How can I find my pension?

find my pensionIf you’re asking “How can I find my pension?” and are in any way embarrassed, don’t be.

There are hundreds of thousands of people just like you who have lost track of a pension from an old employer. More than 70,000 people a year ask for help in finding a lost pension. Continue reading

When can I retire? 5 things that affect when you can retire

when can i retireWhen can I retire? It’s a simple question, but the answer is far from straightforward.

It’s not uncommon for people to think the date they can retire is that on which they receive their state pension. But with the state pension age gradually rising, fewer and fewer people want to keep working until then. Others have heard about the new pension freedoms and think they can retire at 55. So when can you really retire? Read on to find out. Continue reading

what is pension drawdown

What is pension drawdown?

what is pension drawdownYou spent your working life investing in your pension and have finally retired. Now it’s time to start taking an income from your pension pot, either by purchasing an annuity or by moving your fund into drawdown and taking money out as cash.  But what exactly does that mean? What is pension drawdown? Continue reading

salary sacrifice for pension contributions

Using salary sacrifice for pension contributions

salary sacrifice for pension contributionsThis is the last of my series of four posts looking at the implications of November’s Autumn Statement. In his speech the Chancellor explained that he is going to review the facility to arrange Salary sacrifice for pension contributions.

His comments prompted plenty of questions so I wanted to provide a short explainer on the principle and benefits of salary sacrifice. Continue reading

Five pension avoidance scam tips!

A fifth of people over 50 have been targeted by pension scammers, according to research from provider Retirement Advantage. Here are 5 tips to ensure you beat the scammers

1. An offer to help you access your pension savings before age 55. It is only possible to do this in rare situations, for instance if you are very ill, so be careful and always check with your pension provider.

2. A recommendation to take a large amount of money, or your whole pension pot, in a lump sum and invest it. There are significant tax implications if you take lots of your savings in one go, so check the tax position before you make any decisions.

3. Warnings that the deal is limited and you must act now. Choosing the right retirement income product(s) is a big decision and shouldn’t be done quickly or under pressure.

4. An encouragement not to get professional financial advice or talk to Pension Wise. An adviser would be able to explain the rules and tax implications of different options and help you make the best choices for your personal circumstances, so be very suspicious if this is discouraged.

5. Contact by somebody who is not on the Financial Conduct Authority (FCA) register. The register is a public record of all the regulated firms and individuals in the financial services industry, including retirement income providers and investment companies.

Always seek professional advice regarding your pensions!

Speaking to someone about your pension options is easy with Reeves Independent, just email or call us on 0191 281 9862 for a FREE initial conversation!