New Job – Let us Know

New Job? Tell us about it and make sure you don't lose track of old pensions.


New Year. New resolutions, new goals and often a new job. Just like many things in life, this creates new changes. And your pensions are no different, so they’re not to be forgotten about.

A new job could mean a significant shift in financial circumstances and probably some change to pension arrangements. It’s something that many people forget about amid many things that pile up on your plate. But forgetting about your pensions could be dangerous to your long-term retirement goals. If you have changed jobs before, have you kept track of any pension savings you built up with previous employers? If the answer is no, the new year is the perfect opportunity o change your habits.

Switching jobs means your benefit package changes, meaning you will take with you a pension that is no longer ‘live’ or receiving contributions and more importantly, advice. The job you are moving to will have its own package, including a new pension scheme.

By law employers now have to offer employees a company pension and some experts now fear that in the UK there will soon be millions of “stranded pensions”, where people have lost track of what they have saved. Many will only wake up to this when they approach retirement. This is not some remote scenario that might happen far into the future. The Association of British Insurers (ABI) estimates that more than 1.6 million pension pots worth £19.4bn are already “lost” – the equivalent of £13,000 per plan.

So, if you’re changing jobs, this is a good time to review your retirement plans and ask yourself some questions. When do I want to retire? Am I saving enough? Do I need to transfer my pension? If I have more than one pension pot, should I consolidate them into one? Do I know how many pension schemes I have?

Here at Reeves, we’ll be happy to help you with all of these questions and probably suggest a few others. There’s a lot of things to take care of when you start a new job, but do take the time just to send us an email to let us know, so we can take steps to try to ensure your pension arrangements are in order.

Let’s look at how we helped one of our clients, Daniel Norman, when he swapped jobs.

When Daniel gained new employment, he contacted us, and we reviewed his arrangements. He thought that his previous employer’s financial consultant had consolidated all of his pensions, but we found that one of the pensions – his biggest, into which he had paid for 14 years - had been forgotten. We undertook various searches and tracked it down and secured him about £60,000.

Changing jobs is an important step. It’s one of those key events in your life – along with birth, marriages and deaths – that’s going to have big implications for your financial and retirement planning. Just remember, amid all the excitement, to let us know about it.

Reeves Independent offers a free review of your pension situation. Click the button below to get started.


These articles are for information only. These articles are based on specific clients and their situation may be different from yours. No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.

Life-Changing Financial Advice

A chat that changed a life.


You chat to your friends, family and work colleagues almost every day. Conversation makes the world go around. Whether that’s a tiny natter about trivial matters or in-depth conversations about serious matters. Some people are scared to talk about things that could affect them. But talking makes everything better and it’s true: sometimes a simple conversation can change your whole life.

A straightforward discussion was of enormous benefit to one of our clients, Martin Wright. Martin wanted a bigger house but thought this wasn’t possible. That was until, of course, he had a chat with Reeves.

We conducted our review of Martin’s situation and circumstances - and were able to offer some expert advice which was transformative to Martin and his family.

He had had a successful career and worked as director of a large Midlands manufacturing company. The transfer value of the pension in his employer’s scheme was £2.5m and he had amassed about £200,000 in cash savings. This was more than adequate provision for a comfortable retirement as he had a simple lifestyle, with no great expenses and indulgences. He had also still lived in the same modest house that he had bought when he was in his 20s.

On review of his retirement planning he highlighted a desire to buy a bigger house. However, he had always felt his resources did not allow for this. We recommended that he use some of his pension and savings to buy a bigger house. He followed our advice, took part of his pension as a tax-free lump sum and was able to buy a house worth £650,000 fulfilling his desire.

Until he had this conversation with us, Martin thought he was going to live in the same house in his retirement and live off his employer’s pension for his income needs only. Our review instead allowed him to take stock of his situation and make radical changes to his retirement plan, upgrade his home and be secure in the knowledge that he will be leaving more money. It also made him aware that he could achieve all these things and have the option of early retirement.

Having a chat with Reeves might open up a whole world of new possibilities for you, just as it did for Martin, and it might mean a significant enhancement to your lifestyle. Not everyone wants to retire early, but the knowledge that it’s possible can be extremely liberating: working because you choose to work, rather than because you have to.

Not talking to others about retirement planning means that you might not have a plan and that you might not know what you can do to improve that. Martin didn’t know the rules or what his options were. Just showing him what his options were opened his mind to all these new possibilities.

