The importance of retirement planning for your customers

More than half of people who have recently retired are recommending the next generation to do more planning – and earlier – to save harder now, and to consider carefully how they could access their pension pots. That’s according to research by the Money and Pensions service.

We all love the sound of a long and healthy retirement – for many it’s the ultimate goal. And yet despite this, retirement planning seems to be one of those things that’s easily dropped to the bottom of the to-do list.

If it’s something that’s five, ten or even fifteen years away for your customers, it’s easy for them to brush it off as something that seems a long way off. But the truth is, retirement creeps up quicker than we expect, which is why preparing the best they can – as early as they can – could make a difference.

Why retirement planning is so important

  1. It will get your customer thinking about what they want from retirement

When it comes to retirement planning, one of the first things your customer should do is explore what they want their retirement to look like. From what age they plan to retire, what they want to do when they get there, all the way up to those later years where they might need to consider things like care costs.

At Skipton it really is all about your customer and what’s best for them. We’ll find out what’s important to them when it comes to their retirement.

We’ll help them to plan out what their day to day spending might look like, along with those little luxuries they might be striving for – like starting a new hobby or going on holiday more often.

  1. Are they on track to reach their retirement goals?

Once we’ve figured out what it is your customer wants from their retirement, we’ll be able to give them an idea of how much they might need overall to fund their desired lifestyle.

If your customer has any existing pensions in place, we could review these and consider if there’s anything more they could be doing. If there is, we’ll provide a tailored plan of the steps they could take to towards achieving that dream retirement.

  1. Do they know how they’ll drawdown from their pension?

Once your customer hits 55 (57 from 2026) they’ll suddenly find themselves with a lot of flexibility with how they could take their pension.

The main thing is for them to have a smart strategy. For instance, taking too much of their pension too quickly could leave their pot too low later on. And it could even mean they pay more tax than they need to.

But that’s where we could come in. We’ll work with your customer to find a strategy which works for them – hopefully helping them to get the most out of their pension pot and their retirement.

Doing more for your customers

Encouraging your customers to seek some advice on their retirement plans could make all the difference. There’s a lot of variables for them to consider, but some good advice will take all of this into consideration – providing them with a simple road map towards the retirement they deserve.

A quick overview of why your customers should choose Skipton

  • Our no pressure promise – you can be confident of recommending Skipton to your customers knowing they won’t get a hard sell.
  • No upfront fees – there are no initial fees for them to pay to hear our advice. A charge is only payable if they decide to act on our recommendations.
  • Personalised recommendations – we offer a range of solutions for a range of different people, needs and circumstances. We’ll take time to get to know your customers and work hard to build long-lasting relationships.
  • We’re experienced – we’ve offered a financial advice service for over 30 years, and we’re trusted with £3.7 billion of our customers’ money.
  • Accessible advice – we offer appointments in branch, over the phone or via video link.

Don’t forget, recommending Skipton to your customers could boost your business revenues

If a customer you recommend decides to act on our advice, you’ll receive a percentage of the initial charge they pay. Referring customers to us could prove a useful way of supporting business revenues, as well as enhancing your reputation by providing more value to your customers. We offer investment advice to anyone with a minimum of £20,000 or more to invest, or to people who are able to make monthly contributions of £500 or £400 for pension related investments. Other services such as inheritance tax planning and retirement planning do not have minimum investments, but further qualifying criteria may apply.

Stock market-based investments are not like bank and building society savings accounts as your customer’s capital is at risk and they may get back less than they invested. The value of your customer’s investments and any income from them may fall as well as rise. Tax treatment of investments depend on individual circumstances and may change in the future.

This communication is intended for Introducers.

The Society of Will Writers

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About The Society of Will Writers

The Society of Will Writers is a non-profit making self-regulatory organisation whose primary objectives are the advancement, education and ethical standards within the will writing profession.

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