Retirement Planning

HomeMoney IssuesRetirement Planning

What to do now

How much State Pension will I receive?

The amount you receive will depend on your National Insurance Contributions during your life and whether or not you have been contracted out of the second tier pension (S2P). Anybody can apply (on line is available) to the DWP for a projection, using a form BR19 which can be found at http://www.direct.gov.uk/en/index.htm

When will I get my State Pension?

It is proposed that from December 2018, the State Pension age for both men and women will start to increase to reach 66 by April 2020. Therefore state pension age for women will now be equalised at 65 from November 2018. A calculator tool is available on http://www.direct.gov.uk/en/index.htm which will enable you to work out exactly when you will get your State Pension.

Do I have to take benefits at normal retirement age?

It is possible to defer taking State Pension if you are still working, and the potential benefits of this can be quite substantial. Each case has to be considered on its merits and so individual advice is required. From personal pension arrangements, benefits currently have to be vested by age 75 if tax free cash is required, but the actual decision as to how the pension is provided can be deferred to age 77. Further legislation in this area is expected in the coming months.

My health is not so good – can I increase the amount of pension I receive?

For pensions other than those provided by the State, it is possible to ask annuity providers to take into consideration poor health and in the light of information they receive they may increase the amount of pension you receive. This is a complex issue and Independent Financial Advice is essential in this area.

I’ve heard that if I buy an annuity, when I die the Insurance Company gets what’s left – is there any way of avoiding this?

Whilst a pension scheme has to provide an income in retirement, these days this does not have to be done by means of annuity purchase. There are other potentially more flexible options, but these are not right for everyone. Again, Independent Financial Advice is essential.

What else can I do to make sure I can enjoy my retirement?

Approaching retirement is an excellent time to review all your investments – to ensure that the funds are working as hard as possible for you, that they are invested in line with your attitude to risk and that a correct balance is maintained between income and capital growth.

News & Events

Ridley & Hall shortlisted for leading legal awards on a national stage and here in Yorkshire

Ridley & Hall Shortlisted for Three Prestigious Awards  The firm has been shortlisted for the prestigious Law Society Excellence Awards 2016 in the category of Excellence [more]

Struggling Pensioners Not Getting Their Benefits

One in four people older than 65 are struggling to cope financially, yet up to £5.5bn in state financial help is going unclaimed [more]

Married or Living Together for the Over 65s?

Recent figures released by the Office for National Statistics show that the number of unmarried over-65s living together has increased from 177,000 to [more]

ITV News Interviews Nigel Priestley about Carers’ Rights

On Carers’ Rights Day (29th November) Nigel Priestley was interviewed by ITV Calendar News about the rights of family & friend carers and [more]

Damning Report on Family and Friends Care from Local Government Ombudsman welcomed.

The Local Government Ombudsman has launched a damning report on local authorities failure to support family and friends Carers. A damning report on Family [more]

Legal Champion of the Year Award

We are delighted to announce that Nigel Priestley, Senior Partner at Ridley & Hall Solicitors has won Legal Champion of the Year at [more]

Request a call back

Send us your contact details and we’ll call you!

Request a call back

Twitter

    Sorry, no Tweets were found.

Our Social Networks