What have we been talking to clients about this month – June 2023
One of the common themes we have been discussing with clients this month is – Pension Planning
Your pension may be one of the largest assets that you own. You may be surprised that this asset is not covered by your will and that you will need to make your wishes clear to your pension provider to let your partner or family access the money within your pension.
You should also think about how you intend to take your pension. You could consider the following options:
- Taking an annuity in return for your pension pot, providing a guaranteed income for the rest of your life.
- Making use of a drawdown arrangement, enabling you to use
ofyour pension fund in a more flexible way and possibly providing funds for a surviving partner or family.
Most people are unaware that you or your company can continue to make pension contributions until you are 75. Such contributions are allowable for tax and can be a useful tax planning strategy.
It’s a good idea to seek advice from your independent financial adviser if you have any queries in this area. If you do not have your own independent financial advisor then just drop us a line and we will be pleased to introduce you to someone.