After the pension reforms in 2015, you can arrange your finances the way you want them.
You can continue to work and take some of your pension benefits – You can access your entire pension savings and create your own investment strategy.
With so much flexibility there is a lot to consider when looking at your pension options.
Aberdein Considine’s independent financial advisers regulated by the Financial Conduct Authority (FCA) – can guide you through the pension maze and help you tailor a plan to your circumstances.
Our advisers can help you with the following:
- Setting up pension plans
- Review existing pension plans
- Pension consolidation
- Pension drawdown
- Annuity advice
The pension reforms in 2015, mean that anyone aged 55 and over can take their entire pension savings out as a lump sum, paying no tax on the first 25% and the remainder taxed as if it were a salary at their Income Tax rate.
Taking a 25% tax-free lump sum could be a good idea if you have debt to pay off, such as a mortgage, but it will reduce your retirement income.
Seek professional advice before removing your pension from its ‘tax-efficient wrapper’.
Consolidating your existing pensions is one way of doing this. Pension consolidation involves moving, where appropriate, a number of pension plans – potentially from many different pension providers – into one single plan.
Review your existing pensions to assess whether they are still meeting your needs, considering various different aspects of the pension plan such as costs, performance, funds available and features.
Speak to one of our advisers about your pension options
A pension is a long-term investment. The fund value may fluctuate and can go down as well as up. You may not get back your original investment. Past performance is not an indication of future performance. Tax benefits may vary as a result of statutory change and their value will depend on individual circumstances. This is for your general information and use only and is not intended to address your particular requirements. It should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice.