Retirement Require Thinking About A Lifetime

Pension Advisers Bristol

We’ve been providing a personal and friendly pension advice and advisory service in the Bristol area for many years. Recently, due to growing interest in our services from people within Bristol with pensions problems, we opened a new office in Westbury-on-Trym, BS9 3HQ.

We think that the Westbury-on-Trym location is very appropriate, since we spend a lot of our time engaged in pension related ‘private investigation‘ work for our clients. Unlike Hercule Poirot, there’s nothing fabricated about our work. Far from it, we make a very real and positive impact on our client’s retirement prospects. When our clients reach retirement, we want them to be able to relax and enjoy pension with the peace of mind that their financial prospects are well looked after.

If you live and work in or around the Bristol, our Westbury-on-Trym Pensions and Financial Advice and advisory service is easy to get to. Just give us a call or pop along after work and arrange to meet one of our experienced pensions and financial advisors, we’re just a short distance from Cribbs Causeway. You can see our location on the map here.

If you would like a free, no obligation consultation simply complete our Enquiry Form or Telephone 0117 959 6503 and we will arrange a free no obligation consultation for you.

Pension Advisors Bristol

THE VALUE OF PENSION AND INVESTMENTS AND THE INCOME THEY PRODUCE CAN FALL AS WELL AS RISE. YOU MAY GET BACK LESS THAN YOU INVESTED.

TAX TREATMENT VARIES ACCORDING TO INDIVIDUAL CIRCUMSTANCES AND IS SUBJECT TO CHANGE

Pensions are commonly misunderstood and often feared by savers! Pensions are, in fact, brilliant if used correctly!

If you have multiple pensions, financial performance can be a complicated subject. Pensions in general are something that most of us probably don’t even think about until we reach specific points in our life or certain events transpire.

Before we get to retirement, events in our life may overshadow our plans, such as divorce or the death of a partner. Each has a significant effect on ones pension planning, and at such a tough time, it’s not easy to get focused and manage the issues than can arise. Planning for these events isn’t something we take lightly and unfortunately many of us never do fully consider what would happen to our pensions should these events occur.

Thinking through the impact on your pensions and other financial affairs, hopefully before anything untoward happens, is not something we can generally do in isolation, having somebody who knows this business inside out is invaluable. We have helped many people through this tough time and often surprise them with information they were truly unaware of.

There are four key tax breaks afforded to personal pensions:

Pension Advisors Bristol tax relief

Tax Relief

Contributions attract tax relief at the individual’s highest marginal rate*. For example, a higher rate tax payer earning £60,000 per annum can invest £15,000 into a pension and receive £6,000 (40%) back in income tax relief. This means that the £15,000 invested in the pension has cost this individual just £9,000!

Pension Advisors Bristol tax growth

Tax Free Growth

Investments held directly by an individual typically attract income tax and capital gains tax. Investments held in a pension however grow tax free. Benefiting from this ‘gross roll up’ means the funds can grow freely, not constantly hampered by ongoing taxation.

Pension Advisors Bristol tax free cash

Tax Free Cash

From age 55, an individual can take up to 25% of the total accumulated funds* as a tax free ‘Pension Commencement Lump Sum’ or ‘PCLS’. The remaining 75% must be used to provide an income of some sort and is taxed at the investor’s highest marginal rate. Pension Advisors Bristol.

Pension Advisors Bristol National Insurance Relief

National Insurance Relief

With a little planning, member contributions to a pension can be routed via a willing employer’s payroll to enhance the total monthly investment amount through reduced National Insurance contributions. You could put up to £30,480 into ISAs this tax year (husband&wife).

Pensioner Bonds

Pensioner Bonds were announced in the March 2014 Budget, and will be available for a limited time from January 2015. Demand is expected to be very high, so if you are interested then speak to a financial adviser today. The bonds are intended to be held for the whole term, but you can cash them in early with a penalty equivalent to 90 days’ interest (which you would probably only want to do in an emergency). These means the bonds may be less suitable for those who would prefer investments that provide a monthly income.

Starting a pension

The most common pension mistake is waiting too long before starting one. This might happen for a number of reasons: you believe you can’t spare the money, or you tell yourself there are many years before you’ll retire, or you simply don’t want to think about getting old. It doesn’t matter if you can afford only very small payments into it at this stage – you can increase your payments later as your income rises, while compound interest means that the extra years invested will give a huge head start over someone who delays.

Planning for retirement

By far the best and most popular form for retirement saving is the pension (either a workplace pension or a personal pension). Other ways you might save for retirement include ISAs, other investments or property, but however you choose to save it is essential to have a proper plan. A financial adviser can help you put a plan in place, so that you know in advance that your retirement fund is on course to deliver the income you will need to support your lifestyle in years to come. Pension Advisors Bristol.

Types of pension

Workplace pension: a pension provided as a benefit of employment. All employers must now offer these by law (see Auto-enrolment below). There are two kinds of workplace pension – defined contribution (DC) and defined benefit (DB). DB schemes, also known as final salary schemes, are increasingly rare, but are good if you can get them as they offer a guaranteed retirement income for life. DC schemes, on the other hand, involve building up a pot of money which you later use to provide a retirement income.

Expert Pension Adviser in Bristol – Any Pension Policy Should Be Easy To Obtain

And It Should Be …

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