WHAT IS THE FUTURE OF DRAWDOWN?

Size: px
Start display at page:

Download "WHAT IS THE FUTURE OF DRAWDOWN?"

Transcription

1 ADVISER KNOWHOW THE WEEKLY TV PROGRAMME FOR ADVISERS BY ADVISERS WHAT IS THE FUTURE OF DRAWDOWN? In the Budget this year, George Osborne announced that from April 2015 anyone will be able to drawdown from their pension and no-one will have to buy an annuity. So what is the future of drawdown and how can advisers prepare? KEY QUESTIONS 1 What are the implications of the new regime? 2 Drawdown or flexible annuities? 3 New risks

2 KEY POINTS KEY POINTS FOR THIS WEEK S EPISODE FEATURING GARY JEFFERIES OF H&D WEALTH TW. 1 WHAT ARE THE IMPLICATIONS OF THE NEW REGIME? Marginal rate of tax after 25% tax free cash 3 NEW RISKS The decumulation phase investment could flop Advisers need to engage with drawdown Would have to review the client s position Advisers need to understand yield and investment performance Might have to consider equity release 2 DRAWDOWN OR FLEXIBLE ANNUITIES? We could see a crossover solution Part annuity, part drawdown Subject to speculation and annuity rates

3 PROGRAMME TRANSCRIPT In many ways the consumer press have made the change seem much, much bigger than it actually is. Anne Sofat, Addidi Rosie Sells, New Model Adviser Welcome to Adviser Know How, this week we ll be discussing the future of drawdown. In the Budget this year, George Osborne announced that in April 2015, anyone would be able to drawdown from their pension and no one would have to buy an annuity. So, what is the future of drawdown and how can advisers prepare? Here with me now is Gary Jefferies, director of H&D Wells (tw), but before we speak to Gary, let s have a look at what other advisers have to say about the future of drawdown. Will you now recommend drawdown to clients who you would have previously put in an annuity? Anne Sofat, Addidi I think you ve still got to from an advice perspective be mindful of whether drawdown is suitable to somebody or not and that hasn t changed just because you can now have more of an income, it doesn t mean it s the sensible thing to do. Effectively I think, where it will be different is almost invariably every client with a pension plan we re going to be talking drawdown with, whether we deem it suitable or not because from a client perspective, they need to understand what s out there and what s available to them. Terry Bignall, Executive Advisory Service There are always going to be and exception so, a few clients who are going to annuity, those with ill health, smokers, but other than that, I see very few clients, maybe 5%, 10% remaining in annuities, the rest going into drawdown. Do you think the new rules are complicated? Terry Bignall, Executive Advisory Service Yes I do, the idea was simplification, but it hasn t had that effect at the moment because of the staggering of the dates. So, you ve got some stuff which has happened already, some stuff which is about to happen and some stuff which will happen in April next year. Anne Sofat, Addidi I think actually, in many ways the consumer press have made the change seem much, much bigger than it actually is. If you look at it, people already had access to the whole of their pension if they had secured income of more than 20,000. So, a lot of the more well off clients already had access to their pensions before this announcement. So, [unclear 02:28] the small investors really where the biggest change has been. So Gary, what are the tax implications of the new regime? Gary Jefferies, H&D Wealth (tw) Ltd In terms of the new regime, the investments that will be a normal pension scheme, you would take your taxable lump sum out in the normal way, which would be 25% of your funds. Any income taken from the fund would be charged at your marginal rate. For most people, this would be 20%, but if they re 40% tax payers, some of it may be at 40% and if they re in the band between 100,000 and 120,000, they ll be paying 60% on the part they take, that puts them into that category. How can advisers maximise on drawdown advice? I think advisors need to take drawdown very much on board, it needs to be suitable for the right client, they need to give their clients a full range of options because for some clients annuity will still be the correct answer, but they need to have investigated whether drawdown works. They, therefore, need to understand how yield works, how investment performance works and how the interaction of the funds being taken out of the drawdown work for the longterm. What are the risks and opportunities for people transitioning from cap drawdown to flexible drawdown? Under cap drawdown, the client would have a situation where the income they could withdraw on an annual basis was set by actuarial guidelines. That s now gone. So, they can still withdraw at a similar rate say, for example, 5% or 6% per annum from the fund on the basis the fund maintains it s capital value. If you take significantly greater than that, there is the possibility that the funds can deplete and that there will be no funds left at the end.

