Under the new flexible pension freedoms rules, you can now mix and match various options, using different parts of one pension pot or using separate or combined pots. With our Retirement Strategy Planning, we’ll look at your goals, wants and needs and then find the best way to meet these.
Your personalised Retirement Strategy will include a plan for how and when you plan to access your pension pot/s and how your money is invested throughout your retirement to ensure you access your money in a sustainable and tax-efficient way that also maximises your money.
Whilst investing is a long-term strategy, it is important to look at your pensions and investments regularly to check they are on track to meet your goals.
As markets change, your investments and pensions may need to be tweaked or moved to keep your money working hardest for you.
Good habits would be to
- Ensure your investments are diversified
- Check your investments’ Risk Profile matches your Appetite for Risk
- Check you are aware of and comfortable with the charges your pension/investment product is charging you
Our Pension and wealth management specialist can help assess your investments and, if required, suggest tax-efficient ways to invest and suitable products for you.
Need help moving a pension? You’ve come to the right place. If you’re looking to consolidate your old pensions into one, easy to track, pension, our qualified Pension Transfer Specialist can help. They can also help you come up with a retirement plan to make sure you meet your retirement goals and get your pension on track.
Our process is quick and stress-free. We’ll liaise with your pension company so that you don’t have to.
They can also help you come up with a retirement plan to make sure you meet your retirement goals and get your pension on track.
Find out more about Pension consolidation here
or read our Definitive Guide to Final Salary Pension Transfer here
Pensions are our speciality, so whatever type of pension you have or are looking for, we can help:
- Capped Draw Down
- Flexible Access Draw Down
- Income Draw Down
- Family SSAS
- Personal Pensions
- Section 32
- Executive Personal Pensions (EPP)
- Pension Consolidation
- Pension Transfer
- Hybrid Schemes
Your pension will most likely be one of your biggest assets in retirement, so it’s important to make your money work hard for you. With our Retirement Planning service we can help you plan to maximise your pension by ensuring that your pension offers value for money i.e.
- You’re not paying too much for charges
- It’s invested in an effective way
And we’ll also advise on accessing it in a tax-efficient way and keeping in invested until you need it. You can still have access to regular income or lump sum withdrawals, but this way you should see growth in your investment [Capital at Risk].
We offer a FREE, no obgligation initial call to discuss your requirements, why not contact our friendly team today?
We understand that your ‘portfolio’ could be made up of a range of investments and assets, including property, ISAs, stocks and shares, bonds etc. Just as it makes sense to look at your pensions and investments from time to time to check that they are performing well (or at least matching the market) it also makes sense to look at your entire portfolio to make sure that you are making the most of your assets.
Our wealth management specialist can help assess your portfolio and, if required, suggest tax-efficient ways to invest and suitable investment products for you.
The pension freedoms announced in 2014 gave over-55s full control of their retirement savings. Instead of being required to buy an annuity with a money purchase pension pot, individuals aged 55 and over could take their money however they deemed appropriate. Generally, 25% of the pension pot is tax-free and the remainder subject to Income Tax at the individual’s current rate.
It’s important to know that you do not have to take your 25% tax-free lump sum in one go,
Many who have taken the tax-free lump sum have done so, just to invest the money in a less tax-advantageous savings account, at a cost to themselves. Our Pension Specialists can provide advice on flexible pension products that allow for regular lump sum access and/or income drawdown.
For many, your home is your greatest asset and with the rate of house price growth in the UK, it’s likely that you’ve built up a good amount of equity. If you’re planning on downsizing to fund your retirement it’s important to have a plan as to what to do with that money.
- How much will you need to live on, now and in the future?
- How will you invest the money in the meantime?
- Do you have a plan to protect your cash from inflation erosion?
If you don’t know where to start, we’ve prepared a quick guide to take you through the basics, alternatively you can give us a call on 023 8098 1161
You’ve worked hard for your money, so it’s important to know what’s going to happen to it when you’re gone.
One of the great tax advantages of a Self-invested personal pension or SIPP is that they allow you to pass on your pension to your beneficiaries on your death. Your beneficiaries can normally choose to take the pension fund as a lump sum or leave it invested in a SIPP.
The tax treatment of death benefits paid from your pension depends on two factors:
- Your age when you die.
- Whether or not the pension funds are ‘designated’ to your beneficiary within two years – designating the funds just means transferring them into the beneficiaries’ names.
|Death before age 75
||Death after age 75
- If you die before your 75th birthday and your pension funds are ‘designated’ to your beneficiaries within two years they will be paid tax-free.
- If your beneficiaries choose to take income from the fund they do not need to take the money out within the two-year period but can wait and take income when required. The tax treatment is the same regardless of whether the beneficiaries opt to take a lump sum or income.
- If you live beyond your 75th birthday, or if you die earlier but your pension funds are not designated within two years, then the death benefits will be taxed.
- Whether your beneficiaries take the benefits as a lump sum or designate them to provide an income, they will be taxed as income.
- If your beneficiary is not an individual, for example, you have nominated a trust, then benefits will be paid as a lump sum, and this is taxed at 45%.
- Payments to a charity on death over 75 will not be taxed provided you have nominated the charity and you have no surviving dependents.