Our qualified pension advisers can help you in a number of ways, including ...

The following list will give you an idea of what of what to expect from a pension review:

Is the pension review really a no-obligation review, well yes it is, put simply:

You can pay as much or as little as you like into your AVC pension as long as you don’t exceed the pension contribution limit, which applies to all of your pensions. For 2019/20 this limit is set at 100% of your income, with a cap of £40,000.

AVC pensions qualify for tax relief from the government. The standard amount of tax relief is a 25% tax top up for basic rate taxpayers, meaning that if you put £100 into your pension pot, HMRC effectively adds another £25.

AVC pensions are offered by your employer or its board of trustees, depending on the company you work for. How it could benefit you will depend on the type of workplace pension you have in place.

If you have a defined contribution pension, you’ll be able to join a defined contribution AVC scheme. The money you pay into an AVC scheme will be invested and the value of your pension will be based on how much money you pay in and how your investments perform over time.

If you have a defined benefit pension you can save any extra contributions into a defined benefit AVC or what’s called an ‘added years AVC’. As defined benefit pensions pay a retirement income based on your salary and the number of years you’ve worked for your employer, defined benefit AVCs are quite different to defined contribution AVC schemes.

Instead of contributing additional money to be invested, the money you pay into a defined benefit AVC will be used to buy extra time in your employer’s defined benefit pension scheme. This can then be used to increase your pension benefits upon retirement.

Provided that your current employer offers AVCs, they can be a flexible way of topping up your retirement savings as they allow you to make either regular or lump sum payments at any time. You can also transfer your AVC to a new employer, should you change jobs, as long as they have a compatible scheme.

How you choose to cash in an AVC at 55 will depend on the rules of the scheme and it may be possible to withdraw it all as a lump sum, keep your money invested via drawdown or purchase an annuity. However you decide to access your AVC pension, after the first 25% tax-free amount, income tax will be charged at your highest rate.

You could take some of your pension as a lump sum, you can look to buy an annuity with your money, or you can use the new flexible-access drawdown arrangements available as a result of the Freedom of Pensions Act.

Allow us to explain the options available to you in a friendly, jargon-free way, so that you can understand and make the right choice for you, and as Chartered Financial Planners, as always, you can be sure of receiving the best advice.

Following the pension reforms of 2015 it’s now easier than ever to manage your pension. Whether you’re approaching retirement or are thinking ahead, there are several options to consider – including how to draw money out of your pension.

If you qualify for the State Pension and have also paid into a workplace pension over the course of your career, you’ll be able to access each fund at a different age. The State Pension age is fixed by the government and you’re unable to withdraw a weekly pension until you reach it. The State Pension age is currently 65 for men and women, and looks set to increase to 66 by 2020 and 67 by 2028.

It’s possible to access a workplace or personal pension much earlier. Once you reach your 55th birthday you can withdraw all of your pension fund. You can take up to 25% as a lump sum without paying tax, and will be charged at your usual rate for any subsequent withdrawals. You can use all of the money to buy an annuity, which will pay out a guaranteed income for the rest of your life, or reinvest your pension fund so it can provide you with income as you require it.

Following the pension reforms of 2015 it’s now easier than ever to manage your pension. Whether you’re approaching retirement or are thinking ahead, there are several options to consider – including how to draw money out of your pension.

Our service combines all of your old pensions into one easy to manage online plan. Funds are managed by the biggest global investment firms such as BlackRock, State Street Global Advisors, HSBC and Legal & General.

You’ll be able to track how your funds are performing through an online dashboard and once you reach 55 you can access your money in just a few simple steps. As long as there are no issues verifying your bank details, it will take around 7-10 working days for you to receive your money.