Pensions
Over the last 10 years pensions have been under the spotlight and mostly for the wrong reasons. However, pensions still offer the most tax efficient way of saving for retirement.
The basic premise of a personal pension is you will receive 20% tax relief on any contributions into it. If you are a higher rate tax payer, you will receive an additional 20% which you can claim back every year through the Inland Revenue (HMRC).
For example: -
A monthly contribution of £100 will cost you £80.(under current legislation)
If a 40% tax payer, a £100 contribution will cost you £60.
(this example is under 2008/2009 HMRC regulations)
Pension providers will offer a variety of different pensions for different types of clients and it can become very confusing. We help find the most suitable pension from the whole of the pension market. It is important to select the correct pension as they are all charged differently and choosing the wrong pension could cost you thousands of pounds at retirement.
Just by simply speaking to us about your current pension could make you money at retirement.
We will review your current pension scheme and search the market to see if it is worth transferring the pension to another company. It may be the current provider have poor fund choice or high charges or even lack financial security. The difference between the best and worst providers can be a vast amount at retirement.
List of pensions available:
- Personal Pension
- Self Invested Personal Pension (SIPP)
- Stakeholder Pension
- S32 Buy-Out Plan
A no obligation review from Winser Financial Services will give you the best advice when considering any type of pension.
Retirement Options
Speaking to right Financial Advisor when considering your retirement options is essential.
Making the wrong or uninformed decisions can severely affect the levels of income you receive during your retirement.
We will discuss all your retirement needs and access the level of income required to maintain your current lifestyle. Retirement options aren't just limited to the 65+ category. At the moment you can start taking retirement benefits from the age of 50. It might be that you need a lump sum or just need to increase your monthly income. Either way, depending on your circumstances, this could be a real possibility.
At retirement, most individuals with a pension will be entitled to a tax-free lump sum. We will be able to calculate the amount of tax-free cash available to you. After you have taken this tax-free lump sum it is vital the correct and most appropriate retirement option is selected for the remainder of your pension money. This will be based on your attitude to risk, future income requirements and any consideration to beneficiaries. These decisions will be long lasting so need to be right for you and your family.
Products
o Compulsory Purchase Annuity
o Income Draw Down or Withdrawal