New pension rules explained take the whole lot as a lump sum

Size: px
Start display at page:

Download "New pension rules explained take the whole lot as a lump sum"

Transcription

1 October 2014 New pension rules explained take the whole lot as a lump sum On 19 March the Chancellor announced what he described as the most radical changes to pensions in almost a century. It wasn t an exaggeration. For the first time ever pension investors can decide how to take money from their pension. From April 2015 all income limits and restrictions will go. Providing you are 55 you could even take the whole of your pension as cash if you want. So what could the changes mean for you? How will they work in practice and will everybody benefit automatically or could you miss out? To find out more we ve asked Tom McPhail, Hargreaves Lansdown s Head of Pensions Research. Charlotte Cowen: So, Tom, what is all the fuss about? Tom McPhail: Well, the Chancellor described this as the biggest change to pensions for a hundred years and for once the reality justifies that kind of hype. The government has fundamentally changed the relationship between the state and individuals on retirement savings and it really will make a difference to 18 million people. The government said: you can do what you like with your retirement savings pots. We are going to step back, we are not going to interfere. It s your money, you do what you like with it. This is really pretty radical stuff. Charlotte Cowen: So the new pension freedoms is the real game changer, isn t it? Can we discuss that in a little bit more detail? Tom McPhail: OK, so let s start by just breaking down exactly what has changed. First of all, let s look at how it works today: you put some money into a pension pot and your employer might add some money as well. Hopefully over time the money will grow. Then typically when you get to retirement in most cases you hand the money over to an insurance company: you buy what is called an annuity and in return you get a guaranteed income for life. Now, you have got a great deal» IMPORTANT NOTES It is normally only possible to access money in a pension from age 55. Taking money out of a pension will impact standards of living in retirement. Before transferring a pension you should check you will not lose valuable benefits or guarantees or incur excessive exit fees. A SIPP (Self Invested Personal Pension) is for people happy to make their own investment decisions. The value of investments can fall as well as rise so you may get back less than you invest. Tax treatment can change and depends on your circumstances. This information, like our service, is not personal advice. If you are unsure an investment is right for you, contact us for advice. This video is based on our current interpretation of the (Draft) Taxation of Pensions Bill published on 6 August It is a broad summary and cannot cover every nuance. You should not take, or refrain from taking, any action based solely on this video. Source for performance figures quoted: Lipper (ABI UK - Mixed Investment 40%-85% Shares-Pen; FTSE All-Share TR; Invesco Perpetual High Income Inc 01/08/ /08/2014). ipad is a trademark of Apple Inc. One College Square South, Anchor Road, Bristol, BS1 5HL 1

2 of security with that, it s a guaranteed income, but you have completely lost control over your money. Charlotte Cowen: So, that s how it was. What part of that is changing? Tom McPhail: The big change from next April is that as at present you will still be able to buy an annuity if you want, but if you don t want you will be able to take as much money out of your pension pot as you like. So, once you reach the age of 55, you will be free, if you want, to take all of your money out in one go and the government says they are quite relaxed about that, you can do that. Now, this is a massively radical change of attitude on the part of the government, to just hand this responsibility back to people and say do what you like. Charlotte Cowen: Wow, that certainly sounds incredibly exciting and a real shift change. So are there really no limits and no restrictions at all? Tom McPhail: The key restriction is that you have to be 55 to take advantage of this. But after that there really is almost no limit. You can take a quarter of your money as a tax-free lump sum and after that if you want to take it all out in one go, you can. And if you want to just dip into your pension pot as you go along, perhaps take a little bit of income from time to time or periodic lump sums, that s up to you. It s your money, you do what you like with it. Charlotte Cowen: So, it is indeed very exciting, but it seems to come with quite a lot of responsibility at the same time. What sort of things should an individual be considering before they make these decisions? Tom McPhail: That s absolutely right and I think with these freedoms come responsibilities. So, it s very important that people first of all think about how much secure income they might need in retirement. For some people the investment risks and the flexibility might be inappropriate; it might be safer and simpler just to buy an annuity with all of their pension pot. So, for some people that will be still the right answer. Then you might want to consider if you are going to keep some of that money flexible: how much, how you want to balance off the two, how much you want to allocate to an annuity, how much you want to keep invested flexibly. Then decide what you are going to do with that money: how much you are going to draw, how and when you are going to tap into that money, and, of course, crucially you also need to think about the tax implications because if you take money out of your pension pot, particularly if you take out big lump sums, you will be liable to tax on it and in some cases it could be a very substantial amount of tax, so you need to plan carefully. Charlotte Cowen: Yes, tax is something that often worries people. So can we perhaps look at someone who wants to take some money from their pension pot: how much tax would they pay in a specific example? Tom McPhail: So, let s look at someone who is age 60, who s done well with their pension, let s say they have got a quarter of a million pounds. Well, the first thing they could do is take out a tax-free lump sum, so they would be allowed to take up to 62,500 out as a tax-free lump sum, as they can at the moment. Then, they can leave the rest of the money invested. Charlotte Cowen: Let s look at the other end of the scale, perhaps someone who is not lucky enough to have a pension pot worth that much money. How much tax would you pay on a smaller pot? Tom McPhail: So, let s say you have only got 30,000 in your pension pot which might be more relevant for more people. Even with that you would get a quarter of it tax free so that would be 7,500. If you took the remaining 22,500 out, particularly if you had some other sources of income such as the state pension, you would probably still find yourself paying perhaps a few thousand pounds in tax on that lump sum. So, even for people with small pots that tax consideration is very important. Charlotte Cowen: There seems to be an awful lot to think about and April 2015 really seems just around the corner. So, in terms of who it is going to affect the most, is it people who actually are quite close to retirement? Tom McPhail: Well, it is certainly relevant to people who are close to retirement. They are the ones who are going to be able to take advantage of these freedoms first. But, of course, it also affects people who are further away from retirement, because they have got more time to kick their retirement plans into shape and ultimately may well be able to take greater advantage of these new freedoms. So, it really does affect those 18 million people that the Chancellor talked about in his Budget speech. Charlotte Cowen: So, it sounds very much like different groups of people are going to be affected, but all in slightly different ways. So perhaps we could look at different groups? Initially, people who are planning to retire in a fairly short timeframe: if they retired before April, could they potentially miss out on all these changes? Tom McPhail: No, they could still be able to take advantage of these new freedoms. For example, if they need some money now, they could use the current drawdown rules to take some money out of their pension pot: they could access their tax-free lump sum, they could take some income out of their pension pot but currently subject to restrictions. Then, from next April they will be able to use new freedoms in their entirety, so they would at that point be able to take the rest of their money out of the pension pot if they want to. So, they do have the freedom just to say look, I don t need any money now, I am just going to wait until next April and at that point I will be able to tap into the new rules. But if they need some money in the interim, they can get at some of their pension pot and then still use the new freedoms from next April. Charlotte Cowen: That certainly makes sense. So people aren t going to miss out: they could start now and then get greater freedom after April. Indeed, many Hargreaves Lansdown clients have been starting to think along those lines and starting to already do that. We interviewed one such client who is happy to tell us about their story. If we assume they had no other income, they could take 10,000 out and that would be covered entirely by their personal allowance so they would pay no tax on that 10,000. If they took 20,000 out, they would end up paying 2,000 in tax on that lump sum. If they took 50,000 out, it gets a little more awkward and they would end up paying around 9,000 in tax on that 50,000 lump sum. And if in the extreme example they took the whole 250,000 out as a single payment, which they would be entitled to do, they would get a quarter of that tax free but they would then end up paying around 70,000 in tax. So, they would only actually get into their bank account around 180,000. 2

