Pensions are simple in concept, but can be complex in practice. It is vital to seek expert advice in order to ensure that correct planning is implemented.
Making pension contributions
In order to assess your position and advise you correctly, we will need to understand your previous history and any existing pension contracts you may have.
We would review your present arrangements, assess the level of pension that your present arrangements might expect to provide at retirement and then, if there is a gap between what you want and what you might get, advise you as to how best to invest with the aim of providing the extra retirement income you need.
At Retirement Advice Service
In the past, for those with defined contributory schemes, taking benefits was a simple matter of calculating the total value available in the pension fund, and then taking some as tax free cash and some as income normally through a pension, or annuity.
Since the pension liberalisation changes 06 April 2015, there is the ability to have full access to the pension fund from the age of 55 (57 from 2028), taking out as much as you like, subject to tax.
With these changes, we highly recommend when you come to take retirement benefits, you have a thorough review of all your options so a recommendation of the most suitable strategy based on your circumstances can be provided.
Defined Contribution (DC) schemes
With this type of scheme your monthly pension savings go into a big pot, which will eventually be used to buy an income for your retirement. You can now access that pot freely from the age of 55 (57 from 2028), taking out as much as you like, subject to tax.
For more information please download our fee schedule PDF by clicking the icon or contact the office if you wish to discuss your requirements.