Adrian Walker
AUTHOR Adrian Walker| CREATED 04 Jun 2015

The Legacy Maker

For the Legacy Maker, retirement is all about family –  spending more time with children and grandchildren, and planning how to pass on wealth to future generations. Here’s what to consider if leaving a legacy is one of your highest priorities.

Pensions could in fact become the last thing you should use during retirement, if leaving a legacy is a high priority, because of their tax treatment under the new rules. If you have a significant amount of wealth tied up in non-pension assets such as investments or property then you may find that, by turning those into cash to fund your everyday expenses and leaving your pension untouched for as long as possible, you end up being able to leave a greater legacy. 

However, tax planning is highly complex and everyone’s circumstances are different, so you’ll need to consult a financial adviser to see what’s possible. They’ll take the time to build a detailed picture of your circumstances, needs and goals, before recommending which retirement solutions are right for you – all while making sure you don’t pay any more tax than necessary.

If you don’t yet have a financial adviser but are interested in finding one, you can do so using the free search tool here.

Finally, it’s important to remember that, when considering your retirement priorities, legacy should actually be one of the last things you factor in. Committing too much of your wealth to future generations could leave you struggling financially during your own lifetime (remember, the average retirement in the UK now lasts more than 30 years). And that could mean you end up burdening the very people you intend to benefit in your will, while you’re still alive.

Adrian Walker

Retirement Planning Manager Old Mutual Wealth

Adrian has worked within the Skandia and Old Mutual Wealth organisations for over 25 years. He has had several roles covering the technical aspects of pension savings and identifying opportunities for customers and their advisers. That includes financial planning for people already with pension savings and those considering using a pension scheme to build savings for later life. Adrian is well known in the financial industry for his expertise and is a regular press spokesperson for Old Mutual Wealth, working with both the press to highlight issues arising from the continuing changes to the pension landscape, particularly with regard to longer term retirement income needs of consumers.