4 I see very few clients, maybe 5%, 10% remaining in annuities, the rest going into drawdown. Terry Bignall, Executive Advisory Service What are the risks and opportunities for people drawing down for the first time in April 2015? Well, in the first time depends upon their tax situation. They ll be able to take out the tax free lump sum of 25% and if they, for example, were a basic rate tax payer, they could take out nearly 40,000 and only pay 20% or up to 20% on some of those funds, depends on the size of the fund, depends upon their attitude to risk and what they want to achieve, it gives them the option. That s on the basis they don t have income from other sources. If there was a more flexible annuity option, in what circumstances would drawdown be more appropriate than a flexible annuity? It would depend partly on age because I think there is a tendency that what s happened traditionally with drawdown, people have gone into drawdown in between say, 50 and 60, stayed in drawdown for a period of time and then annuitized. We could see a crossover aspect where people part annuitize with the new methods that are in place and part drawdown and then at a later point, fully go into annuity, but that is subject to speculation and is subject to annuity rates remaining at their present levels because if annuity rates decline from their present levels, there will be even less appetite for annuities. Are there greater risks for clients in the accumulation phase in keeping your clients money invested? I think there may be a possibility that clients may look at this as a fund where they can release monies from, which beforehand, they aren t able to do and it and if certain criteria or certain liabilities of commitments come up, they may be tempted to erode the fund. What happens if the investment flops in the accumulation phase? That wouldn t be an ideal scenario and hopefully, in most instances that wouldn t be the case, but if that were to occur, you would have to review the client s position as of that time. You may suggest, if possible, they perhaps reduce their income withdrawal they are taking from the fund or perhaps look at other methods they may have in place. It may be a situation, equity release may be a possibility to assist them at that particular juncture, but that would depend on their circumstance. There could be the position where if they d taken out too much in the early years, you had the same problem. So, it s an element of client control by way of expectation for the client, but it is a potential downside. You can download the cribsheet for this week s edition at citywire.co.uk/ adviserknowhow or bnymellonam. co.uk/adviserknowhow or you can find the link and add your AdviserKnowHow on Twitter.

5 ADVISER KNOWHOW A PROGRAMME FOR ADVISERS BY ADVISERS Produced in association with BNY Mellon, Adviser KnowHow is a new groundbreaking programme, created specifically to help you and your business. Every week we speak directly to your peers in the industry to understand how they have addressed some of the key issues that advisers face every day of their working lives. Get involved and add your views on

