Planning for your retirement

Many people give considerable attention to planning and managing their businesses, but often fail to give adequate attention to their own personal financial position until it is too late. Others plan for their future personal finances but often ignore tax-effective pension structures to make investments, whether in property or other asset classes.

Independent professional advice

At FGS, our wealth management team adopts a 360° approach, helping clients to plan for retirement by taking each person’s total financial circumstances into account.  Factors taken into account in our holistic approach include:

1. Pension fund type - some prefer to control their own pension fund, selecting investments in specific properties, equities etc.  Others prefer to invest in funds that are managed on their behalf by financial institutions. In both cases, we provide independent advice on the options available, which range from small-self-administered pension schemes to personal pensions, PRSAs (Republic of Ireland) company pension schemes,  stakeholder pension schemes (UK) and qualifying registered overseas pension schemes (UK)
2. Risk – we discuss and clarify your attitude to risk and then help you to ensure that your overall investment portfolio is consistent with your risk profile. We also encourage you to practise diversification, thereby minimising your risk
3. Taxation – taxation legislation relating to pensions is complex and our wealth management team works closely with our tax experts to ensure that all pension decisions take tax consequences into account, because the after-tax return on any investment is what matters
4. Costs – we establish and seek to minimise all pension provider costs, not only at the time of investment but throughout the investment period.  We are also open regarding our own charges

Near retirement

As you approach retirement, you will begin to take a greater interest in the value of your fund and you will also want to ensure the fund does not suddenly dip in value in the final years. Personal financial planning becomes critical at this stage, particularly if you are thinking of selling or transferring your businesses.

At FGS, we have extensive experience advising clients in the period near retirement. Some of the important issues requiring consideration include:

• Options available to protect value of your fund – e.g. changing investment mix
• Salary which may influence your subsequent level of pension
• How to maximise the tax-free lump sum available from your pension fund
• Advance income planning (and related tax planning) re post-retirement period   
• Selection of annuity (if applicable)
• ARF versus annuity (Republic of Ireland)
• Provision for spouse and other dependants
• Advance planning re sale or transfer of your assets  
• Succession planning where you have dependants
• Inheritance tax planning and discussions on making or updating your will

Related links

For details on services related to wealth management and retirement planning, go to the following pages        

•  Taxation