Helen Blackburn talks about building, consolidating & drawing pensions

Building, consolidating & drawing pensions

There has been nothing short of a revolution since the Pensions Freedoms introduced in April 2015. You have never had a better opportunity to build a future that you have full control of, from age 55.

This is because most defined contribution schemes (personal pension, SIPP or group personal pension) will now allow you full access to your pension pot (subject to tax) upon reaching 55.

If you’re at the building stage, personal pensions allow your money to be invested into a portfolio of regulated funds that can be managed on your behalf. And there are 3 reasons why pensions are so effective for long term saving:

  1. An additional 20% added by the Government to personal pension contributions.
  2. You can’t get at the fund until at least aged 55, making the third reason possible:
  3. The compounding effect of your contributions, along with good fund management

Consolidating old pensions

Many of us have worked at a range of employers and accumulated a few pension pots. These are never going to be managed with our best interests at heart. Most are invested in mediocre, over-cautious funds, not tailored to our risk profile or aims.

Consolidating old pension pots is though an excellent starting point for a single properly constructed pension that you can easily track the performance of. It gives the same opportunity for the whole of your pension fund to be managed in line with your risk profile and objectives.

If you are still in the phase of building your pension, then you’ll need it to grow over the longer term to provide the greatest value from which to draw from in the future. We hear much about people investing in overly risky ventures. The opposite can also be true. The key is to be invested in a diversified set of regulated funds, adjusted to your risk profile.

Drawing down pensions

If you’re approaching retirement or have existing income drawdown pension, the way your money is invested will affect the value you have left over the years to draw income from.

The old days of everyone retiring at the standard retirement age are long gone. Many of us now choose to continue with part time projects or have different income needs as we go though life.

So you’ll need a pension investment strategy that will be flexible enough for you to continue to grow the balance on your pension fund, while having access to draw upon it as you wish from aged 55.

We have a income modelling system that will ensure each year we project the income you require against your age, risk profile, and existing value of your pension to determine a sustainable withdrawal rate.

Whether you are in the pension building phase or income drawdown phase of your life we’d highly recommend talking through your options with our advisers.

Colin Sarson, Group Managing Director

How consolidating pensions worked for Colin

What were the circumstances that caused you to look for an IFA?
I needed pension advice on a number of separate pension pots.

How did Helen Blackburn help you?
She consolidated several pension pots for me into a single SIPP that Oaklands manages for me.

What is your current situation? Have you seen the outcome you were hoping for?
Far better returns than had previously had with separate pensions.

What could they have done better?
No suggestion for doing things better, all services and advice have been excellent.

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