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How we help with your pension

1. Cash from Pension

Sometimes called Tax Free Cash or Pension Commencement Lump Sum

Maybe it is only cash from a pension you need right now. To qualify you must be over the age of 55 and your pension from a UK source and you must not already be drawing a pension income from it.

2. Income Pension

You may require additional money due to a change in circumstances. It is not necessary to stop working to be able to take income from a pension. You can do both! Therefore, if your income has reduced or you wish to work part time but need to top-up your income, it may be possible to draw an income from your pension whilst still working.

This does not have to be in the form of a Lifetime Annuity (though that is possible). There are alternatives to purchasing a lifetime annuity, such as a ‘fixed term annuity’ or a ‘Flexi-Access Drawdown’ contract. These alternative products are flexible and may perhaps better accommodate your needs, especially if your need for extra income is temporary.

3. Shop around for the best annuity

If purchasing a lifetime annuity is right for you, it is important to shop around for the best rate on the market. As an Independent Financial Adviser that specialise in pensions we have access the entire market and can make that comparison for you as well as advising on the most appropriate basis to take your annuity.

If you have a health issue it may be possible to increase the value of your annuity via the enhanced annuity market. We can advise you if you qualify for an ‘Enhanced Annuity’.

If you’re not sure:

Then it is important that you take advice from a pension specialist like ourselves. The Pension House will give you clear advice on which option is right for you and your circumstances.
We will help you to consider all the options available and steer you through the process. Make no mistake; retirement benefits are a big step and will affect your income for the rest of your life.

We advise you not to try and do it on your own, but to seek professional help as it can be an overwhelming and difficult decision. You can seek free guidance from ‘Pension Wise’ but they won’t advise which option is best for you.
We can and will provide financial advice, recommend the most suitable option and you will have the back up and support of the UK regulatory system having taken advice from a registered and authorised financial adviser.

 

Taking a pension early is likely to reduce your income at retirement. Pension release is not suitable for everyone and should not be seen as an easy option for raising cash. This is because a pension is designed to provide you with benefits when you retire.
National Debtline: 0808 808 4000 www.nationaldebtline.co.uk
Citizens Advice: www.citizensadvice.org.uk

FOUR RETIREMENT OPTIONS

Pension from age 55

You can access your private pension/s after your 55th birthday as long as it is from a UK source. How you take your pension will depend on the type of pension scheme your money is invested in.

Cash from pension

Are you looking to take just the cash from a pension – sometimes called Tax Free Cash or Pension Commencement Lump Sum There are a number of options on how to take cash from your pension.

What is an Annuity?

An annuity is an income for life and it stops when you die – so it is important to get the most value out of your pension fund when buying your annuity. There are many options/styles of annuity.

Enhanced Annuity

An Enhanced Annuity or Impaired Health Annuity pays a higher income for those with medical conditions and for those with a smoking or drinking lifestyle that it may reduce their life expectancy.

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Pension assessment

This is where we carry out an assessment of your existing pension plan/s and forecast your benefits to retirement. We will then be able to advise whether you have sufficient savings to meet your needs.
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Let's retire

Are you ready to start taking your pension benefits? We can help you to understand and consider all the options available to you at retirement and steer you through the process and help you choose the most suitable option.
Learn more

Workplace pension

Struggling to attract and retain the right staff? Finding it hard to ‘talk pensions’ to your employees?
We can provide a scheme review and audit as well as helping you to communicate the pension scheme.
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