{"id":1110,"date":"2025-07-31T16:45:13","date_gmt":"2025-07-31T15:45:13","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/2022\/10\/27\/how-to-optimise-your-retirement-plans\/"},"modified":"2026-03-20T14:03:25","modified_gmt":"2026-03-20T14:03:25","slug":"how-to-optimise-your-retirement-plans","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/how-to-optimise-your-retirement-plans","title":{"rendered":"Retirement planning: Thinking beyond the basics"},"content":{"rendered":"\n

When it comes down to it, retirement planning is essentially about one thing \u2013 ensuring you can fund your desired lifestyle once you exit the wealth creation phase of your life. While that may sound obvious, getting it right can be challenging.<\/p>\n\n\n\n

In order to maintain your standard of living throughout a retirement that could span several decades, a high level of annual income might be required. Most will also want their wealth to transcend generations, so it provides support for loved ones. Add to the mix relatively modest caps on retirement vehicles such as pensions, and adequately planning for retirement becomes increasingly complex.<\/p>\n\n\n\n

So, how can you ensure you have sufficient funds to sustain your retirement ambitions?<\/p>\n\n\n\n

How to plan for your retirement<\/h2>\n\n\n\n

It has long been recognised that the sooner you start planning for your retirement, the more likely you are to achieve your goals. What hasn\u2019t received quite as much emphasis is the value of alternative options and building a plan accordingly.<\/p>\n\n\n\n

To do this, you need to first work out exactly what you want your retirement to look like. \u201cOur first conversation with a client is about how much they\u2019ll need each year in retirement<\/a> and how large their retirement \u2018pot\u2019 needs to be to achieve that,\u201d explains Nick Ritchie, senior director, Wealth Planning at RBC Wealth Management in the British Isles. \u201cAnd then we\u2019ll look at how we get them there and what structures we\u2019ll use.\u201d<\/p>\n\n\n\n

Kevin O\u2019Shea, director, Wealth Planning at RBC Wealth Management in the British Isles, stresses that this structuring is key. \u201cSome clients might focus almost entirely on returns and hugely underestimate the impact of how the investments are structured and the effects of tax. Establishing these structures in an efficient way can make a significant difference to how far their money goes.\u201d<\/p>\n\n\n\n

\n

Secure your future?<\/strong><\/h4>\n\n\n\n

Retire confidently with a plan you can trust.<\/p>\n\n\n\n

\nPlan your retirement<\/a>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n

Alternative retirement planning options<\/h2>\n\n\n\n

Pensions and individual savings accounts (ISAs) are typically seen as cornerstones of retirement planning because of their tax-related benefits. Broadly speaking, investments in both grow free from income tax and capital gains tax (CGT); while pensions benefit from tax relief on contributions and permit restricted tax-free lump sum withdrawals, all investments held in ISAs benefit from tax-free withdrawals.<\/p>\n\n\n\n

\u201cFactors such as this play a critical role in retirement planning,\u201d says Ritchie. \u201cAs much as ensuring enough money goes in, serious consideration needs to be given to how it\u2019s going to be taken out post-retirement and how to do so in the most tax-efficient manner.\u201d<\/p>\n\n\n\n

However, pensions and ISAs come with limitations \u2013 the latter has an annual allowance of \u00a320,000, restricting the amount that can be invested tax-free. And for those wishing to hold cash in their ISA, the cash ISA annual allowance will be cut from \u00a320,000 to \u00a312,000 per tax year from 6 April 2027, although this change will not apply to over 65s, who will keep their \u00a320,000 cash ISA allowance.<\/p>\n\n\n\n

For pensions, the maximum tax-efficient amount that can be added is between \u00a310,000 and \u00a360,000 each year, with the possibility of making a one-off contribution of up to \u00a3220,000 (if utilising unused allowances from the current and three previous tax years). <\/p>\n\n\n\n

The annual contribution amount is reduced by \u00a31 for every \u00a32 over the adjusted income threshold of \u00a3260,000. Therefore, if you had an adjusted income of \u00a3360,000 or more, you would have an annual tax-free allowance of just \u00a310,000 (minimum allowance reduction).<\/p>\n\n\n\n

Despite these limits, it\u2019s typically recommended to max out your contributions to make the most of the tax-related benefits \u2013 before introducing alternatives to build a holistic retirement plan.<\/p>\n\n\n\n

Two of the most effective alternatives are international bonds and venture capital trusts (VCTs).<\/p>\n\n\n\n

International bonds<\/h2>\n\n\n\n

Investing in international bonds can be a great way to complement other retirement structures, owing to their flexibility and potential tax advantages.<\/p>\n\n\n\n

International bonds are similar to ISAs and pensions in that they act as a holding structure in which you can place a range of investments based on your return objective and attitude to risk.<\/p>\n\n\n\n

Not only is there no upper limit on the amount you can invest, but tax typically isn\u2019t paid on investment growth while funds are retained within the wrapper.<\/p>\n\n\n\n

