Pensions and Annuities
Pensions are an extremely valuable tool for providing individuals with a life-long income throughout their retirement.
How Do the New Pension Rules Affect Me?
The new single-tier state pension, also referred to as a ‘flat-rate’ pension, came into effect 6th April 2016. Whilst it makes the system simpler, as well as increasing the basic state pension from around £120 per week to a starting figure of £155 per week, the new system is not set to benefit everyone.
The new system applies to men with birthdays after 6th April 1951, and 6th April 1953 for women, so if you retired before 6th April 2016, the single-tier system won’t affect you and you’ll continue on the previous two-tier system.
As we are all living longer, the costs needed to support us in retirement have increased dramatically, which is why the Government has decided on the current Pensions Reform. But for many, this will not be enough. If the lifestyle you aspire to would not be supported by this level of income, now is the time to take action. Irrespective of your career stage, we can help you to plan and save for the lifestyle you desire for yourself and your family.
How Do I Find the Right Pension Plan & What Are My Options?
Pensions are an extremely valuable asset for all individuals. Due to the current economic climate it is extremely important for individuals to set money aside for their retirement and one of the best ways to do so is through the use of a pension. At A.R.D. Consultancy we are committed to our customers and finding effective methods to increase pension returns for our customers is crucial.
Once you have made that important step to set up a pension scheme you will need to assess your available pension plan options.
Our aim as pension advisers is to provide information and advice on how you should save for your retirement. We provide financial advice across Central Scotland and are extremely confident in our ability to demonstrate the benefits and pitfalls of each option available. Pension schemes are split between those for individuals and those administered by companies on behalf of their employees.
In addition to using pensions to fund your retirement planning, our advisers are also able to consider a range of investment planning options which can compliment the more traditional pension choices. To learn more about investments, click here.
The pensions market is complex and it is understandable that you may feel overwhelmed by the amount of information and options available. This is where speaking to an experienced financial adviser at A.R.D. Consultancy can help.
What If I Already Have A Pension?
At A.R.D. Consultancy, we help with arranging pensions for individuals but we can also help with improving existing pensions. We will work with you using our expert knowledge to provide an individually tailored pensions advice service to suit your needs.
Some individuals may feel that their pension is not performing well enough and may need help to increase potential returns. They may also be worried that their pension plan will not generate enough income to fund a comfortable retirement. Many pension plans are underperforming because they are not given the attention they deserve. The danger is that if your pension plan is not managed properly, you may not achieve financial security in the future, which is where we come in. If you are finding that your current pension is not performing in the way you had hoped then our expert advisers can work with you to look at different ways to improve performance and ultimately increase pension returns.
The pension review service available at A.R.D. Consultancy aims to provide peace of mind to our clients. We will review all of your pension arrangements and will regularly monitor their progress to ensure they are continually working in the most effective manner. We want to help our clients and to ensure they will be able to survive financially in their retirement. Pensions are essentially a way of investing in your future to ensure you can live a comfortable, stress free and fun-filled life.
What Is A Pension Annuity?
A pension annuity is an income provided in return for your pension fund and is usually the remaining fund after tax free cash has been taken. Pension annuities are taxed in full as earned income.
There are different types of pension annuities and a number of different options that you need to consider before deciding on the one that is right for you.
We discuss with our clients the various annuity options that are available and research the market to ensure that the most appropriate illustrations are provided. Special annuity rates can be available for smokers, previous and existing health conditions, for some occupation’s and those of a larger build – all increasing the amount of income that can be obtained. When you consider that the annuity income will continue for life (and the lifetime of your partner if required) a few pounds extra each month can soon add up.
Take Advantage of Our Pensions & Annuity Advice Service
It is more important than ever to start preparing early for income in retirement, and over the years we have helped many clients to go forward into a happy and prosperous retirement. If you would like to receive independent financial pension advice then contact us today.