Pensions regulations in the UK have become increasingly relaxed and more flexible, allowing savers to choose from a wider market of pension products. There is now more choice than ever when it comes to saving money in pensions and drawing from those pensions when the time comes.
Retirement planning requires forward thinking and in-depth knowledge of pension legislation to ensure that you’re making the most out of your pension savings and investments.
Springfield Financial are pension planning specialists and can assist in planning your retirement finances to ensure your money is well-placed to support you in later life. This might involve tracing and reviewing dormant pensions, consolidating or transferring old workplace pensions and/or setting up a new pension.
It’s common to accumulate multiple workplace pensions throughout life as it is a legal requirement for employers to enrol you into a pension scheme if you earn above a certain level of income.
If you are a business owner, self-employed or want to save your own money in a pension separate from a workplace pension, then you’ll need a self-invested personal pension (SIPP) or other type of personal pension.
If you’ve been employed continuously at the same company for many years then you may be fortunate to have been offered a final salary pension, which is a special type of workplace pension.
Workplace pensions are the most common type of pension and those who have worked a few jobs throughout life are likely to have more than one. In 2020, some 8/10 employees had some form of workplace pension. Pension advice can include a review of your old pensions and possible consolidation into one arrangement - Springfield can help you do this.
The main options for drawing from your pension include:
- Pension commencement lump sum (tax free cash) versus income
- Flexible access drawdown
- Uncrystallised fund pension lump sum
- Small pots
Our private pension advice can help you work out the best way to draw from a private personal pension, SIPP or other defined contribution pension including Small Self-Administered Schemes (SSAS).
Springfield Financial can assist you with all aspects of pension planning. We will help you find your old pensions and review your current ones, advise on transferring and consolidating them if necessary and help you decide what investments to make if you have a SIPP or personal pension.
Springfield possesses a depth of knowledge in all forms of pensions for both employees, business owners and the self-employed. We will work with you to establish your goals and objectives for retirement and then help you build a retirement plan that works for you, making your money work harder for your future.
We provide pension advice to those that have accumulated pension savings during their working life. If you’re looking to transfer or consolidate pensions then we’re able to assist - and this might be a legal requirement if you’re looking to transfer certain types of pension valued at over £30,000.