Current government policy allows pension pots to be moved from one provider to another, and for certain final salary schemes to be converted to a standard money purchase scheme. This provides you with scope to maximise your pension pot value and minimise losses accruing to poor performing schemes. You can also take up to 25% of the fund value tax free. You should consider seeking advice where you have any of these situations:
• a final salary pension scheme where you have ceased to work for the organisation and have yet to draw the pension
• multiple pension schemes or pots
• small value pension pots
• are approaching retirement age (55 +) and have yet to draw down on your pension
• have not reviewed your pension schemes in the past 2 years
Pensions may not be a solution in themselves, but as part of an overall mix of investments a pension can play a valuable role in providing both capital and income when you approach retirement.
We at Accounting Kiwi are not pension experts, and we are not regulated to give investment advice. You will require an IFA (Independent Financial Adviser), and if you do not currently have an IFA we can help you find one who will work with you.
To learn more about Pensions, and to find out about how we can make life less stressful for you, just
get in touch
with one of our friendly and professional team.