Reeves Independent offers a free review of your pension situation. Click the button below to get started.


These articles are for information only. These articles are based on specific clients and their situation may be different from yours. No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.

Reboot Your New Year.

End of year tax planning. Could you recoup enough tax to pay for your summer holiday?


We’re now well into January, the festive season is a distant memory and, odds are, your New Year resolutions have fallen by the wayside.

Why not reboot your New Year? Start looking forward to your summer holiday and, while you’re about it, why not get the taxman to pay for it by doing a little end of tax year planning and making use of all available allowances, which could net you thousands in regained tax.

At the time of writing, we’re only a few days away from formally leaving the European Union and thereafter the future is uncertain. At Reeves, we can’t control that, but we can help you with your tax planning. We want to make sure that our clients are using all the tax allowance opportunities that are available to them.

Let’s take a look at how we helped one of our clients, Graham Rouse, save thousands in tax through our expert advice.

Graham earns £100,000 a year and has £100,000 in cash savings. On our advice, Graham is paying £80,000 into his pension fund. This will gain an immediate £20,000, added by HMRC in the form of pension tax relief. Because he’s a higher rate taxpayer, he can also claim back another £10,000. Now, rather than sitting in his bank account, earning a derisory rate of interest, which is taxable, the money in his pension enjoys tax free growth. Also, his pension fund sits outside of his estate for IHT planning, so that if he was to die, his family can inherit it tax-free.

It’s worth pointing out here that it’s not only people such as Graham, who are financially comfortable, who should do some of end of tax year planning to take advantage of allowances. Even somebody who has earned no money in the year can pay £2,880 into their pension and receive £720 off the taxman straightaway. Similarly, somebody earning £10,000 a year or less, perhaps in the run-up to full retirement, can make a pension contribution and get relief, even though they won’t have paid any income tax in the year.

We then advised Graham to pay the remaining £20,000 into his ISA, making full use of the annual allowance. This can grow and earn dividends free from income and capital gains tax.

Glen Moore, who owns his own company, has reached his lifetime allowance for his pension of £1,055,000, so can’t make any more contributions himself. On our advice, his company has made a contribution of £80,000 into the pension scheme of his wife, who is also an employee/director of the company. This is a way of generating extra value in retirement from the business to benefit their family without incurring any additional tax liability. Paying into an employee’s pension is an allowable business expense and can be used to reduce the company’s corporation tax bill. 

Graham and Glen have done their end of year tax planning and so have laid the foundations for a prosperous New Year - even if they did break all their resolutions.


These articles are for information only. These articles are based on specific clients and their situation may be different from yours. No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.

Reeves expands into iconic new Head Office.

Reeves Independent has recently completed its expansion into a landmark building in Gosforth. 


The building, at 30 High Street, Gosforth, known locally as the Old Bank, originally having been home to the Midland Bank, is one of the area’s best known commercial properties.

It now forms the headquarters for Reeves Independent, giving us a prominent high street presence and offers welcoming and convenient place where new and existing clients can visit us to discuss their pension and retirement needs.

Our original property, also on the High Street, will be retained as our National Client Advice Centre, from which we will service our clients in the rest of the UK.

We also have plans over the next few years to open some satellite offices in other key areas of the UK.

Reeves has always focused on providing the best possible service to our clients, rather than investing in plush offices. However, as the business has grown on the back of that quality of service, it has become necessary to expand our physical presence. The new office allows us to enhance our service levels even further, while giving clients the opportunity for face-to-face meetings in a comfortable, bespoke environment.

We look forward to welcoming you here.

Reeves Independent offers a free review of your pension situation. Click the button below to get started.


These articles are for information only. These articles are based on specific clients and their situation may be different from yours. No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.

Spring into Action and Save Tax

It pays to look ahead when making provision for your retirement and this is the time year when we think about tax.


The tax year comes to a close at the end of the first quarter of 2020 and, although we haven’t yet seen the back of 2019, you should be thinking about this now. So, be sure to get in touch with your Reeves client account manager before the end of the tax year. We have a hotlist of people we’re contacting to make sure they make the best use of their allowances. Speak to your account manager to ensure you’re included.

At Reeves, we will be looking at ways in which we can use everybody’s allowances to their maximum benefit. This applies to pension contributions, ISA contributions, capital gains tax and income tax.

