Retirement Planning
“We're very glad to have spoken to Paul for advice about our upcoming retirement plans. I was looking for reassurance that we were on track and doing the right thing and that we had not made any wrong assumptions or missing a trick. His guidance was honest and useful offering us suggestions for tweaking our approach.” -April 2024
At some point in your life – you are going to retire, which is why retirement planning needs to start now!
Depending on your personal situation it may feel decades ahead…..or you could be facing retirement earlier than planned due to other circumstances. However one thing is certain. The earlier you start saving, the more money you will build up in your pension pot thanks to compound interest.
If you’re an employee, it is likely you will be paying into an auto-enrolment pension, arranged by your employer, which the Government tops up. Or you may be self-employed, and have no pension savings at all.
Due to pension freedoms being introduced in 2014 that allow us to draw down from our pension schemes from the age of 55 years how and when we like, whilst we have a greater say in how we spend our hard earned savings, the facts are still pretty bleak.
As our population ages, we are living longer, healthier lives and quite simply are not saving enough during our working years to enjoy a comfortable retirement.
Added to this, with the ever-changing Government pension advice, pensions as a whole are perceived to be very complicated, meaning we stick our heads in the sand and put it off to the tomorrow that never comes…

“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.”
– Jimmy Dean
Pensions overview….
Pensions are an essential part of financial planning and are monies that you receive as a result of a long-term saving scheme. These can be via the State Pension, your Workplace Pension, a Private Pension or a combination of all three. From 2012, “auto enrolment” made it a legal requirement for every employer to “automatically enrol” every “qualifying worker” into a “qualifying workplace pension scheme.”
Employers make additional contributions which if started early enough, can equate to a significant sum of money over a typical working lifetime.
The State Pension is a “contribution-based” benefit derived from your National Insurance contribution history, which needs to span across a minimum of 30 years to receive the full amount.
Historically this has been a complex system, however the rules have now been updated so if you reach your retirement age after 6th April 2016, you’ll be switched to a more simplified scheme.
Of course, the minimum retirement age appears to be a continuous source of discussion within Government, currently it stands at 66 years of age, and will progressively increase to age 67 and then eventually 68.
Your pension pot is invested with the aim of growing its value whilst you are in that scheme; however, no-one can 100% predict exactly how a specific retirement planning investment will perform.
Much of the returns will be down to the level of risk you are prepared to take and your capacity for loss, which we assess using a simple, but revealing psychometric test. From this we will then work with you on an individual basis to devise a plan that suits your long-term retirement goals including how to plug any income gaps sooner rather than later.

“The biggest adventure you can take is to live the life of your dreams.”
– Oprah Winfrey
Simplifying pensions
You may have heard different terminology related to how you’ll receive your pension, including defined benefit schemes, a defined contribution scheme, annuities and income drawdown – the latter of which is split into capped drawdown or flexi-access drawdown. Not forgetting UFPLS (Uncrystallised funds pension lump sum).
Then are tax implications around your annual allowance, lifetime allowance and how much of your pension you can take as a tax-free lump sum. Added to these, are questions that could arise if your employer or pension provider goes bankrupt, and how to structure your pension as part of your estate……the list goes on.
How OFS Financial Solutions can help
At One Financial Solutions, we will walk you through your own individual investments for retirement and personal pension circumstances step by step, so you will understand exactly what options are open to you.
As a completely independent firm of financial planners, we will recommend any changes or schemes from the entire market, to ensure that whatever we advise, is the best retirement planning advice for you.
Over time, we will continue to review and manage your portfolio, so at any given moment you will have a 360 degree view of your investments without any hidden surprises, or gaps that may cause further pressure as you move into later life.
"I have every confidence in OFS taking care of our investments. Can’t thank them enough for all their help."
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We’re more than just financial advisers
At its core, One Financial Solutions believes in restoring humanity to the often impersonal landscape of financial management.
Recognising that each individual’s life, interests, and mindset are pivotal components in the financial journey, offering personalised guidance that transcends mere numbers and charts.
By fostering a deep understanding of our clients’ circumstances, One Financial Solutions empowers individuals to navigate their financial paths with confidence and clarity, ensuring that their aspirations and dreams remain at the forefront of every decision.