24 July 2012

New guidance booklet on retirement options

Mattioli Woods is releasing a second guidance booklet designed to assist clients on retirement planning. The Retirement Options Guidance Booklet aims to provide useful information about the various options available to clients and although it does not provide advice, it is designed to help clients, with advice from one of our consultants, make a more informed decision.

Benefits may be taken from a SSAS or SIPP from age 55, unless beneficiaries are subject to a protected minimum pension age, or entitled to an ill-health pension. When taking retirement benefits there are several options as to the form in which pension payments can be made. There are many factors which come into play and which need to be balanced against each other. Choices made at retirement will impact on what happens if circumstances change during retirement and/or upon death.

It is possible to take benefits from a pension fund without having to retire. However, this may have an impact on the amount of tax that is due. The different areas which need to be considered before taking benefits from the scheme are as follows:

• * current circumstances
• * anticipated circumstances following retirement
• * full or partial retirement
• * size of the pension plan, and any other plans
• * other assets available, and how to include these in retirement planning
• * personal circumstances, including marital status, children, other dependants
• * health, and the health of dependents.

These are all relevant points to be factored in when making sure clients achieve the best income possible, while allowing for any anticipated changes, and sometimes unanticipated ones.

Subjects covered in the booklet also include standard life allowance, tax-free lump sum, pension income, annuities, drawdown options, etc.

To view the Retirement Options Guidance Booklet, please Click here. Alternatively, clients can request a hard copy here.

This booklet is part of a range of guidance booklets designed to assist clients on various pension and wealth-related topics. The Investment Products, Asset Classes and Risk Guidance Booklet, is also available and designed to introduce the various investment products and asset classes that Mattioli Woods can advise on.