Products And Services
Products & Services
Pension Transfers
With you authority we will obtain details of your existing pension. Using sophisticated software, which compares one pension with another, we will compare your pension with those other leading pension providers, who apply charges comparable to those used in Stakeholder Pensions. Having identified the
best pension for you we will provide a written report to show that, even allowing for the commission paid by the new provider (which we will share with you) you would be better off and gain by transferring.
If you want to proceed, we will arrange for your funds to be transferred directly from your old to your new provider and for your ongoing contributions (if applicable) to be redirected. We will rebate half of the commission which will be retained in you pension fund to give an e better result. Alternatively we will not take any commission and agree a fee with you
Commissions vary from one provider to another and according to the age of the individual. A £50,000 transfer would typically generate something in excess of £4,000 gross commission.
Accessing your Tax Free Cash
If you are over 50 (becomes over 55 on 6th April 2010) you can access 25% of your fund as a tax free lump sum leaving the rest of your pension fund untouched. This only became possible since the Government simplified pensions on 6th April 2006. If you are over 50 but under 55 you need to act soon.
Salary Sacrifice
This is an arrangement whereby you agree with your employer to reduce your salary by the amount you wish to invest in your pension. Instead of you contributing, your employer now contributes the amount of money you sacrificed direct to your pension fund as an employer's contribution. Clearly, you will save income tax as this a reduction in your income. National insurance of 12.8% is also saved by the employer who is frequently prepared to rebate all or some of this in the form of a higher pension contribution.