Pensions Specialists Morecambe & Lancaster

Personal Pensions

We are able to recommend pension transfers on most types of pensions including schemes which have guaranteed annuity rates attached to them.

Your pension fund can be taken as taxable income. There are different options available such as annuity, drawdown or a combination of both.

The current age at which you can take benefits from a personal pension is 55 however this is likely to increase in the future.

State Pensions

You can use this link to calculate when your state pension age will be:-

https://www.gov.uk/state-pension-age

The state pension is made up of different parts and the amount you will receive will depend on factors such as National Insurance Contribution history.

You are able to get a forecast of what you will receive when you reach the state pension age. Please use the following link to assist you further:-

https://www.gov.uk/check-state-pension

Occupational Pensions

Occupational / Work Pensions

Most employers will set up a pension scheme, to which they may or may not contribute.

If your employer offers to match or exceed contributions that you make to an occupational pension scheme (often referred to as a workplace pension), it is usually in your interest to make these contributions.

If you are approaching retirement, you should seek independent financial advice, so that the adviser can look at all the pension plans you hold and ensure you obtain the most suitable product.

Annuity

An annuity is the technical term for what you may call a pension. It is the income that you receive when you retire from the savings you made into a pension plan.

When you come to retire you should analyse the annuity rates your current providers offer and that which other providers are willing to offer to ensure you make the most of your money.

You can also buy annuities with money you have that isn’t tied up in a pension plan. You may have a lump sum of money that you want to use to guarantee an income for a set period or the rest of your life, in which case you may find purchasing an annuity the right product for you.

There are many options available with annuities, which can ensure that it will pay out for at least 5 or 10 years, regardless of how long you live. You can also make sure that your spouse receives a percentage of your annuity for the rest of their life, should they outlive you.

Drawdown

A drawdown policy is an alternative to the traditional annuity. An annuity provides you with an income for the rest of your life, but has no capital value. A drawdown plan allows you to keep your money invested whilst receiving an income.

You can take the tax free lump sum from your pension funding, and then there are various income options available to you including regular, adhoc and no income. The remainder of your funds can be invested in order to achieve potential growth until you are ready to retire.