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Archive for the ‘Retirement Review’ Category
Monday, October 17th, 2011
If you are thinking of Retiring Now you need to be considering which of the available pension income options is right for you it is important to gain as much information as you possibly can so that you can make an informed decision.
The decisions you make at the time you wish to take pension income could significantly impact upon your quality of life in retirement.
You have a number of options when you reach retirement. Currently the earliest legal retirement age, for all but those in specific occupations like sports people, is 55. You need to understand the benefits as well as the pitfalls of each of your options. Each option has good points and bad points depending on what you are looking to achieve.
The most common would be a type of annuity or an unsecured pension/drawdown plan.
Annuities are the traditional way to take benefits BUT it is claimed that in the last 5 years pensioners missed out on £7bn of income because they could not be bothered or were put off from getting the right annuity advice. This is simply crazy but the numbers quoted equate to 40% of the people with pension funds under £40,000 who took the first offer of an annuity from their existing pension provider rather than search the market for the best deal.
The good point, for the 60% of people in this example who used their Open Market Option to get the best value deal for them, is that the pension income could have been as much as 40% greater for the rest of their lives. There is no good point for the 40% of people who did not bother unless you class getting a poor income as a good point.
An increasingly popular way to take pension benefits is by an unsecured pension or drawdown plan. Don’t let the word ‘unsecured’ put you off. This type of facility can enable you to take cash and income now BUT not be locked in for life. This could give you time to allow your fund to recover in value from the recession or to in the hope that annuity rates may increase.
In addition, the government has announced a number of important changes to the rules for converting pension pots into income and cash.
The new rules for those over 55 include:
Flexible drawdown – those with secure incomes over £20,000 per year will have no limits on the income they can take.
Funds can be inherited without IHT.
Capped drawdown – an option to draw an income for life, with an annual limit, without having to purchase an annuity
More flexibility to defer taking a pension and tax free cash payments past age 75
Ending the effective compulsion to buy an annuity by age 75
For expert independent retirement advice contact Pensionlite who will provide you with a Free, Independent and No Obligation Review and Recommendation Report on your Pensions and what options best suit you.
Your report will be posted to you so you can consider the recommendations made in your own time without pressure. Pensionlite will be on hand to explain, discuss and guide you through the desired process.
www.pensionlite.co.uk e mail support@pensionlite.co.uk tel. 01952 279 379
Tags: retirement review, Retiring Now, retiring now options
Posted in Retirement Review, Retiring Now
Thursday, May 12th, 2011
We have mentioned to you before that over the last 10 years, it has been estimated that pensioners have lost out on £7 billion of pension income.
 Well, it seems that you haven’t been listening as the Pension Income Choice Associated (PICA) has just warned all those nearing retirement that they should expect to lose out on another £3 billion over the next 20 years.
This figure is based on a recent study which proved that £13.9 million was lost in 2010 and although this is an improvement on the figures for the last 10 years, it’s not enough.
We don’t want pensioners to be losing out on any income that is rightfully there’s. Act now, undertake a thorough retirement review and start making use of your Open Market Option (OMO).
By reviewing your options as early as possible and making sure that you have the best pension plan for you, you could be part of a group of pensioners that save over £1bn in the next 20 years!
What is a retirement review and how will it help me?
By working with an independent financial adviser (IFA) and undertaking a retirement review, you will gain an understanding of your current pension is performing in comparison to others on the market.
You might find that it would be worthwhile for you to transfer to a different provider. This is not a lot of hassle when working with your adviser as we will do all the complex bits, leaving you to simply reap the benefits.
The review process will also take your personal circumstances and aspirations into consideration. So too do other factors such as the charges applied to your pension, the investment returns and any economic fluctuations.
It is important that your pension plan is best placed to protect you in falling markets whilst taking advantage of growth when markets rise.
Basically, the idea behind your retirement review is to make sure that everything regarding your pension is working in your favour and in a good position to get the highest possible pension income for your money throughout retirement.
