Pension Planning

Whether you’re a business owner or self-employed, it is important to understand how much you will need in retirement and the options available to you to achieve the lifestyle you want.

How can MRIB Financial Services help?

Automatic enrolment into a workplace pension has made it easier for people to start saving for their retirement. There is, however, still a lot of confusion surrounding pensions and saving.

Our financial are happy to explain some of the common pension myths and break down the complex and often unnecessary jargon associated with saving for retirement. After all, that’s what a pension plan is – a way of saving for retirement.

We can help you setup or track down your pension plans, understand how much you are predicted to receive at retirement, assess how much you will need in retirement, and whether you are on the right track to achieve this. If you are not on track, we will recommend what to do now to get you started on the right approach to achieve this.

Many individuals have several different pension pots, with different providers, built up over their working career. Our advisers will help you understand what type of pension plan you have, what charges you are paying, where your money is invested and what options are open to you. It may be a good idea to combine these into one pension plan, making it easier to keep track of your retirement savings and reduce the time you spend trying to understand the information online or sent in the post.

Defined benefit schemes (also often called final salary or CARE schemes) have an underlying guaranteed promise of income and are therefore generally usually best left where they are. Transferring these types of schemes will mean you lose this certainty.

A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. The value of your investments can go down as well as up and you may get back less than you paid in. 

If you would like to find out more about your pension options, our advisers would be happy to help.

Pension planning areas we can help you with:

  • How do I start a pension?
  • What type of pension do I have?
  • How can I trace an old pension plan?
  • How much can I pay in to pension?
  • Am I saving enough?
  • How much should I pay in to pension?
  • Is combining my pension plans the right thing to do?
  • What will the State Pension provide and when?
  • What are my retirement options?
  • Will I run out of money in retirement?

If you would like to find out more about your pension options, our advisers would be happy to help.

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Contact an expert

For a no-obligation consultation with one of our Independent Financial Planners, please call 01494 455616