Saving into a pension is important but it can be complex. There are many ways to cut costs and ensure your money is working hard for you, from making the most of your tax breaks to reducing the fees you pay. Here are a few of the ways our pension experts can save you money when it comes to your pension.
Like many people, you may not have the time, inclination or knowledge to spend hours poring over your investments to see how they’re performing. But over the long term, badly performing investments can make a huge difference to the amount of money you’ll have for retirement.
We can review your pension investments and make sure they are working hard for your future. And if they are stagnating or even falling in value, we can give you advice on your investment decisions or manage your portfolio for you.
If you have changed jobs in your lifetime, you may have acquired a few pension pots along the way. Many older pensions have higher fees, so you could be paying much more in fees than you realise.
We can check this for you and, if necessary, bring your pensions together with one low-cost provider*. This way, you could pay less money to your pension provider and save more towards your retirement.
If you need a new home for your pensions, why not try the award-winning Best SIPP available through our Bestinvest service?
A huge amount of money is lost in old pensions – in 2016, it was estimated that around £400 million** had been lost.
It’s easy to forget about a pension from a previous job if you’ve moved on or if the company doesn’t exist anymore – after all, you can’t spend your pension money if you can’t find it.
But don’t worry, your pensions will be out there somewhere and our experts can help you track them down.
Retirement shouldn’t be taxing. We can help you to take an income in retirement as tax-efficiently as possible.
You may have a combination of ISAs, pensions, other savings accounts and cash savings to use. Our experts can structure your finances to make sure you are making the most of these accounts, as well as other tax allowances such as those for Income Tax, Capital Gains Tax and dividends.
Making the most of pension contributions and their generous tax benefits is a great way to save money towards retirement.
The Government tops up pension contributions up to your annual allowance by 20% automatically. But higher and additional-rate taxpayers can claim back an extra 20-25% when they submit their self-assessment.
We can show you how much you can afford to pay into your pension and what you could claim back from the Government in tax relief.
Not everyone is sure how their pensions are looking. If you need some help, book a no-obligation consultation with one of our experts.
*Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? Will I incur any penalties on my existing pension if I transfer? Is it an occupational final salary pension scheme (in which case it is very unlikely to be advisable to transfer)? Have I considered the charges on my current plan (a new arrangement may be more expensive – especially if you have a stakeholder pension)?
**According to the Department for Work and Pensions.
SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you, then a SIPP might not be right for you.
Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.