Ensuring that you can afford the retirement lifestyle you want is one of life’s main
financial objectives. However, the increasingly complex nature of pensions
legislation has left many facing tough decisions. Whilst some may struggle to
secure the retirement they want, there are significant rewards for prudent planning.
Making important financial decisions can often be
a daunting prospect, even for the most
experienced of us. Understanding how and when
to make these decisions can be even harder.
Pension Freedom legislation gives you more
choice than ever over how you take your pension
benefits. However with that comes complexity.
Financial advice from a trusted expert can be
invaluable in helping you to make these decisions,
ensuring you are not left disappointed by
insufficient or unexpected income levels in
retirement.
Helping clients to achieve their financial goals is
something that we at Mercer Jelf Financial
Planning (MJFP) are passionate about.
Through your employer, you will be able to access
a wide range of resources to help you with your
key pension decisions. However, these alone will
not be enough to secure a suitable outcome for
everyone; especially those who have a diverse
range of pension assets and/or complex planning
needs.
We offer a range of advised services designed to
help you achieve your retirement planning goals.
Through these services we will highlight the key
considerations and provide you with
recommendations so you can take the most
appropriate action.
You can then be confident of achieving the
retirement you want.
MERCER JELF FINANCIAL PLANNING
Advised Pension Services
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Organising your finances can be
complex and time-consuming so it’s
good to know that trusted expertise is
available to help develop a financial
plan and make those crucial decisions.
We often think of money and wealth as being
the primary factor to achieving financial security,
but whilst it plays an important role, there is
more to being confident about your future
financial planning than cold numbers.
A Financial Planner can help you by offering
support around:
Future security, ensuring you have
enough income for later life
Protection, safeguarding you and
your family should the worst happen
Saving time, letting us research the
market for you
Return on investment, investing in
line with your objectives and attitude to
risk.
We passionately believe that everyone should
have access to the right support so that they can
feel confident about their finances.
ABOUT MJFP
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We all have dreams and aspirations for the future. And we all need a
plan to ensure we have the right financial resources in place at the
right time, to help turn those dreams into reality. Similarly, we all
reach points in our life where we have important decisions to make,
such as when to retire and how to access our pension benefits.
Grant Hughes, Head of Financial Planning
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As a firm, Mercer Jelf Financial Planning has been awarded the prestigious Chartered
Financial Planners designation by the Chartered Insurance Institute (CII), an
accreditation of which we are immensely proud.
Currently held by less than 10% of the industry, Chartered status is the gold standard
for firms of financial planners and provides independent testament to our ongoing
professionalism. Part of the accreditation process is to ensure that we work in an
ethical manner, meaning that our clients’ interests are always at the heart of any
advice we give.
Many of our Financial Planners also hold Chartered status in their own right, and we
continue to ensure that they build on this expertise, retaining the knowledge and skills
required to provide the highest quality of advice to our clients.
CHARTERED FINANCIAL PLANNING
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STUART DONNACHIE
Stuart has worked for Mercer for 3 years within the Defined Contribution Pensions
Consulting & Individual Wealth practice. He is a member of the personal financial
planning team and regularly provides individuals with education on retirement
planning and wider financial planning issues. Stuart holds the Diploma in Financial
Planning and is also a Fellow of the Pensions Management Institute. He holds
specialist exams in pensions and investments and has a wide knowledge base
which allows him to provide a fully holistic approach to financial planning.
MEET THE TEAM
JAMES LUPAN
James has worked for Mercer for 4 years within the Defined Contribution Pensions
Consulting & Individual Wealth practice. He is a Chartered Financial Planner and
has achieved “Fellow” status through the Personal Finance Society. James has over
15 years of experience within the financial services industry and over this time has
gained a wealth of knowledge in providing advice to individuals across a whole
range of advice areas including retirement planning and protection (for both
individuals and businesses).
PETE MATTHEWS
With more than 30 years in Financial Services Peter has gained a wealth of
experience and knowledge. Over the last 10 years he has primarily focused on
supporting employers, employees and executives in all aspects of their personal
financial planning including retirement planning, pension tax simplification and
employee benefit programmes. In his own words he has a ‘peculiar fascination’ for
pensions, and works hard with individuals to demystify the subject. He has found
that simplicity, understanding, and enjoyment are key to this. Peter is a Fellow of the
Personal Finance Society and Chartered Financial Planner.
