Padstone Financial Management Ltd

Pensions and retirement

Hereford Pension ADviserThe simple fact is we are living and working longer. Making provision for the future and retirement is vital. This has been helped by the introduction of Auto enrolment but put simply we need to save more for retirement.

We can provide advice on the following areas,

  • Stakeholder pensions
  • Personal pension Plans
  • Self-Invested Personal pensions (SIPP)
  • Section 32 Buy out plans
  • Group buy out plans
  • Group Personal pensions

The most suitable solution will depend upon your employment and tax status but we can assist you and your Accountant if necessary with finding the right solution.

Retirement options

Hereford Investment Adviser Pension's freedom introduced in April 2015 allowed significantly greater freedom when drawing your pension funds after age 55.

The majority of people have various pension 'pots' built up during their working life, this is normal. These can normally be amalgamated at retirement into one pot if this is the moist appropriate thing to do. You may have guarantees within some plans which may need to be protected. You may have a final salary scheme which offers valuable guaranteed benefits. We can discuss and consider all these factors.

  • How much income do you require
  • What effect will inflation have
  • Do you need flexibility
  • Do you need a lump sum
  • Do you need income now or later

In the majority of cases the maximum tax free lump sum available is 25% however some policies have tax free cash protected and it is important to check this before making any decisions

Some of the options available at retirement are as follows,

  • Income drawdown (unsecured income)
  • Conventional annuity
  • Enhanced annuity (medically)
  • Annuity/Drawdown combination products
  • Fixed term annuities
  • Capital protected annuities
  • Third way products

Your smoking status and medical health will have a bearing on annuity rates and is therefore important when assessing options.

We undertake a significant amount of retirement option advice so please contact us to review your situation. We normally offer the initial meeting at no cost to assess your requirements.

Accessing pension benefits early may impact on levels of retirement income and is not suitable for everyone. You should seek advice to understand your options at retirement.

Padstone Financial Management Ltd is authorised and regulated by the Financial Conduct Authority, and is entered on the FCA register ( under reference 430531.

The Financial Conduct Authority does not regulate taxation and trust advice will writing and some aspects of buy to let mortgages.

Contact Us
Telephone: 01432 820710
Fax: 01432 820701
Address: Court View, Preston Wynne, Hereford HR1 3PE

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