“Independent Financial Advisers,       Peterborough and London”

01733 355120

02036 377140

enquiries@hensoncrisp.com

Confused about some of the new pension and retirement changes?

Are you confused by the new state pension and lifetime individual savings account?

We're seeing some new pension changes come into play which may impact on your personal finances. The new flat rate pension this April and then the new lifetime ISA which is being marketed as a retirement product in April 2017.

It's no wonder if you're confused.




Want to know more about the new state pension?

You can claim the new state pension from the government if you reach State Pension age on or after 6 April 2016. To be eligible you need to be :

  • A man born on or after 6 April 1951
  • a woman born on or after 6 April 1953

You'll get the State Pension under the old rules if you reached State Pension age before 6 April 2016 instead.

Your National Insurance record is used to calculate your new State Pension.

You'll usually need 10 qualifying years to get any new State Pension and 35 to get the payment in full.

everyone with 35 years' worth of full-rate NI contributions will receive £155.65 per week.

You can ask for a national insurance statement online to check if you have gaps in your National Insurance record. You'll need to say which years you want your statement to cover.

online.hmrc.gov.uk/shortforms/form/NIStatement
The full new State Pension is £155.65 per week if you have 35 qualifying years of national insurance contributions.



Considering the new lifetime individual savings allowance for your retirement?

If you're aged between 18 and 40 from April 2017, you'll be eligible to open a new lifetime individual savings allowance.

The Lifetime Isa lets people save for retirement and a home at the same time.

You will get a 25% bonus from the government for any savings you put into it before your 50th birthday, up to £4,000 a year (i.e. if you paid in £4,000, you'd get a £1,000 bonus from the government.

Those choosing to save in a Lifetime ISA will still (if eligible) be subject to automatic enrolment so, for many, this may be an additional route to pension saving rather than an alternative to a pension.

It's worth bearing in mind that the top-up is only the equivalent of basic rate tax relief on pensions.

You can save into both a lifetime ISA and a pension.



Lifetime individual savings allowance (LISA) v Pension

Pros of using a lifetime ISA

  • A lifetime ISA can be accessed before retirement for a house purchase.
  • It's a good deal for self-employed people who don't benefit from employer contributions into a workplace pension.
  • It's welcome news for parents and grandparents with spare cash who want put money into a lifetime ISA for their dependents
  • You've made the maximum contribution via your workplace pension and you want to supplement retirement savings

Pros of using a pension

  • The best way to save for retirement is still via a workplace pension (you can have both)
  • You want to access your money at age 55 rather than have to wait until you turn 60.
  • You are a higher-rate taxpayer (and therefore qualify for pension tax relief at 40%)

If you're not getting contributions from an employer, saving in a lifetime ISA may be your best option.


We can help with all kinds of pension questions. If you have a question, please get in touch with us: enquiries@hensoncrisp.com

You can call our Peterborough office on: 01733 355120 and our London Office: 020 37516510




Option for parents and grandparents helping dependants onto the housing ladder?

A lifetime individual savings account can be an attractive option for parents and grandparents to pay into a LISA for their children or grandchildren (who qualify), paticularly for helping them get onto the property ladder.

Parents and grandparents can make the most of the 25% cash injection from the government by using their £3,000 per tax year allowance that they have for inheritance tax purposes.

The same rules would apply, anyone paying into a LISA would be limited by a maximum contribution of £4,000 per year.

Parents and Grandparents can pay into a LISA for their dependants, using the tax allowance they have for inheritance tax purposes.



Any information in this blog article does not constitute advice and should not be acted upon without taking professional advice.


Wealth Managment and Later Life Advice

Henson Crisp Ltd are Independent Financial Advisers (IFAs) based in the city of Peterborough. We provide high quality Financial Advice, Financial Planning & Wealth Management advice. Our advisers are able to advise on a range of financial areas from investments and savings, retirement options, tax planning and business information to advice at Later Life and care fee funding options.

