Retirement Planning


Helping you with the life you want to live in retirement

Whether you decide to retire early or work longer, the earlier you start planning, the more likely you’ll be financially prepared for retirement. It’s important to give yourself the best chance for a happy and secure future.

At Carrick, we help you set financial goals and priorities, then recommend specific steps to meet them. We may give advice on how you should allocate your investments; what kind of insurance you need, and explain how certain decisions may affect your taxes or estate.

A key part of retirement planning for many people is investing in a pension. In the same way that you would diversify your investments, diversifying your pension - that is, spreading the investment risk across different markets - is key to obtaining more stable and robust returns and to minimising risk over the long term.

With years of experience in the financial services sector and, specifically, retirement planning, we’re able to give you what is in our opinion the best advice you’ll find anywhere in the world. By seeking professional advice before taking steps towards pension planning, you can save yourself money and worry.

Self-Invested Personal Pensions (SIPPs)

More flexibility and greater control

Self-Invested Personal Pensions (SIPPs) are best suited to investors who want greater control over their wealth and financial assets.

SIPPs are pension wrappers that hold investments until you retire and start to draw a retirement income. They work in a similar way to a standard personal pension but the main difference is that, with a SIPP, you have more flexibility to choose your investments.

With standard personal pension schemes, your investments are managed for you. SIPPs give you the freedom to choose and manage your own investments.

Significant benefits

  • 100% Control and wide choice of investments
  • Freedom to pull out of poorly performing investments
  • You can consolidate multiple pension schemes
  • Flexi Access or GAD* rates
  • Pension Commencement Lumpsum (PCLS) a guaranteed 25%
  • No Lump Sum Death Charge (LSDC)
  • Pension remains in the UK and as such is regulated still be the FCA

As with any investment decision, there are disadvantages that need to be discussed with your Wealth Specialist such as costs, higher fees, accessibility to funds until age 55 or older, and taxes on lump-sum withdrawals.

Qualifying Non-UK Pension Schemes (QNUPS)

Significant tax advantages with flexibility

Qualifying Non-UK Pension Schemes (QNUPS) have a number of tax advantages and also allow investors to extend their funding for their retirement in a way that goes above the standard forms of making pension arrangements.

They’re ideal for UK citizens who are currently living in the UK or abroad, and who have the intention to retire in the UK at some point.

A QNUPS is very flexible; you can pay in cash and assets, even a residential property at the moment. This means that your pension fund can suddenly change from being a staid, old, UK-based pension into a life-changing asset that can be utilised in multiple ways.

Significant benefits

  • No restrictions on age and investing
  • Contributions can be made from any source, not just from income
  • No limit on how much money you can invest
  • Tax benefits for the assets you invest
  • Possible exemption from UK Inheritance Tax
  • Additional benefit of local tax efficiencies
  • Withdraw funds in any currency you choose

Recognised Overseas Pension Schemes (ROPS)

Stable, flexible with favourable pension benefits

Recognised Overseas Pension Schemes (ROPS, formerly known as QROPS) are pensions based in offshore financial centres that offer flexibility and control.

It means your UK pension can be transferred to a recognised HM Revenue Customs (HMRC) jurisdiction offshore, giving benefits often unavailable to UK-based retirement savers.

If you’ve been a non-UK tax resident for at least five years, the full benefits of the ROPS provisions will be available to you.

Significant benefits

  • A lump sum of up to 30% can be withdrawn
  • Easily pass on wealth to any beneficiary
  • Flexible income draw-down rules
  • Greater investment flexibility
  • Avoid currency exchange rate fluctuations
  • Transparent charges
  • Consolidate multiple pensions into one easy to manage scheme
  • No Lifetime Allowance (LTA) charge post transfer

Retirement Annuity Trust Scheme (RATS)

Extremely flexible and tax-efficient

Retirement Annuity Trusts Scheme (RATS) are highly tax-efficient Personal Pension Plans. A RATS is an approved offshore pension scheme where the pension funds are held in trust and invested on your behalf by a Trustee.

RATS provide greater flexibility and have similar characteristics to a savings scheme. You can make contributions within prescribed limits with full tax relief — the limits depend upon age and employment circumstances.

A RATS also allows you to draw down an income at retirement without committing to the purchase of a guaranteed lifetime annuity. This means you can continue to receive investment returns on the funds that remain. Therefore, within limits, you can determine how much you take out each year to suit your specific needs.

Significant benefits

  • Personalised, flexible and portable
  • Highly tax-efficient investments housed inside a retirement trust
  • Can hold a wide variety of assets
  • A loan may be taken from a retirement trust
  • Transparent and competitive charging structures

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