Pensions

Retirement Planning

Will your pension provide the retirement income you need?

We believe that people should have a good standard of living in retirement. This is reliant on two factors: having a sufficient pension fund and being in good health to enjoy it.

Live Long, Prosper!

Statistics suggest that we are living longer, with the average retirement now lasting around 23 years. That's great news – but those years come at a cost. The Pensions and Lifetime Savings Association publishes Retirement Living Standards setting out how much income a single person or couple needs for a minimum, moderate or comfortable lifestyle in retirement. You can see the latest figures at retirementlivingstandards.org.uk.

THE VALUE OF INVESTMENTS AND ANY INCOME FROM THEM CAN FALL AS WELL AS RISE AND YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.

Stages of Retirement

Active Retirement

The early years

Travelling, hobbies, enjoying life. This stage typically requires the most income as you're active and want to make the most of your freedom.

Settled Retirement

The middle years

More time at home, fewer expensive trips. Income needs may reduce somewhat, but you'll still want to maintain your lifestyle.

Later Retirement

Care considerations

Potential care costs and health needs. This stage can require significant funds if care is needed - planning ahead is crucial.

Unexpected Costs

Retirement can bring unexpected expenses that many don't plan for:

Vehicle Replacement Cars don't last forever - budget for replacements
Home Repairs Boilers, roofs, and appliances need replacing
Family Support Helping children or grandchildren
Healthcare Medical expenses, mobility aids, adaptations

How We Can Help

Pension Review - Understanding what you have and what you'll need
Consolidation^* - Bringing multiple pension pots together
Retirement Income Options - Annuities, drawdown, or a combination
Tax Efficiency - Making the most of your allowances
Legacy Planning - Passing on wealth to your family

^* Pension consolidation advice is available. If you hold a Defined Benefit Pension Scheme or Defined Contribution pension with a guaranteed minimum pension or income, any advice you receive will be through a dedicated referral advice service and a specialist within our network.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investment and income from it can go down as well as up. Your eventual income could depend on the size of the fund at retirement, future interest rates and tax legislation.