Retirement Planning

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Crafted advice to give you a carefree retirement

Every retirement plan is unique. This is why we set aside time with you and your loved ones, to understand your circumstances, interests, and ambitions. Only then can we provide the best, tailored advice possible. Needs and circumstances can change as you move through retirement, with the decisions and choices in front of you becoming increasingly complex.

The concept of ‘retirement’ is evolving, becoming progressively ambitious and less structured. On average, we are all living longer and transitioning from work into retirement with expectations of flexibility and choice. The demands on our time and finances are also increasing, with more individual responsibility for the requirement to plan and make your money last in later life. The need for advice and financial planning is continuous for building retirement wealth, drawing it and passing it on to the next generation. We will be with you every step of the way, helping to create a relaxed retirement.

How we work

It's never too early or late to start thinking about your retirement.

With the financial landscape uncertain, now is the time to ensure you have access to the expert retirement advice you will need.

Whether you’re looking to maximise your pension fund, are nearing retirement yourself, or are managing your retirement, we’ll be able to create a retirement plan suitable for you. We can help set up or review your existing retirement strategy, offering a full range of services across all areas of retirement planning.
Everyone’s retirement journey is different, but most people will broadly experience four stages along the way. Starting your savings, reviewing where you are now, drawing on your retirement savings, and planning your legacy. Every stage has its choices and challenges, and you will have your own objectives, depending on your journey. Wherever you are, see how we can help you plan for the retirement you deserve.

The value of investments with St. James's Place will be directly linked to the performance of selected funds and these can fall as well as rise. You may get back less than the amount invested.

How does pension tax relief work?

Understanding how tax relief works on your pension.

How much do you need in your retirement pot?

Work out how much you'll need to save for a comfortable retirement and how you aim to achieve it.

Maximising your Pension

Using the end of the tax year to plan for your retirement.

Why Pensions are Vital

Find out how you can maximise your pension.

Understanding how tax relief works on your pension

 

Subject to certain allowances, every time you contribute to your pension, the Government does too. This form of ‘top-up’ comes in the form of tax relief.  Everyone, whether you are working or not, is entitled to get a basic rate tax relief at 20% from the Government when you make contributions to your pension.

 

 

 

What are the benefits?

 

One of the benefits of saving into a pension, is that the government boosts your contributions, through tax relief. The amount of tax relief is calculated based on your highest marginal percentage rate of income tax. The tax relief you can receive depends on your income tax rate.

This means that if you are a basic rate tax payer, you will receive an extra 20% on your eligible contributions. If you are a higher rate taxpayer its 40%, and 45% if you are an additional rate tax payer. The rates are slightly different in Scotland, due to alternate tax bands.

The value of an investment 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. The value of any tax relief depends on individual circumstances.

Planning for your future

 

Your retirement income might come from a combination of sources, including your pension, tax-efficient investments (such as ISAs) and income from property. It’s never too late to put together a retirement plan and start saving and aiming to set aside a percentage of your salary each year can be a useful goal. If you’re thinking of starting a pension or want to review your existing plans, we can help.

 

Where should I start?

With the caveat that there is no golden rule, and it’s never too late – or too early – to start saving for the retirement you want, it’s often helpful to think in terms of saving a percentage of your earnings at certain ages.  A good starting point is to halve your age and try to save that percentage of your salary each year.

 

20s → 10%
30s → 15%
40s → 20%
50s → 25%

 

What do I need at what age?

Another way to look at it is to aim to have saved multiples of your earnings by a certain age.  For example:

 

 

 

3x your earnings by the time you are in your 30s
6x your earnings by your 50s
8x your earnings by your 60s

While the above can sound intimidating, it’s always worth remembering that it doesn’t all have to come from you. There is tax relief on pension contributions, your employer will contribute if you work for a company, the potential, growth in the investments you make and the snowball effect of compounding.

The value of investments with St. James’s Place will be directly linked to the performance of selected funds and these can fall as well as rise. You may get back less than the amount invested.

