A plan for the future, built around you
I want to plan for my retirement
It can be hard to imagine life in retirement, it’s even trickier figuring out how to achieve it.
You have a limited time to plan for your future and so you need to make sure that you make the right decisions during your working life.
Pensions and tax planning can be complex, but it doesn’t have to be that way. We can help you make informed decisions to set you up well for your future.
If you have been asking:
When can I retire?
How much do I need?
How do I manage my investments in the most tax-efficient way?
Then we can help. To find out more give us a call today or complete the form below:
Will you have enough?
Planning your retirement?
What do I need to do now?
If so, which ones?
Consolidating pension pots
and how do I do it?
Who can help me?
The level of income you need
The calculations have been verified by a third party actuary as delivering reasonable outputs given the stated purpose of the calculator.
We will continue to update the 7IM Pension Calculator with the aim of ensuring the calculations are based on current data/numbers concerning inflation rates, pension legislation etc. This helps us to provide you with as clear a picture as we can.
7IM uses Technical Connection, a tax specialist business (engaged by financial planners and financial institutions), to create the underlying calculations of the 7IM Pension Calculator.
Gross Pension Contributions
The Gross Pension Contributions are assumed to continue until your retirement. We increase these contributions by 2% per annum.
Money Purchase (Defined Contribution)
We have not taken account of any restriction that may be required as a result of triggering the Money Purchase Annual Allowance rules or tapering of the Annual Allowance in effect from April 2016.
We assume an annuity income of 4% of the total value of the pension. Note there are other options available at retirement, please speak to us further about your requirements.
Pension Lump Sum
We have enabled you to take up to 25% as a tax free lump sum.
The 7IM Pension Calculator does not take into consideration the Standard Pension Lifetime Allowance which should your fund exceed it, may affect you.
The 7IM Pension Calculator assumes 1% annual charges on your pension value until retirement. Your actual circumstances and charges may differ.
We assume you are entitled to and will receive a full single tier state pension at state pension retirement age. We assume your State Pension will increase in line with earnings (i.e. Consumer Price Index (CPI) +1%). This does not include any additional state pension you may be entitled to.
We assume your investment will grow at 5% per annum. As with all Investments they can go up as well as down.
We assume a default inflation rate of 2%. This is applied when calculating the value of your pension pot at your chosen retirement age. All figures are shown in “Today's Money”.