T: 0191 4236206   |   E: darren.potter@mayfieldfp.co.uk
Pension set-up

Whilst retirement may seem a long way away, to receive an adequate income in retirement, the sooner you start your retirement planning the better.

Pension set up options

We have a range of trusted providers and we are impartial in finding the right pension provider and the right product for you.

We help you to set up a pension that allows you to plan for your retirement based on your specific needs now and in the future.

Accumulating wealth can be done in a variety of ways. We will help you to set goals and make the decisions on which providers and which funds are right for your needs and the goals you set.

We can set up pensions to invest in a range of assets from traditional pension assets to SIPP or property investment.

We help you to get the key decisions right – including how much to pay in and projected income in retirement.

Wealth accumulation

It may not just be a pension. It may be worthwhile to have other investments such as ISAs alongside your pension, to manage your wealth in the most effective way. This comes down to balancing the various considerations: Long term strategy, ease and timing of access and sustainability of income.

Occupational and private pensions  

Saving for retirement via your employer may be an automatic decision. In many jobs, you will be opted in, and be given the option of opting out if you wish. Whether or not you should stay in will in part depend upon how much your employer is contributing.

If your employer does not offer a pension scheme (automatic enrolment applies to many, but not all), then a private pension could be the next best thing.

Pensions for self-employed people

There are a range of pension options for self-employed people depending on your circumstances.

In these cases expert advice is recommended since there is no existing scheme like there would be within an employer organisation. It is important for people in this position to get access to the right expertise when necessary.

Investment products for accumulation of wealth and planning towards decumulation

This is all about choosing the right combination of products to suit your needs depending on your personal and financial circumstances as well as your tax position and income requirements. Objectives may be growth, income or a combination of both.

Investment products can include investment ISAs, collective investments / unit trusts, investment bonds, Onshore Bonds, Offshore Bonds, OEICs, VCTs (Venture Capital Trusts), EIS (Enterprise Investment Scheme), investments to aid inheritance tax planning and others.

Ongoing management of pension

We provide a yearly meeting to re-confirm objectives, risk profile, fund decisions, tax position, income and expenditure objectives and death benefit position.  Here we discuss the performance of your plan against expectations and consider options.

We will make any necessary changes that you’d like to make to your service and manage risk.

You also get online access to your plan at any time.

What to look out for

  • Tax relief on pension set up.
  • Balancing the considerations of income versus wealth accumulation.