Lawrie Hainey

Independent Financial Adviser

Mobile 07809 777 350  

Office 01292 478988

Solicitors Financial Services (Central Scotland) Ltd is authorised and regulated by the Financial Conduct Authority.

We are entered on the FCA Register No 232377 at www.fca.org.uk/firms/systems-reporting/register  

Registered in Scotland No 191717.  Registered address: Suite 38, Alloa Business Centre, Whins Road, Alloa, FK10 3SA.

© All Rights Reserved

Will your retirement strategy give you the lifestyle you want….?

Do you KNOW how much of a pension you will get when you retire?

Keeping up your lifestyle throughout retirement costs money. How will you manage when the pay packets stop? If you retire in your early sixties, it's possible that you may live for another thirty or so years. Any state pension you receive may not be enough to fund the lifestyle that you want. You need to be sure that you've put enough into your pension to provide you with an acceptable income during your retirement.

Start Now

It's never too early to start planning for your retirement. You can take small, practical steps to work out what position you're in now and what you need to do next. Every month of every year that goes by without you sorting out your pension arrangements could make a big difference to your financial security during your retirement.

I can help you assess your expected pension and, if it will be too low for your needs, look at increasing it.

..

Unfortunately, no one can know how much your fund will be worth when you retire or how much income you will receive each month. Although saving in a bank has its advantages (you have access to the money, you will at least get back the amount you paid in and any interest, once earned, is guaranteed), it is generally accepted that investing in a pension is a more effective way of planning for your retirement.

Here are a few things you need to think about, so you can start laying the groundwork for financial security during your retirement:

• How much are your pension arrangements worth now? 
• Does your employer match your payments? 
• How much can you afford to pay in regularly?
• Does your partner have their own pension? 
• When do you hope to retire? 

There are a number of different types of personal pension, ranging from stakeholder pensions to standard personal pensions to self-invested personal pensions.  Here's a quick rundown of the types of personal pension plans available.

Personal pensions

With a personal pension, you pay money into a pension fund. In some cases, employers who don't offer an occupational scheme may make payments into the personal pensions of employees. These plans are provided by financial institutions with professional fund managers who will invest money on your behalf so that it has the potential to grow in value.  When you retire you can normally take up to 25% of your fund as a tax-free lump sum and use the rest to provide an income. Tax rules may change in the future.

Stakeholder pensions

Stakeholder pensions are personal pensions that have to meet certain minimum standards set by the Government, and have a maximum charge. They are designed to help people with a low income start investing towards their pension. These plans are provided by financial institutions with professional fund managers who will invest your money to build up a pension fund for you.

Self invested personal pension

A self invested personal pension (SIPP) could be right for you if you are experienced and confident in making your own investment decisions. It allows you to build up a fund in a tax efficient way and brings with it greater investment choice and flexibility than most personal pensions. With a SIPP, you can choose, and move between, a wide selection of funds and permitted investment types to meet your own investment goals.  

To find out more details and what options are available to you, contact me to arrange a free consultation.