3 Lillian Billing, London It has been interesting looking at media reports seeing that people are already embracing these new freedoms and are putting more money into their pensions. Just with Hargreaves Lansdown we have seen over an extra 100 million paid into pension pots as a result of these reforms. So, clearly, the message is getting out there. Charlotte Cowen: Absolutely. Investors are far more enthusiastic about pensions than they have been in a good number of years, which is fantastic. We have interviewed one of the Hargreaves Lansdown clients who has decided to increase their pension contributions in light of the pension freedom changes, so we are going to hear their story. After correspondence from my paid up pension, I received that letter that says you are approaching the age where you are eligible to withdraw your pension. That s quite a shock, but it happens, we all get there at some point. I decided to defer it for 5 years and then I thought to myself: well, here is this sum of money, sitting there, what can I do with it? My pension provider who had gathered together all these disparate pieces of pension planning that I had, was willing to pay me that proportion which was tax-free cash, but at the same time they also wanted me to commit the rest to an income. It was either all or nothing. Then a friend who had recently retired from financial services said: why don t you get in touch with Hargreaves Lansdown? I think they might be able to help. They are just wheeling out a facility, whereby you can transfer your money out, take that proportion which is tax free, which is the element that I wanted now, and they will hold over the balance to meet the promise of new legislation that s out next year. Then you can decide whether to take more cash, which of course would be taxed, or defer it into other investments. This seemed to make more sense to me and suddenly gave me options that were attractive. They were options that met my plans not the convenience of someone else s legislation or a company s own internal policies. I was delighted to be able to do that. You think of anything to do with pension planning and pension bureaucracy as taking an age, but once the process started, wow, it was really quick. The follow through was great: I was informed regularly of what was happening. This morning, I had a lovely piece of news. My mobile phone pinged: there was a text message from my bank; I looked at my balance and I was delighted to see that my tax-free cash had appeared on my current account. This was quick and very good timing because I know exactly what I am going to do with it. It has been a very easy, simple, straightforward process without any hiccups or problems and I am delighted. Charlotte Cowen: So, that s what you could do if you are 55 or older and are planning to retire fairly soon. But what about if you have got 10, 20 or even 30 years to go? Do these changes affect those people yet? Tom McPhail: Yes, absolutely, they do really affect everybody. Of course, people who are that little bit further away from retirement have more opportunity to change direction and the eventual outcomes, because they have got more time to change their pension plans. So I would say that people who are 20 or 30 years away from retirement will ultimately be able to take even greater benefit from these reforms. Of course, the critical thing with these reforms is the amount you get out of your pension at the other end is dependent first and foremost on how much you have paid in. If you don t pay enough into your pension pot, ultimately almost whatever else you do, you are unlikely to get a decent return at the other end. Phil Warren, Burnham-on-Sea In my earlier years I was incredibly sensible: as I progressed through my career if I found myself with a little bit of extra money, I would try and put it in my pension. Then during the middle part of my career, I kind of neglected my pension: as life changes, priorities change. My children were the focus of my attention and my pension was one of those things that I just put to one side; it wasn t something I was incredibly focused on. The children have grown up now and my pension is one of the things I have actually more of an active interest in. It is something I feel like I am in control of now, something I have got back. I am more comfortable with the position I am in now than I have felt in a long time. I think the Budget changes have reinforced my focus with regard to my pension. I am 44 now, amd a pension is actually something that s real now. When you re younger, it s something in the never-never, it means nothing. But now I am actively thinking: when am I going to retire? Is it in 11 years when I am 55? I would like that to be the case, but I can t imagine that I will be at that stage but it s an option. Some things never change and I guess once you re a parent your children are always in some ways the focus, and they certainly are for me. A pension is not just thinking about myself, it s thinking about where my children are going to be in years. They will have got careers of their own, perhaps even starting out in their own business, and perhaps they need money. I think my pension could be the best way for me to help them out. As someone who is self-employed, it is difficult to make a commitment to a regular set amount. When I am in a position to make contributions, it s easy to do: just log on and do it by a debit card payment, as simple as that. Charlotte Cowen: So, you could consider topping up your pension. But is there anything else you can do to try and boost the pot? 3

