We all want to be able to enjoy a long comfortable retirement. As people’s life expectancy increases, pension planning has become a very important part of personal financial planning. Jacobs and Harris are pension specialists, qualified to provide advice on all areas of the pension market, including transfers from Defined Benefit (Final Salary) Pensions, which many other advisers are not qualified to advise on.
How much should I save? We can help you to decide how much you should be investing in your pension to meet
your required retirement income. We can also help you to ensure that your pension contributions are tax efficient.
I have several pensions? It has become increasingly common for people to have several different jobs in their working lifetime and therefore their pensions can be scattered around with different companies. We can review your existing pension arrangements to establish how much you have saved and what income and lump sum they may provide when you retire. If it looks like your pensions will fall short of what you require, we can help you correct this.
Can my pension work for me? You may not want to retire yet but instead require capital for a business venture. We can help you use your pension to fund this business venture.
Have I got the right kind of pension? A defined benefit pension can be a very valuable asset for guaranteed income in retirement but in certain circumstances it may not be right for your retirement.
For example, a guaranteed spouses pension is of no use if you are not married or do not intend to marry in retirement. You may have other sources that will provide you with income in retirement and could transfer out of defined benefit scheme for inheritance planning purposes. We can provide a detailed analysis of your personal situation to decide if a transfer would be right for you.
When you reach your chosen retirement age, you no longer only have the choice of buying a lifetime annuity with your pension fund. You may also want to consider a fixed term annuity or income drawdown, where your pension fund remains invested and available for future growth. You may also decide to phase your retirement and work part time.
We will explore the various options with you and explain the pros and cons of each. We will research the entire market to find the best product to provide you with the maximum retirement income from your pension fund. As with all financial planning it is important to provide ongoing reviews, where applicable, to ensure this income remains.