Your adviser will provide you with a recommendation report which details your current situation, any recommendations and actions you should consider and annuities what you can expect at retirement.
“I’m nearing retirement but have never had a retirement review”
If this is you, there really isn’t any time to worry. It is very important that you seek professional advice as soon as possible to ensure that your pension is on track.
If there is any bad news, it is essential that you and your adviser work to achieve a better pension income before it is too late.
Whether you are nearing retirement, or it’s still a good 30 years away, it is just as necessary to obtain sound financial advice and have regular pension reviews.
By being fully aware of your pension and how it is performing you are far more likely to fall into the category of pensioners who save over £1bn – rather than those who lose out on £3bn.
Make sure you are on the right side of the billions and contact Pensionlite today.
Pensionlite can help.
Our Free, Independent, No Obligation Retirement Reviews are designed to put you in a position of knowledge before you make any decisions.
It will not cost you a single 1p to accept a pension review and recommendation report tailored to you, your circumstances and aspirations.
What have you got to lose?
Pensionlite carries the prestigious status of Chartered Financial Planners.
Our Chartered status, granted by the Privy Council, is our industries gold standard for financial planners and is currently held by less than 300 firms across the country.
This status brings with it serious obligations to ensure the advice, service and ongoing support we provide for you is of the highest quality, based solely on your researched needs and provided by someone of appropriate competency.
We offer whole of market choice and have no links or ties to any single business or organisation.
Our aim is to provide our clients with tailored solutions, created by advisers with particular skills and specialist qualifications.
Our advice process is always to gather a full understanding of our client’s needs, circumstances and aspirations together with detailed analysis of any existing arrangements and make written recommendations before any decisions or actions are taken.
We provide free, independent, no obligation review and recommendation reports covering all aspects of our specialist areas of work.
Knowledge is power and unless you know, how can you decide on a course of action.
We look forward to being of service.
To contact us telephone 01952 279 379, e mail enquiries@pensionlite.co.uk about retirement review.
Tags: retire, retire now, retirement, retirement options, Retirement Pension Plans, retirement review
Posted in Retirement Review
Tuesday, March 15th, 2011
The Pension Income Choice Association (PICA) has warned pensioners that if they do not exercise their right to the Open Market Option (OMO) they will lose out on over £3bn over the next two decades.
A recent study demonstrated that in 2010, £13.9million was lost in pension income, and reiterated how important it is that people undertake a retirement review to ensure that their savings and investments are working for them.
 It is thought that if people starting reviewing their options and securing better pension plans and annuities they could save up to £1.7bn by 2030.
By undertaking a retirement review as early as possible, people are able to achieve an understanding of the performance of their current pension plan and whether it would be worthwhile to transfer it to another provider.
Chairman of PICA, Tom McPhail stated: “To put these figures in perspective, a change to the retirement options process could mean adding more than the value of a TV licence onto pensioner’s income in retirement, or pay over one third of the average pensioner’s electricity bill.”
By asking a professional adviser for a retirement review, you will be able to discuss your personal circumstances such as marriage and children, the investment markets, and the current economic downturn. You should also complete a questionnaire which will establish your attitude to investment risk.
Once your adviser has all the necessary information to carry out your retirement review, you will be presented with a plan which details your current pension arrangements and how much you will have at retirement.
The plan should explain the actions you need to take to achieve your ideal retirement lifestyle – this could include taking advantage of the OMO and transferring your pension to a scheme with a better performance.
By obtaining the right pension plan for you, you will have access to more options at retirement including the new flexible choices in place such as phased retirement, pension drawdown and others.
You might decide that a lifetime annuity is the route for you, and if so, a retirement review is incredibly important as annuity rates have declined over the last 20 years, and by investing into a poor pension plan, your retirement could end up being a far cry from what you imagined.
Pensionlite are committed to providing you with impartial advice which can ensure that you are on track for your ideal retirement. Our access to the marketplace and in depth knowledge of the industry means that we can work together to achieve your dream.
Don’t worry about receiving a shock when you find out how much your pension is worth – be prepared for every eventuality with a professional retirement review today.
