Planning Your Retirement
When you retire, depending on your type of pension, you have the option of taking up to 25% as tax-free cash from your pension savings. You then have the choice of taking the rest of your savings as income or as a lump sum, subject to marginal tax rates.
Working with a carefully selected panel of providers, through St. James’s Place we offer the following range of options on retirement:
Self-Invested Pension Plans (SIPPs)
Trustee Schemes
Retirement Plans
Drawdown Plans
Annuities
Leave your pension pot to someone when you die – there’ll be tax implications for doing this.
Your St. James’s Place Partner at Wellesley Wealth Advisory can guide you through all the options to help you make the right decision regards your annuity purchase, whether you can draw your whole fund as a cash lump sum, or whether a pension drawdown would be more suitable. Please contact Wellesley Wealth Advisory on 01444 244551 or via email at info@wellesleywa.co.uk
Related Services
Nearing Retirement
When approaching retirement age, the right type of advice can make a huge difference. Start to preparing your finances for retirement, at least two years before you retire.
Inheritance Tax
Without careful planning, HM Revenues & Customs could become the biggest beneficiary of your estate.
Later Life Planning
Our later life planning advice enables you to plan for IHT by providing monetary gifts to your loved ones and securing an income to help cover your long term care costs.
Long Term Care
Apart from the emotional cost, arranging care for yourself or a loved one is extremely complicated. Dealing with issues like Lasting Powers of Attorney* can cause stress.
Maximising your Pension
The generous tax reliefs allocated within pension arrangements means that they play an important role in tax planning.
Self Invested Pension
Self-Invested Pensions Plans (SIPPs) enable you to save towards your pension in a tax efficient manner, with the added benefit of flexibility.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax reliefs depends on individual circumstances.
*Powers of Attorney involve the referral to a service which is separate and distinct to those offered by St. James’s Place and are not regulated by the Financial Conduct Authority.
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