Retirement Planning

Retirement Planning



Before you retire

When you have a clear goal in mind of how your retirement should look and the income you will need, Matthew will take your entire financial position into consideration and work out the most efficient way of saving to meet your objectives.

There is a limit on the amount of pension contributions of which you can earn tax relief. This is called the pensions annual allowance. It has currently been set at £40,000 for the tax year 2022-2023.

Any pension payments you make over the £40,000 limit may be subject to tax charges or penalties if you breach HMRC allowances.

In addition to relief on personal contributions, other tax planning opportunities exist. For example, employees and employers can save National Insurance if salary is exchanged for pension contributions and it is now possible to carry forward contributions for up to 3 years and still gain tax relief at your highest rate if your income allows.

Other retirement solutions may include rental payments, dividends from shares, Unit Trusts or ISAs, deposits, income from insurance bonds or even trusts.

As part of the financial planning process it is Matthews role to consider which would yield the most efficient income in your retirement.

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After you retire

When people think pensions they tend to think of Final Salary Schemes, Private Pension arrangements and State Pensions.

However, income in retirement can take many forms.

Your income could also include rental payments, dividends from shares, Unit Trusts or ISA’s, deposits, income from Insurance Bonds or even Trusts.

As part of the financial planning process, Matthews role is to help you minimise the tax you pay and maximise your long term returns.

Unfortunately, due to a lack of public trust some consumers have in the financial services community, people choose to go online and purchase an annuity with  the same provider, and often, are regretful in not having taken qualified advice.

Consumers are advised by the FCA to shop around when looking to purchase an annuity as they may qualify for higher rates of return due to their personal circumstances.

You may be retiring early in which case, you potentially may have to live with your decisions for the next 30 years or more. The importance of a proper discovery session is vital at such a key milestone in your life.

Matthew Slessor Wealth Management provides unbiased and qualified advice with the requisite qualification of Chartered Financial Planner.
This status is the ultimate symbol of professionalism and the title is granted by the Chartered Insurance Institute (CII), the professional body for insurance and financial services and applies only to appropriately qualified CII members who are providing financial planning advice or related activities that have sufficient qualifications as an advanced level, and a minimum of 5 years experience.

Matthew Slessor has CII (Chartered Insurance Institute) Advanced Pension and Pension Transfer Qualifications at OFQUAL Level 6, and has been advising on pensions as a financial adviser since 1996.

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Ongoing Advice

Every financial plan will need to be reviewed at some stage but pension planning needs constant attention in order to keep your goals on track.

Salary increases, inflation, investment returns and career change are all events which require us to re-evaluate your plans and in the absence of any of major changes to these we would always recommend a review every year as a minimum.

If you set off on a long journey, how many times would you consult your ‘map’ to monitor your progress? If your plans are blown off course, its important to re-assess your situation on an annual basis to ensure you are on track to reach your destination on time.

As one of our clients, you will know and have online access to see the value of your plans and be able to monitor their performance against your goals.

Depending on the decisions you make regarding your pension options, you may very well need ongoing advice from us to manage your income extraction in the most efficient way.

The value of investments can fall as well as rise and you may not get back the amount originally invested.

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