Guide to annuities and your options at retirement
It takes many years of planning, saving and sacrifice to build up a significant pension and after all those years you want to be sure you are making the most of it. Your pension plan provider will be keen to give you a quote for the income that your pension will provide but it would be sensible to take at least a little time considering what to do.
This guide explains annuities and your options at retirement - Click here
How much should I save towards my retirement
Despite the general confusion created by insurance companies and other pension providers, the fundamentals of a pension plan are very simple. You put money into a savings fund, it hopefully grows in value and at retirement you convert the fund into a regular income payment, which will replace part, or all, of your earnings from employment.
This booklet aims to guide you through some of the issues you should be thinking about when considering how much to save towards your retirement - Click here
What are my options at retirement
The purpose of this document is to try and explain some of the common options open to clients when they come to take their retirement benefits. This document does NOT apply to people who are in 'Final Salary' pension plans - Click here
Income drawdown - Is it right for me?
Annuities are historically the most popular option in retirement, with a great many looking for the security that they provide. However, it's unlikely that they will continue to account for approximately 90% of the entire retirement planning market as they do just now. Why, you ask? This document will explain further - Click here
Alternatively secured pension and the family SIPP
Despite the recent debates on whether Alternatively Secured Pension (ASP) should be available to everyone, it was introduced at A-Day as an alternative option to annuity purchase for those aged 75 and over. Rather than being forced to purchase an annuity, ASP now offers greater choice and flexibility for those over the age of 75. It enables them to continue drawing an income directly from their fund in a similar way to an Unsecured Pension. This document explains more - Click here
State second pension - The facts and figures
This document is geared to contracting out using personal / stakeholder pensions. The position for employer-sponsored schemes can be different and you should seek further guidance from your scheme administrators. Please read this document for more information - Click here
Pensions and divorce
Between 2005 and 2006, the number of divorces granted in the UK fell by 4.5 per cent to 148,141, from 155,052. This is the second consecutive drop in the number of UK divorces and the lowest number since 1977. The figure is 18 per cent lower than the highest number of divorces, which peaked in 1993 (180,018). The number of divorces in England and Wales fell by 6.5 per cent to 132,562 in 2006, accounting for the fall in the UK overall. Conversely, divorces in both Scotland (13,014) and Northern Ireland (2,565) increased in 2006 by 19 per cent and 9 per cent respectively. The rise in Scotland may be due in part to an amendment to the Family Law (Scotland) Act 2006 (Source: National Office of Statistics 2007). Like it or not, with pensions being most peoples second biggest asset, a major consideration is always going to be pension benefits - Click here
Further Information
For further information or a confidential consultation with regard to pensions please e-mail info@upfrontfs.co.uk