Living off your retirement savings

There’s far more flexibility over retirement age now. Much of it will be dictated by how well you prepared for your retirement in the early days, or how your career develops.  When you do decide to finish work, there are many different options that will impact your retirement income. It’s therefore important that the right selection is made to meet your needs, as once the choices are made and your income commences, often these cannot be ‘undone’.

Not all annuity (income) providers are equal

If you decide that an annuity is the best option for you, there is no obligation to buy an annuity from your existing pension company, it’s important that you should shop around to ensure you get the maximum income from your pension pot. Depending on postcode, health and lifestyle information provided, it may be possible to enhance this income further if you qualify for an ‘enhanced’ or ‘impaired life’ annuity.

Professional retirement advice 

Wren Sterling has a dedicated team to help with retirement planning.  That’s why we think they’re the perfect choice to provide our customers with expert financial advice. As Independent Financial Advisers, authorised and regulated by the Financial Conduct Authority (FCA), Wren Sterling are able to select the best products to suit your needs from the entire marketplace. They will be able to help guide you through the maze of options and ensure that the choices you make are right for you. 

Inheritance Tax planning*

Throughout your life you’ve probably worked hard to build up the things you have around you. But have you stopped to think about how much everything you own (your estate) is worth? Your home, your car, your savings, and your possessions – they all add up. If your estate (your assets minus any liabilities) currently totals more than £325,000, you are liable to pay 40% tax of the value on anything over that. So some of the hard-earned money you believe you’re leaving to those you care about may have to be paid as tax instead. Until your beneficiaries have paid the tax bill, they won’t receive any of your estate, as it becomes frozen until the debt is settled. Not a pleasant thought is it? This is probably not the sort of legacy you intended to leave behind. Fortunately, there are ways to reduce a potential Inheritance Tax liability, all revolving around sensible financial planning - and that’s where our partner Wren Sterling’s can help.

*Wren Sterling Financial are not tax advisers. Please consult a qualified tax adviser for further guidance on tax issues.

Long-term care

Thinking about being elderly isn’t something any of us really wants to face. But as we live longer lives, it’s increasingly more important to get the right advice for you or your loved ones. There is a danger that when the time comes, you could be forced to put your home and other savings and possessions at risk to fund your care.  And if funding runs out, it could mean moving to a cheaper care home. A sobering thought if ever there was one.

How we can help

Getting specialised advice from a suitably qualified adviser is critical, as the financial and legal framework for the funding of care is often very complex. Our partner, Wren Sterling, has advisers who are accredited by the Society of Later Life Advisers. They are experts in this field and have to follow stringent guidelines to maintain accreditation. 

Their advisers will evaluate your current financial situation. This includes:
  • Assets
  • Legal position, including any wills
  • Objectives
  • Calculating any potential shortfall
  • Highlighting existing state benefits and allowances that may be available
Their advisers will also look at funding rules and how they affect you, including:
  • The means test – when it applies and when it doesn’t
  • NHS Fully Funded Continuing Care and how that is assessed
  • Nursing Care
  • Residential Care
  • Care at Home
Wren Sterling has two fully accredited SOLLA advisers who work with a network of other qualified long-term care advisers. They can provide fixed-fee reports on the options that clients and their families have.

SOLLA accreditation is over and above this minimum standard, for those advisers who have demonstrated the highest level of knowledge and expertise in the area of later life planning. Please see for more information.

Capital investment

If you’re thinking about investing small regular amounts in an ISA, or looking to make the most of a large existing pension fund or broader portfolio, financial advice can help diversify your investments to maximise returns.

The adviser will be able to look at your individual needs and define your own personal investment strategy. Better still they can keep costs low by using their buying power to negotiate low charges. And throughout the whole process they will keep you informed – providing you with regular, easily accessible information about your investments and the market. 

They will:

  • Invest your money in funds, each of which typically invests further in dozens of different assets
  • Spread your money across a range of different funds, for example, in shares, bonds, and property
  • Establish appropriate, successful and cost-effective investment solutions

Make an appointment today

Whilst there’s plenty of guidance available, getting the right advice from a qualified adviser is worth its weight in gold. For a no-obligation appointment, phone or pop into your local branch for a chat. Talk to our customer service team about the best approach for you.

Keep in touch

Our monthly newsletter is full of interesting information for our customers. As well as the latest news and events from your Society, it includes information about new products, competitions and money-saving tips.

Make an appointment today

Whilst there’s plenty of guidance available, getting the right advice from a qualified adviser is worth its weight in gold. For a no-obligation appointment, phone or pop into your local branch for a chat. Talk to our customer service team about the best approach for you.

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