Pensions can be a very complex area of financial planning and this is an area that has seen major changes following the March 2014 budget. These changes now mean that more people have more flexibility and access to their pension pot and this is an area that we can help with.

From April 2015, people aged 55 and over will only pay their marginal rate of income tax on anything they withdraw from their defined contribution pension – either 0%, 20%, 40% or 45%. From April 2015, from age 55, whatever the size of a person’s defined contribution pension pot, they’ll be able to take it how they want, subject to their marginal rate of income tax in that year. 25% of their pot will remain tax-free.

There is more flexibility. People who continue to want the security of an annuity will be able to purchase one and people who want greater control over their finances can drawdown their pension as they see fit. Those who want to keep their pension invested and drawdown from it over time will be able to do so.

With state retirement ages set to rise, the pension changes in the budget and the introduction of Auto Enrolment now has never been a better time to review your retirement provision.

At Phil Anderson Financial Services we offer independent pension advice and can help clients approaching retirement look at the options available to them and also review clients existing pension policies. We can also help savers plan for retirement and we offer advice to both individuals and companies on pensions.

Our range of service include –

Personal Pension Advice

Stakeholder Pension Advice

Self Invested Personal Pension Advice (SIPP’s)

Pension Sharing Advice

Annuity Advice

At Retirement Advice

Pension Fund Withdrawal

Employee Benefits Consultancy

Group Personal Pensions

Work Place Pensions

Auto Enrolment Advice

*Auto Enrolment work-based pension schemes are regulated by The Pensions Regulator.

And if you would like to discuss workplace pensions or more and what it might mean for you or your business please get in touch.

The value of investments can go down as well as up and you may not get back the full amount invested.