Pensions

HSC Financial Advisers work with you to consider all the options, based on your needs and risk appetite.

As part of the financial planning process, it is our job to blend the savings vehicles that will yield the most efficient income in retirement.

Providing you with the standard of living you wish after you stop work

Planning for your retirement is possibly the most important financial decision you will ever make. With life expectancy increasing year on year, we are now seeing the potential to spend almost as many years enjoying retirement as we have spent saving for it. Planning for it correctly will provide you with the standard of living you wish for after you stop work.

Forward planning for your retirement can mean having the reassurance of financial security in later years, rather than the worry of wondering how you will cope. A comfortable lifestyle in retirement is something to which we all aspire, and increasing longevity means that we all need to make extra provision for that retirement.

Retirement Options

Whether you plan to retire fully, reduce your hours gradually or to carry on working for longer, you can now tailor when and how you use your pension – and when you stop saving into it – to fit with your particular retirement plans. Deciding what to do with your pension savings is an important step we will all have to take, and the importance of shopping around and taking independent financial advice can not be underestimated.

Following changes introduced in April 2015, 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).

Pension transfers and Drawdown options

In certain circumstances it may be suitable to transfer frozen pension schemes into a lower charging scheme which may save money over the longer term. For people at retirement who do not wish to purchase an annuity there are various drawdown schemes and other options available and we will be pleased to provide advice to you on these options.

A pension is a long-term investment. The fund value may fluctuate and can go down, which could have an impact on the level of pension benefits available.

Your pension could be affected by interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation, which are subject to change in the future.