6 ABOUT BNY MELLON INVESTMENT MANAGEMENT BNY Mellon is a leading investment management and investment services company, with US$1.6 trillion assets under management and more than 47,000 employees worldwide*. The BNY Mellon investment management model encompasses the investment skills of world class specialist asset managers, including those from Insight, Newton, Standish, The Boston Company Asset Management and Walter Scott ensuring our clients benefit from market leading experts in every asset class. The multi-boutique structure encourages an entrepreneurial, focused approach to investment, ensuring our asset managers are ahead of market trends and at the forefront of investment management. Clear, independent thinking from some of the world s sharpest investment minds Contact BNY Mellon: tel: brokersupport@bnymellon.com web: Important Information TRANSCRIPT The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When your client sells their investment they may get back less than they originally invested. This document is issued in collaboration with Citywire. For Professional Clients only. This is not intended as investment advice. BNY Mellon Investment Management EMEA (BNYMIM EMEA) and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised. Unless otherwise noted, all references to total assets under management (AUM) (which are approximate), provided by The Bank of New York Mellon Corporation, are as of 30 June 2014*. AUM for The Boston Company Asset Management, EACM Advisors, Mellon Capital Management Corporation and Standish Mellon Asset Management Company LLC includes assets managed by those individual firms officers as associated persons, dual officers or employees of The Dreyfus Corporation. In addition, AUM / OUM for the following firms may include assets managed by them as non-discretionary investment manager for, or by the individual firms officers as dual officers or employees of, The Bank of New York Mellon: The Boston Company Asset Management, LLC, The Dreyfus Corporation and its BNY Mellon Cash Investment Strategies division, Mellon Capital Management Corporation, Newton Capital Management Limited (part of The Newton Group), Standish Mellon Asset Management Company LLC, and CentreSquare. AUM includes BNY Mellon Wealth Management, Ankura Capital and external data. To help us continually improve our service and in the interest of security, we may monitor and/or record your telephone calls with us. This document is issued in the UK by BNYMIM EMEA, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No Authorised and regulated by the Financial Conduct Authority. BNYMIM EMEA and any other BNY Mellon entity mentioned are all ultimately owned by The Bank of New York Mellon Corporation. Issued 14/8/2014 CP (6M) * As at 30 June 2014

HOW TO CREATE A NICHE

HOW TO CREATE A NICHE ADVISER KNOWHOW THE WEEKLY TV PROGRAMME FOR ADVISERS BY ADVISERS HOW TO CREATE A NICHE Adding a niche to an existing business isn t always easy. How do you make sure you don t alienate existing clients

More information

FUND FALLOUTS: WHAT TO DO WHEN A STAR FUND MANAGER LEAVES

FUND FALLOUTS: WHAT TO DO WHEN A STAR FUND MANAGER LEAVES ADVISER KNOWHOW THE WEEKLY TV PROGRAMME FOR ADVISERS BY ADVISERS FUND FALLOUTS: WHAT TO DO WHEN A STAR FUND MANAGER LEAVES Neil Woodford shook up the investment community last autumn when he announced

More information

HOW TO CARVE OUT A NICHE IN YOUR BUSINESS

HOW TO CARVE OUT A NICHE IN YOUR BUSINESS ADVISER KNOWHOW THE WEEKLY TV PROGRAMME FOR ADVISERS BY ADVISERS HOW TO CARVE OUT A NICHE IN YOUR BUSINESS Finding a niche is one way of making your business stand out, particularly in the retail distribution

More information

HOW TO PREPARE FOR A VISIT FROM THE FCA

HOW TO PREPARE FOR A VISIT FROM THE FCA ADVISER KNOWHOW THE WEEKLY TV PROGRAMME FOR ADVISERS BY ADVISERS HOW TO PREPARE FOR A VISIT FROM THE FCA The Financial Conduct Authority has only been on the block in its new form for about four months

More information

INVESTING FOR A BRIGHTER FUTURE STOCKS AND SHARES ISAS EXPLAINED

INVESTING FOR A BRIGHTER FUTURE STOCKS AND SHARES ISAS EXPLAINED INVESTING FOR A BRIGHTER FUTURE STOCKS AND SHARES ISAS EXPLAINED EVERYONE HAS GOALS FOR THE FUTURE THEY LOOK FORWARD TO Achieving these goals often requires some longterm planning. A stocks and shares

More information

Investing for a brighter future. Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED

Investing for a brighter future. Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED Investing for a brighter future. Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED Contents 03 What is a stocks and shares ISA? 04 How much can I invest? 05 Why invest in a stocks and

More information

Flexible Transitions Account

Flexible Transitions Account Flexible Transitions Account Key features of the Flexible Transitions Account The Financial Conduct Authority is a financial services regulator. It requires us, LV=, to give you this important information

More information

Investing for a brighter future. Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED

Investing for a brighter future. Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED Investing for a brighter future Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED Stocks and Shares ISAs THE FACTS Contents 03 What is a stocks and shares ISA? 04 How much can I invest?

