YOUR PENSION OPTIONS
When looking at your pension options it is vital that you are made aware of all the different kinds of pensions available to you and how each one differs. We can take you behind the scenes to explain in detail of how the different pensions work and perform and help you decide which is best for your needs.
Over the last few years there have been many horror stories surrounding the pensions industry so it’s always best to err on the side of caution and look very carefully at all the facts surrounding all your pension options.
Dedicated retirement preparation
You’ll already be aware that you cannot rely solely on any employer or government to provide you with sufficient funds to enable financial freedom during retirement.
Let us provide you with all of the information you need, so together we will find your best possible options and determine the best solution to meet your specific needs.
How we help you achieve your retirement ambitions
As you approach retirement, changes to the way your money is invested may be essential.
We help you ascertain your financial strategy with pension planning options that are tailored specifically to your individual needs and goals. Planning is everything and it’s better to assess all of your options and to make a fully informed decision to give you not just the financial performance you require, but also to give you peace of mind knowing that you ruled out all but the most suitable options.
Achieve your retirement goals in three simple steps
- Step 1 – We will look through all of your current pensions and savings plans
- Step 2 – We will assess your future ambitions, goals, desires and needs
- Step 3 – We will then make a plan to get you from where you are to where you need to be
Existing and current UK Pensions you may already have
Frozen Workplace Pensions
When you finish working for an employer your pension automatically becomes frozen, whilst this means contributions are not being made your money should still be growing due to how it is invested. Unfortunately, sometimes the management and administration fees the pension provider charges you may mean your money can be decreasing.
If you have any pensions which are currently frozen, we will advise how best to integrate them into a plan so they will begin to perform better instead of sitting dormant. When combined with a new or active pensions they will compliment the overall performance of your portfolio as a whole.
Private Pensions - Active or Frozen
Often people take out a private pension and make regular contributions without ever seeking independent advice. This also applies to any frozen private pensions. Sometimes making minor changes can seriously increase the level of performance. For example, paying in an extra ten pounds per month may move you up to the next interest band and make you more money annually.
Likewise, if you have frozen your pension you may be better off opening it up again and paying in a small amount to avoid unwanted dormant fees. It may well also be that by moving your existing private pension to another recognised UK provider you will benefit from being a ´new customer´, and significantly improve the performance.
SIPP - Self Invested Personal Pension
A SIPP is the same as a private pension except you can decide where your money is invested. Often with online access, this can be marvelous. Unfortunately, there are some unscrupulous management companies who have given very bad advice regarding SIPPS.
This may mean your money has been invested poorly or even overseas and there is a high danger you will lose your pension. Our team can help you protect your pension and if necessary arrange advise on whether it is best to move your SIPP to a safer place.
Current Workplace Pensions
The high majority of UK workers will currently pay into a pension with your current job, this will also mean your employer pays in. There is little you can do to change this pension as it is decided by your employer. However, you may have thought about moving other pensions you may have into your current works pension.
This may seem sensible but sometimes the charges to move your pension may mean they are better left separate, also there is no guarantee your current pension is performing better, we can arrange advice before you decide to transfer any pensions into your current workplace.
If you are considering moving or amalgamating your pensions our team of advisers can talk you through all of your options. Any recognised pension provider will only accept a pension transfer if you are using an accredited adviser who has investigated all the compliance and requirements of Her Majesty’s Revenue and Customs. Who have also looked at any associated costs and weighed up all of the benefits against any fees or potential penalties there may be to ensure a smooth and stress-free transfer.
Pre Retirement Investment and Income Advisory Service
The purpose of all pensions is to make your retirement one without financial worries.
To ensure your pension investments are going to work for you and be worthwhile, we continually review the performance of your investments and manage them to optimise their performance over time, so you’ll always be able to choose the best of your options as you plan for the future.
Retirement Income Planning & Tax-Free Lump Sums
Get full access your pension pot prior to retirement. We can explore your options so you know the most effective and efficient ways of either growing or withdrawing your pension savings for a better life in the more immediate term if your circumstances stipulate that the present is more pertinent than the future.