You may have a number of pensions. If you’re like most people, you may not fully understand them. That’s OK because the word ‘pension’ leaves most of us cold. The trouble is, pensions are important so we do need to get to the bottom of them.
We’ll help you understand them in clear and straightforward terms. We’ll also help you understand how they’ll contribute to your future financial security and it they’re still doing the job you need them to do for you.
There are a number of complicated terms associated with pensions. Things like, annual allowance, lifetime allowance, carry-back, tax-free cash, annuities, drawdown, etc. The list seems endless but we’ll help you through all this and advise you in the right way.
Personal Pensions
Personal Pensions come in so many shapes and sizes and each one has its own features and benefits. We’ll take the time to explain your pensions with you so you’re completely clear on what they look like and how they fit in with your plans for the future.
It might be that you feel you need a SIPP (Self-Invested Personal Pension), Drawdown or an Annuity. Once we understand your situation fully, we’re then in a position to recommend the most suitable product for you that helps you through the rest of your life.
Self-Invested Personal Pensions (SIPPS)
SIPPS can be complicated. They can have different rules and investment options to personal pensions. If you have a SIPP, it’s important that you understand how it works along with its flexibility and limitations. This is something we can help you with.
A lot of people have heard the term ‘SIPP’ and are a bit daunted by it. They’re famed for offering a very wide investment choice. We’ll help explain them in simple terms.
Annuities
An annuity is where you convert all or some of your pension pot in to an income (either for life or for a set period). How much you get depends on annuity rates. We’ll help identify if an annuity is appropriate for you and, if it is, we’ll help you find the most suitable one.
For a lot of people, annuities are the right answer but pensions have changed a lot in recent years so it’s important to make sure you fully understand the pros and cons of them. They’re with you for the rest of your life!
You might have lots of options such as which type of annuity to take (lifetime annuity, enhanced annuity, etc.), if you need a guaranteed period and what level of annuity income is right for you. We can help with this.
Group Pensions
You might be part of a group pension scheme at work. This is great news because it probably means your employer is paying into it as well as you. That said, do you fully understand what’s going on inside the pension? We can help shine a light on group pensions.
Another issue to consider is what flexibility you have when it comes to taking your pension from your work scheme. You need to understand this so you can plan correctly.
Final Salary Pensions
We’re not authorised to advise you on final salary pensions, however, we can incorporate these benefits into your financial plan.
When it comes to pension planning, there’s no ‘one size fits all’ approach. If only life were that easy! It’s important to understand what you need your pensions to do for you. What role they’re going to play in your retirement.
When you know this, you’ll then better understand which options are most suitable. You’ll understand why we’ve recommended a particular path and why you’ve chosen to take that path.