01229 870938
(9AM-12.30PM and 13.30PM – 5PM, Mon-Fri)
Atkinson Financial Services Limited,
90-92 Scott Street, Barrow-in-Furness,
Cumbria, LA14 1QE
PENSIONS
We offer advice at every life stage to help with your retirement.
Pre-retirement
New pension plan
It is important to make provision from a young age for when you retire. Although not the only method, pension plans provide an effective way of saving for retirement. We can identify and arrange a suitable pension plan taking account of your circumstances, enabling you to begin to save for your retirement in a tax-efficient manner.
A question we are frequently asked concerns the amount you need to save to provide for retirement. This is predominantly determined by the amount of money you can afford to save and on your lifestyle requirements. Of course, the sooner you begin to save for retirement the better, as the longer the timescale the greater the potential to achieve a worthwhile return on your pension fund and for contributions to accumulate.
Private pension provision can be particularly important if you work for yourself, either on a self-employed basis or if you trade through a limited company or umbrella organisation.
We also have considerable experience advising those unfortunate enough to be going through divorce proceedings, who may require a new pension plan establishing to receive funds from an ex-spouse’s pension.
Pre-retirement advice and arrangement packages (for a new pension plan) start from £500.
Existing pension plan
Individuals already with pension plans may benefit from having them reviewed. This may involve either a change to the underlying investment funds within an existing contract or a complete switch to a new plan. A switch to a new plan may be appropriate and beneficial where, for example, cost savings can be made and/or the fund choices within the existing plan are limited.
Pre-retirement advice (for an existing pension plan) starts from £750.
AT-retirement
The decision as to how to draw from pension plans at retirement is extremely important and not one many would be comfortable taking without seeking reliable independent financial advice.
It is currently possible for individuals to access pension benefits from age 55 (this is set to increase to 57 from 2028).
For those with personal pensions the options at retirement include the following:
- a lifetime annuity – providing a guaranteed retirement income for life
- a fixed-term annuity – providing an income for a selected period
- drawing benefits flexibly and in a tax efficient manner – This may take the form of flexi-access drawdown (FAD) where up to 25% of your pension pot is taken as a tax-free lump sum upfront with the remaining balance invested to provide a regular taxable income or alternatively Uncrystallised Funds Pension Lump Sum (UFPLS) where with every cash withdrawal, 25% is tax-free and the remaining 75% is taxable.
We are able to explain the options available in detail and provide guidance as to the right solution, which will differ depending on each individual’s needs. In order to access the full range of choices at retirement a switch to a new contract may be necessary, depending on the terms of your existing pension plan.
The options are likely to differ for those in occupational pension schemes, but advice should still be sought when drawing benefits.
At-retirement advice and arrangement packages start from £1,250.
IN-retirement
If you have drawn your pension benefits flexibly (i.e. not purchased an annuity), or retired and not yet drawn on your pension, it is important to keep the product and any underlying investments under review. Our ongoing advice service helps to ensure that your pension continues to remain suitable for your needs. You can read more about our ongoing service (Stage 4. Monitor) here.
Where flexible benefits are being drawn (e.g. FAD or UFPLS, see above) it is particularly important to ensure that the amount of money you take from your pension is sustainable so that you will not exhaust your pension leaving you short of income.
In-retirement advice is subject to a minimum charge of £500 per annum.
RISK WARNING
The value of your pension, where there is an investment element, can go down as well as up and you may get back less than you invested.