London Office
Tavistock House South,
Tavistock Square,
London, WC1H 9LG
t: 020 7388 2641
f: 020 7387 8969
e: th@rayneressex.com
St Albans Office
Faulkner House,
Victoria Street,
St Albans, Herts,
AL1 3SE
t: 01727 833222
f: 01727 864752
e: fh@rayneressex.com
Retirement planning
The more forward the planning the better the chances of achieving the style of retirement you are striving for. With the ever increasing burden being placed upon the government as a result of the state pension it is looking increasingly likely that there will be legislation enforcing some sort of self funding. Stakeholder pensions have already put the mechanisms in place.
However, pensions are just a small part of the overall planning for retirement. If you have an existing pension we can review it with your financial adviser to ensure it is the right type of pension for you and whether you are funding the scheme in the most tax efficient way. There may be alternative schemes or opportunities for self invested schemes that offer increased tax efficiencies so long as the risks are considered.
In addition to pensions consideration needs to be given to life assurance policies and whether they are adequate, or alternatively should provisions be made for long term care or medical insurance. Again, we can review existing arrangements to see whether they are appropriate for you and tax efficient.
Finally, there is the business itself and your exit strategy. If you plan on withdrawing from the business leaving it for the next generation do you have plans in place to achieve this. If you plan on selling the business have you considered how to value the business or how to market the business. Furthermore, have you considered the tax implications of the various exit routes and the interaction of various allowances.
For further information or to discuss through specific issues please e-mail our London based tax partner Clive Goodkind cg@rayneressex.com or call Clive at our London office on 020 7388 2641.