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Retirement Planning

What is a pension?

It’s a plan which is set up to help you to save money with the aim of providing you with an income in retirement. 

Contributions are often made directly by you or your employer and its possible to benefit from tax relief on the contributions which are made.

It’s never too early to start planning for retirement, and the sooner you start to pay into a plan the potential to save more for your retirement is greater.

The types of Pensions we provide advice on include:

  • Personal pensions
  • Defined benefit/final salary
  • Self-invested personal pensions (SIPP)
  • Small self-administered schemes (SSAS)
When can I take my money out?

Since the budget in 2014, you are now able to access your pension funds from age 55 (only certain circumstances will allow access prior to this) however, some people decide to leave their funds invested until they finish working.

Once you are ready to start taking an income from your plan then you will need to decide whether to take a guaranteed income option (annuity) or flexible income option (Flexi-Access Drawdown).  With either of these options you can usually choose to take up to 25% of the pension fund as Tax-Free cash.


This calculator is for illustrative purposes only and uses assumptions based on the user’s inputs only. The output of this calculator should not be solely relied on to make important retirement planning decisions.

A pension is a long term investment and the capital invested can go down as well as up. You might not get back the initial capital invested. A pension should be seen as a long term investment. Pension legislation can and does change and this may affect the benefits you are entitled to in the future.

This retirement illustration assumes the fund remains invested in retirement and drawdown is undertaken at 4% per year and ignores the option of taking a tax free lump sum for ease of comparison.

The calculation assumes a today’s term ie. 5% adjusted for inflation at 2.5%, investment charges at 1.8%



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