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[caption id="attachment_66953" align="f-align-medium-right f-align-center" width="176"] Neil Welsh, PM+M Wealth Management[/caption]
By Neil Welsh, financial adviser, PM+M Wealth Management
Whilst the rising hemline of Mary Quant’s early 1960s fashion creation is still in evidence today, the retirement planning solutions which were in vogue at the time look very different.
From the swinging sixties until recently, ‘retirement planning’ was almost unnecessary as there was little choice available.
Or you may have had a personal pension or a money-purchase scheme where your pot built up from employee and employer contributions and then exchanged at retirement for an annuity (simplified, the value of the pot divided by life expectancy – die early and you lose out, die late and the pension company has lost).
This is because for most there is no such thing now as a final-salary pension. Equally, the appetite for an annuity (where the pension income
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