insideKENT Magazine Issue 78 - September 2018 | Page 170
FINANCE
ADVERTISEMENT FEATURE
SEVENTYSEVEN WEALTH MANAGEMENT:
RETIREMENT PLANNING
THREE YEARS ON FROM THE DAWN OF PENSION FREEDOMS IN THE UK, HOW MUCH
DO YOU UNDERSTAND ABOUT YOUR PENSIONS AND HOW CONFIDENT ARE YOU THEY
ARE IN THE BEST POSITION AND TO SEE YOU THROUGH RETIREMENT?
Pension freedoms introduced in
April 2015 gave individuals the
flexibility when it came to how
and when they could draw an
income, but freedom of choice
is only one aspect and can
complicate things further.
Information is out there to help
individuals choose between
several retirement plan options
these include, Annuities, Flexi
Access Drawdown and
Uncrystallised Funds Pension
Lump Sum (UFPLS) and many
pension providers can now
facilitate all of these, but what are
the true impacts where income
tax, annual allowances for future
contributions and Inheritance
Tax are concerned?
a paper published by the
Government Actuary’s
Department (GAD)** has
uncovered a potential hole in the
public purse that could mean that
the National Insurance Fund –
from which State Pension
payments are made – will run
out in the early 2030s.
ARGUABLY, THE NEED FOR A
HOLISTIC APPROACH TO YOUR
PENSIONS AND RETIREMENT
INCOME IS MORE IMPORTANT
NOW THAN IT HAS EVER BEEN.
Many people are choosing to
steer away from the security of
an annuity in favour of taking a
longer-term approach, but this
also means that a change in
management structure and
investment strategy are vital. Stories of underperforming
pension funds and the associated
advice charges have resulted in
more and more savers taking a
‘DIY’ approach where their
retirement is concerned.
However, do people have the
relevant information and time to
truly plan and manage what, for
many, could be their largest
single investment?’
At one end of the spectrum we
can see that Lifetime allowance
breaches have cost pension
savers £110 million in a single
year, up from £40 million in
2014/15*. While at the other end, Our experience shows that many
who have regularly saved
throughout their working lives
and who have substantial
savings may still have gaps in
their planning.
At SeventySeven Wealth
Management, we help and advise
our clients on all aspects of their
pre- and in-retirement planning,
assisting them in making the
right choice for them personally
and for their family’s futures.
James Luetchford,
Group Business Director
SeventySeven Wealth
Management is holding a
number of seminars throughout
Kent and East Sussex to give you
a little more information on all
aspects of family wealth
management.
For more information about Retirement Planning, contact
James Luetchford at [email protected].
The value of a pension with St. James's Place will be directly linked to
the performance of the funds you select and the value can therefore
go down as well as up. You may get back less than you invested.
The levels and bases of taxation and reliefs from taxation can change
at any time and are generally dependent on individual circumstances.
SeventySeven Wealth Management Ltd represents only St. James’s
Place Wealth Management plc (which is authorised and regulated by
the Financial Conduct Authority) for the purpose of advising solely on
the Group’s wealth management products and services, more details
of which are set out on the Group’s website www.sjp.co.uk/products.
*Freedom of Information request by Old Mutual Wealth, February 2018
rounded to nearest £10M from 2009 onwards.
**Government Actuaries Department paper published October 2017.
www.77wm.co.uk
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