Retirement Planning

old coupleAs we're all living longer, making provision for retirement is an important decision. We recommend having regular retirement planning reviews in the years leading up to retirement in order to highlight shortfalls and to determine which type of pension income is likely to meet your needs best. There are various options available to you - some of which need to be discussed more than a year prior to the normal retirement date of your scheme.

Benefits can be accessed from age fifty five to access some or all your tax free, pension commencement lump sum - with or without taking your income. Check the Drawdown section for more information.

Pension legislation changed in April 2015, enabling much more flexibility in the way you can access your pension benefits. Under this legislation you will be able to transfer some types of pension into a flexible type arrangement allowing you access to the full value of your funds. Whilst this may seem attractive and may be suitable for a very small number of people, we do not believe that this would be suitable advice for the majority.

Retirement Planning is an area where you really need to take independent financial advice. There can be many pitfalls and drawbacks. In some cases your long term retirement plan may be affected by the choices you make and these could be irreversible. Instead of making these difficult decisions on your own, lets work together creating the best future for you and your family.

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OnTrack Financial Planning Ltd. is authorised and regulated by the Financial Conduct Authority FCA Firm Number: 566312
Registered in Scotland, Registered No.SC406825, Registered Address: 6 Wallace Brae Grove, Reddingmuirhead, Falkirk, FK2 0FF.