Pension&Investor Lite carries the prestigious status of Chartered Financial Planners.
Our Chartered status, granted by the Privy Council, is our industries gold standard for financial planners and is currently held by less than 300 firms across the country.
 This status brings with it serious obligations to ensure the advice, service and ongoing support we provide for you is of the highest quality, based solely on your researched needs and provided by someone of appropriate competency.
Pension & Investor Lite, is an Independent Financial Adviser firm, Directly Authorised and Regulated by the Financial Services Authority, specialising in Pensions & Investment.
We offer whole of market choice and have no links or ties to any single business or organisation.
Our aim is to provide our clients with tailored solutions, created by advisers with particular skills and specialist qualifications.
Our advice process is always to gather a full understand our clients needs, circumstances and aspirations together with detailed analysis of any existing arrangements and make written recommendations before any decisions or actions are taken.
We provide free, independent, no obligation review and recommendation reports covering all aspects of our specialist areas of work.
Knowledge is power and unless you know, how can you decide on a course of action.
We look forward to being of service.
To contact us telephone 01952 279 379, e mail enquiries@pensionlite.co.uk to get your retirement review.
Tags: investment review, pension advice, retire now, retirement review
Posted in Retirement Advice, Retirement Review
Friday, February 25th, 2011
When you enter employment one of things you probably sign up to without giving it much thought is a pension. When you change jobs or move companies, chances are that you have set up another new scheme.
Most people don’t really consider their pension fund and their quality of life in retirement until it’s too late. It is important to consider seeking professional and impartial retirement advice as early as possible to ensure that you have an appropriate plan in place for when you finish work.
 There is nothing worse than thinking about your options and starting to panic about your future quality of life when it is very late on in your working life. By not consulting an independent financial advisor when you begin your pension you could lose valuable money from your pension pot.
Pension&Investor Lite carries the prestigious status of Chartered Financial Planners.
Our Chartered status, granted by the Privy Council, is our industries gold standard for financial planners and is currently held by less than 300 firms across the country.
This status brings with it serious obligations to ensure the advice, service and ongoing support we provide for you is of the highest quality, based solely on your researched needs and provided by someone of appropriate competency.
Pension & Investor Lite, is an Independent Financial Adviser firm, Directly Authorised and Regulated by the Financial Services Authority, specialising in Pensions & Investment.
We offer whole of market choice and have no links or ties to any single business or organisation.
Our aim is to provide our clients with tailored solutions, created by advisers with particular skills and specialist qualifications.
Our advice process is always to gather a full understand our clients needs, circumstances and aspirations together with detailed analysis of any existing arrangements and make written recommendations before any decisions or actions are taken.
We provide free, independent, no obligation review and recommendation reports covering all aspects of our specialist areas of work.
Am I too young to be thinking about retirement and need some advice?
No, you are never too young, and the chances are that you are at the perfect age to consider seeking retirement advice.
If you have multiple pension funds as you have moved around in employment a fair bit, or you are considering starting your first pension, or you’re starting to worry about the future – don’t panic. Contact Pensionlite for a no obligation review and set out your retirement plan.
When you are working, the majority of us dream of the day that we can enjoy a lie in or just do what we actually want to do for the day, rather than having to head off to work. Unfortunately, retirement does not always work out this way for many people because they have not sought the appropriate retirement advice.
Leaving work for the last time can be a very daunting experience, and without a monthly income from employment, a lot of people worry about how they are going to survive. Don’t let your dream retirement plans go down the drain through a lack of planning.
 By having a clear understanding of your finances and investments, you should be fully aware of how long you need to keep working and how much you need to be investing into your pension fund to achieve the lifestyle you want.
Professional advice can go a long way, and our team of experts at Pensionlite can help you obtain your dream by providing you with some simple retirement advice. Don’t delay – contact us today for a completely free pension and retirement review at no obligation.
We look forward to being of service.
