choices you make might be irreversible, this could be one of the most important financial decisions of your life - and one of the most costly to get wrong, which is why our professional pension and post-retirement planning service can be so valuable.
Our concern immediately before and during your retirement is helping you to decide which options are right for you with regard to taking the capital and income benefits from your retirement savings and investments.
If a traditional Annuity is the right path for you, in which a guaranteed income is paid throughout your life, we will ensure utilisation of your 'Open Market Option', researching the whole Annuity market to find you the highest level of retirement income possible; an exercise which is often ignored and can result in a significant loss of income over the course of one's retirement.
Equally, if you have health concerns, you may be able to receive a higher level of income than you might imagine via an 'Enhanced' or 'Impaired Life' Annuity and our research will look to explore all opportunities in this respect, to ensure you are not one of the many who miss out on income to which they are entitled.
Alternatively, perhaps you would like to keep your retirement options open by commencing 'Phased Retirement' or if you have a reasonably large pension fund and are prepared to accept a greater degree of risk, you could consider Income Drawdown, in which you take an income direct from part of your pension fund, allowing the remainder to stay invested, benefiting from stock market growth and providing greater death benefits to your desired beneficiaries.
These options allow you the flexibility to retain control over your retirement investments and importantly, vary your income, so the amount and frequency of your withdrawal can change from time to time, to suit your requirements.
If Income Drawdown is the best course of action for you, we can help find the right home for your retirement funds and assist with ongoing income reviews, in accordance with HM Revenue & Customs and Department for Work and Pensions rules.
Our planning will focus on your income needs, your objectives for any capital lump-sums, tax-efficiency and your wishes in respect of the wider benefits available and ultimately, will aim to deliver the retirement you hope for.
Please feel free to contact us if you feel you would benefit from working with Chamberlyns.