Pension

Supporting your future financial requirements

You can pay into as many pension schemes as you want; it depends on how much money you can set aside. There are several different types of private pension to choose from, but in light of recent government changes the tax aspects can require careful planning. So what do you need to consider?

Building up a substantial pension pot

Deciding what to do with pension savings – even if you’re still working

It might seem like a far-off prospect, but knowing how you can access your pension pot can help you understand how best to build for the future you want when you retire. On 6 April 2015, the government introduced major changes to people’s defined contribution (dc) private pensions.

Pension freedoms bring optimism and adventure to retirement

Will I ever slow down? Do I have the right plans in place?

Will you be able to afford the retirement lifestyle you want?

If you’re still working, what kind of life would you like to lead when you’ve said goodbye to the 9-to-5?

Research conducted by the Pensions Policy Institute for LV= has found that in 2016, there were around 30,000 people who took out an annuity with their existing provider and missed out on additional income by not shopping around. In total, they lost out on an additional £130 million, which equates to on average £4,000 over the course of their retirement[1].

SHOPPING AROUND TO GET THE BEST DEAL

Pension consolidation lets you simplify your pension arrangements and makes it easier to manage your pension savings effectively and efficiently from a single pot.

There is a danger that long forgotten plans could end up in expensive, poorly performing funds, and the paperwork alone can be enough to put you off becoming more proactive.

EASY-TO-MANAGE

The changes to private pensions affect those in a defined contribution pension scheme. This is one where you build up savings (your ‘pension pot’) throughout your life to fund your retirement. Before making any decisions, it’s important that you consider your options and the impact that your decision could have on your tax bill or benefit entitlements.

WHAT BEST SUITS YOUR NEEDS

What you need to consider to ensure you don’t lose out

Have you ever considered moving and consolidating your pension to another scheme or provider? There are a whole host of reasons why people might want to do this before they reach retirement. Some are looking for better fund performance, lower charges or better death benefits; others are simply changing jobs.

How professional financial advice can prove invaluable

Few of us really have the time or inclination to understand the vast number of different investment products available on the market and consider what the best options are to suit our particular objectives. To do this effectively, it would need to become a full-time job.

MANAGING OUR EVER CHANGING FINANCIAL AFFAIRS

How the lifetime allowance reduction could impact on your retirement savings.

The government has introduced comprehensive reforms to the pension rules over the previous few years. One important change, which may have been overlooked by some savers, is the reduction of the lifetime allowance that applies to pension savings.

The lifetime allowance is the total amount you can hold within all your pensions without incurring an additional tax charge.

INFLATIONARY INCREASES