4 Tom McPhail: Well, the other critical thing is just to review your pension regularly, not just to set it up and then walk away and forget it. Even once a year is note quite enough. It s good to review your pension regularly. Charlotte Cowen: Is there a set amount of time? How regularly? Tom McPhail: I think you need to work with what works best for you. I think a critical thing here is: it s much, much easier to do if you have got online access to your pension account, or, better still, if you use a smart device, an app, so you can check on your pension on your phone or your ipad. That makes it a great deal easier. Barry Moorhouse, Castle Cary Charlotte Cowen: So what factors should people be considering when looking at their investments? Tom McPhail: Well there are a couple of things to consider. First of all you need to select investments that will match your risk profile and that will maximise your returns without doing anything reckless that you would be uncomfortable with. I think it s also important to look at the default funds because we know most pension investors simply go into the default fund and they just stay there. That too is something that s worth reconsidering, because for most people the default fund may not be appropriate. We looked at some of the investment return numbers on default funds. Across the whole pension industry the typical default fund, that someone would get put into when they go into a workplace pension, has returned an average of 6.2% a year over the last 20 years. If someone had 10,000 invested in one of these funds, over 20 years it would have grown to over 33,000. Charlotte Cowen: Well that sounds quite good. How does that compare? Tom McPhail: If you look at what the stock market would have returned over the same period, if you had just been able to replicate exactly what the stock market would have delivered, then you would have got a 7.8% return. That would have boosted your pay out to around 44,500. What s really interesting is, if you then compare that with what we found to be the most popular fund that our clients have invested in on our Vantage platform through their SIPPs (Self Invested Personal Pension), that would have produced an annual return of 11.8%. It would have turned that 10,000 into over 92,000 over the same period. The important thing to bear in mind is that past performance is no guide to the future. These are past performance figures and individual investments will produce individual returns: they can fall as well as rise. Charlotte Cowen: So, how do you go about selecting your investments? Tom McPhail: What you need to do there is to do your own research. You need to look at what the pension schemes make available to you, what information they can offer to help you with that. Good pensions will make that easy for you: they will produce research and guidance to help you with that. If you find that your pension doesn t offer the information or the investment choice that will meet your requirements, that s when perhaps you should consider switching. Of course, the great advantage of a SIPP, for example, is that it offers a complete range of investment choices. Charlotte Cowen: In fact many people have been switching to the SIPP for that very reason. We have spoken to one of Hargreaves Lansdown s clients who has actually made that transition. I think the main advantage to me of the pension changes is I now have the freedom to choose. For example I may need to source a fairly large amount of cash, I know the tax implications, but I could get hold of it if I wanted to. If I have a good year and maybe I win the lottery, and I don t need to draw down from my pension, I can change the amount I draw down. So, from the point of view of the flexibility, that is the big advantage to me: that I don t have to say I want x thousand pounds per year for the rest of my life or for the next 5 years I can change it each year and that s a big advantage to me that I can flex my income according to my needs. My pension history is a bit of a chequered one, because I haven t skipped jobs a lot but I have had quite a few career changes. So, historically I have built up quite a lot of little pension funds and a couple of decent-sized pension funds, but all in all when I was coming up to retirement I actually had about 6 pension funds. They were just pots of cash all being managed by different people all with different charge all with different methods of drawing the money out. A lot of them were trying to sell me annuities - I didn t like it. So, that s when I decided to do something about it. Once I had made the decision to go for a SIPP, the question was how do I get all these little pots and couple of biggish pots into a SIPP. I opened the account with Hargreaves Lansdown, phoned them up, and explained what the situation was. Very helpful advice, very, very easy to move. Literally just fill in the form and then away you go, you start investing. If I wind the clock back 3 years or 2 years, but with new legislation which has just been announced, and I was going to do it all over again or somebody is about to do it what I would ask them to think about is: do you want to have the same amount of money every year? Do you want to draw a lot out at the beginning and then have a rest from it? Draw out more later on? Do you want to go on a world cruise every 5 years, if you have got the money? So, look at your lifestyle and decide how you want your income to come out. Then with a SIPP and the current legislation you can flex how much you take out. No more rules about how much you can take out based on weird calculations and percentages of annuity values. You take out what you want. You can choose how you spend your money and to me that s the biggest thing. I choose how I spend my money. Nobody else is choosing it for me, and that s the big advantage I have got from a Hargreaves Lansdown SIPP. Charlotte Cowen: So, if you have got some time to go until you retire you could consider reviewing your investments or even switching to a different type of pension that will give you more choice and freedom. But what happens if you have already retired? Have those people missed out completely? 4

5 Tom McPhail: Well, there s two groups of people here. First of all, if you have already bought an annuity, then you won t be able to take advantage of these new freedoms because you have already locked into a guaranteed income for life. That may well have been suitable for you anyway, but that s now a done deal. If you are in a drawdown plan, on the other hand, you will be able to take advantage of these new freedoms from next April, provided your pension provider actually gives you access to this. We know that at present some pension companies don t offer the kind of freedoms that will be available next April. I think it is also important to bear in mind that whether you are in drawdown already or you are coming up to retirement, we do anticipate there may well be quite a lot of people looking to take advantage of these new freedoms next April, so it may make sense to act sooner rather than later. Charlotte Cowen: That s great, thank you, Tom. Do you have one last message you would like to leave our viewers with? Tom McPhail: Yes, quite simply, these changes will affect 18 million people. The government is giving some great tax breaks to encourage you to save for retirement. They have gone further than that now and said it s your money, you have complete freedom over what you do with it. There are some great opportunities there, but a lot has changed, so it s absolutely imperative everybody should take another look at their pension, decide what s best for them, make sure they are making the most of these opportunities, and act now. Charlotte Cowen: That s great, thank you Tom. So, if you would like to find out further information about the new pension freedoms changes please visit where you will find a wealth of information. Alternatively if you have any questions, queries or you would like to have a chat to someone about the changes please feel free to contact the Hargreaves Lansdown Pensions Helpdesk on They are available during the week and on Saturday mornings as well. 5

