Retirement

Make your pension work just as hard as you! ‘Retirement Options’ concerns the financial choices available to you when you reach retirement age. In principle, the process works by using pension benefits to both realise a lump sum and purchase an annuity, which, in turn, provides an income over the duration of your retirement. Having salted away money during your working life, it’s time to enjoy the fruits of your labours. But first, you have to decide what to do with your pension benefits. Do you take a tax-free lump sum? How much risk do you want to take? What sort of annuity suits you best? There are lots of providers and lots of different products to choose from – not all will be right for you and your circumstances. Thankfully, Broadvest can do the legwork for you, shopping around is always a good idea whether it’s for a car, a holiday or an annuity. It helps to get the best value for money and product for you.

Cash or income? Your pension plan will almost certainly allow you to take part of your pension fund as a taxfree lump sum. The maximum cash you could receive will depend on Inland Revenue rules. You will need to bear in mind that taking part of your fund will reduce the amount you have available to provide an income.

Retirement Planning Steps

Many people have goals, dreams and ambitions, but frankly, goals without planning are nothing short of a wish list ... At Broadvest we set achievable goals with specific deadlines. To achieve this we follow 6 clear steps to set out your own personal bespoke plan:

1

Getting to know the current status

One of our advisers will meet with you to discuss your personal circumstances and your current financial situation. This will involve some detail so that we work with you to construct your personal plan. We effectively take a picture of where you are now, and then review where you want to be and when. Details of you, your occupation, your savings & investments, your mortgage, your current liabilities and your current tax position all help form the picture. From this we can build a profile of you which will help us to formulate your plan.

2

Your Goals, Dreams and Ambitions

Once we have a clear picture of your current situation we then move on to discuss your objectives and aspirations. We will also take time to discuss and consider any concerns you may have. Part of this process will be to review your personal attitude to risk and reward, and your attitude towards investment risk. This is a crucial part of the process and will enable us to construct an investment portfolio which is bespoke to you and your plan. As our discussions progress you will see how these components fit into the building of your own personal plan.

3

Analysis

Together we will review and analyze your current position and give you our outline findings and initial thoughts for your plan. We’ll present our recommendations and actions required for you to achieve your goals.

4

Getting There

Having now discovered where you are and where you want to be we can now begin to map out your own bespoke financial plan. This effectively forms the map or the route you will take to reach your required destination. We ensure we establish the most cost effective appropriate way to make your journey a smooth one. At Broadvest we pride ourselves in our ability to deliver our clients with the most appropriate solution to reach their goals.

5

Implementing the Plan

It’s now time to implement the plan. Now that we have a mutually agreed plan it is now time to put things into motion.

6

Progress and Reviews

Our service doesn’t stop there! During our discussion we will have established review dates and agreed timelines with you, these should take place at least annually, more regularly if required or requested. Regular monitoring of your Personal Financial Plan serves a very useful part of the plan. It allows us to make any necessary adjustments and ensures that you are able to see progress towards reaching your goals. With Broadvest’s refreshing approach to wealth management you can expect all this and more!