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at minimum pensionable age (currently age 55, rising to age 57 in 2028) and beyond on the amount of funds that can be withdrawn, nor will there be a minimum withdrawal requirement, although the 25% tax-free lump sum amount will remain available.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 Money is withdrawn as and when needed and 75% of each payment is taxable at the individual’s’ marginal rate of tax and 25% is tax-free.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.

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Royal Exchange, Central London & West Sussex

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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.