For many years retirement planning consisted of building a pension fund and then buying an annuity and very little else. In our view this is no longer sufficient. A combination of volatile stock markets, low interest and annuity rates has cast a shadow over peoples’ expectations of their pension. Patterns of retirement have changed, making provision solely by pensions unsuitable.

Successful retirement planning requires a long term approach and willingness to build a varied portfolio of good quality assets. The traditional pension is still a sensible ingredient for most. Modern schemes are flexible. Some even allow the assets to be passed to the family after the death of the pensioner. However, alongside this you should have cash and other investments held in tax shelters.

You will work for much of your life, but you will hope to enjoy a long and active retirement.

Andy Gait specialises in pre and post retirement planning and has assisted many clients with the transition from full-time work to full-time retirement.

”Andy, in the nicest possible way, made us face up to our problems. He came up with options that are realistic and attainable. As a result, my wife and I have a much clearer picture of the way ahead, as we enter retirement” David, GwentLocum Pharmacist