Pensions & Retirement

When you retire, how will you be able to pay the bills and live the life you want to lead? How much money can you get? How long will you need it for? What Retirement Plans are applicable to you?
These are just some of the questions everyone asks themselves when it comes to our Retirement.
Recent Pension reforms have created more options with how we arrange our Pension Plans, but this has also led to more uncertainty.


It has been proven time and time again, that Professional Financial Advice enables you to be far better off at the point of Retirement. A Financial Adviser will assess your current situation and present you with the best possible solutions, allowing you to have peace of mind that you are getting the best Pension Plan available to you.


Below are some of the Pension Products on offer.

  • Annuities
  • auto enrolment
  • Executive Plan
  • Final Salary Pension
  • Income Drawdown
  • Occupational
  • Personal Pension
  • Pension Transfer
  • Retirement Plan
  • SIPP
  • SSAS
  • Stakeholder
  • State Pension advice

Pension Transfer

Throughout our life, there might be instances that would necessitate a change of Pension Scheme. A Pension Transfer is simply moving your current Pension Plan to another.


Common reasons for doing this are when company schemes are being wound up, divorce or just looking to maximise your Pension potential.


Naturally, if you were to transfer your Pension, there will be a certain amount of red tape to go through. However, if you were to go through a Financial Adviser, not only would they recommend the best Pension Schemes on the market, they would be able to sort all of this out for you.

SIPPs

Self-Invested Personal Pensions are Pension Schemes that allow you to choose from a wide range of Investments, such as: National Savings, Investment Trusts and Stocks and Shares.


The same Tax advantages apply to a SIPP as to the other types of Pension schemes, but with more flexibility in its approach to Investments. It is upto you to decide the Investment Strategy, although, you can appoint a Fund Manager to deal with it on your behalf.


SIPPs are predominantly higher risk Pension Plans that can generate high returns. It is advisable to discuss whether this type of Pension Plan is suitable for you with a Financial Adviser.

Auto Enrolment

Auto Enrolment (Automatic Enrolment) is a government initiative to help people save for their Retirement. Auto Enrolment was introduced in October 2012, so that by 2018, all employers will be obligated to provide a Workplace Pension and staff members will be automatically enrolled.


Companies now have to enrol eligible staff members into their Workplace Pension who fit the following criteria:

 

  • Salary is more than £10,000 per year [2014-2015 Tax year]
  • Over 22 years old, but under the state pension age
  • Do not already have a qualifying Pension Plan
  • Ordinarily works in the UK


Once you are entered into the new Workplace Pension, a small percentage of your earning above £5,772 [2014-2015 Tax year] will automatically be saved into the Pension Scheme. In addition to your input, your employer will also contribute, while the government will help by providing Tax-relief.
Please note that you can not opt out of being automatically enrolled, however if you do decide leave, you have 1 month to do so. 

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