“Retirement Requires Thinking About A Lifetime”
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 advisers, 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 email firstname.lastname@example.org or Telephone 0117 959 6503 and we will arrange a free no obligation consultation for you.
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.
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!
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.
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% can be used to provide an income of some sort or left invested for growth or inheritance.
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 £40000 into ISAs this tax year (husband & wife).
Premium Bonds are an investment product issued by National Savings and Investment (NS&I). Unlike other investments, where you earn interest or a regular dividend income, you are entered into a monthly prize draw where you can win between £25 and £1 million tax free.
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.
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.
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.