Pension and Retirement
What is a pension?
When you retire your bills will not go away, and ideally you will want to maintain the lifestyle to which you have become accustomed. Unless you are confident of a large inheritance or windfall, then you need to provide yourself with a secure income for the rest of your life.
What can Citywide Financial do for you?
We provide impartial & comprehensive retirement & pensions advice without the jargon. We guarantee ongoing investment advice, fully transparent charges with a broad choice of investment funds.
We cater for people looking to start or review a pension plan, and also for those who wish to transfer or draw down their pension pot. Our one-on-one consultations also include a review of any existing pension plans.
Our Pensions expertise extends to:
- AVC’s: (Additional Voluntary Contributions): tax-efficient method of boosting your retirement savings, as any additional AVC’s you make to your pension are deducted from your wages before tax.
- Approved Retirement Funds: (ARF’s & AMRF’s) these are for post-retirement investment. These include managed and self-directed options.
- PRSA’s – Personal Retirement Savings Accounts: PRSA’s are for those who are self-employed & also for employees who are not in an employer’s pension scheme.
- Personal Retirement Bonds: (PRB’s) for people who are changing jobs and are looking for more personal control over their pension plan.
- Executive Pension Plans: private pension plan for business owners & company directors
- Corporate Pension Plans: occupational pension schemes and group PRSA’s for directors and employees of limited companies
Our pension experts will help prepare a pension plan which is regularly reviewed and provide you with a reasonable level of income in your retirement.
A pension plan requires action as soon as possible, so the earlier you start, the better. If you already have a pension, take the opportunity to have a closer look at your existing arrangements to make sure it is the appropriate plan for you.
It is important to remember a pension is a long term investment and the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
How Much am I going to need for my retirement?
The answer to this is up to you and depends on your aspirations. We will need to determine what your day-to-day living costs are for you and your partner in retirement. Also what will you want to do now you have time on your hands and what expenses will disappear such as children and mortgage repayments etc.
Once you come up with a figure, we will help ensure it provides a buffer against the unforeseen and unexpected. Now you will have arrived at the amount of pension that you should ideally be planning for. Also, bear in mind that pensions are taxable, so you will need to allow for payment of Income Tax when arriving at your final pension figure.
Why do I Need a Pension Plan?
Planning for our financial security after retirement is one of the most fiscally responsible things a person can do.
The advantages of a pension are clear: a comfortable retirement, tax savings and the peace of mind of knowing your financial future is secure. However, so many of us still put off starting a pension.
Citywide Financial Solutions’s Do I need a Pension blog outlines why you should start a pension immediately and the advantages of selection the right type of pension.