At Retirement Consultation
Pensions can change people’s lives. Most of us would like to be able to choose to stop work one day and choose how we live when we do. The right pension is a good way to achieve this ambition. We believe that most people need help with the choices that they face at retirement.
At retirement, you will be presented with a number of options by your pension providers and/or pension schemes.
We have a 3-step process to help you through your decisions at retirement.
Step 1 – About you
People first, pensions second.
The starting point is to think about your needs. Are you stopping work? Do you need income? How is your health? Do you have dependants? Do you have debt? These are some of the issues that you should consider.
What are your retirement plans?
- When do you think you will stop working?
- How do you expect to retire; stop working or reduce hours?
- What are your plans in retirement; stay in the UK, take on volunteer work?
What is your personal situation?
- What family and relationships do you have?
- Do you have dependants; parents, children who rely on you?
- Will you be sharing someone else’s retirement income?
- Are there specific family events that you need to plan for?
- How is your health?
- How is your family’s health?
- What is your family history?
- Where do you live and what is your lifestyle?
- What are your financial and personal priorities?
- What income must you have?
- What income do you want to have?
- How much time do you have to decide on your retirement?
- How much time are you prepared to spend on your finances in the future?
Step 2 – Your retirement resources
What sources of money do you have available to provide you with money in retirement?
What private pensions do you have?
- Who is your current employer and what pension do they offer?
- What pensions do you have from previous employments?
- Where else have you worked; do you have “lost” pensions from these employments?
- What benefits are available to your dependants from their pensions?
Do you know what pension you will get from the State?
- Do you know the amount?
- Is your National Insurance record correct and complete?
- Should you think about making voluntary National Insurance contributions to complete your record?
What other savings do you have?
Do you have outstanding debts?
Step 3 – Options and actions
We can discuss the different retirement options with you and indicate those that may be appropriate to your situation. We will also give you places to go, people to speak to and organisations who can help.
A new service has recently been set-up by Government called Pension Wise. Pension Wise offers free and impartial guidance that can help you to understand all of the new pension options available to you. The service is available to members of defined contribution schemes who are thinking of taking their retirement benefits. To find out more about Pension Wise, you can visit the website or, to find out how to book guidance appointment please click here.
Where can I find out more?
If you need more information, please contact us. A pension specialist from our team will be happy to help with whatever pensions-related question you have. Our help is always free.