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Private Pension – Options Explained by Keith Littlewood, International Financial Adviser Costa Blanca

In your 60’s? Then this is another critical time for checking your pension funds. Are they invested correctly? Are you taking the most tax efficient route in withdrawing? The list is too extensive for me to point out everything you should be looking at in this short article.

A raft of changes have taken place recently. In Summary:

  • Full access to UK pension pots now available from age 55
  • Flexible drawdown now available from most providers (you choose your own income levels)
  • Company pension schemes can be transferred to take advantage of flexibility (unless they were public funded e.g. Armed Forces, Police)
  • Not compelled to take annuity
  • Pension pots can be inherited, providing fantastic succession planning opportunities

Receiving advice on retirement planning before deciding on what you will do with your pension pot has become more important than ever before.

Questions to ask yourself: Where will I live? What lump sum should be taken? What are the tax implications? What about my partner? How much income will I need in five, 10, 15 or 20 years time? What happens if the pot is empty at age 80 and I am still alive?

If you feel like this and think you need some advice, or you would just like a helping hand to review what you have, why not contact me and I will sit down and go through your portfolio with you.

I have been a fully Qualified Financial Adviser for 28 years and also understand the needs of ex-pats and the rules that apply to ex British living and retiring in Spain. So, if you need to talk through your own situation then please feel free to call me and we can have a no obligation discussion about the best way forward for your investments.

If you need advice or if have any questions regarding the above you can contact me at: info@blacktowerfm.com

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Women experience large shortfall in pension contributions

Women looking at a computerA new study has highlighted the issue of the gap between women’s pension pots and those of men. The size of the difference? According to the research, by the end of her working life the average woman could potentially end up £47,000 worse off than men in terms of what’s in their pension pot.

The study, carried out by Zurich, looked at 250,000 pension plans, making it one of the largest studies of workplace savings. It looked at pension plans broken down by age, gender, and the contribution rate of employers and employees.

Read More

Data Reveals Expat Cost of Living Impact

How is the outcome of the Brexit process likely to affect your purchasing power as a British citizen living as an expat in Europe?

This question should have priority in your checklist of expat wealth management concerns right now as British expat retirees in Europe are facing the reality of trying to cope with steeper rises in living costs than what is being experienced by their UK-based equivalents.

The revelation comes in the form of a data release from international technology-led services and payments specialist Equiniti. The firm found that British retirees who live in Europe have seen currency shifts contributing to a 14% rise in their cost of living – nearly double the UK’s domestic inflation rate of 7%.*

Read More

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