More and more people are choosing to phase their retirement. Health, lifestyle and working part-time have become major factors. 

The retirement financial provision usually encompasses all various assets – equity in home and Buy-to-Lets, Stocks and Shares ISAs, pensions, investment bonds, savings and other investments.

It is important to ensure that the pension vehicle allows Flexible Access Drawdown with its broader succession possibilities; and that beneficiaries and dependents are nominated. Trusts are often part of the solution.

When the time comes for withdrawals, there are many options and wrappers to be prioritised and considered, as annuities must be. With people delaying retirement, extending life assurance and fixed term annuities are also potentially part of the solution. Inheritance tax on pension assets is a new concern for many clients. 

As trusts may be part of a complex solution, we suggest that you seek financial advice and talk to a tax consultant or accountant.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested. Transferring out of a final salary pension is unlikely to be in the best interest of most people.