Retirement provisions can be met through the tax-efficient withdrawal of initial capital. This can be done by extracting a maximum of 5% of the initial investments per annum until the funds are depleted, with no immediate tax liabilities. This is also cumulative; so, if you take nothing in year one, you could withdraw 10% in year two.<\/p>\n\n\n\n

It’s important to note that tax may be payable when the economic gain (i.e. value above the initial capital) is extracted. This gain is taxed at income tax rates but may be reduced by various tax reliefs (such as top slicing relief, where you spread the gain over the number of years the bond has been held, and time apportionment relief).<\/p>\n\n\n\n

Excess wealth held in international bonds can also be gifted relatively tax efficiently, with the recipient inheriting the tax liability (which may give opportunity for a lower effective rate). Gifts would be subject to inheritance tax<\/a> (IHT) rules and must be survived by seven years to be free of IHT. This form of planning would require work with a tax adviser to help reach an appropriate outcome for your circumstances.<\/p>\n\n\n\n

Venture capital trusts<\/h2>\n\n\n\n

VCTs were introduced by the UK government to encourage investors to support smaller businesses and startups. To attract those investors, VCTs come with several compelling tax incentives which can help play a significant role in retirement planning.<\/p>\n\n\n\n

As well as offering upfront income tax relief of 30% (reducing to 20% from April 2026) , any profits made from the sale of VCTs are free from capital gains tax. O\u2019Shea also points out that when it comes to retirement income, dividends are tax-free, \u201cwhich can provide a tax-efficient, additional income stream.\u201d<\/p>\n\n\n\n

Notably, the annual cap for VCTs is \u00a3200,000, with no reduction for higher earners. \u201cThis is 10 times what you can put in an ISA,\u201d says O\u2019Shea. \u201cAnd that can really move the needle for clients when they allocate capital over multiple years.\u201d<\/p>\n\n\n\n

While certainly a compelling proposition, it\u2019s important to state that VCTs are higher-risk investments and have lower liquidity. As such, they would have to fit your appetite for risk and complement your other holdings so that your risk exposure is managed.<\/p>\n\n\n\n

The bigger picture<\/h2>\n\n\n\n

With so much to consider when it comes to retirement planning, it\u2019s no wonder the recommendation is to start thinking about your strategy sooner rather than later.<\/p>\n\n\n\n

For couples, there are additional considerations. If both individuals are retiring, structuring assets between them can ensure both sets of personal allowances are utilised, which can create significant tax savings over the years. For instance, married couples benefit from being able to make transfers of assets to each other with no immediate CGT.<\/p>\n\n\n\n

\u201cWhen you\u2019re planning for retirement, you don\u2019t want to end up with excess wealth so there\u2019s a huge inheritance tax bill after your death,\u201d says Ritchie. \u201cYou really need to factor this into your structuring at the outset.\u201d<\/p>\n\n\n\n

There are also gifting advantages built into international bonds. If not required for your own retirement, gifting segments of the bond can be an effective wealth-transfer strategy, as they can be assigned to children and surrendered at their own tax rates, which will likely be lower.<\/p>\n\n\n\n

By having a diverse range of structures in which you hold investments \u2013 including having cash reserves in place \u2013 you can reduce your risk exposure and build a tax efficient retirement pot. But what should you consider when you want to start using this money?<\/p>\n\n\n\n

\u201cGenerally, you will want to start funding retirement expenditure from cash rather than investments,\u201d says Ritchie. \u201cBecause if you happen to draw on those investments in a declining market, it\u2019s far harder to recover any crystallised losses.\u201d<\/p>\n\n\n\n

\u201cAt least annually, you should sit down and look at your expenditure requirements for the year ahead, how you are drawing it at the moment and whether you are doing that in the most efficient way,\u201d he adds. \u201cAnd then make any necessary adjustments, so that your plans remain optimised.\u201d<\/p>\n\n\n\n

With all the above in mind, it\u2019s important to not only start planning for your retirement at the earliest opportunity, but to review your plans on a regular basis in case your circumstances, retirement goals or, indeed, regulations or broader global economic factors change.<\/p>\n\n\n\n

\n

Please note: <\/strong>This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist.<\/p>\n\n\n\n

EIS investments and VCTs are considered high risk investments by the UK’s financial regulator, the Financial Conduct Authority. They are only suitable for UK resident taxpayers who can tolerate higher risk and have a suitable timeframe for investment. Tax reliefs are subject to a minimum investment period and cannot be guaranteed. They depend on the individual circumstances of each client. Tax rules are subject to change. Past performance is not a guide to future performance, the value of investments and income arising can fluctuate significantly, future returns are not guaranteed, and you could lose all of the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.<\/p>\n<\/div>\n\n\n\n

This article was updated in Jan. 2026.<\/em><\/p>\n\n\n\n

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