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and

More information

guide to pension tax relief.

guide to pension tax relief. guide to pension tax relief. introduction tax benefits of pensions tax relief maximum contributions how to make a pension contribution what next? introduction tax benefits of pensions tax relief maximum

More information

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 02 What do you want to do with your pension fund? 07 A regular retirement income for the rest of your life 10 A flexible income from a Self Invested

More information

Standard Life Active Retirement For accessing your pension money

Standard Life Active Retirement For accessing your pension money Standard Life Active Retirement For accessing your pension money Standard Life Active Retirement our ready-made investment solution that allows you to access your pension savings while still giving your

More information

Pensions made simple. Take control of your future MIND THE GAP

Pensions made simple. Take control of your future MIND THE GAP Pensions made simple Take control of your future MIND THE GAP PENSIONS MADE SIMPLE FROM AVIVA Contents Page 1 First things first 2 2 Why pensions are so important 4 3 How a pension plan works 8 4 The tax

More information

ISAs GUIDE. An introduction to Individual Savings Accounts

ISAs GUIDE. An introduction to Individual Savings Accounts ISAs GUIDE 2015 An introduction to Individual Savings Accounts ISAs GUIDE 2015 Introduction Most people s experience of saving starts in childhood. Your parents encourage you to save up a few pennies,

More information

MONEY BOX LIVE. Presenter: PAUL LEWIS. TRANSMISSION: 26 th MARCH 2014 3.00-3.30 RADIO 4

MONEY BOX LIVE. Presenter: PAUL LEWIS. TRANSMISSION: 26 th MARCH 2014 3.00-3.30 RADIO 4 THIS TRANSCRIPT IS ISSUED ON THE UNDERSTANDING THAT IT IS TAKEN FROM A LIVE PROGRAMME AS IT WAS BROADCAST. THE NATURE OF LIVE BROADCASTING MEANS THAT NEITHER THE BBC NOR THE PARTICIPANTS IN THE PROGRAMME

More information

retirement planning the retirement you want Heineken UK Flexible Retirement Plan

retirement planning the retirement you want Heineken UK Flexible Retirement Plan my retirement planning the retirement you want Heineken UK Flexible Retirement Plan Contents Get an overview of the Heineken UK Flexible Retirement Plan What is the Flexible Retirement Plan? 4 Your benefits

More information

Let s talk pension flexibility The current position

Let s talk pension flexibility The current position Let s talk pension flexibility The current position 1 Let s talk pension flexibility the current position Change is coming. Budget 2014 heralded a shake-up of the pension system that will change how we

More information

How to... Help your clients use their pensions freedom wisely

How to... Help your clients use their pensions freedom wisely How to... Help your clients use their pensions freedom wisely How To Guide Introduction The new pension freedoms that came into effect in April 2015, may, at first, seem like a very attractive prospect.

More information

Your options at retirement

Your options at retirement UPDATED: 6 April 2015 NEW pension freedoms Your options at retirement How to take tax-free lump sums and income, under new pension freedoms One College Square South, Anchor Road, Bristol, BS1 5HL www.hl.co.uk

More information

MORE CHOICE MORE FREEDOM

MORE CHOICE MORE FREEDOM LOOK FORWARD TO MORE CHOICE MORE FREEDOM A guide to Income Release Pension Portfolio royallondon.com WELCOME TO ROYAL LONDON We re a mutual organisation and, unlike a PLC, we don t have any shareholders

More information

Accessing your Additional Voluntary Contribution (AVC)

Accessing your Additional Voluntary Contribution (AVC) Accessing your Additional Voluntary Contribution (AVC) Accessing your AVC savings Now is the time to start making decisions about your retirement and your future. One of the most important things to think

More information

CREATE TAX ADVANTAGED RETIREMENT INCOME YOU CAN T OUTLIVE. create tax advantaged retirement income you can t outlive

CREATE TAX ADVANTAGED RETIREMENT INCOME YOU CAN T OUTLIVE. create tax advantaged retirement income you can t outlive create tax advantaged retirement income you can t outlive 1 Table Of Contents Insurance Companies Don t Just Sell Insurance... 4 Life Insurance Investing... 5 Guarantees... 7 Tax Strategy How to Get Tax-Free

More information

Kim: Thank you Todd, I m delighted to be here today and totally looking forward to our conversation.

Kim: Thank you Todd, I m delighted to be here today and totally looking forward to our conversation. Filename: P4P 019 The Facts of Life Insurance Todd: [0:00:18] Hey everybody, welcome to another edition of The Prosperity Podcast, this is No BS Money Guy Todd Strobel. Once again, we re lucky enough to

More information

Guaranteed Annuity. An income for life that will never fall

Guaranteed Annuity. An income for life that will never fall Guaranteed Annuity An income for life that will never fall 1 2 A guide to our Guaranteed Annuity Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a wellestablished

More information

Your retirement could have even more going for it

Your retirement could have even more going for it Your retirement could have even more going for it A straightforward guide to equity release For no obligation advice: call 0800 015 0993 www.justretirementsolutions.com Contents Imagine what you could

More information

Retirement Account Plan Key features

Retirement Account Plan Key features Retirement Account Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator. It requires us, Standard

More information

Annuities: Basics You Need to Know Last update: May 14, 2014

Annuities: Basics You Need to Know Last update: May 14, 2014 Summary Annuities: Basics You Need to Know Last update: May 14, 2014 The key feature of most annuities is the promise to provide you an income for life, no matter how long you live. This paper explains

More information

The Retirement Account. Certainty, flexibility and simplicity for life

The Retirement Account. Certainty, flexibility and simplicity for life Certainty, flexibility and simplicity for life Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a well-established company that can trace our roots back over 150

More information

Guide to Buying a Pension Annuity

Guide to Buying a Pension Annuity Guide to Buying a Pension Annuity Contents Introduction 01 1. Pension Annuities 02 What is an Annuity? 02 Who Needs to Buy an Annuity? 02 Who Doesn t Need to Buy an Annuity? 02 Where Do You Buy an Annuity?