STUART MILLER
Stuart joined Mercer in 2001. He advises clients on all aspects of their personal
financial planning including pensions, investments, estate planning and protection.
Stuart has worked with many clients delivering topical workshops and
communications on areas including pension taxation changes and retirement
planning. Stuart is a Fellow of the Personal Finance Society and a Chartered
Financial Planner and holds a degree in Business.
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OUR PENSION SERVICES
Pensions are a complicated subject. As a result, many prefer to receive
assistance from a professional regarding the challenges they face. This
may include consolidating existing arrangements, analysing whether
you are on track to hit your retirement goal, considering whether any
further provision is required and whether you are, or may be, impacted
by changes in pension legislation.
Everyone’s needs are different, so our advised services have been designed
to provide assistance at different times, depending where you are in your
retirement journey. These can be split into three levels:
Level 1 - Specialised Pension Services
These services look at specific areas of pension saving and
legislation that might affect you on an ongoing basis.
Level 2 - Executive Pension Advisory Service
A fuller pension ‘health check’, looking at areas such as the tax
efficiency of your contribution strategy, the suitability of your
investment profile and your income options in retirement.
Level 3 - Full Financial Planning
Looking beyond your pension arrangements to the broader
financial picture, we provide full financial planning and
retained wealth management services.
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We all know that the ‘job for life’ culture is a thing
of the past, and with greater employee mobility
the greater the chance that individuals will end
up with more than one pension arrangement.
This can be cumbersome from a personal
administration point of view but also difficult to
manage. Consolidating arrangements can
simplify these challenges.
Our Pension Consolidation Service is a
telephone based service where we provide an
overview and analysis of your existing pension
arrangements and outline whether it is suitable
to consolidate these into your existing
employers pension arrangement or not.
We will supply you with a recommendation
report which will outline any guarantees or
penalties that would be applied to your existing
schemes, which will then be factored into our
overall advice.
Where we do recommend your pensions should
be consolidated, we will provide you with the
necessary paperwork to action this.
The fee for this service is £1,000 plus VAT.
This service is designed to cover Defined
Contribution pension consolidation only. It does
not include advice on Defined Benefit pensions,
which is available separately.
PENSION CONSOLIDATION SERVICE
There have been many changes to pension
legislation in recent years. In particular, the
amounts that can be contributed to a pension
each year and the total funds that can be
accrued without penalty have been significantly
reduced. Whilst pensions offer a tax efficient
way of saving, breaching these limits can
heavily reduce this efficiency.
The current Annual Allowance is £40,000
(2018/19 tax year) however further restrictions
apply if you have drawn benefits flexibly (Money
Purchase Annual Allowance) or if you are a high
earner (Tapered Annual Allowance). It can
therefore be difficult to understand how to
maximise contributions into your pension.
Our Annual Allowance analysis will outline
whether or not you are impacted by either of
these, whether any penalties are likely to apply
and the options that are available to you.
The Lifetime Allowance is currently £1,030,000
and will increase in line with inflation each April.
The penalty for drawing funds over and above
this limit can be significant. Our Lifetime
Allowance analysis will review your current
pension provision and any ongoing contributions
to ascertain whether you are likely to exceed the
Lifetime Allowance and when this may occur.
We will then outline what actions you could
consider.
The fees for these services individually are
£1,500 plus VAT.
ANNUAL & LIFETIME ALLOWANCE ANALYSIS
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When I retired some years ago I had various pensions and investments I had acquired
over the years. I’d used MJFP’s services for quite some time and was confident about
their expertise, so together we prioritised my requirements, which were: to rationalise, and
take an income from my investments as tax efficiently as possible, whilst at the same time
trying to grow that investment.
Together we decided on a portfolio split across a number of different types of investments
using a single wrap. To ensure I stay on track with my requirements I meet each year with
my Financial Planner, and have been extremely satisfied with the performance of my
Mercer Jelf portfolio, and particularly with my Financial Planner who is always on hand to
discuss any requirements I may have.
