Improve your pension today
There are several different paths you can take to provide yourself with an income when you finish working. Appointing a fully independent financial adviser gives you the peace of mind that we have explored the market for the best options for your individual needs. Pension savers now have 100% access to their pension fund, giving you more options than ever before with your retirement income. Here are some of the options you have:
Dip into it
You can now take up to 25% free from tax when you turn 55.
Re-invest it
Invest in funds for growth, selected by professionals.
Consolidate
Easily manage all of your schemes under one login.
Take an Income
Receive a weekly, monthly or annual salary from your pension.
Options for all ages
Whether you don't currently have a private pension or you have already retired, we can assess and advice on the whole of the market to optimize your position.
Saving Towards Retirement
Setting aside a little bit every month early on could help you have a more comfortable retirement. As the state pension age rises, chances are, the younger you are the longer you’ll work. Saving for a personal pension from a younger age could mean that you can chose to retire earlier, and with our diversified portfolios you could benefit from investment growth through the years on your pension fund.
Taking a Pension Income
Taking an annuity is no longer compulsory; now you are free to decide what you want to do with your retirement money. When retirement is just around the corner, it can be confusing to decide what to do with your pension fund. It used to be that upon reaching the age of 75, you had to buy an annuity with your pension – this is no longer the case, now you are free to decide what you want to do with your retirement money.
All types of policy
By researching the whole of the market for you, we can help determine the best approach for your circumstances to make sure you can enjoy your retirement to the full. If you don't think your type of policy is listed below, feel free to contact us to check we can make a recommendation.
Pension FAQ's
Typically pensions are one of the more complex types of policy. While the information on this page should be taken as a general guide to the possiblities of your pension, we recommend speaking to an adviser to be sure of what rules are applicable to you.
1Do I need a personal pension?
You need your own pension because the state allowances paid by the government aren't that generous and often result in a significant drop in income.
The flat rate state pension for a single person is £159.55 a week. However, the amount you will actually receive is dependent on your National Insurance record. Some people could get more and others could get less.
With a private pension you can help cover the shortfall, and ultimately aim to improve or at the least maintain your quality of living in retirement.
2What fund will my pension be invested in?
As financial advisers we manage several portfolios of funds, with options for every budget. Before setting the policy up for you we will provide you with our recommendations, including a fund selection. Our portfolios are made up of UK and global equities, to diversify your investments and spread the risk.
3What happens when I die?
When you die, any unused pension pots normally fall outside of your estate for Inheritance Tax purposes and can be passed on to any nominated beneficiary. The Income Tax rules for accessing it are set out below:
- If you die age 75 or over: When the money is taken out (lump sum or income) it will be added to the beneficiary’s income and taxed at the appropriate Income Tax rate(s).
- If you die before age 75: Your pension pot will pass tax-free to your nominated beneficiary provided the money is paid within two years of notifying the provider of your death. If it is paid after two years, the money will be added to the beneficiary's other income and taxed at the appropriate rate.
4How many pensions can I have?
You can have as many personal pensions as you like provided that added together all your payments do not exceed your annual or lifetime limits.
Contributions to a workplace pension can only be made whilst you are an employee. You could actually have many different former ones operating at the same time that you are no longer making payments / contributions to, but they may still be invested and hopefully growing for you. (This would be if you had left previous jobs and not transferred your occupational pension fund).
We often help clients by consolidating these individual pensions into a single pension pot, for easier management, but every pension is different.
1What are relevant UK earnings?
Normally your total taxable earnings from UK employment and/or self-employment. This usually includes salary, bonuses and profit from self-employment but does not include investment income.
2Can my employer pay into my pension?
Of course. Your employer can choose to pay lump sums into your pension or to set up a regular contribution in.
3How do I get tax relief?
If entitled we will apply on behalf of you to HMRC. Currently, this means that for every £80 you contribute, you receive an additional £20, bringing your total contribution to £100. This often takes around 6 to 11 weeks to settle in your account, depending on the pension provider.
4What are my options when I choose to retire?
You have many choices at retirement with a personal pension plan. You could choose to buy an annuity, which
