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Retiring Now

The Top Ten issues

You should start to consider your options at least 6 months before you intend to retire. Ideally taking a view more than a year earlier will give you the best chance to plan.

There are so many aspects to consider that they can't all be listed here but the table below shows the top ten I come across where advice is most often needed

Pension Type Aspect Comment
Personal Pension Open Market Option Don't take the pension from the company with the policy. 90% of the time it can be improved with independent advice
  Ill health If you are in poor health, or even just a smoker better rates can be obtained. In very poor health it may be better to leave the money tax-free to dependants or take it all as a lump sum now instead of buying an annuity
  With Profits Older policies, especially pre 1992 may have valuable guarantees built in, but only if you know how to ask the question
  Guaranteed Rates
Buyout Policy (Section 32) As personal pension These often have guarantees built in and the tax-free cash may be more than 25%
Total Funds exceeding £130,000 Options available Drawdown may be an option but advice is needed
Director and Executive Pensions All of the above may apply If you are not confident about the advice given seek help elsewhere, or at least ask for a 2nd opinion
Company 'Final Salary' Pension Tax-free lump sum Nice to have but the value you are sacrificing may be worth 3 times the cash you take
  Dependants pension Despite what the scheme booklet says if you are not married there may be no extra benefit on your death
Basic State Pension Incomplete National Insurance record It may be possible to top up your pension by paying voluntary NI contributions

 

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