If you are planning to retire in the near future, you are likely to have built up a pension fund from one or more employer pension schemes or private pension plans, which you will use to provide an income in retirement. It is often assumed that the move from saving for retirement to accessing your pension benefits happens automatically, however there are a number of important decisions that need to be made to convert your pension fund into pension income and to ensure that you benefit from the highest level of income available.
You will be faced with new phrases and terms that are perhaps unfamiliar, such as Annuity, Pension Commencement Lump Sum, Escalation, Pension Drawdown, Guarantees, etc. There are many different options that will impact on the income you receive and it is therefore important that the right selection is made to meet your needs as once the choices are made and your income commences, often these cannot be ‘undone’.
If you want to receive the most money from your pension, please consider the following:
Wren Sterling has a dedicated at retirement service, to help guide you through the maze of options and ensure that the choices you make are right for you. We can provide you with advice; face to face, over the telephone or the necessary guidance and information to make the right decision at retirement.
Our personalised report is designed help you understand your retirement options, and will bring clarity to your choices so you can make the most of your pension and enjoy a higher level of income than you may be offered by your pension provider.
Talk to Wren Sterling about your retirement options and have the confidence that you have made the right decisions.
 Source: Department for Work and Pensions. Number of Future Centenarians by Age Group – April 2011
 Source: The Open Market Annuity Service November 2012. Based on a male aged 65 with a £22,500 fund, 10 year guaranteed period, 5% escalation, no value protection, based on a banded postcode, compared to the best and worst conventional annuity rates.
Throughout your life you’ve probably worked hard to build up the things you have around you. But have you stopped to think about how much everything you own (your estate) is worth? Your home, your car, your savings and all your possessions – they all add up.
If your estate (your assets minus any liabilities) currently totals more than £325,000 inheritance tax will affect you.
If your estate (your assets minus any liabilities) currently totals more than £325,000, you are liable to pay 40% tax of on the value on anything over that. So some of what you believe you’re leaving to those you care about may have to be paid as tax instead.
Until your beneficiaries have paid the tax bill, they won’t receive any of your estate as it becomes frozen until the debt is settled. Not a pleasant thought is it? This is probably not the sort of legacy you intended to leave behind.
Fortunately there are ways to reduce a potential inheritance tax liability, all revolving around sensible financial planning and that’s where our advice can benefit you.
Realising the need for long -term care is not something we all want to face, however it’s essential to get the right care advice straight away for you or your loved ones when you realise you require it.
If you don’t get the right care advice when you realise you need care, you or your loved ones could use what resources you have to fund the care, putting your home and other savings and possessions at risk. If funds run out it could mean moving to a cheaper home and there may not be enough left in the pot to buy an Immediate Needs Annuity to cover the rest of the care fees.
Getting specialized advice from a suitably qualified adviser is critical as the financial and legal framework for the funding of care is very complex. Our advisers who are accredited by the Society of Later Life Advisers are experts in this field and have to follow stringent guidelines to maintain our accreditation. Our advisers will evaluate your current financial situation, and this involves a review of your:
Wren Sterling has two fully accredited SOLLA advisers who work with a network of other long term care qualified advisers. They can provide fixed fee reports on the options that clients and their families have. In order to advise in this area, the minimum qualification is a Certificate in Long Term Care. Wren Sterling has a number of advisers who meet this requirement across the country.
Half of our business is financial planning and advice, the other half is putting your plan in to action. Whether you are investing small regular amounts in an ISA or looking for us to help you make the most of a large existing pension fund or broader portfolio we an help you invest wisely.
We always fulfil our responsibility to help make the most of your money by being:
We look at diversifying your investments for the maximum return: