Financial planning for retirement, tailored advice on retirement pension annuity rates

Retirement Planning

One of the most tax efficient ways of providing for retirement, or financial independence, is through pension planning.

The tax incentives are still unmatched by any other form of investment.

A basic rate tax payer receives 20% tax relief on any contribution to a pension, up to the annual allowance. This means that a £100 personal contribution attracts £25 from the taxman that is automatically added to the pension fund.

Higher rate tax payers receive an additional 20% relief through their tax return.

Apart from a small amount of dividend withholding tax, the fund grows virtually free of all income and capital gains tax.

Personal Pension funds are invested according to your own attitude to investment risk, ranging from very low risk to very high risk, and everything in between. The choice is yours.

Pension Consolidation

Like many people, you may have a number of pension plans accrued over the years as you have switched employment. We can analyse these pensions for you and, if it is prudent and advantageous to you, consolidate these with a provider offering a lower charging structure, better fund choice, with simpler administration.

At Retirement

Many people who have saved in pension policies simply accept the annuity offered by their policy provider when they retire. It is very unlikely that this is the most suitable course of action. At Scottsdale Consulting we have the expertise to advise on all of your options and to source the most suitable providers from the entire marketplace.

Your choices are bewildering so expert advice is essential. Even a simple Annuity demands that you choose between the following options:

Single or joint lives
Level or inflation proofed
Guaranteed or investment linked
With or without guarantee periods

And if you don't wish to commit to a permanent annuity you have the option of leaving your pension fund invested and drawing your living money from it in a variety of ways. Taking into account your personal tax position and your attitude to risk, you can

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Purchase a temporary annuity
Drawdown you income from the pot of money you have accumulated.
Phase your retirement over a number of years.
Decide annually on a combination of tax-free lump sums, annuities or drawdown.

Buying an annuity can be an irrevocable decision. So make sure to take professional advice - contact Scottsdale Consulting right away.

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