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Pension Planning

Making your pensions work as part of your wider financial plan

Pension Planning

Pensions can be one of the most tax-efficient ways to build wealth for retirement, but the rules and available options can be difficult to navigate.

You may have several pensions accumulated through different employers, older policies with unfamiliar features or a large pension that now requires more active planning. You may also need to decide how much to contribute, whether to consolidate your arrangements or how to take benefits when you retire.

We help you understand what you have, the options available and how your pensions fit into your wider financial plan.

Speak to an independent pension adviser

How we can help

Our pension planning advice may include:

  • reviewing existing personal and workplace pensions;
  • assessing charges, investment choices and policy features;
  • deciding how much to contribute;
  • making use of available tax relief and allowances;
  • considering employer or company pension contributions;
  • consolidating pensions where this is suitable;
  • selecting an appropriate investment strategy;
  • planning how and when to take benefits;
  • comparing drawdown, annuities and other retirement income options;
  • planning the use of tax-free cash; and
  • considering pension death benefits and beneficiary nominations.

We begin with your objectives rather than assuming that the largest pension fund or lowest tax bill must be the right outcome.

Elderly couple discussing pensions with a financial adviser in an office

Should I combine my pensions?

Consolidating pensions can make them easier to manage and may provide access to a wider range of investments or retirement options. It is not automatically the right choice.

An existing pension may include guarantees, protected benefits, valuable charges or other terms that would be lost on transfer. We review the existing arrangements before recommending whether they should be retained, changed or consolidated.

How much should I contribute?

The appropriate level of pension contribution depends on more than the maximum permitted by the tax rules.

We consider:

  • the income and capital you may need before retirement;
  • the balance between pensions and more accessible savings;
  • your current and expected future tax position;
  • employer contributions;
  • your planned retirement date; and
  • the income you are likely to need later.

For business owners, pension contributions may also form part of the wider approach to remuneration, company cash and retirement planning.

Request a Consultation

Taking money from your pension

Modern pensions may provide considerable flexibility, but that flexibility creates more decisions.

Taking benefits without a wider plan could lead to unnecessary tax, an unsuitable investment strategy or too much being withdrawn too soon. It may also affect the amount left to support a spouse, partner or other beneficiaries.

We consider your pension alongside your other income, investments and savings to develop a coordinated withdrawal strategy.

Ongoing pension planning

Pension legislation, tax rules, investment markets and your own plans will change over time.

We regularly review your pensions as part of your wider financial plan, including the investment strategy, contributions, retirement income and beneficiary arrangements.

Speak to an independent pension adviser

Wingate is an independent firm of Chartered Financial Planners based in Caterham, Surrey.

Contact us to arrange an initial conversation about your pensions and retirement plans.

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