J’AIME JUNE 2022

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F I N A N C E ADVERTISING FEATURE Wealth Matters A MONTHLY REVIEW OF THE WORLD OF FINANCE FROM LICHFIELD FINANCIAL ADVISER JEAN LAMB DipPFS Pension Planning? It’s an outdated concept When I first started providing financial advice some 30 years ago, we used the term “pension planning” when referring to retirement. And indeed in those days that is essentially what it was. The pensioners of today were still in the workplace, they largely knew what to expect when it came to retirement and it was all about their pension. They knew what their State Pension age would be and that they would almost certainly retire when they reached that point. Many also knew they could bank on a guaranteed income from this and from an employer’s Final Salary (or Defined Benefit) scheme and could predict pretty accurately what it was going to be. In other words, there was plenty of certainty and not much in the way of actions to take or decisions to be made along the way. Put simply - that has now changed and will continue to evolve. Fundamental Changes Increases in the State Pension age (particularly for women) are among the developments to have reshaped retirement and it’s set to rise again to 67 between 2026 and 2028. The past decade has also seen radical changes to pension policy. The 2015 ‘pension freedom’ legislation being the most obvious example; allowing savers to access their pension pots from age 55 and giving them far greater choice, flexibility and control as to how they use their funds. However, as I often tell my pension clients, choice brings with it layers of complexity. We have seen the demise of Final Salary (Defined Benefit) pensions and the corresponding rise in Defined Contribution schemes which shift much of the investment risk and responsibility from the employer to individuals. The Modern Way Previous generations enjoyed plenty of certainty, but not much control. Conversely, for the retirement savers of today, there’s not much certainty and very little in the way of guarantees. But what they do have is a much bigger say in how and when they retire, right from the beginning of the savings journey through into later life. Seize the Day The variable nature of what you may end up with decades down the line makes it absolutely essential for current and future generations to take ownership of their journey to retirement at an early stage. Individuals have more decisions to make along the way and no longer can you rely upon the “one size fits all” pension plan. Pensions will remain a cornerstone of retirement planning. However, other forms of investment also have a big role to play; not least to assist in tax planning your retirement income at the other end of the journey. All of this makes sound financial advice vital to keeping up with ever-changing legislation, managing risk, and making sure that your plans are suitable, and appropriate and helping to keep them on track. It can be a challenging and lonely journey dealing with the complexity of modern pensions on your own. So, find yourself a good financial adviser who will make that journey with you and help you take control of your future to give you the best possible chance of achieving the retirement you want. The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. Jean Lamb is Principal of Jean Lamb Wealth Consultancy 6A Market Street, Lichfield, WS13 6LH - Tel: 01543 417342 Email: jean.lamb@sjpp.co.uk - Website: www.jeanlamb.co.uk Jean Lamb Wealth Consultancy is an Appointed Representative of and represents only St. James’s Place Wealth Management Plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. 34 www.jaimemagazine.com
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J’AIME JUNE 2022

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