Pensions Adviser – Pension Transfer Specialist
We are pension transfer specialists registered with the FCA, and G60 qualified, to conduct pension transfers. This includes defined contribution pensions and defined benefit, otherwise known as final salary, pensions. We are one of just a handful of firms quthorised to do so.
You may have an occupational defined benefit pension, a defined contribution pension, or a personal pension, Either way, pension planning is a fundamental component of any retirement plan. To be able to build you a robust financial plan some of the first things we need to understand are the technicalities of your pensions, and the options available to you. Can you enter drawdown? How can you take your pension benefits?
Interpreting your pension plans & giving pensions advice
The rate at which pension rules and regulations change can be bewildering to say the least. Few pension plans are the same; however, as pensions specialists we are qualified and registered to advise on all types of pensions. Whether it’s an occupational pension scheme – defined benefit or defined contribution, a personal pension or an annuity, our expertise in pension planning enables us to take a thorough look at your plans.
There are several options we consider when advising you on how to manage your pension pot. The most appropriate solution will depend on whether certainty of income, tax efficiency or simplicity of the product is most important to you. We also consider your health, your dependent’s security and your attitude towards investment volatility.
The main options are:
- Annuities: You use the money in your pension pot to buy an annuity, which will give you an annual income for the rest of your life.
- Flexible drawdown: You take unlimited, variable withdrawals from your pension, whilst keeping it invested.
- Guaranteed drawdown: Combining the certainty of an annuity with the flexibility of a drawdown pension, you benefit from a guaranteed income for life regardless of investment returns. Also, an investment lock-in secures any gains made.
- Third-way products: This is where flexible drawdown is combined with either an annuity or guaranteed drawdown within the same product.
The lifetime allowance is a limit on the amount of pension benefits that can be drawn from your pension schemes – whether lump sums or retirement income – that can be paid without triggering an extra tax charge. In the 2016-17 tax year, most people will have a Lifetime Allowance of £1m, which has gradually been decreased from a level of £1.8m in the 2011-12 tax year. We provide advice on lifetime allowances to many people in the Christchurch, Bournemouth and New Forest areas.
The lifetime allowance applies to the total of all the pensions you have, including the value of pensions promised through any defined benefit (DB) schemes you belong to, but excluding your State Pension.
If you think you may have exceeded your lifetime allowance, or may have a lifetime allowance problem, you may be able to apply for either Individual protection 2016 or Fixed Protection 2016. You should seek advice on calculating your position to avoid a hefty tax charge on taking your pension benefits.
One part of your retirement jigsaw
Your pensions are likely to be just a small piece of your retirement puzzle. Your retirement journey needs to be about targeting income through different stages, based on your evolving financial needs. And it’s about drawing that income from a wider range of sources. In most cases, the pension solution we recommend will be part of a balanced retirement income portfolio that meets your changing income needs.