At the time of writing, we’re in the middle of a general election campaign, but, while there is political uncertainty, whatever the outcome of the election, there will still be tax allowances available for people to use. It’s our job to make sure you’re paying as little tax as possible and maximising the amount you get back from the taxman. Last year, for clients who took advantage of our tax planning services, we saved, on average, each one £4,500 in tax*.

We’ve pointed out before that there are seven ways to pay less tax.
  • Pay more into your pension to reduce your taxable income. This is the easiest way to pay less tax. Contributions made into your pension receive income tax relief at your marginal rate. While interest rates are so low, it’s well worth investing any spare cash into pension funds to take advantage of the 25% boost (if you’re a lower rate tax payer) that the taxman will give your savings, a return you’ll be highly unlikely to earn anywhere else.
  • Make a salary sacrifice agreement with your employer. This may allow you to pay more into your pension without reducing your take home salary at all.
  • Withdraw 25% of your pension pot as a tax free lump sum.
    Recycle your tax free lump sum back into a new pension. There are strict rules on recycling, so you’ll need to take advice on this.
  • Maximise your use of personal allowances and don’t forget your spouse’s personal allowances.
  • Start pensions for your children or grandchildren. You can pay £2,880 into each every year and the government will apply tax relief to raise this to £3,600 and the transfers won’t be subject to inheritance tax, so long as they are made at least seven years before your own death.

Not all allowances can be carried forward, so use them while you can. Also, some allowances that you may have been able to carry forward, may be about to expire, so make sure you don’t lose those. Remember, if you want to minimise your tax bill and maximise your savings, get in touch with your client adviser.

Also in the first quarter, for every client who is retired and has a drawdown policy, we’ll be conducting the usual twice yearly review (the second being in quarter 3), looking at their income needs and where the income will come from. At the same time, we also review the products that we manage and assess whether they’re still suitable for each client and judge whether their investments are still on track to help them achieve their retirement goals. This helps to focus clients on their retirement plan and gives them a view of their income over the coming years. It helps us to keep up to date with clients’ changing circumstances and perhaps identify other areas where we can help.

In the meantime – have a merry Christmas and a happy and prosperous New Year.

*Based on average saving from clients that requested end of tax year advice.
The financial conduct authority does not regulate tax and estate planning.

Reeves Independent offers a free review of your pension situation. Click the button below to get started.


These articles are for information only. These articles are based on specific clients and their situation may be different from yours. No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.

Reeves listed in Financial Times Top 100 Advisers

In a wonderful early Christmas present, Reeves Independent has been ranked among the country’s leading financial advisers, being included in the prestigious Financial Times Adviser Top 100 Financial Adviser awards.


We now rank in the top 0.5% of advice firms

Not only that, but in a separate category for smaller, niche firms, we’ve been ranked as ninth in the UK for firms with less than six advisers. This also makes Reeves Independent the top firm in the North East with six or fewer advisers.

To put these achievements in context - there are 17,000 firms throughout the country and more than 30,000 advisers.

Our inclusion in the FT rankings is a reflection of the significant investment in resources that Reeves Independent has made in knowledge, qualifications and team capability over recent years.

This meant Reeves broke into this year’s list, because, whereas it was previously based on turnover, this year the FT expanded the criteria to include the total number of advisers, growth in AUM (assets under management), staff training, qualifications and client retention. Also included were complaint statistics.

These are criteria that investors can use to find the best firm to assist them with their finances.

Reeves Independent’s presence in the Top 100, puts it in the company of such well-known, blue chip names as Barclays, St James Place, Brewin Dolphin and Hargreaves Lansdowne.

Nigel Reeves, owner and founder of Reeves Independent, says: “This is an exciting moment for Reeves Independent. We’ve always taken pride in our high standards of client service and in their care. We have again upped our resource significantly over the past two years, which has resulted in high client retention rates which features within one of the award criteria. We’re delighted at the changes to the way firms are assessed for these awards, this has enabled the work done at Reeves to result in us being included in this prestigious list.''

Owner Nigel Reeves Accepting Financial Time Top 100 Financial Advisers Award

“Our Top 100 ranking is fantastic, but we won’t be resting on our laurels. We will continue to develop the business to offer an even better client experience, so that, hopefully we climb even higher in the FT’s list of top 100 Financial Advisers.”

Reeves Independent offers a free review of your pension situation. Click the button below to get started.


These articles are for information only. These articles are based on specific clients and their situation may be different from yours. No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.

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