Retirement Planning

Making Provisions for Retirement

There are several reasons to provide for your future. The need to finance the standard of living that you are accustomed to now even in retirement is one of them. Those who wish to maintain their lifestyle should not simply rely on the proceeds from a pension fund.

Another reason to provide for the future is to ensure that if you die your family will at least be relieved of financial worries. Achieving savings goals, cutting down on the tax bills and insuring yourself against the risk of being unable to work are also good reasons to consider retirement planning solutions.

Retirement Planning

 Planning for your retirement enables you to have the following advantages:

  • Saving the right amount to lead a comfortable life in retirement
  • Availing tax relief
  • Paying lesser amounts of tax in retirement
  • Maximising Pension Growth
  • Accounting for non-pension assets that are used in retirement such as property & investments.

Internationally mobile individuals face further complexities as detailed below

  • Multiple state pensions in different countries. How much will I receive? How do I claim? When can I claim? How much tax will I pay? (Double taxation issues, varying inter-country social agreements) Changes in state benefits and retirement ages – how does this affect me?
  • Frozen Private Pensions – Normally when leaving a country pension assets are frozen and different rules apply.
  • Managing multiple pensions is cumbersome and consumes time
  • Risk – Pension funds can face risks related to solvency, poor management and currency.

In such cases MWC Group’s advisors can help you become aware of the numerous options available to you. These include:

Pension transfers

It may be possible to transfer your frozen pensions which could potentially provide a number of benefits such as Early Access to pension funds, Investment Freedom, Tax Relief, Consolidation of Pension Plans as well as Online Management.

Vested Benefits

Vested benefits accounts are an option when (a) Becoming Self-employed (b) Emigrating from Switzerland (c) Divorce (d) Employment Leave.