ADVICE ON PENSIONS
AND HOW IT WORKS
Planning for your pension is an important financial consideration to get completed in time for when you need it. Your pension will offer you the support you need to enjoy your retirement on your own terms.
There are many varieties of pensions which can get confusing when you try to add up the number of jobs that you have had along with periods of self-employment. You will also find that the way that pensions work has changed significantly over the past 20 years. This can make financial planning confusing and complicated.
Our independent planning advice is here to help you clearly understand your pension and the options available to you.
With the constant changes in legislation, the process of handling a pension properly can become quite complicated. A pension refers to the regular payments that an individual receives when retiring from their job.
Financial contributions to a pension fund are made so that this fund is available upon retirement.
Whether you want to gift some money to your grandchildren, make a significant purchase or go away on a dream holiday, you will need to consult an expert to help you manage your money how you want. A pension is in effect, a form of saving up for the future.
An important benefit of contributing to a pension fund is that the Government gives tax relief on your contribution.
A workplace pension is where the employer contributes, on behalf of the employee, to increase your savings. For these reasons, a pension is the planning of choice for many individuals.
Speaking to our friendly adviser will help you take back control of your finances for later life. We can help you achieve the goals that you want your money to work towards.
Since we are regulated by the Financial Conduct Authority (FCA) you can be confident that our information is professional and impartial.
There are two types of pensions:
In this type, you make fixed contributions towards a lump-sum pension fund for a fixed period and usually gain access to withdraw the money at the age of 55 years. Most employers-contributed pension schemes and all personal plans are Defined Contribution type.
With this, you pay a specific financial contribution each month. Upon reaching a particular age, you can get a predetermined guaranteed return for the rest of your life.
PLANNING FOR YOUR RETIREMENT
While planning for retirement, opting for a pension scheme over other methods like Investment ISAs or buy to let properties, usually allows you to enjoy additional benefits like tax relief.
If you are looking to invest in your fund, then our specialists can review your existing situation. We can give tailor-made suggestions suited to your financial requirements and can help you with new retirement plans as per your circumstances and future needs.
SOMETHING YOU MAY NOT KNOW
Our specialists can also provide advice on financial rights in the event of a divorce. Since the courts take the pension money into account while deciding the alimony for a divorce, you must understand all the options that are available to you to make the right financial decisions.
While deciding on the right option for your retirement income, you will need to be wary of financial rules and regulations. Traditionally, people used to buy an annuity at retirement and the interest generated from it became their retirement income.
Our financial advisers will look into the details of each of these to find out which is most suitable for you. While deciding, they will research Open Market Options and factor in things like an enhance or impairment in your future lifestyle to make sure that they guide you properly.
Today you have several financial options available at your disposal. Some of these are:
fixed annuities | investment-linked | annuities, pension drawdown | phased drawdown and more...
Each of these has its pros and cons that must be kept in mind. For example, if there is a drawdown, then the portfolio must be structured in a way that the income generated is sustained.
Independent Pensions Advice
When you have a question about your pension, you deserve to be given a clear answer. Our independent adviser will talk to you to help us understand what you would like to achieve.
We offer bias-free, impartial advice for all types of pension. Our financial expert knowledge will help us to assess your individual finances and offer jargon-free advice.
Our advice complies with the Financial Conduct Authority (FCA) guidelines to offer complete confidence in our services.
If you feel like you need to get more information about your retirement fund and don't know who to ask, get in touch with an adviser today.
Our helpful team based in Leeds offer help and advice so that you fully understand how to make your money work on your terms.