The State pension is not enough to live on so additional retirement provision is necessary. We have no fixed views on how your retirement fund is accumulated so long as you accumulate a sufficient amount to maintain your needs, particularly as the availability of schemes which promise a pension relative to your final earnings has virtually ceased.
Few people remain in one job throughout their working lives and most will accrue an array of pension plans from different providers, usually on a ‘money purchase’ basis without any promise of the prospective pension level. We will help review these to see if you can improve your pension through lower charges or better fund performance, possibly with a significant reduction in the administrative nightmare.
We recommend how best to use your Individual Savings Account (ISA) and your pension allowances, particularly if you are a higher rate taxpayer or your employer will contribute to a pension for you.
For larger sums, Self-Invested Personal Pensions (SIPPs) may be appropriate, particularly if you wish to use specialist investments. SIPPs are however, generally more expensive for no frills investments.
At Anders Bayley Scott LTD, we are fully qualified to advise on pensions and keep up to date on pensions changes, which happen all too frequently in these troubled times.
At retirement, we can advise on the best time to buy an annuity, particularly if you take prescription drugs for a medical condition, or you wish to consider a long term or temporary alternative to a traditional annuity.