Private Pension – Options explained

Many people have pension pots just sitting not really doing anything.  At every stage in life it is very important that you should keep track of your retirement provision.

If you are in your 30s or 40s look closely to what provision you have and what you might need in the future.  State Benefits are not going to kick in for you until you are 67.

If you are in your 50s then this is a very critical period.  One bad investment year can affect the income you receive for the rest of your life so make sure you are looking at setting your investments up in a balanced way so that no unforeseen disasters can hurt you – this is called Life styling your pension pot

In your 60s then it is also critical to look at your pension funds.  Are they invested correctly.  Are you taking the most tax efficient route in withdrawing?  The list is so long at what you should be looking at that I cannot list it in this short article

A raft of changes that have taken place recently – In Summary:

  • Full Access to UK Pension Pots now available from age 55
  • Flexible Drawdown now available from most providers (you choose your own income levels)
  • Company pension schemes can be transferred to take advantage of flexibility (unless they were public funded e.g. Armed Forces, Police)
  • Not compelled to take annuity
  • Pension pots can be inherited providing fantastic succession planning opportunities

Now, even more importantly than ever before the importance of receiving advice and retirement planning before making a decision of what to do with your pension pot is absolutely critical.  Questions to ask yourself are:  Where will I live? What lump sum should be taken?  What are the tax implications? What about my partner?  How much income will I need in 5, 10, 15 or 20 years’ time? What happens if the Pot is empty at age 80 and I am still alive?

If you feel like this and/or would just like a helping hand to review what you have, why not contact me and I will sit down and go through your portfolio with you.

I have been a fully Qualified Financial Adviser for 28 years and also understand the needs of ex-pats and the rules that apply to ex British living and retiring in Spain so if you need to talk through your own situation then please feel free to call me and we can have a no obligation discussion about the best way forward for your Investments.

If you need advice or if have any questions regarding the above you can contact me on 657 684 094 or email

The above information was correct at the time of preparation and does not constitute investment advice and you should seek advice from a professional adviser before embarking on any financial planning activity.

Blacktower Financial Management Ltd is licensed by the UK by the Financial Conduct Authority and is registered with both the DGS and CNMV. Blacktower Financial Management (Int) Ltd is licensed in Gibraltar by the Financial Services Commission (FSC) Licence No: 00805B and registered with the DGS in Spain.