Most people spend years thinking about the point they’ll eventually stop working and how their life might change. The transition into retirement changes how you fund your day-to-day living, as you move from the familiarity of a monthly salary to relying on your own pensions and savings.
We help you prepare for the years ahead by mapping out how you’ll pay yourself and provide for your family. Our role is to ensure your savings and pensions are organised so you can afford the retirement you’ve planned for.
Retirement planning
Understanding retirement planning
Retirement planning involves determining how much money you'll need to live comfortably once you finish your career. We look at your current assets and estimated future spending to identify the most effective ways to fund your goals.
An important part of this is helping you find the balance between your current lifestyle and the long-term security of your finances. It’s about making sure your pension and investments are structured to support you through every stage of your life. This means that you’ll be able to afford the things you want to do today while keeping your plans for the future on track.
It's a continuous process rather than a one-time event, as your health, family situation, and the wider economy will inevitably change. By starting this conversation early, you give yourself the best chance to build a flexible plan that can adapt as your circumstances evolve. Our role is to help you understand your options and make decisions that feel right for your family.
Organising your pensions
Your retirement income might come from several different sources, including the state pension, personal plans, or schemes from previous employers. If you've had a varied career, you may have multiple pension pots that have become difficult to track over the years. We can help you find lost pensions and bring all your information into one place so you have a clear view of your total savings. If you're self-employed or haven't started a formal pension yet, we'll explain how these accounts work.
Having a co-ordinated approach ensures you aren't missing out on benefits or paying unnecessary charges on accounts you've forgotten about. We focus on helping you make sure your money is working as hard as possible for your future.
Comparing your retirement income planning options
When you decide to take an income, you generally choose between two main routes: an annuity or pension drawdown.
An annuity pension provides a guaranteed income for life, giving you certainty that your essential bills will be covered, though the payments usually stop when you die.
A drawdown pension allows your money to stay invested, offering flexibility over how much you withdraw, with the remaining balance potentially passing to your family later.
We'll help you determine the best route for your specific circumstances.
Regardless of the route you take, we recommend meeting regularly to ensure your pension plan stays aligned with your goals. For those using drawdown, we'll meet at least once a year for a mandatory review. These check-ins are vital to ensure your withdrawals remain sustainable and to adjust your plan if market conditions or your personal needs change.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested.
Navigating complex changes and life events
The rules surrounding pensions and taxes aren't static, and having a professional adviser means your plan can be adjusted whenever legislation changes. We help you stay ahead of these shifts so that your pension plan remains effective.
Adapting to rule changes: We monitor policy updates so you don't have to, ensuring your retirement income planning remains compliant and efficient as regulations evolve.
Inheritance tax: From 2027, money held in pension pots is expected to be included in inheritance tax calculations, which may change how you choose to pass on your wealth.
Divorce and pension sharing: We provide a specialised service to guide you through the division of pension assets following a financial agreement, ensuring the process is handled with care.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.
Planning for your family’s future
Our service looks beyond your own retirement to ensure your partner and family are provided for after you pass.
We strongly encourage involving your spouse or partner in the planning process so that we've already established a relationship before it's needed during a difficult time.
After you pass, we can explain to your spouse or partner their options for inherited pensions, such as whether they should keep the funds invested or take a lump sum.
What to expect
We believe your financial plan should be as unique as your family. We start by looking at your life in its entirety, ensuring your immediate needs are met while building towards your long-term goals.
We begin by calculating the cost of the retirement you've planned for, factoring in everything from holidays and new cars to daily utility bills. Once we know your target, we work backwards to create a strategy to meet it. If there is a difference between your goals and your current savings, we will recommend ways to close that gap.
We encourage you to bring whatever information you have regarding your pensions and liabilities to our first meeting, but we can help you gather any details that are missing.
After your plan is in place, we provide ongoing reviews to adapt your strategy as your life and the rules change. This consistent support ensures your retirement remains on track and continues to reflect your circumstances.
Contact us today to start building a retirement plan that gives you and your family confidence.
SJP approved XX/XX/XXXX
