Belper Independent Financial Solutions provide independent financial advice specialising in providing Investment Management and Retirement planning. We recognise that each client is truly unique with their own personal financial situation, own dreams, aspirations and circumstances. It is our role to identify the characteristics of each individual and help them achieve their goals and financial independence.
The whole idea of retirement planning is so that you achieve financial independence by the time you wish to retirement. I.e. so that retirement doesn’t come as a financial surprise. By reallocating and investing your wealth now you can achieve the financial status you want when you want.
Retirement planning is a complex task, as it requires careful consideration of various financial options that can impact a persons future financial security. There are five specific options for retirement planning: Impaired Life Annuities, Transfer Values, Unsecured Pensions, Phased Retirement, and Open Market Options.
An annuity is a financial product that provides a regular income stream in exchange for a lump sum investment. An impaired life annuity is designed for individuals with certain health conditions that may shorten their life expectancy.
A transfer value is the cash value of a pension fund that can be transferred to another pension scheme. This can be a useful option for those who want to consolidate their pensions or move to a scheme with better benefits. A transfer value can be particularly beneficial if an individual has multiple pension schemes and wants to consolidate them into one.
An unsecured pension is a term that was used before pension regulations were updated in 2015. It referred to a type of pension arrangement that allowed individuals to draw an income directly from their pension fund while keeping the fund invested. This was also known as “income drawdown” or “pension drawdown.”
Phased retirement refers to a pension arrangement in the United Kingdom where an individual gradually reduces their working hours and transitions into retirement over a period of time, while concurrently accessing their pension benefits. This approach allows individuals to have more control over their retirement transition and provides flexibility in managing their income and leisure time.
Open market options allow the individual to shop around for the best annuity rates rather than purchasing an annuity from their current pension provider. This means that individuals can compare rates and terms from various providers and select the best option for their needs.