Bespoke pension and retirement planning

At Private Office Asset Management, we will work with you through all phases of your retirement planning, from reviewing your existing arrangements and advising and structuring accordingly based upon your affordability and ultimately your requirements.

We’ll review your arrangements whenever your circumstances change, to ensure that you achieve the most comfortable retirement as tax efficiently as possible.

Talk to us about your pension needs

Three phases in planning your retirement

  • Pre-retirement

    Ensuring you have sufficient funds for a comfortable retirement in the most tax efficient way. This also involves making your assets grow effectively and this could be by looking at where it is invested, especially if you hold older, smaller pension arrangements.

  • At retirement planning

    Reviewing the options available to you and help you to plan the most appropriate and tax effective solutions to meet your objectives.

  • Post retirement planning

    Helping you to plan whether to delay taking pension benefits and optimising the phasing of the benefits to meet your specific income requirements.

Flexi-access drawdown

The concept of ‘flexi-access drawdown’ is introduced and under this approach there will be no cap for those at minimum pensionable age (currently age 55, rising to age 57 in 2028) and beyond on the amount of funds that can be withdrawn, nor will there be a minimum withdrawal requirement, although the 25% tax-free lump sum amount will remain available.

Those with existing capped drawdown arrangements can convert their fund to a flexible drawdown fund in order to take higher withdrawals. 

Apart from the tax free lump sum all withdrawals are taxable at an individual’s highest marginal tax rate.

Uncrystallised Funds Pension Lump Sum (UFPLS)

A UFPLS is another completely new way to access pension benefits. Money is withdrawn as and when needed and 75% of each payment is taxable at the individual’s’ marginal rate of tax and 25% is tax-free.

Money Purchase Annual Allowance

A new lower annual allowance for pension contributions is introduced, known as the money purchase annual allowance (MPAA).

Where an individual has flexibly accessed their pension savings, a restricted £10,000 annual allowance will apply to their future money purchase pension savings and any contributions to money purchase pensions over this amount will not attract tax relief.

Death Benefits

Individuals with a drawdown arrangement or with un-crystallised pension funds will be able to nominate a beneficiary to pass on any unused pension funds, on their death, that will allow those funds to be used to provide a drawdown pension or pay a lump sum death benefit.

In addition, any beneficiary (whether a dependant or otherwise) with unused drawdown funds on their subsequent death can also pass those funds to a further successor to provide a drawdown pension or pay a lump sum death benefit to that individual.

If the individual dies before they reach the age of 75, they will be able to leave their remaining defined contribution pension to anyone they choose as a lump sum completely tax free, providing this occurs within (broadly) two years of death.

The person receiving the pension will pay no tax on the money they withdraw from that pension, whether it is taken as a single lump sum or accessed through drawdown.

Anyone who dies with a drawdown arrangement or with uncrystallised pension funds at or over the age of 75 will also be able to nominate a beneficiary to pass their pension to. The person receiving the pension will be subject to a 45% tax charge on any lump sum withdrawal. However, if the recipient makes partial withdrawals from the fund, they will be subject to income tax at their marginal rate.

For lump sums paid on or after 6 April 2016, the stated intention is that the charge will be levied at the recipient’s marginal tax rate.

Choose your Private Office

Royal Exchange, Central London & West Sussex

Pension articles

Looking for our associated partner firms?

Visit our associated partner firms via the links below.

Private Office Asset Management Limited and Gladstone Morgan Limited have formed a Partnership to offer Individual and Corporate wealth management solutions to their clients and professional introducers via Gladstone Morgan Private Office Offshore, a trading style of Gladstone Morgan Limited, offshore Independent Financial Advisors.

Gladstone Morgan have 11 offshore wealth managers and support staff working across their offices in Hong Kong, Shanghai, Bangkok and Dubai.

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Private Office acquired Austin Ryder Solicitors (established 1954) in 2018.

We provide legal services for Businesses & Individuals.

We have specialist teams working on the full legal aspects including Company Commercial, Real Estate, Dispute Resolution and Private Client.

Private Office Asset Management Limited and Simmonds (International) Financial Associates Limited have formed a Partnership whereby Private Office Asset Management provide bespoke investment management services to clients of Simmonds Private Office (Hong Kong) – which is a trading style of Simmonds (International) Financial Associates Limited.

The FCA stipulate that all investment managers must benchmark their investment performance against a relevant benchmark, so whereas we manage multi-asset client portfolios across a range of risk profiles, we will measure our performance against the toughest industry benchmarks so that our clients can easily see just how effective our investment performance is compared to the industry as a whole. 
Our investment management mandates range across the following risk profiles:
We use the latest industry risk profiling tools to ascertain our clients attitude to risk and tolerance for any loss in capital over a given a given time.  These produce risk profiles ranging between 1 and 10.  Below are the risk profile outputs and how we may manage a clients portfolio subject to in-depth discussions to ensure that we fully understand our clients objectives as well as their appetite for risk:
 
Risk Profiles:
1 & 2:    Bespoke Alternative to Cash (BACA) which we benchmark against the bank of England base rate plus 2%
3&4:       Cautious
5&6:       Balanced
7&8:       Growth
9&10:    Aggressive Growth
 
So “above benchmark performance” means that we regulatory outperform the toughest industry benchmarks for our clients across all risk profiles.

“BACA” – for company funds, charity funds, pension funds, trust settlements and private portfolios that need to be managed very conservatively with above inflation returns net of fees,  along with capital preservation being the overriding objectives – we are pleased to be able to put together a bespoke Private Office Asset Management low risk “Bespoke Alternative to Cash Accounts”  – typically benchmarked against the Bank of England Base Rate + 2%.

We have a consistent and successful track record of protecting capital and providing real returns after inflation (although past performance is not necessarily a guide to future performance).

Ask us today about our proprietary low risk Bespoke Alternative to Cash Accounts (“BACAs”) as a potential alternative to some of your cash holdings that may be earning less interest than the annual rate of inflation – and causing your capital to be diminishing in value on an annual basis in real terms. We can tailor the portfolio to your individual specific risk requirements & return objectives.