More information

Pension saving for the self employed

Pension saving for the self employed April 2014 Contact Details We can be contacted at: The Pensions Advisory Service 11 Belgrave Road London SW1V 1RB Helpline 0845 601 2923 General Office 020 7630 2250 Fax 020 7592 7000 For enquiries, please

More information

A GUIDE TO FINANCIAL GUIDE. New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION

A GUIDE TO FINANCIAL GUIDE. New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION FINANCIAL GUIDE A GUIDE TO New Pensions Freedom GIVING PEOPLE MORE CONFIDENCE TO SAVE INTO A PENSION WELCOME Giving people more confidence to save into a pension Welcome to our Guide to New Pensions Freedom.

More information

GUIDE TO ANNUITIES. This guide is designed to provide you with the basic information you need to start thinking about your retirement opportunities.

GUIDE TO ANNUITIES. This guide is designed to provide you with the basic information you need to start thinking about your retirement opportunities. GUIDE TO ANNUITIES It takes many years of planning, saving and sacrifice to build up a significant pension and, after all those years, you want to be sure you are making the most of it. This guide is designed

More information

Planning a prosperous retirement

Planning a prosperous retirement Planning a prosperous retirement Towry s Guide to Retirement Planning About Towry We are one of the UK s leading Wealth Advisers and specialise in providing high quality, expert financial advice to private

More information

PLANNING THE RETIREMENT YOU WANT

PLANNING THE RETIREMENT YOU WANT PLANNING THE RETIREMENT YOU WANT Charlotte Supply Chain Graduate HEINEKEN UK Flexible Retirement Plan Contents A reminder of... How the Flexible Retirement Plan works 4 The benefits 6 Consider what you

More information

Group Additional Voluntary Contributions Plan Key features

Group Additional Voluntary Contributions Plan Key features Group Additional Voluntary Contributions Plan Key features This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services regulator.

More information

When it s time to invest, we aim to give you more

When it s time to invest, we aim to give you more When it s time to invest, we aim to give you more Time to look to the future The Zurich Portfolio is an online wealth management service so it s available to your adviser and you whenever and wherever

More information

TAKING CONTROL OF YOUR PENSION PLAN. The value of pension contributions

TAKING CONTROL OF YOUR PENSION PLAN. The value of pension contributions TAKING CONTROL OF YOUR PENSION PLAN If you add together all the money you have in pension arrangements, the total may well dwarf every other investment you ever make. Despite this, many people are happy

More information

Filename: P4P 016 Todd: Kim: Todd: Kim:

Filename: P4P 016 Todd: Kim: Todd: Kim: Filename: P4P 016 Todd: [0:00:18] Hey everybody, welcome to another edition of The Prosperity Podcast, this is No BS Money Guy Todd Strobel. Once again, we have my cohost, bestselling financial author

More information

Our guide to. buying an annuity

Our guide to. buying an annuity Our guide to buying an annuity 2 Our guide to buying an annuity Contents Introduction 3 Pension reforms Thinking about retirement 3 Money and budgeting How can we help? Your retirement timeline Key questions

More information

The One Key Thing You Need to Be Successful In Prospecting and In Sales

The One Key Thing You Need to Be Successful In Prospecting and In Sales The One Key Thing You Need to Be Successful In Prospecting and In Sales The secret key to being successful in prospecting and in sales found in this report will work in ANY INDUSTRY for any product or

More information

Wholesaling Mark Ferguson

Wholesaling Mark Ferguson TRANSCRIPT OF EPISODE 14 OF THE INVEST FOUR MORE PODCAST Wholesaling Mark Ferguson Mark: Hi everyone. Mark Ferguson here with another episode of the Invest More Real Estate podcast. Today is just going

More information

Your Guide to Pension Freedom

Your Guide to Pension Freedom Your Guide to Pension Freedom 3 From April 2015, individuals will have more freedom to access their pensions. These changes mark a radical departure from the existing system, by giving you greater choice

More information

How To Sell Your Home Quickly At No Cost To You

How To Sell Your Home Quickly At No Cost To You How To Sell Your Home Quickly At No Cost To You Proven Step-By-Step Strategies For Selling Your Home, Land Or Property Quickly At No Cost To You Brought to you by: How To Use This Special Report This special

More information

Life Insurance made easy

Life Insurance made easy Life Insurance made easy INTRODUCTION Your Health is your Wealth - I genuinely believe that to be true. I work in the A&E Department of a large hospital and every day I see the challenges people face in

More information

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN

KEY FEATURES OF THE PROTECTED RETIREMENT PLAN KEY FEATURES OF THE PROTECTED RETIREMENT PLAN Customer version The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information to help you

More information

Annuities Guide. Simply Retirement make it easy for you to find the best deal in retirement. Simply Retirement Ltd who are we? Who is this guide for?

