Retirement Planning

At Retirement, the advice needed is essential as the options available are wide and varied. Many of which are irreversible once selected, such as signing up to an annuity.

What Does Retirement Mean to You?

Some people want to put their feet up and relax after a busy or demanding career. For others it is a chance to see the world, spend time with their family, or set up their dream business. Whatever it is that you want from retirement, one thing is very important – to have the retirement you want, you’ll have to plan ahead and take action now to make your dream retirement a reality.

Important Considerations

Retirement is Lasting Longer

We’re living longer and longer, which is, of course, a good thing, and life expectancy will continue to extend as healthcare continues to improve. However, this does mean your retirement fund needs to last longer. You can’t predict how long you’ll live, but a sensible approach is to plan for at least a 20 year retirement.


As you get older your chances of falling seriously ill increase significantly, making the prospect of having to pay for long-term care more and more likely. This type of care can be very expensive, with residential care fees into the tens of thousands of pounds per year.


Inflation pushing prices up and reducing the value of your savings can be a big problem for those in retirement, especially if you have a fixed income. The cost of living hits pensioners harder when it increases as they spend a larger proportion of their income on utilities, food, and fuel, all of which are prone to higher levels of inflation.

Protecting Your Family

In the event of a serious illness or early death it is important to ensure your loved ones are protected. It’s better to set up protection before you have retired as their cost significantly increase as you get older.


Drawdown involves leaving your pension fund invested and drawing a regular income (monthly, quarterly, half yearly or annually) from it by cashing in some of those investments.

Flexi Access Drawdown

Flexi Access Drawdown is a flexible product that allows you to take a flexible income whenever you need to, while reinvesting the remaining fund in such a way to allow an ongoing retirement income.

Making the Most of Your Money

Starting to save for your retirement early makes a big difference to your savings in future due to ‘compounding’. This is a simple concept that means when your money is invested you earn interest or income from it. The following year you will earn on the original capital and the interest from the first year, and this continues year on year, creating a snowball effect.

Ensure Your Money Lasts

The nearer your retirement gets the greater your need to preserve the savings you have and make sure they will last for your entire retirement. You may also want to consider what changes should be made to your investments as you approach retirement.

These days retirement lasts a lot longer with extended life expectancies, with this in mind it’s essential your money doesn’t run out. It’s crucial that you make the best investment decisions now so your money keeps up with potentially rising inflation.

Are Your Pension Plans in Place?

Can you answer the following questions:

  • Are you’re pension payments enough?
  • What income is your pension fund going to bring when you retire?
  • At what age will you be able to retire?
  • Where is your retirement money invested?

If you can’t answer one or more of these questions then it’s important you speak to an independent financial advisor to work out the answers and a strategy to ensure you’re prepared for a comfortable retirement.

*A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change. You should seek advice to understand your options at retirement.

Vance Financial Management's advice on Pensions & Retirement Planning
3 Case Studies

Kind Words from our Clients

David has been financial adviser to my wife and myself for a number of years now.
I have always been impressed by his market knowledge , and desire to find solutions for retirement/investments that are best suited to our personal situation.
In addition,David helped to progress a critical illness claim after a fall at home 5 years ago ,resulting in premature retirement, when the company concerned was less than helpful initially.
His visits are always at a mutually suitable time and date , and David is a friendly and welcome visitor.
His investment suggestions and portfolio changes changes have proven to be good choices to date, and we look forward to David’s advice for years to come..

Dr A M

David and his team have been helping me manage my finances for many years now through my working years and now in retirement. I’ve been confident that he has my interests at the forefront of everything he recommends and am happy to recommend him to anyone who needs sound advice.

Dr M G

David Vance has been our Financial Adviser since 2013. Over the years he has given us sound advice on our Investments. He has always taken into consideration our views on Risk Factors with positive results.
We feel that we can contact David and his office staff at anytime.

W. & M. R

At our first meeting with David, more than five years ago, he quickly grasped the key issues in our financial situation and provided advice and guidance which has proved to be a very positive foundation for managing transition to retirement.
When circumstances required prioritisation of attention and energy to other areas of our lives, it was reassuring to know he was continuing to monitor and review. He quickly responded to any questions we had and promptly dealt with matters which required attention.
The prospect of challenges ahead is less daunting, knowing that we have his continued support and interest in ensuring positive outcomes in our financial planning.

Dr B. B.

Retired Psychologist
David always gives me exceptional advice, always taking care to make sure he understands my personal requirements. He visits my home at a time convenient to me and on his last visit, he potentially saved me thousands of pounds by working out that I could pay off my mortgage and invest the money saved in a more appropriate pension fund. Win, win! I am a single parent and don’t earn a huge salary. Financial advisers are for everyone though and I am delighted with the advice I have received. See you next year David.

Miss A. M.

HR Manager
Having used Vance Financial Management for several years now I would have no reservations in recommending David and his team to give sound advice on any future investments that any of my family or friends would like to make.

Mrs A.G.

I have known David Vance for approximately 14 years. Over that period, he has handled my Pensions and Investments. His knowledge and financial advice have stood me in good stead.
I would recommend him to anyone requiring impartial financial advice.

Mr W. O.

Business Owner
We have been clients of David Vance for over 5 yrs now and of all the financial advisers we have been connected with we have found him to be very knowledgeable about the current market and investments that are available. At no time does he put us under any pressure to make a decision but his experience has been invaluable to us and what we want to achieve not only for ourselves but our family. We would highly recommend David and his Company as a Financial Adviser.

Mr J. S.

I was introduced to David Vance, the Director of Vance Financial Management – just prior to the retiral of Jim Kane – in 2013.
I have always found David to be very professional, knowledgeable and customer focused.
My association with David has become a working relationship where I am happy to share all my private and personal information, in return for the best financial advice available. His advice to date has proved to be sound and I am very pleased with the monies that my investments have accrued over this period.
Dealing with David also makes me relaxed, knowing that he understands my lifestyle, he provides me with individual attention by considering the fine details of my financial position, he considers my future requirements and he always emphasises the possible attached risks.
Honesty and integrity are important factors to me and Vance Financial Management are a company that I highly recommend.

Mr A. W.

David is helping me reach my financial goals. His knowledge of pensions and other financial products is immense. The value of my pension now is way beyond my expectations – thanks to David’s advice.

Mr M. S.


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