Pensions

With so many providers and products in the market offering pensions it can certainly be a maze with regards to which route to take when making those important financial decisions. That is why it is so imperative to take professional and trustworthy advice from a company who is qualified to do so and has been in the industry for several years giving constructive and impartial advice to help you achieve your goals & objectives during what could be described as a longest holiday you will ever take. As with any holiday you would prepare for the event so why not with your retirement plans? This could mean saving for the event or maybe you are about to retire or even in retirement but still have pension funds you have not utilised.

If you have no pension plans, ask yourself the question; could I live on the single tier state pension, do you even know what you will get and when you will get this? The retirement age has gradually increased and looks potentially set to increase again from recent reports as of July 2017.

By taking good quality financial advice then you may be able to provide a happy retirement enjoying the things you would like to do and would hope to do.

The new era for savings and retirement

The 2014 Budget saw major changes to the pension market, so how do these affect you read on and get in touch to find out how they do and how b-advised Ltd could help you make those important decisions which could affect the rest of your life financially.

You now have more choice and flexibility than ever before due to the changes that were made

The Government’s pension proposals were outlined in a series of announcements dating back to the budget in 2014 to then put before Parliament in October of that year; rules were passed and would come into force in April 2015, so we are now more than two years down the line regarding these changes.

Restrictive rules on what you can do with your pension fund have been torn up, along with the need for most to buy an annuity product giving more freedom although seeking good quality financial advice is even more important now.

Chancellor George Osborne stated: “People who have worked hard and saved all their lives should be free to choose what they do with their money, and that freedom is central to our long-term economic plan.”

People have been able to choose not to buy an annuity for some time, keeping their pensions invested and withdrawing money from them under a process called drawdown. Until the pensions freedom changes began,  drawdown was a highly restrictive option for most people due to minimum income requirements – this has now changed and more choice has become available to everyone.

You may only have only one pension plan or maybe you have several plans with numerous providers or employers, if so there are a number questions you should ask yourself which we have listed below to help.

  1. How much is my pension currently worth?
  2. Is it growing?
  3. Am I making the correct contributions to achieve my goals and objectives?
  4. When was the last time I reviewed my pension with a pension adviser?
  5. What are the charges I am paying to the provider/s?
  6. Am I invested correctly based on your risk profile etc?

These are just some of the questions you should consider as most people either don’t know, never get around to doing as the see this as a chore or just don’t know where to start; we can help with all so please feel free to give us a call to discuss.