To contact Pensionlite:- Telephone 01952 279 379 or E mail enquiries@pensionlite.co.uk for information about Retirement Advice
Tags: need retirement advice, retirement advice, want to retire now
Posted in Retirement Advice, Retirement Review
Monday, January 31st, 2011
The decisions you make at the time you wish to take pension income could significantly impact upon your quality of life in retirement.
Why Should You Consider All Retirement Options?
1.) Declining annuity rates
- In 1990 a £100,000 pension pot would buy a pension of £15,640 per annum (15.64%)
- In 2000 the same pot would have bought a pension of £9,120 per annum (9.12%)
- In 2010 the pot would currently buy a pension of £6,270 per annum (6.27%)
(*figures based on a male aged 65, single life, source DMP financial research experts)
2.) Life expectancy has increased dramatically
- In 1981 a male age 65 expected to live to 79
- Today he can expect to live to 87
- Annuity providers annuity payments have increased 50% due to longer lives
3.) Improved choice of retirement options
- Annuities have changed offering enhanced & impaired rates but once purchased you cannot changed/adapt.
- Drawdown has brought true income flexibility, improved death benefits and tax efficiency but there is still market risk.
- Flexible or variable annuities offer income certainty, improved death benefit, access to market growth while protecting against market drops.
An increasingly popular way to take pension benefits is by an unsecured pension or drawdown plan. Don’t let the word ‘unsecured’ put you off. This type of facility can enable you to take cash and income now BUT not be locked in for life. This could give you time to allow your fund to recover in value from the recession or to in the hope that annuity rates may increase.
In addition, the government has announced a number of important changes to the rules for converting pension pots into income and cash.
The new rules for those over 55 include:
Flexible drawdown – those with secure incomes over £20,000 per year will have no limits on the income they can take.
Funds can be inherited without IHT.
Capped drawdown – an option to draw an income for life, with an annual limit, without having to purchase an annuity
More flexibility to defer taking a pension and tax free cash payments past age 75
Ending the effective compulsion to buy an annuity by age 75
For expert independent retirement advice contact Pensionlite who will provide you with a Free, Independent and No Obligation Review and Recommendation Report on your Pensions and what options best suit you.
Your report will be posted to you so you can consider the recommendations made in your own time without pressure. Pensionlite will be on hand to explain, discuss and guide you through the desired process.
www.pensionlite.co.uk e mail support@pensionlite.co.uk tel. 01952 279 379
Tags: best options for retirement, retirement review
Posted in Retirement Pension Plans, Retirement Review
Tuesday, November 23rd, 2010
You could have multiple pension plans with varying amounts of money saved in each? If you think of each plan as a pot of money which you have deposited into for years and years, and never counted, how would you know how much each was worth?
This is one of many reasons why you are advised to contact a professional independent financial adviser for a retirement review. Many people are getting closer to considering an early retirement, or the state pension age and don’t know if they can afford the life they’ve always dreamed of.
A retirement review can help. This review of your finances is designed to help you understand your pension, and whether you will be able to live the retirement you had planned, or how long you will need to work to achieve it.
An independent financial adviser at Pensionlite will discuss your retirement needs and lifestyle, providing you with guidance on whether you can drop to part time hours in the build up to your retirement.
Your personal circumstances can change unexpectedly, or perhaps you have gone through a planned change such as having children. All of these events can impact on your retirement plans, and as such you should meet with a professional pension specialist to discuss your options.
External factors can also have a profound impact on your investments, the market, economic downturn, investment markets and other factors should all be considered during a retirement review.
If you take a retirement review with a financial adviser at Pensionlite, you should expect to discuss all the administrative side of your retirement reviews such as the costs and payment to ensure that both parties are fully briefed.
After this meeting your adviser should inform you of what you should expect from your future meetings. Once all the ‘boring’ stuff is out the way, you can start discussing what is important to you – your retirement.
Your pension specialist will ask you about the sort of lifestyle you expect to achieve, the sort of activities you look to carry out on a day to day basis. You should ensure that you inform your adviser of the necessary information to allow them to present you with a plan to demonstrate the worth of your pension, and what you can expect to receive upon retirement.
