There are three main types. The first being 'Money Purchase' schemes, also known as 'defined-contribution'. All private pensions and most modern-day company pensions are Money Purchase schemes. 'Salary Schemes', or ‘defined-benefit’ pensions, are less common today but can be valuable. And lastly, is the State Pension, which is available for everyone in the UK if they build up National Insurance (NI) years.
Professional retirement planning advice
Retirement planning can feel daunting with so much to consider and so many variables. It is wise to start planning for your retirement early on. We can help you prepare.
For advice on your retirement options, contact James Leighton Wealth Management today.
Get in touch
Get in touch
SAVING FOR RETIREMENT
How much will you need?
When it comes to thinking about how large your pension pot needs to be, you will first need to consider how you envisage your retirement. Will you want to travel? Eat out frequently? Go on adventures? Spend time on hobbies? Volunteer or work a little? Move or even emigrate? While the exact sum is impossible to predict, as we write, analysis by Quilter suggests that a single person would need a pension pot of £459,000 to acquire a moderate level of income from an annuity, rising to £738,000 for a comfortable retirement. With the cost of a comfortable retirement having soared, there’s all the more reason to start planning and saving early. The earlier you start, the less you’ll have to put away each year. Our team can talk to you about your options and the most suitable ways for you to set money aside for when you retire.
- Call: 0115 795 0423
- Email: wealthadvice@jlwm.co.uk
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Tax efficient pension planning
Planning your pension involves contemplating your long-term goals and tolerance for risk. Professional advice from a pensions specialist could prove very beneficial. Our team know how to make your pension planning tax efficient.
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Personalised investment management
Personalised investment management comprises building a portfolio that aligns with your financial needs in retirement, recognising that investments can go up and down and you may get back less than you invested. It provides you with a bespoke plan that’s based on your individual goals, options and preferences.
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Tax advantaged retirement planning
Tax advantaged retirement planning requires market knowledge and a holistic approach. It’s important that your pensions, Individual Savings Accounts (ISAs), savings accounts and general investment accounts work efficiently for you.
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Estate and legacy planning
For the ultimate peace of mind, estate and legacy planning aim to protect and transfer your wealth accordingly. Estate planning focuses on the management and distribution of assets, while legacy planning centres on leaving behind a lasting legacy.
Maximising pension contributions
Get the most from your pension by starting to contribute early on. Maximise employer contributions if possible and utilise tax relief opportunities.
Retirement income planning
Planning for later life
There are four main sources of retirement income. You can buy an income, either for a set period of time or for life. This is known as an ‘annuity’. Or you can opt for an adjustable income, which is known as a ‘flexi-access drawdown’ (or simply ‘drawdown’). You can take lump sums from your pension. Or you can mix and match these options.
Protecting your pension
Protection from inflation
Inflation can impact your pension savings significantly, subsequently impacting how much you will have available to you when you retire. It decreases the purchasing power of your pension funds. By investing strategically, you can help protect your pension pot from inflation. To save smarter, you might want to opt for assets that tend to perform well during high inflation periods, for example, equities.
Self-employed pensions
Self-employed retirement planning
If you are self-employed, you can choose your own pension rather than have an employer do that for you. You can also select your pension provider. If you opt for a self-invested personal pension (SIPP), you will even be able to select the investments you want. And you can adjust the sum you pay in each month or add lump sums.
Why James Leighton Wealth Management?
Personalised retirement planning solutions
James Leighton Financial Services has been supporting clients since 2010 and is an appointed representative of Quilter Financial Services Limited, who are authorised and regulated by the Financial Conduct Authority.
James Leighton Wealth Management was introduced to give clients access to clear, personal financial advice alongside the firm’s established financial services experience. Our retirement planning team will tailor your retirement plan to your current set of circumstances, needs and objectives for the future. They will establish your vision for your retirement and find the most suitable means of helping you achieve it. We are proud to make financial planning services accessible to more people by keeping our fee structures low.
We are based in Nottingham and can work with clients locally, across neighbouring areas and remotely throughout the UK.
James Leighton Financial Services was recognised as Business of the Year 2023 and Best Mortgage Firm 2023 at Quilter Financial Planning’s Key Accounts Awards.
- Call: 0115 795 0423
- Email: wealthadvice@jlwm.co.uk
FAQs
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What are the different types of pensions available?
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How old must I be before I start saving for my pension?
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There is no age limit. Even newborn babies can get a pension. A pension with tax relief is available to almost anyone, even those who don’t have an income. Many grandparents open them for their grandchildren to help them in later life. If there is one thing we know about saving for retirement, it’s that the earlier you start, the better.
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Should I consolidate my pensions?
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With pros and cons to combining all, or some, of your pensions, it’s wise to talk to a specialist first. You may save on fees, have less paperwork and find it easier to see what you have. However, you may face exit fees, options that are less risk-appropriate for you, or even lose valuable benefits like guaranteed payouts.
Wealth management
Planning for your financial future? Our wealth management advisers provide personalised advice and trusted support to help you achieve your long-term goals.
Savings and investments
Looking to grow your wealth? Our savings and investments advisers provide clear guidance and dedicated support to help you make confident financial decisions.
Estate planning
Hoping to protect your legacy? Our estate planning advisers offer personalised advice and support tailored to you and your circumstances.
Tax planning
Planning ahead financially? Our tax planning advisers provide specialist support to help you protect and grow your wealth efficiently.
42%
of workers say they would benefit from guidance on financial wellbeing and retirement planning*.
A recent survey showed 42% of workers (54% of Gen Z and 49% of Millennials) believe support both now and in retirement would be beneficial.
*Source: https://www.smartpension.co.uk/reports/10-key-insights-from-uk-savers
What our customers say
Having issues transferring/consolidating two pensions, called up James Leighton and got some clarity, excellent service, honest and clear advice.
Would/will definitely use James Leighton Wealth Management again, not only with pension advice but future investments.
Fantastic, Personable, 5 stars