Pensions, Pensions, Pensions – Read all about it!
“No matter where you look, if you turn on the telly, pick up a paper, listen to the radio, it seems everyone is talking about pensions! What has suddenly made boring old pensions a hot topic?” asks Phil Smith, Director of Hamnett Wealth Management.
The answer is that pensions have been on George Osbourne’s hit list for a while now. Last year he announced a once in a generation overhaul of pensions. This significant change allows people much greater flexibility in how they draw money from their pension pot. More recently he has been looking at tinkering with the tax benefits of pensions, whilst also looking to extend the age we can access our state pension to 70 and beyond.
It’s a complex area. Pension legislation loves its special titles. There is the annual allowance, lifetime allowance, tapered annual allowance, safeguarded benefits, pension commencement lump sum, pension input periods, annuities, flexi access drawdown, capped drawdown etc. – the list goes on and on. For those of you who are trying to make the most of the valuable tax benefits available when using pensions, or if you are approaching the time that you may want to access some of your pension pot, it’s a bit of a minefield. Expensive mistakes can be easily made if the wrong decisions are made.
If you are struggling to understand your pension and your options, don’t worry, specialist advice is on hand at Hamnett Wealth Management. We offer truly independent and qualified pensions advice to our clients. You have peace of mind knowing that our advice is fully regulated by the Financial Conduct Authority. Put simply, we know what we are talking about.
If you would like to discuss your pension planning, or review your pensions please call us on 0114 235 3500. We offer an initial assessment at no cost and without obligation as you need to know if, and how, we can help you before moving forward. Come and have a chat over a cup of tea and we can help you on the way to a better financial future.