This plan will explain what you need to do to achieve your ideal retirement, you might have to work longer than planned, or maybe you can drop hours at work. Whatever the situation, it’s important that you are aware of your circumstances and what needs to be done in order to achieve the lifestyle you have worked your life for.
One important aspect of the retirement review will be to discuss your attitude to risk of investment. Your adviser will carry out a risk profile questionnaire which will help determine your attitude to risk, and help your adviser provide a suitable retirement plan.
Pensionlite are dedicated to helping you ensure that you are set up for retirement, and you won’t be in for a shock when you find out how much your pensions are worth. We aim to provide a professional, affordable and friendly service, allowing you to work to a plan to achieve your ideal retirement lifestyle.
Tags: adviser, investments, investor, lite, pensions, plans, release, retire, retirement, reviews
Posted in Retirement Review
Friday, October 29th, 2010
Have you ever considered how you will know when you can afford to retire? Do you have multiple pensions with no idea how much they are or what they are invested in? Don’t feel bad if you do because it is an extremely common problem across the UK.
Many people are edging closer to retirement, or perhaps wondering whether they can retire early, but don’t actually know if they can afford it.
A retirement review is designed for you, and everyone else in a similar situation.
If you are some way from retirement and unsure whether you will be able to afford the lifestyle you’re looking for, a retirement review will help you figure out your finances.
 In your first meeting with your financial adviser, you can expect to discuss the administrative side of retirement reviews, such as the costs of each review, hourly rates and when payment is taken etc.
After this initial meeting, you should be fully briefed about what you can expect from your adviser, the costs involved and the frequency of meetings.
Once all that is out of the way, your adviser should start discussing your retirement and what it means to you, i.e. what sort of things you want to do on a day to day basis. When your adviser has gathered all the necessary information from you, you should be presented with a plan to demonstrate the current worth of your pension and what you can expect to receive when you retire.
When you have your plan, you can really buckle down and start planning for your future retirement. The plan should help you and explain what needs to be done to achieve your ideal retirement, for example whether you can drop hours or stay in employment for longer.
Your personal circumstances can change frequently, unexpectedly or over a longer period of time, which is why it is extremely important that you undergo a pension and retirement review regularly. Other factors that need to be taken into consideration during a retirement review are the current economy and investment markets.
Multiple pensions, becoming increasingly closer to retirement and many other factors can greatly impact on your retirement and need to be taken into consideration during your review.
Your retirement review adviser should discuss the performance of your pension and whether it is in line with goals, aims and objectives you have set for it. It is also necessary to establish whether your portfolio is appropriate to your attitude to risk of investment.
Your financial adviser should undertake a risk profile questionnaire with you which should ask questions which will determine your attitude to risk of investment and how these attitudes will impact on your retirement. This questionnaire will contain important information which will enable the provider to choose a suitable retirement plan.
Pensionlite are professional but friendly company dedicated to helping those who require financial advice. We specialise in pensions and retirement, meaning that all the advice provided to you is of an extremely high standard from specialist advisers.
Tags: advice, pension plan, pensions, retirement, review
Posted in Retirement Review
Wednesday, September 8th, 2010
Many people look forward to their retirement hoping to do all the things they couldn’t do during their working life. Understandably, if you’ve worked hard all your life you want and deserve to live out your retirement in relative comfort. But if you’re thinking about retiring now, do you think you can you afford it? Do you understand the options you have available to you? The decisions you make now can severely impact on your future financial situation. Pension plans are a minefield and you really need to know your way through them to ensure you’re maximizing your future income.
There can be several different options open to you and speaking with an expert can help decide what’s best for you. In these uncertain financial times taking a risk with your money without knowing what you are doing is not an option and not a route you want to go down.
