Saving for retirement
If you start planning for retirement sooner rather than later, you’ll have longer to meet your financial goals and are likely to be better off when the time comes to start using your pension.
Saving for retirement
Pensions and retiring
Organising your money to give you the retirement you want
Organising your money to give you the retirement you want
Find an adviserPensions and retiring
Whatever your plans and wherever you are on your journey to retirement, we’re here to help. An adviser from The Openwork Partnership can help you plan and manage your pensions and other investments so you can enjoy the retirement you deserve.
We’re all living longer - so it’s more important than ever to take some time to plan ahead to help make sure you’ll be able to live your later years in comfort. There’s a lot to think about in planning to retire and in managing your money after you’ve stopped working.
Pensions and retiring
Saving for retirement
If you start planning for retirement sooner rather than later, you’ll have longer to meet your financial goals and are likely to be better off when the time comes to start using your pension.
Saving for retirement
Getting ready for retirement
For many of us, a pension is likely to be our most important long-term savings commitment. The capital we build up needs to provide us with an income that can create a secure financial future for ourselves and our families for many years.
Getting ready for retirement
Enjoy the retirement you deserve
You’ll need to consider how your investments will continue to support you throughout later life and account for inflation so that you’ll have enough money to keep on doing everything you want.
Enjoy the retirement you deserve
Getting ready for retirement
For many of us, a pension is likely to be our most important long-term savings commitment. The capital we build up needs to provide us with an income that can create a secure financial future for ourselves and our families for many years.
Getting ready for retirement
Enjoy the retirement you deserve
You’ll need to consider how your investments will continue to support you throughout later life and account for inflation so that you’ll have enough money to keep on doing everything you want.
Enjoy the retirement you deserveWherever you are on your journey to retirement, we can help you now
Wherever you are on your journey to retirement, we can help you now.
Whether you’re decades away from retiring or just a few years, your pension is likely to be your most important long-term savings commitment. The capital built up needs to provide you with an income that gives you and your family a secure financial future.
To meet your needs, you will need to understand the income you’ll want to keep you and your family in comfort. You will have choices to make about how and where you save and invest and how long you plan to work. You’ll also need to understand the impact of tax and inflation on the choices you make.
There is a lot to consider and it can feel a little overwhelming.
That’s why we’re here. Our purpose is to help people face the future with confidence and optimism and it is in making decisions around pensions and retirement that this purpose is most relevant.
Our advisers can help you – from the first day you start to invest in your pension all the way to working out how best to access your pension income tax effectively. We can help you in consolidating multiple pensions or in using your pension planning to reduce inheritance tax.
Wherever you are on your journey to retirement, we can help you now
Whether you’re decades away from retiring or just a few years, your pension is likely to be your most important long-term savings commitment. The capital built up needs to provide you with an income that gives you and your family a secure financial future.
To meet your needs, you will need to understand the income you’ll want to keep you and your family in comfort. You will have choices to make about how and where you save and invest and how long you plan to work. You’ll also need to understand the impact of tax and inflation on the choices you make.
That’s why we’re here. Our purpose is to help people face the future with confidence and optimism and it is in making decisions around pensions and retirement that this purpose is most relevant.
Our advisers can help you – from the first day you start to invest in your pension all the way to working out how best to access your pension income tax effectively. We can help you in consolidating multiple pensions or in using your pension planning to reduce inheritance tax.
Saving for retirement
If you start planning for retirement sooner rather than later, you’ll have longer to meet your financial goals and are likely to be better off when the time comes to start using your pension.
Pensions
Throughout your working life you are encouraged to pay money into a pension fund and any companies you work for are likely to contribute too. The government gives valuable tax relief – essentially topping up all your pension contributions significantly at no extra cost to you - making this the most tax efficient way to save for your retirement. When you retire, you can draw money from your pension when you need it and keep the rest invested, or you can buy an annuity, which gives you a guaranteed income usually for the rest of your life.
There are a several different types of pensions, including:
- personal pensions.
- self-invested personal pensions (SIPPs).
- workplace pensions (defined contribution and defined benefit); and
- the State Pension.
Most defined contribution (DC) pension schemes offer a range of funds you can put your money into until you retire. They usually invest across different asset classes, including shares, bonds, and cash. Many pension plans offer lifestyle funds, which automatically shift the balance of your investments to less risky investments (such as bonds or cash) as you approach retirement. If you are intending to keep your money invested rather than taking an annuity when you retire, a lifestyle fund may not be the right solution for you.
We can advise on the various investment options available and help you decide what’s best. We can also help you take even greater control of your retirement options and access a wider range of assets through a self-invested personal pension (SIPP).
Getting ready for retirement
You’ll have to think carefully about what you want to do. For example, will you work part time or stop working completely? What type of investments would you prefer to hold in your fund? Our advisers will help you think through your plans and put them into action – from consolidating multiple pensions to finding the most efficient ways to use your savings and investments.
Enjoy the retirement you deserve
How you choose to take your retirement income is also essential so that you don’t pay more tax than you need to. Plus, your pension can also be a useful tool when it comes to inheritance tax planning.
Investment caveat
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
Past performance is not a reliable indicator of future performance and should not be relied upon.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.