A pension might be the most important (and longest-term) investment of your life. Depending when you start and stop work, pension contributions could last for over 40 years, so it is vital that you understand the products, the risks, the tax position and the other benefits attached.
There are a range of different pension products available, such as employer occupational schemes (defined benefit and defined contribution); personal pensions; self-invested personal pensions (SIPPs); small self-administered pension schemes (SSASs); and government run pensions.
We can help you decide whether your pension is right for you, whether your contributions will allow you to meet your financial objectives; and whether your funds are being invested in products that match your risk profile.
Pensions are one of the most tax efficient ways of saving for retirement, and will likely be your most important source of retirement income. The sooner you start planning for retirement, the more chance you have of achieving the lifestyle you and your family want.
The team at Oakwood can help you navigate the period before, at and after retirement. When can you access your pension? Do you want an income or capital lump sum? Do you want to buy regular income (via an annuity) or have flexible access to your income? What is the most tax efficient way to access your pension? Do you have enough income to provide a comfortable lifestyle? Has your risk profile changed now you’ve stopped working?
