Retirement a5 brochure digital

Planning for your Retirement

e

w

[email protected]

www.thomascarroll.co.uk

1

The help and advice

from Thomas Carroll

IFA over the last year

has been invaluable.

Without their advice

on pension and

retirement planning,

I would probably

be struggling to

keep afloat in a

rough sea with little

hope of rescue

Mike Gandy

This means the decisions you make with your pension savings now will affect your income for decades to come. Most people can only make this decision once. Allowing time to plan will allow you to get the best out of your retirement and enjoy life after employment.

With rising life expectancy, the average 65-year-old retiring today can expect to enjoy a retirement of around 20 years.

Louise EedyDirector

Deciding on your retirement income options now will be one of the most important decisions you make in your lifetime

Allowing Time to Plan

3

Our client-focused ethos has resulted in strong and long-lasting relationships. In recent years we have moved closer to our clients, opening local offices in Swansea, Haverfordwest and Hereford in addition to our headquarters near Cardiff.

Thomas Carroll Independent Financial Advisers

Our award-winning team of leading experts can offer you the highest standard of advice on all aspects of retirement planning, wealth management and investment.

IFA FIRM OF THE YEAR*

*Bankhall Awards 2014www.thomascarroll.co.uk

Left to Right

Stephen Francis, Louise Eedy, Mark Eedy, Peter White

5

OUR INNOVATIVE APPROACH

Our experienced retirement planning team will review your current situation and help you plan ahead. Your adviser will look at the best way for you to access your income in retirement, consolidate your pension savings and help you decide what level of retirement income is right for you.

CHARTERED STATUS

The Charter is seen as a kitemark for trust and quality, which ensures you receive the highest standard of advice available.

INDEPENDENCE

Our independence means that we always have your best interests at heart. You can rest assured that our advice is objective and impartial.

Thomas Carroll Independent Financial Advisers


7


Retirement Planning

When do you want to retire?

Retirement is no longer a fixed time in your life. You can take early retirement or carry on working beyond state pension age. The choice is yours.

If you decide to retire early, you can currently claim your workplace or private pension from the age of 55, but your state pension will not be available until you reach state pension age. Taking early retirement can be an attractive option if you want a change of pace, but you should remember that you are likely to receive a smaller pension if you retire early.

If you carry on working beyond your state pension age, you will no longer have to pay national insurance. You can also delay drawing your state pension, which means you will receive a higher amount when you retire.


Retirement Planning

Get a pension forecast

Six months before you retire, you should contact your current and previous pension providers to find out what your final pension will be and how it will be paid to you. If you are enrolled in a final salary or workplace pension scheme, contact the pension trustee to find out how much you will receive. If you have a personal pension, contact the provider.

You can get information about your state pension entitlement on the government’s website: www.gov.uk. The Pension Service should contact you four months before you retire to tell you if you need to claim your state pension. If they haven’t been in touch, you should contact them on 0808 100 2658.

You should also let HMRC know you are retiring four months beforehand.

9

11

1. ANNUITY

An annuity pays a guaranteed regular income for the rest of your life. You must choose any death benefits for a spouse or other dependents at outset. Getting the right annuity and the best deal is paramount.

Did you know? If you or your spouse are in poor health you may be eligible for an enhanced annuity from a specialist provider. These can pay up to 40% more income than a standard annuity.

2. INCOME DRAWDOWN

Here, your pension savings remain invested and you can draw variable amounts of money as needed, to provide you with a regular income. Ongoing review and investment advice is crucial to ensure your fund is not exhausted too soon.

Did you know? It may be possible to transfer your income drawdown fund to your spouse or beneficiaries on your death.

3. LUMP SUM

You can take your whole pension fund as a lump sum, 25% of which is tax free while the rest is subject to income tax during the year in which

you draw it. Advice is crucial, as taking this option could result in you losing a lot of your pension to income tax.

Retirement Planning

What are your options at retirement?

The government is now giving us greater choice than ever before over the way we access our pension savings. If you have a final salary or defined benefit pension, you will need specialist advice to fully explore the options available to you in the new world of pension freedom.

When you come to draw your personal pension you can usually take at least 25% of your fund tax free as a pension commencement lump sum. The remainder of your pension fund is subject to income tax and there are three ways you can access that money:


INVESTMENT MANAGEMENT SERVICE

REVIEW SERVICE

HIGH VALUE PERSONAL INSURANCE

PRIVATE MEDICAL INSURANCE

TAX AND ESTATE PLANNING

PROPERTY INSURANCE

For You and Your Family

Contact Us

As a client, you can enjoy access to a range of integrated services provided by Thomas Carroll Group plc.

Our advisers would welcome the opportunity to meet you and discuss, without obligation the support that you need.

Mark Eedy

t. 029 2085 5254 e. [email protected]

Steve Francis


Peter White


13

e [email protected]

w www.thomascarroll.co.uk

Caerphilly Office

Pendragon House, Crescent Road

Caerphilly CF83 1XX

t +44 (0)29 2088 7733

Swansea Office

Elm House, Tawe Business Village

Enterprise Park, Swansea SA7 9LA

t +44 (0)1792 795 265

Pembrokeshire Office

17 Victoria Place, Haverfordwest

Pembrokeshire SA61 2JX

t +44 (0)1437 776 775

Hereford Office

Broadway House, 32 – 35 Broad Street

Hereford HR4 9AR

t +44 (0)1432 359 500

Retirement a5 brochure digital

Documents