There are two parts to pensions; the part when you are saving for your future called the accumulation phase and then the part when you start taking benefits from your pension called the decumulation stage. This section deals with the accumulation phase.
During our conversations with clients, we feel that the biggest area of financial confusion lies around pensions; how to save for your retirement and how to take the benefits at retirement (see retirement section). A recent Financial Conduct Authority “call for input” (which is a survey conducted by the FCA) and suggested that 45% of people said that they do not think about their pensions until they are 2 years from retirement. However, we feel that by this time it is too late to make significant and positive changes to your pension provisions.
Did you know that you can have a personal pension even if you have a pension through your employer? There can be great tax savings by investing into a pension, subject to you not breaching your annual allowance limits.
Or are you self-employed and have been meaning to set up a personal pension but have not got around to it yet? Over and above the fact that by making pension contributions you will be saving for your retirement, there are huge taxation benefits to saving into a pension via your business.
We can arrange for regular contributions to go into your pension or for lump sums to be paid in on an ad-hoc basis
PENSION REVIEW SERVICE
You may be in the situation whereby you have worked for several companies and been left with partly funded pensions; this may mean that you feel that you have some pension provision, but you may not have a clue what that will give you each month/year in retirement.
You may have preserved or “frozen” personal pensions that you receive an annual statement for but do not really understand. Some preserved pensions have considerably higher management fees than the more modern pensions available now which means that you will be losing money from your “pot” and not even realise. If you have pensions that have not been reviewed for a while, it could also be that you are invested within funds that do not meet your Attitude to Investment risk or have been performing poorly, which again will be costing you money out of your pot.
Our pension review service is designed specifically to help you take charge of your retirement. We take a comprehensive look at what provision you have or have not yet got, consider how this fits in with your plans and then suggest the best option going forward.
*Porters Financial Ltd are not authorised to give advice on Final Salary or Defined Benefit pensions
Innovation Centre Highfield Dr, St Leonards, Hastings TN38 9UH
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