Alan McCarthy, Retained Wealth Management client
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This service provides you with a pension ‘health check’,
providing detailed analysis and advice on all the major
planning areas that may affect your pension arrangements.
Under this service, we cover the following:
Analysis of your retirement income objectives
Planning in respect of current and future pension
contribution levels
Risk profiling and attitude to risk analysis
Where applicable, Annual Allowance and Lifetime
Allowance analysis
Pension consolidation
After an initial fact finding meeting with one of our Financial
Planners, where we would obtain details of your personal
circumstances and objectives, we conduct a full analysis of
your existing pension provision.
Once this review process is complete we then provide you
with a comprehensive report at a follow up meeting,
outlining our findings and any recommendations we deem
appropriate. Once agreed we then help you to implement
these recommendations.
The service aims to provide you with a clear understanding
of your current pension position and to outline a suitable
strategy with the aim of helping you to achieve your goals.
The fee for this is £2,000 plus VAT.
However, if additional complex advice is required i.e.
defined benefit transfer, then this fee will increase
accordingly. We will always discuss any additional fees with
you before conducting any work.
EXECUTIVE PENSION
ADVISORY SERVICE
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Whilst the services outlined on the previous
pages will meet your requirements in respect of
pensions and retirement planning, there are
often other financial issues where assistance
may be required which is beyond the scope of
these services.
In this instance, we would recommend that you
speak to one of our Financial Planners,
specifically if you have issues or questions
around final salary pension transfers or the
options available to you in retirement and how to
build a long term retirement plan.
The additional services we can provide under a
Full Financial Planning service include:
At and after retirement planning advice,
including ongoing Investment
management and strategy
Inheritance Tax planning, including death
benefits and trust arrangements
Advice on complex Occupational
Pensions
Protection planning and implementation
FULL FINANCIAL PLANNING
The fees for these services are dependent on the advice you require
and will be outlined to you during your initial meeting with one of our
Financial Planners.
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We know that advising our clients where to
invest their money is crucially important to them
achieving their future aspirations, and it is a
responsibility that we take very seriously.
We therefore have in place an Investment
Steering Committee to manage and monitor the
range of investment solutions we recommend for
our clients.
The Committee is made up of professionals with
extensive investment expertise and experience.
It reviews aspects like performance, charges and
risk levels, as well as fund managers’ business
structure, investment process and investment
philosophy.
INVESTMENT EXPERTISE
INVESTMENT GOVERNANCE
It creates value by applying its extensive
knowledge to solving investment challenges on
behalf of its clients with more than $11 trillion in
assets under advice and $227 billion under
management1. Mercer leverages its scale to
secure exceptional fee arrangements for clients,
and in particular to ensure that investment
management fees remain highly competitive.
Mercer manages the Mercer Jelf Managed
Portfolio Service, an investment solution
available exclusively to our clients.
The Mercer Jelf Managed Portfolio Service
strikes a sensible balance between targeting
growth and managing risk, that we believe our
clients appreciate and value.
The portfolios have been created to provide
realistic Investment returns over the medium to
long term, whilst monitoring and controlling risk
and cost. If you would like more information
about these portfolios please request a brochure
from us.
Being part of Mercer means we are able to draw on the extensive resources of one
of the world’s leading investment managers and researchers. Mercer has a depth
of experience and intellectual capital gained from advising a broad range of clients
and has been dedicated to meeting the needs of clients for more than 40 years,
working with individuals, wealth managers, Pension funds, insurance companies,
foundations, banks and financial advisers in over 20 countries.
1Asset information as at 31st December 2017
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CONTACT US
If you would like to find out more about our
services and how we can help, please feel free
to get in touch:
Telephone:
0333 400 1106
Email:
Visit:
www.uk.mercer.com/mercer-jelf
This brochure outlines the scope of the
main advisory services we offer employees.
In addition, Mercer Jelf Financial Planning
are able to provide additional specialised
advice outside of financial planning to meet
your wider objectives from Financial
Planners based across the country.
MJFP18/049