The value of your pensions and investments and income from them may go down as well as up. You may not get back the original amount invested.


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Our London Office

25.03.15

We have recently opened our London office; many of our existing clients are based in London.

London Office



i2 Office, No.1 Royal Exchange, London, EC3V 3DG

T:020 37516510

E: enquiries@hensoncrisp.com


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Later Life Advice

When you save for a pension, you shouldn't focus only on how much you're putting into it. You should also regularly review how it's being invested. And as you get older, you should probably change your investment strategy to reduce risk as retirement draws closer. This is where we can help.

We pride ourselves in our expertise we can offer in this area. We will look at getting you the best possible retirement that your savings, Investments and pension will allow and cover any protection issues like Long Term Care.

There are many options for funding long-term care and they can often be complicated to understand. Long Term Care expert advice can give you peace of mind to those needing care and to their family.

We can discuss the many care fee funding options available including immediate need care fee payment plans and deferred payment agreements.


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Pensions & Retirement Options

Pension Planning

It's essential that you review your pension situation regularly. We can help you with taking steps to make it more certain that your pension pot will be able to achieve the income you want when you retire.

We can help you look at your retirement options and make sure you're making the most of tax benefits when paying into a personal pension and advise on consolidating any earlier pension schemes you may have entered into with previous employers.

Let us explain the new pension freedom changes happening in April 5th 2015 which give you more choice on Annuities and Income Drawdown.

The value of your pension can fall as well as rise and you may not get back the original amount invested.


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Investments and Savings Advice

Our team of advisers assess where you are financially and where you'd like to be positioned to cope with future life stages. It's important to make sure your investment planning is on track

We can advise on a range of products, including but not limited to:

Property Investment

Premium Bonds

National Savings Certificates

Individual Savings accounts

Investment Bonds

Offshore Investment Bonds

Unit and Investment Trusts

Share Portfolios

The value of your pension can fall as well as rise and you may not get back the original amount invested.


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Long Term Care

The options for funding long-term care are varied and can often be complicated. So if you or a loved one need to pay for care at home or in a care home, it's important to know the facts.

We can discuss the many care fee funding options available including immediate need care fee payment plans and deferred payment agreements.


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Tax Planning

For those with large portfolios or whose estates fall into the Inheritance Tax trap specialist independent financial advice can provide you with tax mitigation strategies to minimise your tax liability.


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Business Advice

If you're a business owner it's a good idea to seek guidance from an independent financial adviser (IFA) as we can help you with the financial matters that are the foundation of every business. We can give you advice on how to structure your company, insure your business, protect your employees' financial well-being and protect the business if a key employee cannot work.

Covering but not limited to:

Business Protection - Providing Cover for Key Personnel, Directors and Groups. Providing replacement income if an employee is absent from work through long-term illness or injury.

Employee Benefits - Advising on benefits such as pensions and life protection to your employees.

Directors Pensions - The aim of a Director's Pension is to build up a sum of money in a tax-efficient way that will be used to provide you with an income when you retire.

Auto Enrolment - A workplace pension is a way of saving for your retirement that's arranged by your employer.


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Advising on your savings and investments for your future

Our independent financial advisers can offer expert financial advice to both individuals and businesses

We're here to assist you in all areas of financial planning, helping you to achieve your financial and lifestyle goals and protect all that's important. The type of advice we give you can depend where you are in Life.

For instance at Pre-Retirement we would help you in ensuring that sufficient reserves have been built up to provide the desired level of retirement. Whereas at Later Life we would be looking to ensure you're enjoying the best possible retirement that your savings and pension will allow and minimising inheritance tax on anything that you wish to pass and perhaps investigating Long Term Care options.

The value of investments and income from them may go down. You may not get back the original amount invested.



