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Pension Advice

Retirement Planning

We regularly help our clients plan for their retirement.


Do you have pensions that you don't understand? Do you have lots of pensions with different providers? Do you not have any pension provision but don't know where to start?


We can help.


We will have a meeting with you to discuss your full financial circumstance, discuss what your hopes for your retirement are, review the pensions you have in place. 


Then present you with a recommendation tailored to your needs.



If you'd like more information and peace of mind in regard to your pension planning, please do get in touch.




Tax treatment varies according to individual circumstances and is subject to change.


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The value of pensions and the income they produce can go down as well as up and you may not get back as much as you put in.



Your retirement questions.

Below are questions that we get asked regularly by clients, we hope the answers help find what you need, if not give us a call, and we will happily help guide you in the right direction.

  • I've lost track of my pensions, how can I find details of them?

    The governments Pension Tracing Service can help you track down any old workplace schemes from previous employments.


    This is a great place to start taking control of your retirement savings.


    All you need is the name of your old company and to follow this link:


    https://www.gov.uk/find-pension-contact-details


    You can also contact us and we will help you trace and organise your current pensions.


    *** PENSION TRACING SERVICES ARE NOT REGUALTED***


  • How do I know how much state pension I will receive and when?

    As you start planning for retirement it is important to take your State Pension into account. This will be a regular income that you receive from the government that supports you when your reach State Retirement age.


    The amount you receive is based on your National Insurance record


    You can check when you will receive your state pension by visiting the government website:


    https://www.gov.uk/check-state-pension

  • I'm self employed, can I set up a pension?

    Running your own business means freedom and independance,  in terms of saving for your future there are additional things for you to think about.


    Whether you are a sole trader, or a limited company owner saving for retirement is your responsibility. The are various ways in which you can set money aside for your retirement, whilst still focussing on growing your business.


    Setting up a pension is one way to save for retirement.


    If you don't have current pensions the first step is to set up a new plan- we can help with this if you'd like.


    UK residents under 75 can usually pay in as much as they earn and get tax relief from the government.


    The amount you can pay into a pension and achieve tax relief is limited by the annual allowance which for most people is £40,000. Although this may be lower for higher earners or those who have accessed their pension. You might be able to pay in more if you've got unused allowances from previous years.


    If you'd like to discuss setting up a pension/ saving for your retirement we will happily have a chat with you. 





     

  • I have lots of pensions, can I move them all into one plan?

    As many people go through life they change jobs several times, sometimes meaning they have a pension pot from each of their previous employers.


    Consolidating old pensions could give you a new lease of life- it could make it easier to manage your investments and keep track of performance, and the potential income you would have available both on the run up to, and in retirement.


    We have helped lots of our clients amalgamate several pensions into one pot, for ease of management.


    We will happily review your exisiting pensions to see if they are suitable to be merged together.


    Some traditional pension can restrict you to a handful of investment options which can limit the potential for better returns.


    Reviewing your pensions with us is straightforward.



  • How can I spot a pension scam?

    Pension scams are on the increase in the UK. Everyday fraudsters are using sophisticated ways to part savers from their money. Check the facts before you make an irreversable decision.


    In particular be aware of people contacting you out of the blue bout your pensions, or running advertisements claiming to offer unrealistic investment returns or tax loopholes.


    Also beware of proises to access your pension pot below the age of 55. Only in very rare cases is this possible, so don't beleive them. The aimm of these unscrupulous firms or individuals is to persuade you to cash in your pension pot and hand money to them to invest.


    Once you have transferred your pension or handed over your lump sum it may be too late. Many victims have lost their entire  pension savings to scams. Even if you don't lose your money, you could facea large tax bill from HM Revenue and Customs.


    None of the government backed services will ever contact you out of the blue. Put the phone down if you receive an unexpected call.


    You can contact us, if you'd like to check a call/ approach you have had. 

  • I have an idea when I want to retire, do I have enough pension provision?

    The first thing to consider is how much you think you will need each year in retirement.


    Many people forget that you are likely to have fewer outgoings such as mortgages, childcare costs etc. in retirement so the amount you need may be less than you think.


    The second thing to consider is what your state pension will be when you get to state retirement age.


    The amount you need in personal pensions will be the difference between how much you think you'll need, and the state pension you will be awarded.


    If you're unsure as to whether what you have will cover you throughout retirement, we will happily have a look at what you have in place, and calculate any shortfall. 


    If there is a shortfall we can advice what that amount is, and discuss how you can make that up, again on a free consultation basis.


Pension Jargon Buster
There is a lot of terminology to understand with pension products, the jargon buster below will help you find the meaning of the phrases you don't understand. If there is any term missing give us a call on 01524 920015 and we will happily translate!

Annual Allowance

The limit on how much tax-free money you can build up in your pension in any one year based on your own contributions, any employer contributions and any contributions made on your behalf by someone else..


In the tax year 2023-24, the annual allowance is £60,000 for most people. The Annual Allowance applies across all your pension schemes, not per scheme.

Annuity

A Financial product which provides you with a guarenteed regular income in return for a lump sum usually taken from a pension pot.


The income can be guaranteed for life or for a set period.

Drawdown

Also referred to as Flexible Retirement Income Product. Most commonly known as 'income drawdown' or 'pension drawdown'.


This allows you to use your pension pot to provide a regular retirement income by reinvesting it in funds specifically designed and managed for this purpose. The income isn't guaranteed for life but you have flexibility to make changes to how much you take or to later switch to more secure products.


This replaced flexible drawdown and capped drawdown from April 2015, though existing users of capped drawdown can continue in that plan.

Uncrystallised funds pension lump sum (UFPLS)

A cash sum taken from a pension pot that has not paid out any retirement income. For each withdrawal the first 25% (a quarter) will be tax-free and the rest will be taxed at your appropriate tax rate. This forms part of the cash option for withdrawing your pension.

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