Annuities Guide. Simply Retirement make it easy for you to find the best deal in retirement. Simply Retirement Ltd who are we? Who is this guide for? Simply Retirement make it easy for you to find the best deal in retirement Jan Leeming Annuities Guide Simply Retirement Ltd who are we? Thank you for requesting this annuity guide. I would just like to

More information

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

Pension benefits guide How you can use your pension pot to suit your needs

Pension benefits guide How you can use your pension pot to suit your needs Pension benefits guide How you can use your pension pot to suit your needs axawealth.co.uk With the flexibility you have to take benefits through your pension, it can be difficult to know what s best for

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

Guide to Retirement Planning 2014/15

Guide to Retirement Planning 2014/15 Guide to Retirement Planning 2014/15 Retirement isn t what it used to be. In many ways it is better: people are living longer and enjoying healthier and more active retirement years. On the financial side,

More information

FAMILY PROTECTION MADE EASY. A guide to life assurance

FAMILY PROTECTION MADE EASY. A guide to life assurance FAMILY PROTECTION MADE EASY A guide to life assurance INTRODUCTION Your Health is your Wealth - I genuinely believe that to be true. I work in the A&E Department of a large hospital and every day I see

More information

WHAT S INSIDE. Financial Planning. Starting out. Young families. Established families. Empty nesters. Retirement Getting the best advice

WHAT S INSIDE. Financial Planning. Starting out. Young families. Established families. Empty nesters. Retirement Getting the best advice FINANCIAL PLANNING If you re looking for advice on financial planning, this guide explains some of the things you may need to consider. We hope you find this guide and the important pointers to each life

More information

Income For Life Introduction

Income For Life Introduction Income For Life Introduction If you are like most Americans, you ve worked hard your entire life to create a standard of living for yourself that you wish to maintain for years to come. You have probably

More information

A conversation with Scott Chappell, CMO, Sessions Online Schools of Art and Design

A conversation with Scott Chappell, CMO, Sessions Online Schools of Art and Design A conversation with Scott Chappell, CMO, Sessions Online Schools of Interviewed by: Steven Groves, StevenGroves.com Guy R. Powell, DemandROMI Can you talk to us a little bit about Sessions and what Sessions

More information

Welcome to NEST. All the key information you need about being a member of NEST

Welcome to NEST. All the key information you need about being a member of NEST Welcome to NEST All the key information you need about being a member of NEST 2 Please write your NEST ID here: You ll find this number on the letter that came with this booklet. Welcome to NEST Building

More information

Group Flexible Retirement Plan Key features

Group Flexible Retirement Plan Key features Group Flexible Retirement Plan Key features This is an important document. Please read it and keep it for future reference. Key features document: Pages 1 21 Terms and conditions for joining: Pages 22

More information

Your future starts now. Sensible information about retirement planning from Zurich Life

Your future starts now. Sensible information about retirement planning from Zurich Life Your future starts now Sensible information about retirement planning from Zurich Life Zurich Pensions - Sensible Information Dear 30 year old me Imagine checking your post one morning and finding a letter

More information

Click on the sections below to take you straight to the specific area you wish to view without scrolling all the way through the document...

Click on the sections below to take you straight to the specific area you wish to view without scrolling all the way through the document... SAVING MATTERS If you re looking for ways to save your money, this guide explains some of the things you need to consider. We hope you find this guide useful as a first step in your research before deciding

More information

Your retirement income. Exploring your options

Your retirement income. Exploring your options Your retirement income Exploring your options Contents 01 Accessing your pension savings with Standard Life 03 What do you want to do with your pension pot? 09 A regular retirement income for the rest

More information

0:00:29 Kim: Thank you Todd, happy to be here, looking forward to talking about selfdirected

0:00:29 Kim: Thank you Todd, happy to be here, looking forward to talking about selfdirected 0:00:18 Todd: Hey everybody, welcome to another edition of The Prosperity Podcast, this is No BS Money Guy Todd Strobel. Once again, we have cohost and bestselling financial author Kim Butler in the house

More information

Helping your loved ones. Simple steps to providing for your family and friends

Helping your loved ones. Simple steps to providing for your family and friends Helping your loved ones Simple steps to providing for your family and friends Contents 01 How can I take control of who gets what? 02 Inheritance Tax 04 Do you know how much you re worth? 06 Making lifetime

More information

A guide to the pension changes in April 2015

A guide to the pension changes in April 2015 A guide to the pension changes in April 2015 106027837.indd 1 05/01/2015 10:00 Contents What do the changes mean for you? 3 Summary of the changes from 6 April 2015 5 What s changed in practice? 6 How

More information

Options available when deciding to take pension benefits

Options available when deciding to take pension benefits Options available when deciding to take pension benefits You can now use the money that has built up in your pension fund to provide you with an income in retirement. An income can be provided in any of

More information

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY.

KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. PENSION ANNUITIES KEY FEATURES OF LEGAL & GENERAL S PENSION ANNUITY. HELPING YOU MAKE THE RIGHT DECISIONS FOR YOUR FUTURE This is an important document that you should keep in a safe place. 02 KEY FEATURES

More information

Summary: Presenter: Start Time: Duration: Winifred Robinson: Les Matheson, Chief Executive of personal and business banking at RBS and NatWest:

Summary: Presenter: Start Time: Duration: Winifred Robinson: Les Matheson, Chief Executive of personal and business banking at RBS and NatWest: Summary: Interview with Les Matheson, Chief Executive of Personal and Business Banking at RBS and NatWest. Presenter: Winifred Robinson Start Time: 12:18:15 Duration: 11 minutes Ministers have written

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

Your essential guide to equity release. from the UK s No. 1 specialist

Your essential guide to equity release. from the UK s No. 1 specialist Your essential guide to equity release from the UK s No. 1 specialist What is equity release? 03 03 04 05 06 07 08 09 10 15 Contents What is equity release? How could equity release help you? Why choose

More information

Your guide to Annuities

Your guide to Annuities Your guide to Annuities From Standard Life It s good to know what s around the next corner 1 of 24 If you would like a secure source of income and have a built up pension fund or a lump sum to invest,

More information

Buying a pension annuity

Buying a pension annuity Buying a pension annuity Why do I need to think about buying a pension annuity? When you come to retire, you will have some important decisions to make. Probably most important of all is how you will generate

