Pension Review & Transfer
Reviewing your pensions and retirement plans will help improve your pension pot for retirement, making you better off!
Why should you review your pension & retirement plans?
By checking and making any necessary changes to your pensions sooner, this will have a powerful impact on how financially secure you will be.
What Pension? Advisers often get asked:
· Can I afford to retire?
· Can I retire early?
· What income or lump sums will I get?
· How long will my money last?
In other words, what does my retirement journey look like?
Remember, all experts working with WhatPension? Must agree to offer a FREE and no obligation 1st meeting. You have nothing to lose!
Start planning your retirement for a better future TODAY!
With average life expectancy continuing to increase, we are living longer and as a result, we need our money to last as long for longer. State pensions are a start but with the current (full) basic pension coming in at just £221 per week (2024/25 tax year) this will mean a basic lifestyle with few luxuries or holidays for example! Understanding and reviewing your pensions is vital to a stress-free, comfortable and secure financial future.
WhatPension? advisers will answer common questions like:
· What are my pensions worth?
· What drawdown options do I have?
· Are pensions right for me?
· How do I manage the investments?
· How are my funds performing?
· What are the risks?
· What are the charges?
· What are the tax implications?
The sooner you make changes, the sooner your money works harder for you!
Remember, all experts working with WhatPension? Must agree to offer a FREE and no obligation 1st meeting. You have nothing to lose!
Are you thinking about transferring your pension?
Remember, all experts working with WhatPension? Must agree to offer a FREE and no obligation 1st meeting. You have nothing to lose!
Before transferring any pension (workplace or personal) you should use an expert to identify and consider:
· Charges you may incur
· Any unique benefits/guarantees/enhanced tax-free cash you could lose
· What the transfer value is of your pot
· Any risks involved as the value of your investment can go down as well as up
· How your plans have performed (and expectations)
· The different ways of generating incomes
· Tax planning and any tax implication of withdrawals
If you have multiple Defined Contribution (DC) pensions (aka money purchase pensions), you may simply want to combine them for ease of understanding and simplicity. You may need more flexibility and your existing policies (especially older ones) may not allow you to make withdrawals in a flexible way, for example.
Common reasons people transfer pensions?
· Consolidate & combine multiple pension pots into one, making them easier to manage and understand. Basically, simplifying their affairs.
· Reduce ongoing fees and charges. Remember all pensions charge – they just may be quite good at hiding them!
· Some companies offer “large fund discounts” meaning lower charges for larger, combined pots.
· More flexibility of withdrawal & drawdown not available by their current scheme.
· Gain immediate access and make withdrawals.
· Unlock tax-free cash and/or income.
· Receive more income from your pension, perhaps draw more form your pension in the earlier years when you expect to be in better health.
· Better fund choice and ultimately, better performance.
· Ensure any risks taken are appropriate and understood.
· Manage the tax liability.
· Improve death benefits to spouse or family (including children for example).
Remember, all experts working with WhatPension? Must agree to offer a FREE and no obligation 1st meeting. You have nothing to lose!