Pensions advice for Wirral residents

No matter how old or young you are, it’s never too early or too late to make decisions about your pension savings. For impartial expert pension advice, talk to Endeavour Financial Planning about the best options for your retirement.

Thanks to a number of private and council initiatives, the Wirral area is experiencing a period of financial prosperity, which has benefited both business owners and employees. The most recently published Economic Profile shows growth in the number of enterprises in almost all sectors, with the professional sector being a key player along with construction, retail, business admin and the arts.

If you are employed in a Wirral company you will probably have been, or soon will be, auto enrolled in a workplace pensions scheme. If you are self-employed, it’s recommended that you invest in a private pension scheme or other investments that will generate an income when you retire.

The pension pot

When you reach the age of 55 and are a member of a pension scheme, you will have access to pension savings known as the pension pot. If you are still working, you can simply leave the money in the pot and continue contributing to it until you retire. Money left in the pot is not taxed.

You can withdraw all or part of the pot, although you will pay tax if you withdraw more than 25% of the total. Alternately, you can buy an annuity that provides a regular income. You can also mix these options by taking out some of the pension pot in cash and some in income. Your pension provider may charge a fee for withdrawing money.

Topping up the pension

When you retire, you will receive a state pension but you may find that the total income generated by the state pension and your workplace pension pot is not enough to fund your desired lifestyle.

There are a number of investments products that can top up your pension income, but some carry an element of risk.

An ISA is one investment vehicle to consider. For people under 40, there is the newly introduced lifetime ISA, which the government tops up as you save.

Self-employed pensions

Unlike employees, self-employed people are not auto-enrolled in a pension scheme, but it is advisable to join a scheme. There are a number of pension types to choose from, including personal pension, stakeholder pension or self-invested pension. These differ in their charges and how flexible they are, so financial advice is recommended to help the self-employed decide on their best options.

Ask the experts

There are many choices when it comes to pension planning, and this is why financial advice is so important. An independent financial advisor (IFA) will help you navigate all the available pension options, and a wealth management program will make sure that when you retire, you achieve a good income.

At Endeavour Financial Planning, we’re experts on pension planning and can talk you through all the options available to you. Book an appointment today to discuss how Endeavour can help make your retirement a financially happy one.

A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interests’ rates and tax legislation.

Auto Enrolment advice is not regulated by the Financial Conduct Authority.

Posted by Mark
26th May 2017


All blogs and news on Endeavour Financial Planning are for information purposes only and are not intended to provide advice. Please seek the advice of a financial advisor before making any financial decisions.


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