Pension Laws have changed for everyone in recent years. There is more choice but also more risk and in some ways more restrictions. It is important to speak with a Pension Expert to see how these changes have affected your retirement planning. With the Chatsworth Practice Pension Advice Service, an expert Pension Adviser helps you meet you personal objectives.
The Chatsworth Practice Pension Advice Service provides access to a Pension Expert. Our Pension Expert is experienced in a wide range of scheme types and well placed to provide the Pension Advice you require. Our Pension Expert will spend time understanding your circumstances and needs before providing a specialist Pension Advice Service Recommendation.
Pension planning is a complex area. People often build up a number of schemes over their working lives. Pension Advice is essential to ensure existing pensions are suitable for your objectives, attitude to risk and age. Our Pension Expert considers your retirement planning as a whole to ensure you are on track to meet your retirement objectives. If not on track our Pension Adviser highlights any shortfall in provision and recommends the appropriate course of action. This may include increasing contributions to existing schemes, or contributing to a new scheme which we would set up on your behalf. Where appropriate the Chatsworth Practice Pension Advice Service provides an ongoing service plan to help ensure your pensions remain suitable and invested to best advantage.
Pension contributions receive tax relief. This means that part of every contribution is made from the tax you pay. This is particularly beneficial for higher and additional rate tax payers because they get a higher level of tax relief. Pension Tax Relief is considered by our Pension Expert in The Chatsworth Practice Pension Advice Service.
When benefits are drawn, 25% is paid as a tax-free lump sum. Capital or income from the remainder is taxable. Many people have a lower tax band in retirement than during their working lives. This means many people pay less tax on their pension income than they received in tax relief. A Pension Adviser at The Chatsworth Practice works with clients to ensure they maximise the benefits of pension tax relief and where possible minimise tax payable in retirement.
The Chatsworth Practice Pension Advice Service includes state pension advice. The state pension has always been designed to provide a very basic standard of living. Recent changes increase basic state pensions for low earners. However, higher earners will receive a lower pension in the future. This makes it increasingly important for higher earners to obtain pension advice to see how the changes affect them.
Expert Pension Advice is essential when considering the Pension Lifetime Allowance. The amount of pension provision which can be built up during a person’s lifetime is capped. This cap has reduced in recent years from £1.8 million to just over £1 million. This cap affects a lot of people due to the way final salary benefits are looked at. Final salary pensions are multiplied by 20 and added to the expected tax-free lump sum. This means those with final salary scheme benefits of more than £50000 per year or over £37500 per year plus the maximum tax-free cash lump sum will have used their lifetime limit. Those who have money purchase schemes as well will be over the lifetime allowance. When dealing with the Chatsworth Practice Pension Advice Service, A Pension Expert provides advice to those near or over the lifetime allowance limit to help manage the risk of a large tax charge being applied.
The Chatsworth Practice Expert Adviser provide Pension Advice in Bournemouth, Poole, Christchurch, Southbourne, Westbourne, Ringwood, Verwood, Ashley Heath, Swanage and surrounding areas.
Feel free to contact our Pension Adviser on 01202 233297
We can advise upon the following:
. Pension Options at Retirement
The Chatsworth Practice is a Trading name of The Chatsworth Practice Limited which is an appointed representative of 2 Plan Wealth Management Limited. It is authorized and regulated by the Financial Conduct Authority and is entered on the FCA register under reference 494796.
The Chatsworth Practice Ltd is registered in England and Wales registered number 05974782. Registered office 5th Floor, Waverley House, 115 – 119 Holdenhurst Road, Bournemouth, Dorset, United Kingdom, BH8 8DY