Retirement Planning Guide |
Planning for retirement can seem like a daunting task but it is important to think about how you are going to support yourself financially in your later years.
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How do we calculate the pension pot? |
The figures shown here assume your investments grow at % each year. Because inflation reduces the buying power of your money over time, all figures are shown in today’s terms accounting for inflation at % each year. We also assume an annual management charge of 0.3% of the value of the pension pot, this applies for the management of your chosen investments, along with the Willis Owen service fee of 0.4% (reducing for larger pots). The actual charges you pay will depend on the choices you make.
Any regular contributions are assumed to remain at the same level and to continue to your chosen retirement age.
The annual income figures are calculated assuming you use the pension pot (either your whole pot or the amount that remains after taking out 25% as a tax-free cash lump sum) to buy an income for your life - a ‘lifetime annuity’. The projected level of income is calculated in accordance with requirements set out by our regulator, the Financial Conduct Authority. Buying an annuity is only one means of using your pot to provide an income in retirement and again, the income shown here is for illustrative purposes only.
Disclaimer: The figures shown here are examples only and are not guaranteed. What you actually get back from your plan will depend on a number of factors including the investment choices you make and how your investments grow, charges, inflation and how you choose to take benefits from your plan. You will receive a full personalised illustration of what your plan could provide before you commit to proceeding.
All figures are shown before tax and you should be aware that tax will reduce the amount you may get back.
Planning for the retirement of your dreams can be difficult enough without having to deal with multiple pension pots built up with different providers throughout your working life. To make things easier we've designed a service to help you bring your pensions together under our award winning Self-Invested Personal Pension (SIPP) product - we call it One Plan.
Consolidate existing pension pots into one, easy to manage plan.
Hassle free transfers - putting you in control and helping you make informed decisions.
A range of investment options with a focus on keeping costs to a minimum.
Managed online, with 24/7 access once registered.
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Consolidate |
Consolidate existing pension pots into one, easy to manage plan.
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Hassle-free |
Hassle free transfers - putting you in control and helping you make informed decisions.
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Low cost |
A range of investment options with a focus on keeping costs to a minimum.
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Easy access |
Managed online, with 24/7 access once registered.
Register for our service and give us basic details of the pensions you're thinking of consolidating.
We reach out to your provider(s) and get further details on your pension pots.
We'll let you know what we find out and point out any important benefits you could lost out on by transferring.
You decide whether to go ahead with one or more transfers. If you do, we'll arrange the transfer and bring the money across into your new Willis Owen pension.
We know that the pension product you choose only plays a small part in the retirement planning jigsaw so as a One Plan customer, you also get access to a range of tools designed to help you understand whether you're on track for the retirement you want and which allow you to see what effect any changes could have. Once you’re set up, you’ll be able to check on how your pension is doing at any time, using our secure, award winning online platform where you'll find a simple summary of your plan - what it's worth and what it could give you in retirement.
Some pensions have valuable benefits or guarantees which could be lost if you transfer them to another provider's plan. We'll ask your provider whether a plan you're looking to transfer has any such benefits and if it does, we'll let you know before you make a decision to transfer. We'll also flag any paticular risks we think you should be aware of before going ahead with a transfer. There are certain types of schemes that we won't accept transfers from because we think it's unlikely to be in your best interests. This includes defined benefit pensions like 'final salary' schemes.
Bear in mind that we don't recommend whether transferring a pension is suitable for you so if you're unsure, you should seek regulated financial advice.
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Easy to manage |
We know that the pension product you choose only plays a small part in the retirement planning jigsaw so as a One Plan customer, you also get access to a range of tools designed to help you understand whether you're on track for the retirement you want and which allow you to see what effect any changes could have. Once you’re set up, you’ll be able to check on how your pension is doing at any time, using our secure, award winning online platform where you'll find a simple summary of your plan - what it's worth and what it could give you in retirement.
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You're in control |
Some pensions have valuable benefits or guarantees which could be lost if you transfer them to another provider's plan. We'll ask your provider whether a plan you're looking to transfer has any such benefits and if it does, we'll let you know before you make a decision to transfer. We'll also flag any paticular risks we think you should be aware of before going ahead with a transfer. There are certain types of schemes that we won't accept transfers from because we think it's unlikely to be in your best interests. This includes defined benefit pensions like 'final salary' schemes.
Bear in mind that we don't recommend whether transferring a pension is suitable for you so if you're unsure, you should seek regulated financial advice.
Willis Owen Limited is authorised and regulated by the Financial Conduct Authority and is registered in England (No.3283706) at Ground Floor, 507 (Unit 2), Centennial Business Park, Elstree, WD6 3FG. The information and content of this site is intended for UK consumers.
