Planning for the future


You’re never too young to start planning for the future and to start looking at your pension options. It’s always advisable to do this early on to make the retirement transition go as smoothly as possible. Fortunately, Watson Laurie have a trusted and professional independent financial advice Manchester team who specialise in pension planning to ensure you have the most tailored pension and retirement plan to best suit you personally and financially.

The recent pension pot changes in April ’15 have provided retirees nationwide with a variety of options including:

  • ØLeaving your pension pot untouched, which means it will continue to grow on a tax-free basis, generating more income for when the time comes to lift the pension pot lid off.
  • ØTurn your pension pot into an annuity. In other words, you can take out one quarter of your pension pot tax free and exchange the additional 75% into an annuity investment, which is a taxable income for life. Our independent financial advice Manchester pension planning experts will be able to discuss annuity options with you in more detail if this is an option that you wish to take, to ensure that you are receiving the best possible deal.
  • ØTurn your pension pot into a retirement fund with a flexi-access drawdown. What this basically means is that you can take out 25% of your pension fund as a lump sum and use the rest to provide you with regular monthly income at amount that works financially for you and at a rate where the tax remains steady. Again, this is something that our independent financial advice Manchester professionals can discuss with you in more detail.
  • ØWithdraw small amounts from your fund at your own free will and use it as another source of money. 25% off your tax that you withdraw will be tax free, but there may be additional charges or limits on how much you can take out in a set timeframe, so it’s advisable to consult a professional to go through this side of pension planning in more detail. This is an option that has a fine print, so please don’t hesitate to contact Watson Laurie’s pension planning experts.
  • ØEmptying the entire pension fund by withdrawing the money in one huge sum and although the first quarter will be tax free, the remaining amount will unfortunately be taxed at its highest rate if you are choosing to add it to your income. This is a risky option, as by taking the whole sum out, you could run out of money, receive a high tax bill and there will be a limited amount of money left for your retirement. This is an option that our independent financial advice Manchester professionals can plan with you and include every fine detail to ensure you don’t run out of money.
  • ØMix up your options, you don’t have to select just one option, you can select an option(s) that best suits you.

The new revised pension scheme allows investors to plan their future more freely and take control of how they spend their pension money. If you’re thinking about planning for your retirement and want to go through some pension planning ideas with us, or maybe you’re already tied into a pension or annuity scheme and want some advice about it or have some concerns, please don’t hesitate to contact our independent financial advice Manchester experts. Remember, you are never too young to start planning your future, especially your retirement. Contact Watson Laurie today.

Please provide us with a few brief details and one of our friendly, expert staff will come back to you, as soon as possible.

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