The pension plan that people have traditionally opted for at retirement is an annuity plan. In the case of annuities, although you have a known level of income, once you agree the terms and conditions when taking it out you can NEVER change your mind EVER. At the moment the investment markets are lower than the 2007 high meaning the money you have available to buy your annuity is low, so the income you can buy for your retirement will unfortunately be lower too. However, there may be other alternatives available to you that you haven’t considered such as;
> Unsecured Pension (Income Drawdown or Pension Fund Withdrawal)
> Phased Retirement
> Conventional Annuities
> Enhanced Rate Annuities
> Flexible Annuities
You really do need to understand exactly what you are doing to insure you’re getting the most for your money. Taking expert advice can help guide you through the minefield of pension plans and ensure you’re making the most of your money
Our expert retirement team at Pensionlite can help you. Whether you already know what you want or need guidance to help you along the way, we want to help. We’re an Independent Financial Adviser Firm, directly Authorised and Regulated by the Financial Services Authority (FSA). We have no affiliation with any one company so can offer unbiased advice to completely suit Your needs and circumstances. We can take you through the different options available and offer you a recommendation that is suitable to you. Before you take the plunge though and commit yourself to anything there are several considerations for you to make, but if you are looking into retiring in the very near future you should wherever possible keep your options open. Don’t jeopardise your future and end up with a low retirement income. Give us a call and speak with one of our retirement experts. Give yourself the retirement you deserve.
We can also offer a free no obligation review and recommendation report.
So if you are thinking about retiring now, don’t delay, call us today.
Tags: annuities, experts, financial, pension, retiring, Retiring Now, Unsecured Pension
Posted in Retirement Review 2 Comments »
Sunday, September 5th, 2010
Are you getting closer to retirement but have concerns about whether or not you can afford it? It’s a common problem across the UK.
People have multiple pensions, perhaps individual pension plans, company pension schemes and other, but most do not know what they are invested in, or how much they are worth.
A retirement review service is designed for those people who are some way from retirement and are unsure of whether they will income to enjoy retirement and live rather than just surviving.
In your first meeting, you should expect to discuss the financial side of the retirement reviews, for example the costs of each review, whether this payment can be taken from the investment, and whether it will be a fixed fee per review or an open-ended hourly rate.
Your adviser should start by finding out what retirement will mean to you, what you wish to do during your retirement days and then obtain all the information needed so they know what they can expect from their current plans.
You should then be presented with a plan which demonstrates how much your pension is worth now, and how much you should expect to receive upon retirement. Only once you have received this plan can you decide on how to plan for your future retirement.
The plan should also map out clearly what needs to be done in order to achieve your ideal retirement, this will often include how much longer you need to continue in employment and if you would have the ability to drop working hours.
Your retirement adviser should be able to advise you on saving, making your pensions easier to manage and get your investment to work harder.
It is important to ensure that your pension and retirement plans are checked and reviewed regularly to ensure that the plans are still in line with your current situation. The current economic climate, and constantly fluctuating global circumstances should make your retirement review a number one priority.
Alongside external events, your personal circumstances will impact upon your retirement plans. Are you reaching ever closer to the retirement age? Have you changed jobs frequently throughout your working life? Do you hold multiple pensions? All these factors and many will mean that you should have a retirement review and then arrange further appointments for a regular review until you are financially able to take the plunge.
During your retirement review you should discuss whether the performance of your pension is appropriate to your objectives, establish whether your portfolio takes into account your attitudes on risk of investment.
You adviser should carry out a risk profile questionnaire which will ask a variety of questions to ascertain your attitudes and how they will impact on your current situation. Once the questionnaire is complete, this is will provide important information about your attitudes to risk which will enable to provider to select a suitable retirement portfolio.
For example, if you have an investment which is ideal for a cautious investor but your risk profile confirms that you are a more adventurous investor, you may wish to revise your retirement portfolio.
Tags: investorlite, pension, pension plans, pensionlite, retirement review, retiring now options
Posted in Retirement Review
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Pension & Investor Lite, Pensionlite, Investorlite and ISAlite are the trading styles of Advicelite Ltd, which is Authorised and Regulated by The Financial Services Authority.
Registered office Summit House, Wanstead, London E11 2AA. Registration number 05217472
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