Why pensions are like ice cream

Mike LeGassick, Independent Financial Adviser with Manning and Company, explains why the blended approach to retirement income planning could be the best choice.

If you were born around 1960, you will soon be facing a pivotal decision: how will you shape your life over the next 30 years?

First of all think back 30 years, to 1985 – when music came on vinyl or cassette, and the internet hadn’t yet arrived.  Can you think ahead to the year 2045 and imagine what life might be like?  Honestly, can any of us?!

Yet thanks to the new pension freedoms which come into effect in April, that’s exactly what anyone aged 55 or over will have to do.  As never before, your future is in your hands.

Should you cash-in your final salary pension?

By Patrick Goddard, Independent Financial Adviser

If you have a final salary pension scheme, many people may be rather envious!  These schemes, which usually pay a proportion of your salary at the time you retire, are now few and far between.  

Final salary schemes are a type of pension known as ‘defined benefit’ – no matter how the markets perform, you know how much you’re going to get when you retire.  

But most schemes now are ‘defined contribution’ schemes – the only certainty is how much gets paid into the scheme, not what your payout may be.

The certainty of a final salary scheme is what’s so appealing.  So who would give that up?

Well, with the pension reforms which come into effect in April 2015, everyone has considerably more freedom in how to use their pension fund – whether it’s a defined benefit or defined contribution scheme.

What the Scottish No vote means for your finances

by Steve Phillips, Independent Financial Adviser

So the Scottish referendum didn’t result in an independent Scotland; and the dust is still settling after the victory of the No campaign.  The emphasis now will be on ensuring that the whole of Scotland works together so that all political parties and communities benefit from still being within the United Kingdom.

But what about the financial perspective?