01344 778990


Retirement Planning

Planning for retirement is one of the most important financial decisions you will make in your life. However, it can seem daunting and requires not just one decision, but a lifetime of them.

We help our clients to look forward to their retirement with confidence. Together we identify their desired lifestyle and build a plan around their individual circumstances. Once implemented, we then regularly review the progress, adapting the plan as required.

We typically start working with people in their late 40s, 50s and 60s. We build on the pensions and assets they have already acquired in their working lives, often consolidating them from individual, unrelated products into a personal plan for retirement.

For some, the goal is early retirement, for others it is to keep working whilst knowing that it is now a choice rather than a financial necessity.

Once in retirement, we help our clients drawdown an appropriate blend of capital lump sum withdrawals and income from their pensions and other assets to help fund their lifestyle. We also incorporate their desires to give money to their family or preferred charities and prepare for the unexpected such as the potential cost of later life care fees.

When planning for retirement, it is the people and their plans that matter most, but some of the specific areas of pension advice we incorporate into retirement plans are;

The Lifetime Allowance

An additional tax that is charged once the total value of benefits taken from all your pensions crosses a certain threshold. The current Lifetime Allowance is £1,073,100 (as at 2021/22).

It is not a limit on pension values or contributions. In some cases, and with the proper advice, it can still be worth making pension contributions even if the value of your pensions are close to or above the lifetime allowance. This is due to certain tax and wider planning opportunities.

Any liability to the Lifetime Allowance tax charge will fall between the ages of 55 and 75. This is the key period when people plan for and enter into retirement. We help clients to manage the timing of taking pension benefits and paying any lifetime allowance tax liability within their overall plan.

The Tapered Annual Allowance

An income threshold above which the Annual Allowance for pension contributions reduces from £40,000 to as low as £4,000. In 2021/22 the Tapered Annual Allowance begins on Adjusted Income above £240,000 per annum.

We help clients affected by the taper to identify the impact, and reduce or remove any tax liability. We work with their employer if their workplace pension benefits risk creating a tax liability and advise on alternative ways to save for retirement if their capacity to save into pensions is then limited.

Carry Forward

For those who may wish to ‘catch up’ on their pension contributions, or make a contribution above this year’s Annual Allowance, Carry Forward enables pension contributions from unused Annual Allowances from the previous 3 tax years. It can be a particularly useful way of planning for business owners.

State Pensions

Whilst the eligibility and age criteria for State Pensions undergo frequent change, once in payment it is a source of secure, inflation-linked income that is payable for life. We ensure clients receive what they are entitled to and take advantage of any opportunities to either top-up or defer to support their individual retirement plans.

Pension Transfers

We are qualified and authorised to advise on Defined-Benefit Pension Transfers. However, following analysis, it is rarely something we advise our clients to do. A Defined-Benefit pension provides a guaranteed, inflation-linked income that lasts a lifetime. Rather than transfer it for flexibility, we have helped many of our clients use their Defined-Benefit pension as the foundation of their retirement income, enabling them to build up and use other assets to provide the flexibility they require.

Contact us

Financial Planning Partners (FPP)
19 Wellington Business Park
Dukes Ride
RG45 6LS

Email: admin@fpp-ifa.co.uk
Tel: 01344 778990

FPP are committed to dealing with clients and prospective clients in a professional and ethical manner and to that end adhere to the principals laid out in the CII Code of Ethics, a copy of which is available on request.

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Financial Planning Partners Ltd is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 301132 https://www.fca.org.uk/register.

Financial Planning Partners Ltd Registered Address: 19 Wellington Business Park Dukes Ride Crowthorne Berkshire RG45 6LS. Registered in England & Wales, No. 04555216. Neither Financial Planning Partners Ltd nor its representatives can be held responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page. The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning. The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.

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