Retirement Planning

Regardless of the life stage you have arrived at, it is important to receive expert and professional advice on your pension plans and requirements.

Whether you need to set up or review existing retirement planning strategies, for you or your employees, Roxburgh has ways to help you make the most of your retirement opportunities.

We specialise in

  • Reviews of existing pension provisions
  • Retirement Planning
  • Self-Invested Personal Pensions (SIPPs)
  • Small Self-Administered Schemes (SSASs)
  • Income sustainability solutions
  • Annuities

Employed and self-employed

We have access to a range of retirement plans to help provide for your retirement, no matter what stage of planning you are at.

It does not matter when you intend to retire, if you do not start planning for it at your earliest opportunity, there is a real danger that you could outlive your savings. It will soon no longer be unusual for people to spend nearly as long in retirement as they did in employment.

Calculating how big your retirement fund needs to be is relatively simple. Take into account all your likely living costs to estimate how much annual income you think you would need from 65 onwards. Allow for inflation and then multiply the figure by 25. This gives you your ‘magic number’, the retirement fund you are likely to need to provide the income you require based on current annuity rates.

Whether you are employed or self-employed, we offer a service that is personal to you. As a result, planning your retirement with Roxburgh and St. James’s Place puts you in control, so you can be confident about your future pension.

Nearing Retirement

In retirement your income from employment or self-employment may be replaced by an income from an annuity.

This is purchased by your pension fund from an appropriate annuity provider, securing you an income for life, no matter how long you live. Our whole of market approach to annuities will find the most appropriate annuity for you, taking into account your health circumstances to see whether an enhanced, or standard, annuity will provide you with more income.

Pension drawdown is another option which may appeal to experienced investors. This allows you to take an income from your retirement fund rather than buying an annuity, but due to the risks involved you will need to take specialist advice.

At Roxburgh, we 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.

Maximising your Pension Plan

For high earners, there are plenty of opportunities to fund pensions, despite the current Lifetime Allowance of £1,055,000.

Pension Opportunities

Despite the ever changing pensions landscape, pension planning and saving for your retirement are still as vital as ever. Pensions still remain highly efficient, offering tax relief at your highest rate of tax on your contributions, assuming that anything over the basic rate of tax is reclaimed via the individual’s tax return, and therefore are an important part of your overall planning.

  • Tapered Annual Allowance. With effect from 6 April 2016, the annual allowance of £40,000 per annum will potentially be reduced for high earners. If you have total adjusted income in excess of £150,000 per annum, you will see your annual allowance reduced by £1 for each £2 this is exceeded, to a minimum of £10,000. This is a very complex area and so it is vital that appropriate advice is sought.
  • Carry Forward of unused reliefs. You may be able to contribute in excess of the Annual Allowance of £40,000, or your reduced annual allowance, and receive tax relief at up to 45% using Carry Forward for example, if you have contributed less than the Annual Allowance in the previous three tax years. As this is a potentially complex area, particularly where Defined Benefit schemes are concerned, advice should be sought.
  • Lifetime Allowance. The changes in the Lifetime Allowance mean that advice is more important than ever to ensure that you are optimising your retirement planning, and are fully up to speed with the latest Lifetime Allowance protection opportunities.

The value of a pension 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 relief depends on individual circumstances.

To discuss your retirement planning requirements in more depth please contact us by phone on 0345 434 9505 , or email, or by clicking here

Six reasons to use us

1. We understand how important these decisions are for you

2. We will ask the right questions

3. We will communicate with you in plain English with no jargon

4. We do all the work, right through to completing the application form

5. Our advice is tailored to your demands and needs

6. Our advice will leave you in an informed position to make the right choices

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  • Wealth management
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