Posted on: 11 Jul, 16
At the time of going to print, the outcome of the EU Referendum – to decide whether Britain should leave or remain in the European Union – had not been announced so we’re unable to offer our commentary in this issue, but we’ll assess the outcome and the impact on your financial plans in the next issue.
‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out. On page 04, we consider the ways to assess your likely income in retirement and how much you need to put away now to enjoy the kind of lifestyle you want in later life. Funding a comfortable retirement will be the biggest financial priority for many people, yet some people spend more time planning their holiday than their own retirement – perhaps because planning for retirement seems too complicated to think about?
If you’ve accumulated numerous workplace pensions over the years from different employers, it can be difficult to keep track of how they are performing. The process of bringing all your pensions together is called ‘consolidation’. It is often referred to as a transfer. If you have more than one pension pot, you might want to consider consolidating all of your pots into one for simplicity. You may also benefit from lower charges by doing this. Read the full article on page 11.
Deciding what to do with your pension savings is an important step we will all have to take. Following changes introduced in April 2015, on page 08 we look at how you now have more choice and flexibility than ever before over how and when you can take money from your pension pot. These changes give you freedom over how you can use your pension pot(s) if you’re 55 or over and have a pension based on how much has been paid into your pot (a defined contribution scheme)...
Download the PDF to see the full document.
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