Whether you've left a trail of pension paperwork in your wake or have contributed to the same one for 35 years, we are expert independent advisers and can help you decide what to do with your pension (or pensions!).
We can advise you on:
- Pensions and retirement planning
- Pensions transfer
- Pension drawdown
- Pension consolidation
- Pensions and divorce
- Pensions review
- Self Invested Personal Pensions (SIPPS)
- Stakeholder pensions
- Annuity purchase
As such we can review and advise on all types of pensions from all providers. When we give you pension advice, our only interest is yours. We're not tied to any provider so if we think you should switch providers then that's because we believe it's right for you. If you want we can help ensure your private, company and state pensions are all in good shape for your retirement. When you just need someone to explain it all clearly so you can make some informed decisions, you need to talk to us. We hate jargon too.
We’ll help you understand your options
Before Pension Freedom rules were introduced in 2015, after you’d taken your tax-free cash from your pension pot, you’d use the rest to buy an annuity, providing you with a steady income for the rest of your days.
Pension Freedoms opened-up a whole new range of options for you to access your pension pot. However, with such an array of options, you may be left wondering which products are right for you. Some pensions offer more flexibility than others. Some have added benefits you might not even be aware of. We’ll guide you through what can be a complicated set of rules, making it clear which options best suit your needs.
We can advise on Pension Transfers
We hold the permission of the Financial Conduct Authority (FCA) to advise on Occupational Pension Transfers, including Final Salary and Defined Benefit schemes. So, we really are your local experts. This is not a service that all Financial Advisers can offer.
Don’t wait too long
This is really important, don't put it off. Think of it in the same way as you have your income from work, your pension is a key part of your income in later life, you've earned it. You might even be pleasantly surprised, and we promise to make it pain free.
It all starts with a chat
Come and see us for a chat about your circumstances, what your concerns are and what you're trying to achieve. This is completely free and there’s no obligation or pressure for you to take it any further. Just give us a call on 01642 52 55 11 or drop us an email, it could be the best decision you ever make. We are based in Stockton-On-Tees, so whether you're based in Middlesbrough, Darlington, Durham or any other surrounding areas, we're perfectly located to help you.
Q: What is a pension?
A: In its simplest form it is a government backed tax incentive to encourage you to save towards funding your retirement. The main benefits are: tax relief on your money as it goes into a pension, the opportunity to grow your money tax free within the pension and finally a percentage of the money, tax free, when you take it out of the pension. The big catch of course is that you can't access the funds until you reach minimum pension age and there are rules about how much you can pay in and accrue in your lifetime. However it still remains one of the most attractive options for building a retirement pot.
Q: When can I access my pension?
A: The normal minimum pension age is currently 55. However some schemes have rules where you may be allowed to access the plan early. We can establish the facts for each type of pension you hold. The real question is when should you access your pension. This is where we can really advise on the best financial decision making for your particular circumstances.
Q: Can I take a lump sum from pension?
A: Generally speaking - yes. Almost all pensions allow for a lump sum withdrawal in some format. A portion of your pension will also be available tax free, usually this is equivalent to 25%. But again, there are some policies with different rules. Working out whether you should take a lump sum, how much and when, are all questions we can help you with. We'll work with you to support your personal goals and also to reduce your tax liability.
Q: Do I pay tax on my pension income?
A: After you've taken any tax free cash that may be available, income from your pension is subject to Income Tax at your marginal rate. This applies whether you take a regular income from your pension or draw it on an ad-hoc basis. If your Personal Tax Allowance is still available, you may not pax tax on the income from your pension. PAYE and tax codes can cause complications but we have lots of experience in dealing with taxation and your pension.