Financial Retirement Advisers Coventry

Financial advice to help you reach your retirement goals

When it comes to thinking about pensions or retirement, it is never too soon to get started, if anything the earlier you start the better. In a financial world that has grown to be uncertain at times, you have the ability to have expert retirement advice.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

How much money will you need in retirement?

First of all, our financial advisers will have a discussion about what you want your retirement to look like. Then we can start to calculate how much money you will need to achieve your financial goals.

When we have established this we can analyse your savings and outgoings to find out how long your money will last and whether you are on track to achieve your retirement goals.

Saving towards your retirement

Saving for retirement is often known as the most significant financial challenge for most people. Our financial advisers can give you advice in a number of areas:

We will call you to find out more about your aims and objectives

One of our Financial Advisers will then be in touch at a convenient time.

You will be able to ask any questions you have and find out more about investing with Future Perfect

How would you like to be contacted?

Your details will only be used to answer your query and they will not be stored for marketing purposes.

15 minute complimentary conversation

How it works:

We will call you to find out more about your aims and objectives

One of our Financial Advisers will then be in touch at a convenient time.

You will be able to ask any questions you have and find out more about investing with Future Perfect

Your consultation will be at our cost and there us no obligation to work with us afterwards.

The internet is not a secure medium, and the privacy of your data cannot be guaranteed.

Find out more about pensions and retirement planning in this guide.

Your investments

If you are relying on your investments in your pension or another investment account for a regular income in retirement, it is even more important that your money works hard for you.

To ensure your financial future is secured you can speak with one of our professional advisers .

Our financial advisers can help manage your investment portfolio or give you advice when you’re making an important decision.

Our financial adviser can also review your portfolio over time with an ongoing service this will ensure your portfolio will reflect your financial goals.

One tactic to ensure your savings are more secure as you’re approaching your retirement age could be reducing your level of investment risk or switching the focus of your investment portfolio to generating income when you retire.

Taking an income

In the modern world that we live in today retirement isn’t just about simply saving into a pension and buying annuity. After you reach the age of 55 we can help you take an income which suits your lifestyle whilst taking full advantage of your various tax allowances. This could include buying annuity, selling some of your investment portfolio, taking income from ISAs, pension lump sums, dividends and cash savings. We can also work out how long your money would last with the chosen lifestyle and how much you can afford to spend each year.

The value of your investment and any income from then may fall as well as rise. You may get back less than what was originally invested.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen

Get in touch to find out how we can help with your investments

FAQs

Got a question? We’re here to help.
How much can you pay into a pension?

This will depend on your personal circumstances.

Your pension contributions are limited by the pension annual allowance which is currently £60,000 per tax year, for most people.

All contributions made by you personally and your employer count towards this allowance, as would any basic rate tax relief claimed by your pension scheme from HMRC.

If you’re a UK resident and under the age of 75, then you could get pension tax relief on what you pay in, even if you don’t work or pay tax.

Your personal contributions can’t be any higher than your earnings, or £3,600 if this is greater. Any contributions over and above this amount will be added to your total annual taxable income and will be subject to income tax rates charged at your marginal rate.

If you want to contribute above the amount you earn, your employer might be able to make an employer pension contribution, although these are still subject to the annual allowance.

What is the tapered annual allowance?

The tapered annual allowance is for people with an adjusted annual income of £260,000 or more. The usual £40,000 annual pension allowance is reduced by £1 for every £2 of income over £240,000, down to a minimum of £10,000.

What is the differrence between a defined contribution and defined benefit (or final salary) pension?
Defined benefit pension (sometimes known as final salary pension) is usually set up by your employer. Using figures based on your salary and how long you have worked with your employer it guarantees you a regular income in retirement. The amount of income may also increase with inflation.

Unlike defined contribution pensions which do not offer you a guaranteed level of income, the amount of money you will have set aside for retirement is based on how much you or your employer has contributed over the years and how well your pension investments have done over the years.

What is the lifetime allowance and how much is the tax charge for breaching it?

The lifetime allowance is the maximum amount you can hold in your pension over your lifetime, currently this amount is £1.0731 million. Your pension will only be assessed against the allowance when you take benefits, die or reach the age of 75.

All excess is taxed at 25% on top of Income tax if you choose to take to regular income, or 55% if taken as a lump sum payment.

What are the tax benefits of pensions?

Investments in pensions grow free from Income Tax and Capital Gains Tax. Pension contributions are paid from gross (pre-tax) income, where tax has already been paid on a pension contribution it is refunded. The taxman also will automatically top up your pension contributions up to your allowance by 20% to cover the basic tax rate.

Higher/additional-rate taxpayers can claim back any higher/ additional-rate tax that they have paid on contributions through their tax return.

What is pension carry forward?
Pension carry forward lets you pay more than your annual allowance into your pension by carrying you unused allowance from the 3 years previous (only if you have sufficient earnings).

You can still recieve tax relief benefits on the payments, it can be useful to those affected by the tapered allowance.

What are your options for taking an income from your pensions?
Normally you can take 25% tax free as a lump sum or smaller withdrawals.

You can also take regular income from your pension in the form of lump sums, buying annuity or setting up income drawdown.

What happens to a pension when you die?
A defined benefit pension otherwise known as a final salary scheme will usually stop paying an income when you or, if your pension income is passed on to dependent, when your dependent dies.
Do you pay inheritance tax on pensions?
Usually pensions aren’t a part of your estate so they are not charged with Inheritance Tax when you die.

But, any income or lump sum death benefits paid from your pension could form a part of your estate, leaving it liable to tax.

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"All the way through you were great at explaining the different things we needed to consider, the options that would work best for us and the steps we needed to go through."

5
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Mark has been really professional in his approach towards introducing me to investing. He has answered all queries in a simple manner.

I would highly recommend this company to anybody who would like to get into investing or need advice on making their hard earned money grow, or need any other form of financial planning advice.

5
Amritash Lahiri
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I have given Andrew a five star, for his particular service although unfortunately our port folio hasn't performed as well as we hoped (but this is understandable given the current economic situation). However, he has explained everything very thoroughly in a way in which we can understand and given ideas for what we might do in the future to improve the performance. We have been involved with Future Perfect for many years and this is the only year that we haven't had a positive performance - we feel that we can trust Andrew and that is half the battle.

5
Janet Down
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"He is professional, quick to respond to queries, his advice and explanations around the progress of investments, savings and pensions is always comprehensive and clear."

5
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Andrew Dix has been my trusted, go-to advisor at Future Perfect for a number of years. He is courteous and knowledgeable. I particularly appreciate the care he takes to recommend suitable products based on my needs. I never feel pressured to buy, and he is patience and will provide sufficient information so I can make an informed choice. High recommend. 💯

5
M Lin
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Kyle Adams has been my financial adviser for a number of years and I find him honest, realistic and impartial in the advice he provides. Always contactable and quick to respond. Thoroughly professional but also friendly. Would highly recommend Future Perfect.

5
Paresh Damani
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Graeme Moorhouse took us through the process as a first time buyer and highly recommend him!! He is so helpful, flexible and has a very good knowledge. Communications was excellent.

5
Lejla Sass
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"I know I can highly recommend Dan’s services due to his professionalism and integrity. That is why I have referred to my brother, knowing that he will look after him."

5
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Graeme Moorhouse was absolutely excellent. Took me through the process as a first time buyer. Was always available. Got me the best possible deal even with the hike in interest rates. Could not recommend any higher. Made the process extremely easy

5
Nathan Titus