Planning for a Longer Retirement

Have you ever considered the possibility of reaching your 100th birthday?

With a 52% increase in people celebrating this milestone in 2021 compared to the previous year, the UK has witnessed a consistent rise in life expectancy over the past four decades, and this positive trend is expected to continue well into the future.

While a longer life is certainly a positive, it’s crucial to address the question of retirement planning well in advance. You might not expect a 30-year retirement, but it’s worth considering the potential cost if you need regular income for 20 to 30 years.

Some of the questions we help our clients with are:

  • How much income will you need once retired?
  • Do you have enough invested in pensions and ISAs to last you through retirement?
  • How much can you safely draw down from your investments?
  • How best to leave a legacy for your family?
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Why is there so much to think about?

Unfortunately, retirement planning and pension schemes are complex, often leading individuals to accumulate multiple ‘plans’. For instance, have you ever wondered what happened to the many retirement plans your employers enrolled you in every time you switched jobs?

From younger people setting up a pension for the first time to someone who is self-employed, entrepreneurs and high net-worth individuals, we cater to a diverse range of clients.

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Our Approach

Firstly, we need to know what you've got to work with and understand how it's currently being managed. This is sometimes called ‘Fact Finding’, but it's the time we spend getting to know you and your circumstances. This will involve questions about your past, present and future and will often include bringing in your partner or significant others.

Once we have all of the information, we will put together a proposal and agree next steps with you. Once all fees and service levels are in place, and we are in agreement, we will regularly deliver our Annual Review service followed by more frequent Market Updates.

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At your annual review we will:

  • Update your circumstances
  • Discuss the financial performance of your assets
  • Discuss any relevant tax changes with you
  • Make recommendations concerning your service

Frequent Questions

Frequent Questions


How can I ensure there is money for my partner and children?

We want to consider the whole picture and will look at how best to arrange retirement benefits for your family. This is particularly important regarding pensions because most schemes can be inherited tax-free to be passed down through the generations.


What is a personal pension?

Personal pension plans are pensions that you arrange yourself, rather than those provided by an employer. The money that is paid into a pension fund is usually invested into shares by the pension provider. The money you will receive from a personal pension depends on how much money has been paid in, how the funds investments have performed (positive or negative) and how you decide to receive the money.


How do I know if I’m eligible for a personal pension plan?

Anyone under 75 in the UK qualifies for a personal pension; there is no age restriction on transferring other pension funds into a personal pension.


Are there contribution limits?

There is an annual pension allowance, which is the maximum amount you can pay into a pension in a single year and still receive tax relief. In the UK, this limit is currently £60,000 or 100% of your qualifying earnings, whichever is lower. Some high earners will be subject to Annual Allowance tapering, which serves to reduce contribution limits further.


When should I start planning to afford retirement?

Data from the Office for National Statistics (ONS) tells us the average life expectancy for a 65-year-old individual in England is nearly 84 years if they are male and 86 if they are female. So, for many people, the money they save in their pension will need to last for longer. It’s never too soon to start planning for your financial future!

Understanding the complexity early on with a trusted advisor means you can plan more effectively. We guide how much you should be saving to reach your goals during your working life, as well as how to use your pension and other assets in retirement.


When can I access my pension benefits?

Currently, you can access your pension benefits from age 55 while continuing to work. The UK Government confirmed that this will rise to age 57 from 2028, and it may change again in the future.

There are lots of reasons you might want to access your pension savings before you stop working, and you can do this with most personal pensions. Keep in mind that early withdrawals can impact your pension’s growth, even if you continue to contribute. It’s vital to manage withdrawals carefully and plan your entire retirement. It’s important to consult with an expert advisor to make informed decisions about your pension.


What happens if I leave my job before retiring in the UK?

With pension auto-enrolment, when you move from your job, the money your employer paid into your pension plan stays invested, and is yours to keep. This means that if you switch jobs several times throughout your working life, you might find yourself managing numerous pension pots. In fact, the UK has seen a notable rise in ‘lost’ pension pots. According to a survey by the Pensions Policy Institute (PPI), it’s estimated that there are more than 2.8 million ‘lost’ pension pots, each with an average value of around £9,470.

If you leave your job before retiring, you may have options such as transferring your pension to another scheme, leaving it invested until retirement, or taking it as a lump sum or income. It’s crucial to have a trusted advisor by your side to navigate these choices effectively and ensure you make the most of your retirement savings.


What sort of return should I expect from a pension?

When it comes to your pension plan, exactly how your savings are invested depends on the plan itself. But here’s a key point to remember: the performance of your pension is directly tied to the performance of the investments within your pension fund, whether those investments increase or decrease in value.

We will work with you to select an appropriate investment strategy for your pension scheme and review this regularly to ensure you stay on track.

Services We Offer

Contact Us

We'd welcome an initial discussion, and a first appointment can be booked using the links below.

If you require advice based on specific circumstances, contact our professional advisors.

[email protected]   |   +44 2038598921

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