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Retirement and Later Life Planning

Planning for your retirement is possibly the most important financial decision you will ever make. Retirement might seem a long way off or just around the corner, but it is never too early or late to think about your pension and retirement plans.

Many of our clients initially approach us with concerns about the cost or other financial implications in later life. You may be worried about how you will pay care fees for yourself or for your family members. As part of the financial planning process, preparing for it correctly will provide you with the standard of living you wish for after you stop working.  

At Red Dot, we can provide specially tailored advice regarding pensions and later life planning. We can assess ways to enhance your income in retirement or protect and grow your capital.

A range of the services we can assist you with include:

Later life planning

We know that at this stage of your life, taking independent financial advice can bring considerable peace of mind, and we can help with the following:  

IHT (Inheritance Tax Planning)

Nobody wants to think about dying but planning ahead can really help reduce any inheritance tax (IHT) bill for your nearest and dearest.

Estate and
Trust Planning

Protect your assets in your lifetime & ensure your estate is securely & safely passed on.

Long Term
Care Plans

Offers flexibility for you and your loved ones for care at home or in a residential setting, so you don’t have to worry whatever your circumstances.


Planning for future generations. It’s an important part of financial planning, which ensures the right amount of money goes to the right people at the right time.  


If you’re self-employed, an employee, work part-time, a company director, run your own business or have accumulated pension pots with past employers, we can offer you advice.

Personal Pensions

A personal pension is a private pension that you arrange yourself. With a personal pension plan, you appoint a pension company to manage your pension for you.

SIPP’s (Self-Invested Personal Pensions) 

A SIPP, or self-invested personal pension, is a specialised personal pension scheme that gives you greater freedom over the types of investment, including commercial property purchase.  

SIPP’s For Commercial Property Purchase

A SIPP, which stands for self-invested personal pension is a specialised personal pension scheme that gives you greater freedom over the types of investment including commercial property purchase.

Company Group Personal Pension Schemes

Group personal pensions are a type of defined contribution pension which some employers offer to their workers.

Director’s Schemes

A directors pension scheme can be a great way to take advantage of the remaining tax breaks available to sole traders.

Annuities – Fixed Term / For Life

An annuity is an insurance product that allows you to swap your pension savings for a guaranteed regular income. How much you get is determined by the rate the annuity provider offers.

Flexi Access Drawdown After Age 55

A member can benefit from their pension in the form of either a short-term annuity or income withdrawal.  

Tax Planning For Pensions

Pension planning and making contributions for others can be an effective way for the donor to reduce their taxable estate while saving into a pension for someone else.

Our clients appreciate our ability to make the financial advice process both simple and enjoyable. At Red Dot, we make sure we take the time to understand your needs, goals and preferences before we make any recommendations.

We can conduct our business by phone, online meetings, and meet our clients at their place of work or home and welcome visits to our offices. We work closely with other professionals, such as accountants and solicitors, to deliver a seamless service to you.  

Ongoing Advice

Our ongoing service will provide you with help and information in the following ways:

• Structured reviews to give you peace of mind
• Assessment of your circumstances and any changes to your plans that are needed
• Regular updates and information regarding your holdings
• A choice of differing levels of support depending on your needs
• Ongoing support with correspondence and administration issues

Find out more about Later life planning and Pensions

Generating an income in retirement

Working with us will help you see the bigger picture. We will be able to take an objective view of your situation and offer valuable advice on planning your finances and using your pension pot to provide the retirement income you need.  

There’s a range of investment strategies that can be tailored to your individual needs, which means you can choose to preserve your capital, generate income or opt for a balance between the two.

You’ll want your plans to be flexible enough that they can be adapted to your needs as they change over the years, and we can advise on the right approach for your circumstances.

Care fees

As we get older, many of us will face the challenge of providing care for ourselves or a loved one. Whilst medical care in the UK is free at the point of need; social care is means-tested. This means that your wealth will be considered when calculating what you have to pay towards your board and lodging. At present, anyone who has assets of over £23,250 has to pay the entire cost of their care.  

It makes sense to think in advance about how you would fund the expense if the time came. For many, the solution is to sell or rent out their home to pay the fees. However, there are other options available to you, and we can help you make the best choice for your circumstances.

Passing on wealth 

You may want to start planning how you’ll pass wealth on to your family. We can advise you on the importance of making your will or revising an existing will, ensuring your wishes are carried out after your death. Taking advice and putting the right structures in place now can help ensure that your heirs receive more of your estate and pay less inheritance tax. A will isn’t the only piece of forward planning you should consider. A Lasting Power of Attorney enables you to choose the person or people you would like to be in charge of making decisions that affect your finances or health and welfare if you were no longer able to do so. We can explain how this could benefit you. 

Why you need to think about your pension

There are some simple but compelling reasons why you should think about pension planning now:

The state pension 

The amount of state pension you will be entitled to will be dependent on your National Insurance contributions, whether you're on an old or new scheme and if you have made any additional contributions towards this. Getting advice early to help plan for your retirement is highly recommended to avoid any surprises later in life.

Tax relief

If you make contributions to a pension, or if your employer deducts your payments from your salary, you automatically receive 20 per cent tax relief from the UK government as an additional deposit into your pension pot.

If you are a higher or additional rate taxpayer, there are solutions that may be available to assist with further tax relief.  

Speak to us today to review your personal situation and what services and solutions we can provide.

A workplace pension is equivalent to getting a pay rise

If you save into a workplace scheme, your employer should match some or all of your contributions, providing a welcome boost to your pension.

We understand that many people would have a variety of pension pots that could have accumulated over the years; we can also review these to ensure you're on track for retirement.  

A tax-free lump sum when you retire

When you retire, you can normally withdraw 25 per cent of your savings in the form of a tax-free lump sum.

Arrange a review with one of our advisers to determine when you can do this and review your retirement plans. 

A pension is a long-term investment. The fund value may fluctuate and can go down, which could have an impact on the level of pension benefits available.

Your pension could be affected by interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation, which are subject to change in the future.

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Contact us today

At Red Dot our duty is solely to you- our client. We can help you, your family and business with expert independent financial planning and take the time to understand your needs and goals. Planning for your future and building your wealth, protecting you and your loved ones and your business, is what we do. To see how we can help, please contact us today.

We can conduct our business from a distance via Telephone, Zoom, Skype, Email, Post and in person at any of our offices or an address of your choice. Please fill in our online form and we will get back to you.

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