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Legacy Retirement Planning

New pensions freedoms mean new opportunities for your estate.

Have you ever considered what a pensions adviser can do, not only for you but also for your legacy planning?

This question has not always received the attention it deserves from consumers. For too long British pension scheme members have paid into their schemes with little to no choice as to how their funds were managed. However, this approach proved problematic as it greatly restricted most retirement savers’ ability to plan and be flexible, often leaving them feeling disempowered when it came to important issues relating to their financial future and security, and the financial security of their loved ones.

However, all this changed in the tax year 2015/16 with the introduction of pension freedom changes which allowed savers increased independence, including an enhanced ability to pass retirement savings on as part of a carefully thought-out inheritance plan.

Despite these important changes some retirement savers may not have benefited because there remains a significant knowledge gap between those who use independent financial advisers and those who do not.

For example, 67 percent of non-advised retirement savers lack even basic knowledge of their legacy planning options in the post-pensions freedoms environment. This contrasts sharply with the situation of advised retirement savers

According to a survey by Canada Life, 91 per cent of advisers say their clients had expressed interest in ensuring their retirement savings are used as a vehicle for inheritance tax planning. Such an overwhelming statistic makes it clear: when it comes to developing a strategy for your long-term future and inheritance planning, there is nothing as important or as influential as independent financial advice for pensions.

Andrew Tully, technical director at Canada Life, commented, “Having benefited from the growth in house prices, increasing numbers of baby boomers are being dragged into the inheritance tax net. Estate planning is, or should become, a big focus for many.

The Blacktower UK View

“Estate planning can be a really important aspect of pensions management,” explains Ritchie Salkeld, Managing Director of Blacktower UK.

“In a sense, the more valuable your pension the more options you have in this regard, but even relatively modest pension pots can benefit from advice. Such advice can be the difference between a passive approach that offers no advantage for potential beneficiaries and a more active and sophisticated approach that makes the most of the many opportunities that are built in to the new pensions freedoms.”

Blacktower in the UK

Blacktower FM works to ensure its clients are able to structure and manage their wealth in the way that is best-suited to their circumstances, cashflow needs and long-term retirement, wealth management, and inheritance planning goals.

This includes making the most of pensions freedoms to help clients plan their legacies in a way that minimises the impact of inheritance tax and other possible liabilities.

Blacktower has more than 30 years of wealth management expertise in the UK and across the globe, including inheritance tax planning, pensions management and insurance for wealth management.

Pensions and retirement planning solutions we can assist with include the following:

  • SIPPs – Self Invested Pension Plans
  • QROPS – Qualifying Recognised Overseas Pension Scheme
  • Regular savings plans
  • Pensions-related insurance products
  • Discretionary Fund Management

For more information speak with your Blacktower UK adviser today.

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