PENSIONS

We can plan your retirement

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Professional pension and retirement planning advice for Newcastle

It’s a fact – we’re living longer. That means that we are going to be retired for longer, too. When the time comes, most of us have ideas about how we want to spend that well-earned retirement. Whether it’s travelling the world or spending more time at home with the grandchildren, you want to be able to enjoy life without worrying about how you are going to pay for it.

Is your pension pot going to be big enough?

Can you rely on the State Pension? It’s likely that you’ll struggle if you do. Today, at normal retirement age, a person will receive a state pension that is equivalent to 20% of the national average weekly wage. Are you making the right provision when you still have time to put money away?

The maximum basic State Pension for 2018 - 2019 tax year is only £164.35 per week or around £712.18 per month. Most people could not afford to retire on an annual income of £8,546.20 a year. Look at this a foundation for your retirement, and then build from that platform.

Informed financial planning

The earlier you start planning, the more you will be able to live the lifestyle you have mapped out for yourself. If you haven’t already got your pension plans in place, or you are not sure that the pension pot you have is sufficient for the future, then you should be talking to us.

Call one of our experienced pensions planners or financial advisers about effective retirement planning on 07789 900359.
Enjoying retirement

People’s attitudes and aspirations towards their retirement have changed, and the market is shifting to adapt to these. And the market is changing too to adapt to new client needs. Following the UK Pension Reforms, there is greater freedom and flexibility, which allows financial advisers to have a more adaptable approach to financial planning. Today there are numerous options and products available. It is a matter of finding the right ones for your circumstances.


Pension planning does not need to be complicated and confusing; we are here to provide you with retirement planning and pension advice.


So if you are unsure how much money you need to retire or are seeking retirement advice about your existing pension and the projected annuities, why not contact us? Once we have assessed your current financial plans and understand your goals, we will be able to advise you and guide you along the way.
“Thanks to Penda’s pension plan for me I’m not worried about retirement.” Mr. Wright, Boldon

Private and workplace pensions might seem complicated, but the basic idea is simple; save on a regular basis and have more money for your retirement.

How much money do i need to retire at 50, 55 or 65 years old

Assuming you have no pension plan in place, our pension calculator will provide you with a quick and easy assessment of what you would need to save on a monthly basis to ensure you retire at your desired age, whether it be 55, 60, 65.

And if you have existing provisions, the calculator is a handy tool that indicates the value of regular contributions required to provide defined annuity payouts once you retire.

To activate the pensions annuity calculator, simply click on the link provided above.

Trusted retirement planners

Are you saving enough to retire? We can assess whether your investments are going to provide sufficient funds to finance your planned retirement.

Confused about contributions to old pension plans? Do you have pensions from previous employers and are unsure what to do?
Comfortable Retirement

We can contact all your existing providers and undertake analysis to determine whether it's beneficial to merge them. This will involve an assessment of any accrued benefits, terms, comparison of charges, general performance, fund availability and their transfer values.


And if it would be beneficial to move them, we can advise you on whether it would be best to switch to new provider or maybe even transfer them to your current employer's scheme.


Improving your investment returns - if you are still investing in an out-dated pension, we may be able to provide alternative options that provide access to a broader range of funds and trusts.


Provide solutions to resolve any potential shortfalls.
Our financial planners are here to ease the burden and assist you along your road to a happy retirement.

Call us on 07789 900359 or send an email to info@pendafm.co.uk

Penda's wealth management portfolio encompasses the following types of pension:

    Personal pensions
    Group Personal pensions
    Stakeholder pensions
    SIPPs

We also cater for a wide range of other savings and investments products in our wealth management portfolio.

The importance of pensions and saving for retirement

Over 30% of adults in the UK are not putting any money aside for their retirement. And most of those that are planning for retirement are not saving anywhere near enough to guarantee the standard of life they desire in their later years.

So if you cannot rely on the State Pension, you will either need to start saving more, retire later or be more frugal and downgrade your expectations.

The advantages of saving for your retirement

Once you have decided to invest and plan for your retirement, you need to determine how you are going to achieve it.

A pension is like a long-term savings account with tax relief that pays out when you retire.

Your weekly or monthly contributions are invested on a regular basis, so they grow throughout your working life and provide you with a retirement income.
Pensions and retirement

If you save money into a pension scheme, you will probably qualify for tax relief. If your wages are taxed, some of your taxes will be used to increase the size of your regular contributions. This is known as tax relief and also applies to people who do not earn enough to pay tax. The typical rate is 20%.


The good news today is employers are legally required to enrol you in a workplace pension scheme to ensure people save more for their retirement. This is known as automatic enrolment.


If you can afford to enrol in a workplace scheme, you would receive tax relief on your contributions and get additional regular contributions from the company you work for.


And when you decide to retire, you can usually take up to 25% of your pension savings as a tax-free lump sum.


Click here for further information on Pension and Investments definitions and terminology you may encounter.
The value of investments and pensions can fall as well as rise. You may get back less than you invested.
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