 

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Pay what you can into your pension

 

Generally speaking, a pension is a tax-efficient way of saving for your retirement and due to greater choice and flexibility,
it’s a more attractive option for retirement savers than ever before.

 

Your pension is one of the best ways of saving for retirement – particularly because you get income tax relief on the money you put into your pension pot (You can contribute up to £40,000 into your pension this tax year, or 100% of your UK Relevant Earnings, whichever is lowest). That’s why you should consider paying in as much as you think you can afford on a regular basis.

 

It’s also worth thinking about topping up your pension as much as you can before the end of this tax year (5 April). You can also make use of any unused allowances from the previous 3 tax years, as it’s possible the government might change the tax allowances available to you – so use them whilst you can.

The value of an investment 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. The value of any tax relief depends on individual circumstances.

In an age where the online world is at our fingertips, why shouldn’t your wealth management be there as well? Our Online Services allow you to access all your wealth investments in one smart place. Whether you’re already registered, or just about to, here are some great features that can help you get the most from your online account.

Online registration:

Registering for Online Services with an activation code allows instant access. If you haven’t got a code, please contact your adviser. Registering online ensures all information is password protected.

Set your preferences:

Set your communication preferences to receive your digital reports and electronic correspondence.

Self-service:

Make online debit card payment for ISA and any JISA top ups with a debit card

linked to your account, on demand and at a time that suits you. Make payments to Unit Trusts, Retirement Accounts and new ISAs. (Speak to your adviser in order to get this process started) View the value of your investments in a range of currencies and see a breakdown of

this valuation. Instant notifications when a new document is available to view.

For every client opting for paperless correspondence, St. James’s Place will donate £5,to the St. James’s Place Charitable Foundation.

The value of an investment 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 favourable tax treatment of ISAs may not be maintained in the future and is subject to changes in legislation.

Investing in their future:

Less well-known is that children can also have a pension fund as soon as they are born – and setting one up can bring significant tax advantages. Even if your child is a non-taxpayer, they will still get basic-rate tax relief on contributions. That means a maximum of £2,880 a year is automatically grossed up to take account of tax at 25%, giving an annual investment of £3,600

What we offer

Pension Advice

As we are living longer than previous generations, planning for a long retirement is one of life’s priorities. Maximising your pension fund should play an important part in your planning, which is why we help you to utilise your annual allowance, and subject to certain conditions carrying forward unused allowances and protecting your lifetime allowance.

Planning for Retirement

It is important to plan for your future, regardless of your life stage. Successful retirement planning is about making the right decisions at the right time. We will discuss the opportunities available to you and outline which of our products best fit your circumstances.

Nearing Retirement

If you’re approaching retirement, the right support can make a huge difference, especially if you want your existing income to be replaced by an income from your pension. Understanding what choices you have left to make before retirement is vital to forming a suitable plan for that day, speaking to one of our advisers can help you get everything ready ahead of time.

In Retirement

When it comes to taking retirement, there is no one-size-fits-all solution and instead a lot of independent factors to consider. From managing income to understanding tax implications when you decide to access the assets, pensions, investments and savings, a qualified adviser will guide you on the right course of action.

SIPP

Self-Invested Pension Plans give a much greater range of investment options than most traditional pension plans. SIPPs make tax-efficient savings, along with the benefit of flexibility which allows you to spread the risk. However, active management is essential as SIPPs tend to have higher costs than a standard pension and so are generally only suitable for fairly experienced investors.

Trustee Investment

A Trustee Investment Plan lets pension scheme trustees invest in a wide range of funds. Whether it’s a single contribution or a regular premium contribution, our advisers can help with your plan. A Trustee Investment Scheme also provides flexible withdrawal or surrender options. Speaking to our advisers can help guide you with your plan to get the most out of it.

 

The value of an investment 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. The value of any tax relief depends on individual circumstances.

For more details about services that we offer reach out to us on 01202 695801, or click the button below.

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