Lester Brunt Wealth Management explain why forming a retirement plan doesn't have to be a daunting prospect.

A common theme I find when chatting to clients about their pension, is that they do not know what their pension funds can do for them when they decide to retire. It can seem like a minefield with money purchase schemes, final salary schemes, guaranteed annuity rates, guaranteed minimum pensions or protected tax-free cash.

Most clients have built their pension provisions through workplace schemes and have never received advice. The scheme is simply set up for them and as they leave employment and start a new job they enter another workplace pension scheme. The cycle restarts and they still have not received advice.

Many people can feel overwhelmed when they receive their annual statements from these plans and they can quite often be found languishing in the filing cabinet of doom!!

This is why I feel advice is so important, it doesn’t have to be scary or something that should be put off. For me, when I advise clients with their retirement planning needs, I like to think about it in more simple terms:

What do you want to achieve in the future?

Is it more time with the family, far-flung holidays or more golf? Going part-time, or giving up work altogether? By truly listening to my clients and establishing their goals I can work with them to formulate a plan.

People often ask ‘how much do I need to have in retirement?’ and sometimes the amount can feel overwhelming or such a long way off that people don’t want to make such provisions. I feel there is a fine line to ensuring you are funding your retirement well, but also have sufficient money to live on in the present.

Other factors need to be considered alongside your own provisions, such as that of a partner or the amount you will receive at state pension age. It is quite simple to check your state pension entitlement using the gov.uk website. A financial adviser will often request you have this information or ask for a meeting between couples to ensure all provisions are built into your plan.

So, if you are reading this article and it resonates with you my advice would be to hunt out those statements, find an adviser you would like to work with and start formulating your retirement plan!

Contact Catherine Scard or Jennie Rose

Please reach out to Catherine or Jennie for a non-obligatory and informal discussion about how we, at Lester Brunt, can help you.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise.  You may get back less than the amount invested.

Catherine and Jennie have over three decades of combined financial experience and spend a lot of their time as advisers helping women achieve their financial goals. Within the female golfing community, Jennie and Catherine can share their passion and advocate the benefits of financial protection and the value and importance of financial planning. If you wish to get in touch, please contact Catherine or Jennie at [email protected] or [email protected]

Contact details:

Jennie Rose
07980 870 913
[email protected]

Catherine Scard
07763 833 474
[email protected]

Lester Brunt Wealth Management is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website http://www.sjp.co.uk/products. Lester Brunt Wealth Management is a trading name of Lester Brunt Wealth Management Ltd.

SJP Approved 15/05/2023

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