Retirement Planning

Providing an Estimate of Benefits, Shortfall Analysis and Cost of Delay for any investments, pensions your client may have including State Pension Benefit.

 

The unique benefits of the Selectapension Retirement Planning Wizard:

• Create detailed client reports which can include unlimited Personal Pensions, Employee & Employer contributions, and State Benefits to show a likely income in retirement
• Include your clients portfolio of investments eg. Equity, ISA's, Bonds etc.
• Input accurate DWP State Pension forecasts, or use system generated forecasts
• Provides a summary of all pensions including Defined Benefits, Money Purchase and State Benefits
• Show income from investments, demonstrates the cost of delay
• Adjust your client's desired retirement income levels and contribution levels
• Identify retirement annuity shortfalls
• Recommend suitable additional contributions, providing you with new sales opportunities
• Summary Charts - a visual picture speaks a thousand words!
• Compare Pensions to Investments

How does Selectapension’s Lifetime Limit software work?

This unique tool calculates existing funds whether they are made up from Defined Benefit, Defined Contributions, or a mixture of both. Current contributions, either on a monetary basis or a percentage of earnings, are taken into account in addition to any annuities (Crystallised benefits) that are being paid to your client.

The system calculates the estimated fund values on 'A' Day (06/04/2006). Projected figures can be displayed on either a 5, 7, or 9% monetary growth basis.

A pie chart is produced, showing the appropriate splits of funds together with the Lifetime Allowance applicable to your client's retirement age.

The system then provides a full breakdown of your client's benefits at retirement. In addition, fund values are calculated in line with IR maximums and therefore states the amount, if any, which may breach the IR limit.

Recovery Tax charges are highlighted together with the amount of tax free cash and annuity that can be provided from each of the bases.

The software also provides you with two options for calculating the Lifetime Allowance past 2011 based on either a Trend basis (adopt the same first five years tiers as stipulated by the Treasury) or by selecting RPI. Both options of calculating the Lifetime Allowance will provide differing results, but as the Treasury has not stipulated the revaluation basis post 2011, having both options will allow you to demonstrate the effects of either to your clients.