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Useful Articles on your Pension Pot

21st Oct 2015

Planning for Retirement The importance of Planning for Retirement
10 Top Retirement Planning Tips Pension Forecast, carry on working, defer pension income and more
Getting the most from your Pension Savings, Tax Relief, Reviews
Pensions advice for self-employed What you should consider on Pensions if you're self employed
Taking regular withdrawals from your pension pot? The danger of taking regular withdrawals from your pension pot
How big should my pension pot be? Anything from £12,000pa to 2/3 of your salary


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The importance of Planning for Retirement

Once you reach the stage where you're considering your retirement income, expert financial advice becomes even more important. Many of the choices you make at this time will affect your lifestyle so you need to make sure they're right.

A pension is a form of investment or savings plan designed to provide you with an income to live on when you retire. There are many different types of pension arrangements available, including the state pension.

Options are varied and can be tailored to your circumstances.

Find out More on Planning for Retirement »  Planning for Retirement




10 Top Retirement Planning Tips

Let us help you to get the most from your retirement. You need to look at finances and seek advice if needed, also think about making the transition from work to retirement as smooth as possible. It can prove difficult going from full time work to being at home.

10 Top Retirement Planning Tips, Find out More   Find Out More »




Getting the most from your Pension

Do you want to know how to get the most from your pension?

There are a number of things you can do to improve the performance of your pensions.

How to get the most from your Pension  Find Out More »




Pensions advice for self-employed

You can't rely on the state pension for your retirement

It's really important to start planning ahead as soon as possible, so that you can live life the way you want when you retire.

Being self-employed can leave you vulnerable when it comes to your pension. It is very likely you will need another pension, apart from the state pension, in order to retire comfortably.

Our advisers are qualified to offer comprehensive guidance on taking out a personal pension. When it comes to your pension it's important you take proper advice.




Do you want to find out more on Pensions advice for self-employed?   Find Out More »




The dangers of taking regular withdrawals from your pension pot

Following changes introduced in April 2015 you have more choice and flexibility than ever before over how and when you can take money from your pension pot. It's important to take your time to understand your options, and get the right help and advice. What you decide now will affect your retirement income for the rest of your life.

Using the new freedoms to make regular withdrawals without keeping a close eye on the markets and their effects on your fund is a dangerous route.

The danger of taking regular withdrawals from your pension pot  Find Out More »




How big should my pension pot be?

Anything from £12,000pa to 2/3 of your salary?

Everyone wants to save enough to ensure they have a comfortable retirement. But it's difficult to know just how much income you'll need as a pensioner.

Many experts are saying 2/3 of your income to live very comfortably (and maintain their lifestyle) and £12,000* for a very basic standard of living.

Do you know how big should my pension pot be?   Find Out More »





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Henson Crisp ~ Qualified Financial Advisers Peterborough and London

What do our clients say about the financial advice they receive?

Friendly yet professional service, we have known Jonathon for many years after we were referred to him by a Mortgage Advisor. He has provided us with sound financial advice in this time and we trust his judgement wholeheartedly. As a result we have referred Jonathon to numerous other friends and family, who are equally trusting of him and the services he is able to offer.

Ian and Wendy Hodges-Jackson

When the time came to look closely at my pension plans I knew that I would need help. I am used to dealing with quite complex financial matters, but pensions are different with constantly changing rules / laws, and great care needs to be taken to ensure that you get the best result for your future needs. It is an extremely important decision which I felt required expertise from people used to dealing with such matters. I felt at ease in all my discussions with Rachelle Jordan from Henson Crisp and felt confident that they would do their best for me. At all times I knew where I stood regarding fees etc., and all the intricacies of the pension plans were explained to me carefully, efficiently. and in a friendly manner .

Mr & Mrs N Ely

>> Click here to see what our clients have to say <<


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Contact Henson Crisp ~ Financial Advisers Peterborough

Contact:

Henson Crisp
Peterscourt
City Road
Peterborough
Cambs
PE1 1SA
Tel: + 44 (0)1733 355120
Email: enquiries@hensoncrisp.com


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