More information

MONEY BOX LIVE. TRANSMISSION: 23 rd APRIL 2007 3.00-3.30 RADIO 4

MONEY BOX LIVE. TRANSMISSION: 23 rd APRIL 2007 3.00-3.30 RADIO 4 THIS TRANSCRIPT IS ISSUED ON THE UNDERSTANDING THAT IT IS TAKEN FROM A LIVE PROGRAMME AS IT WAS BROADCAST. THE NATURE OF LIVE BROADCASTING MEANS THAT NEITHER THE BBC NOR THE PARTICIPANTS IN THE PROGRAMME

More information

Self-Invested Personal Pensions

Self-Invested Personal Pensions A guide to COCKBURN LUCAS INDEPENDENT FINANCIAL CONSULTING Self-Invested Personal Pensions Contents 1. What is a SIPP? Giving you control 2. What tax advantages does a SIPP offer? Tax relief on pension

More information

The 3 Biggest Mistakes Investors Make When It Comes To Selling Their Stocks

The 3 Biggest Mistakes Investors Make When It Comes To Selling Their Stocks 3 The 3 Biggest Mistakes Investors Make When It Comes To Selling Their Stocks and a simple three step solution to consistently outperform the market year after year after year. 2 Dear friend and fellow

More information

A guide to annuities and your options at retirement

A guide to annuities and your options at retirement Providing Financial Education A guide to annuities and your options at retirement This guide is designed to provide the basic information you need to start investigating your retirement opportunities.

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

Make the most of your retirement. Retire with Friends. It s good to talk to Friends

Make the most of your retirement. Retire with Friends. It s good to talk to Friends Make the most of your retirement Retire with Friends It s good to talk to Friends You can count on Friends Retirement today looks a lot different than it did for previous generations. It s good news. There

More information

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity

It s flexible. Key features of the Flexible Income Annuity. Flexible Income Annuity It s flexible Key features of the Flexible Income Annuity Flexible Income Annuity This is an important document and you should read it before deciding whether to buy your pension annuity from us Purpose

More information

Your investment choices and charges. Explaining the investment options and charges for our Active Money Self Invested Personal Pension

Your investment choices and charges. Explaining the investment options and charges for our Active Money Self Invested Personal Pension Your investment choices and charges Explaining the investment options and charges for our Active Money Self Invested Personal Pension Contents 02 Level 1 investments 04 Level 2 investments 06 Level 3 investments

More information

Guide to Equity Release

Guide to Equity Release Guide to Equity Release in association with One of the Yours guides designed to The Guide to Equity Release in association with 1 help you make the most of your life Contents Why equity release? 4 Getting

More information

Retirement Tax Reduction Report

Retirement Tax Reduction Report Retirement Tax Reduction Report Introduction For many years now, Americans have been plowing money into Qualified Plans like IRA s, 401(k)s, 403(b)s, and the like. They have received a tax deduction for

More information

Key features. For customers One Retirement

Key features. For customers One Retirement For customers One Retirement Key features Contents Its aims 02 Your commitment 02 Risks 03 Questions and answers 04 Secure retirement income (SRI) 08 Other information 11 How to contact us 12 The Financial

More information

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk

Guide to SIPPs. Investment Helpdesk: 0131 550 1212. www.cs-d.co.uk Investment Helpdesk: 0131 550 1212 www.cs-d.co.uk SIPP stands for Self Invested Personal Pension. SIPPs are a flexible type of personal pension. Like most, they are designed to provide a retirement pot

More information

WHAT IS CHANGING? 1 JULY 2014 27 MARCH 2014 APRIL 2015

WHAT IS CHANGING? 1 JULY 2014 27 MARCH 2014 APRIL 2015 BUDGET 2014 PENSIONS AND SAVINGS RULES Our simple Q&A looks at the changes happening in the pensions and savings industry and how you may be affected. THE 2014 BUDGET STATEMENT ANNOUNCED SOME SIGNIFICANT

More information

The Oracle My Pension Plan. Giving you the power to choose

The Oracle My Pension Plan. Giving you the power to choose The Oracle My Pension Plan A Flexible Retirement Plan from Standard Life Giving you the power to choose Contents 03 Welcome 04 Benefits to you 06 Why should you join? 08 The state won t keep you warm 10

More information

With Our PRSA You Can

With Our PRSA You Can Live Life Your Way With Our PRSA You Can Making Your Money Work As Hard As You Do Contents Why Should I Plan For My Retirement?... 2 How Will My PRSA Work?... 4 How Will I Benefit From A PRSA?... 6 Investment

More information

With new options available from April 2015, we can help you plan your finances for a worry-free retirement

With new options available from April 2015, we can help you plan your finances for a worry-free retirement Your retirement With new options available from April 2015, we can help you plan your finances for a worry-free retirement Life is full of financial decisions and planning your retirement is one of the

More information

Making the most of your retirement

Making the most of your retirement Making the most of your retirement A guide to equity release and our advice service Provided by Contents Welcome from the Age UK Group 3 Do more with your retirement 4 What is equity release? 5 Is equity

More information

Making the right pension transfer decision

Making the right pension transfer decision Making the right pension transfer decision Clearing away confusion between QROPS, SIPPs, and QNUPS Over 30 years experience providing independent pension advice to expatriates and people working abroad

More information

We designed UBank with one thing in mind; to help you make more of your money, the easy way. Alex Twigg. General Manager. UBank.

We designed UBank with one thing in mind; to help you make more of your money, the easy way. Alex Twigg. General Manager. UBank. Hello. We designed UBank with one thing in mind; to help you make more of your money, the easy way. Alex Twigg. General Manager. UBank. 2. UBank UBank is all about you. We exist for you. Hence our name.

