WE ORGANISE YOUR WEALTH TO SUPPORT YOUR NEEDS & GOALS
RETIREMENT
PLANNING
Retirement planning has always been important, but with life expectancy increasing, a reduction in guaranteed pensions from employers and an increasing cost of living, planning for later in life has never been more significant.
The burden falls on the individual to secure their own future through retirement planning.
Increased life expectancy provides the opportunity to enjoy more of later life, but it does require that careful consideration must be given to retirement planning as early as possible.
The UK government now mandates that all employers provide a pension scheme for their employees. This is a great start for your pension saving but it may not be enough to maintain your standard of living post-retirement. This is where talking to a financial planner to establish your goals in retirement will help you build a plan.
Retirement planning for self-employed individuals is especially important as there is no workplace pension to join. This is where our financial planners can help you find the pension that is right for you.
Working with our financial planning team can help you understand your state pension forecast and any existing pensions you hold to plan what steps you need to take towards achieving your retirement goals.
BENEFITS OF SAVING FOR A PENSION
Tax relief on personal contributions at your marginal income tax rate
Investment growth free of income and capital gains tax
Wide range of investment options to suit all circumstances
Ability to access your pension scheme fund from age 55
Access the first 25% of your fund tax-free
Use the remaining 75% to buy a guaranteed income or leave it invested & drawdown income from the invested fund
Assets held within the pension fund are usually exempt from inheritance tax
Assets within the pension fund can be passed in a tax-efficient way to your beneficiaries on death
SPECIALIST PENSION & RETIREMENT PLANNING ADVICE
Establishing your future requirements
Planning for a secure financial future
How to use pension pot wisely
Retirement income options – is and annuity or drawdown the best option?
Tax & pensions – how much can you contribute & receive tax relief?
Annual allowance – this depends on how much you earn
State Pension – new rules & forecasting
Workplace pensions – what is the pension worth?
Defined benefit schemes
Personal pensions, including self-invested personal pensions (SIPPs) – tax-efficient saving for retirement
Passing your pension on
WHEN SHOULD YOU START RETIREMENT PLANNING?
Your pension savings are likely to form the core part of your retirement income alongside your state pension and any other investments you may hold. Where possible, starting your pension as soon as you begin working is preferable. However, it’s understandable that many people don’t begin to consider their pension until later in life. If that is the case, the best time to start planning for retirement is now.
NBL advisers will help you figure out the best way of saving for retirement based on your personal situation. This will help you understand your target income post-retirement and create a plan of how to achieve it. Financial forecasting projects your current assets and income together with your current and future expenditure, which can be a useful tool to help you understand if you are on track for a comfortable retirement. Forecasting also includes later life planning for care fees.
WHEN CAN YOU ACCESS YOUR PENSION SCHEME?
The state pension age has risen in recent years and the current retirement age is 67. Many of us hope to retire before this.
New pension freedoms have transformed the pensions landscape. There is now more choice than ever when it comes to shaping your retirement plan to best meet your needs and circumstances.
Under new rules, individuals with a defined contribution pension, which includes private pensions and some workplace pensions, can access it from the age of 55 (this is due to increase to 57 in 2028). This means you can access your entire pension pot and use it at your own discretion. Planning is advised so you don’t end up paying excess tax.
OUR SERVICES
RETIREMENT PLANNING
We are all living longer and there has never been a more important time to plan for your future. Few people these days enjoy the certainty of a whole-career job and a comfortable final-salary pension. Using a pension remains the most tax efficient way of investing, but they can seem complicated. We help you plan your retirement using the most profitable and tax-efficient combination of pension income, lump sums, investments and other streams of finance.
ESTATE PLANNING
Passing on your money and property to loved ones or good causes in the most tax-efficient way needs skilful handling. Mitigating against 40% Inheritance Tax is a significant part of this area of planning, but not the only one. Thinking about how the next generation will use an inheritance or when to pass money on is also key. And the sooner it is factored in to your overall financial picture, the better. We use the very latest tax legislation alongside your investment portfolio, and carefully take into consideration your intentions for family and loved ones.
MORTGAGES
NBL offers bespoke and independent mortgage advice throughout the entire process. We can guide you through initial advice to completion. Our experience will mean an awful lot of stress is taken out of what is a fairly routine financial commitment. Purchasing a house is a lengthy process, can be time-consuming and fraught will niggles along the way, but it can also be rewarding and set your family up for an easier future. Whether it is a first house, or a street’s worth of properties, it is always worth gaining advice.
WILLS
At NBL we will help you make the right choices when it comes to planning your financial future. Part of that advice is about making sure you leave your hard earned assets to the people who matter when you die. A Will is about choice. You choose what happens when you die. NBL works with a specialist lawyers who fully understands the complexities of Will writing making sure on your death your Will ensures your wishes are carried through.
LASTING POWER OF ATTORNEY
Lasting Power of Attorney (LPA) makes sure that your chosen representative will be able to access your money to pay your bills, make insurance claims, manage your estate and make health care decisions. Even a spouse or parent does not have the right to do this unless they are legally appointed as your attorney. To appoint somebody as your attorney, you will need an LPA.
BUSINESS TAX ADVICE
For many of our clients their personal wealth is tied into their business. Making the right decisions within your business can save you tax. You might want to sell your business to retire or pass a family business onto the next generation? NBL are here to help you through this sometimes complicated area to make sure you minimise the tax you have to pay.
CORPORATE BENEFITS
Corporate benefits offer a way to attract and retain people, contribute towards improving well-being and encourage value and skills and achievements. Most employers want to offer benefits to their employees, but do not know which to choose. Budget and number of employees play a role in your decision. By building an attractive employee benefits package, you can attract and keep quality employees and gain certain tax advantages.