The government will provide you with a basic pension but for most people this will not likely be enough to live on in retirement. Therefore, effective retirement planning is an essential part to achieving the lifestyle you want later in life – unless, of course, you plan on working right up until you die!

It is important, therefore, to start planning for your retirement as early in life as possible and not to leave it to the last minute when it may well be too late to accumulate sufficient capital, to provide the income you want. In essence you should start your retirement planning as soon as possible after you obtain gainful employment. Your employer may provide you with an in-house pension scheme, in which case you should seriously consider joining it. If not, then you should consider making your own arrangements – either way, at Handscombes, we can help you make the right choices.

Your pension fund is likely to be one of the largest assets you build in your lifetime, along with your property. Consequently, considerable care is needed to ensure that you gain maximum advantage from your pension fund before, on and through retirement.

Pension choices should not be the only area of concern – avoiding Inheritance Tax and passing down accumulated wealth to future generations are key to effective retirement planning.

Retirement planning has become increasingly complex as recent and continuing changes in legislation and regulation increase the options available.

Now well established ways in which pension benefits can be taken include phased and/or drawdown facilities that can help improve the value, flexibility and control of your pension fund – although professional advice and regular reviews are essential.