More information

INVESTMENT POTENTIAL,

INVESTMENT POTENTIAL, ADD POWER TO YOUR INVESTMENT POTENTIAL, CHOOSE THE M&G ISA 2 CONTENTS What is an ISA? 3 The key benefits of ISA investing 4 Reasons to invest in The M&G ISA 6 What is a Junior ISA? 7 The key benefits of

More information

A Guide to RETIREMENT PLANNING

A Guide to RETIREMENT PLANNING A Guide to RETIREMENT PLANNING PARTNERS IN MANAGING YOUR WEALTH Contents 3 Retirement planning guide 4 Retirement - the facts 5 How much will you need in retirement? 7 Investing for your retirement 8 What

More information

Contents Introduction To Annuities Flexibility of Annuity Types of Annuity About Pensioncalculator.org

Contents Introduction To Annuities Flexibility of Annuity Types of Annuity About Pensioncalculator.org Annuities Guide Contents Introduction To Annuities What is an Annuity? Why Bother with an Annuity? Main Advantages of Annuities Pros and Cons Flexibility of Annuity Buying an annuity Tax & National Insurance

More information

The financial planner that makes life easy.

The financial planner that makes life easy. The financial planner that makes life easy. Introducing our latest innovation that consolidates all of your savings and investments into one convenient location. True Potential One is the new financial

More information

Your essential guide to equity release. from the UK s No. 1 specialist

Your essential guide to equity release. from the UK s No. 1 specialist Your essential guide to equity release from the UK s No. 1 specialist 03 03 04 05 06 07 08 09 10 15 Contents What is equity release? How could equity release help you? Why choose Key Retirement? Mr & Mrs

More information

Ad Sales Scripts. Would you be willing to meet with me in person to discuss this great opportunity?

Ad Sales Scripts. Would you be willing to meet with me in person to discuss this great opportunity? Successful Cold Call to Business Hi, this is Steve at Waterway Car Wash. Good afternoon, Steve. My name is (first and last name) and I am calling on behalf of (name of yearbook), the yearbook publication

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0800 014 7470 0333 014 6267 am-5.30pm weekdays. Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction

More information

Retirement: Get Ready...1 Why planning makes sense...1 Where are you?...2 Getting Started: 20 s and early 30 s...3

Retirement: Get Ready...1 Why planning makes sense...1 Where are you?...2 Getting Started: 20 s and early 30 s...3 Retirement: Get Ready...1 Why planning makes sense...1 Where are you?...2 Getting Started: 20 s and early 30 s...3 On Your Way: Mid-30 s to early 40 s...4 Crunch Time: Mid-40 s to early 50 s...5 Just Around

More information

Guide to Equity Release

Guide to Equity Release Guide to Equity Release Find out how you could unlock cash from your home in association with One of the Yours guides designed to The Guide to Equity Release in association with 1 help you make the most

More information

Owning shares: a step-by-step guide

Owning shares: a step-by-step guide Owning shares: a step-by-step guide Royal Mail achieved an important milestone when it floated on the London Stock Exchange in 2013. Many of you will have received shares in Royal Mail through the Free

More information

Whatever s special about your family life, make sure you protect it

Whatever s special about your family life, make sure you protect it Whatever s special about your family life, make sure you protect it Your family is special, so make sure you protect it When something awful happens, it feels like normal life stops. But, even for a family

More information

SIPP Key Facts. This is an important document which you should keep.

SIPP Key Facts. This is an important document which you should keep. SIPP Key Facts! This is an important document which you should keep. 2 Key Facts of the Alliance Trust Savings SIPP The Financial Conduct Authority is the independent financial services regulator. It requires

More information

Customer Guide. to lifetime mortgages. more 2 choose a range of lifetime mortgage plans to suit every need

Customer Guide. to lifetime mortgages. more 2 choose a range of lifetime mortgage plans to suit every need Customer Guide to lifetime mortgages more 2 choose a range of lifetime mortgage plans to suit every need From one of the UK s largest retirement lending specialists Please speak to your adviser for further

More information

life INSURANcE The Boring Money guide to Yes. You over there trying to avoid the subject. Listen up!

life INSURANcE The Boring Money guide to Yes. You over there trying to avoid the subject. Listen up! life The Boring Money guide to INSURANcE Yes. You over there trying to avoid the subject. Listen up! Oh puh-lease, do I have to!? Come on, let s be honest. From the second you know you re pregnant, you

More information

Your pension: it s time to choose

Your pension: it s time to choose Your pension: it s time to choose Thinking about retiring Deciding how to take your retirement income Shopping around for the best income The Money Advice Service is independent and set up by government

More information

MONEY BOX LIVE TRANSMISSION: 12 TH NOVEMBER 2007 3.00-3.30 RADIO 4

MONEY BOX LIVE TRANSMISSION: 12 TH NOVEMBER 2007 3.00-3.30 RADIO 4 THIS TRANSCRIPT IS ISSUED ON THE UNDERSTANDING THAT IT IS TAKEN FROM A LIVE PROGRAMME AS IT WAS BROADCAST. THE NATURE OF LIVE BROADCASTING MEANS THAT NEITHER THE BBC NOR THE PARTICIPANTS IN THE PROGRAMME

More information

Moving Your Pension Overseas

Moving Your Pension Overseas Moving Your Pension Overseas Moving Your Pension Overseas Retirement is the reward we all look forward to after decades of climbing the career ladder and living for the weekends. After working so hard

More information

MARK MEADS Tele: +44(0) 870 24 26 789 Head of Sales, Individual Protection Direct: +44(0) 7740 897 409 Email: mark.meads@aegon.co.

MARK MEADS Tele: +44(0) 870 24 26 789 Head of Sales, Individual Protection Direct: +44(0) 7740 897 409 Email: mark.meads@aegon.co. BUSINESS PROTECTION INSURANCE UNDER SOLD Insurance is a cost a business is always looking to reduce, so the suggestion that your business needs more insurance is not an easy one to make. However, Mark

More information

Chapter 11. The Forex Trading Coach Is Born

Chapter 11. The Forex Trading Coach Is Born Chapter 11 The Forex Trading Coach Is Born The Forex Trading Coach company was officially launched in May 2009 and I decided to go ahead and establish the company and the website as a result of the tremendous

More information