More information

YOUR GUIDE TO RETIREMENT SAVINGS

YOUR GUIDE TO RETIREMENT SAVINGS YOUR GUIDE TO RETIREMENT SAVINGS CONTENTS PAGE 3 WHAT IS THE SCOTTISH WIDOWS RETIREMENT SAVER (THE PLAN)? PAGE 4 CAN I RELY ON THE STATE ALONE? WHAT ARE MY ALTERNATIVES? PAGE 5 HOW DO I JOIN? WHAT ARE

More information

RETIREMENT ACCOUNT YOUR GUIDE. Supporting you to and through retirement

RETIREMENT ACCOUNT YOUR GUIDE. Supporting you to and through retirement RETIREMENT ACCOUNT YOUR GUIDE Supporting you to and through retirement PAGE 3 CHOOSING SCOTTISH WIDOWS PAGE 4 CHOOSING RETIREMENT ACCOUNT PAGE 5 OVERVIEW RETIREMENT ACCOUNT AND FEATURES PAGE 6 WHAT MAKES

More information

Self Invested Personal Pension (SIPP) Key Facts

Self Invested Personal Pension (SIPP) Key Facts Self Invested Personal Pension (SIPP) Key Facts February 2018 2 Key Facts: Self Invested Pension Plan (SIPP) KEY FACTS The Financial Conduct Authority is the independent financial services regulator. It

More information

SHOPPING AROUND YOU SHOP AROUND FOR YOUR INSURANCE, WHY NOT YOUR INCOME IN RETIREMENT?

SHOPPING AROUND YOU SHOP AROUND FOR YOUR INSURANCE, WHY NOT YOUR INCOME IN RETIREMENT? SHOPPING AROUND YOU SHOP AROUND FOR YOUR INSURANCE, WHY NOT YOUR INCOME IN RETIREMENT? WHAT DOES SHOPPING AROUND MEAN? The money you ve saved in your pension, or pension pot, is intended to help support

More information

Euroland Bond How to generate excess returns in a challenging interest rate environment

Euroland Bond How to generate excess returns in a challenging interest rate environment Euroland Bond How to generate excess returns in a challenging interest rate environment Standish is a brand of BNY Mellon Asset Management North America Corporation Thant Han, Director and Senior Portfolio

More information

Alliance Trust Savings Platform Products Key Facts for Advised Clients

Alliance Trust Savings Platform Products Key Facts for Advised Clients Alliance Trust Savings Platform Products Key Facts for Advised Clients June 2018 2 Key Facts: Alliance Trust Savings Platform Products CONTENTS This is a Key Facts Document (KFD) giving you important information

More information

UNDERSTANDING THE ANNUAL ALLOWANCE CHARGE LET S TALK HOW.

UNDERSTANDING THE ANNUAL ALLOWANCE CHARGE LET S TALK HOW. UNDERSTANDING THE ANNUAL ALLOWANCE CHARGE LET S TALK HOW. SCHEME PAYS The annual allowance is the maximum amount that can be built up in your personal and workplace pensions each year free of tax. If you

More information

GUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT

GUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT GUIDE TO RETIREMENT PLANNING MAKING THE MOST OF THE NEW PENSION RULES TO ENJOY FREEDOM AND CHOICE IN YOUR RETIREMENT FINANCIAL GUIDE Green Financial Advice is authorised and regulated by the Financial

More information

PENSION VERSUS ISA FOR RETIREMENT

PENSION VERSUS ISA FOR RETIREMENT RETIREMENT ACCOUNT PENSION VERSUS ISA FOR RETIREMENT This information is for UK Financial Adviser use only and should not be distributed to or relied upon by any other person. PENSIONS AND INCOME DRAWDOWN

More information

A FLEXIBLE RETIREMENT INCOME FOR WHATEVER THE FUTURE HOLDS LET S TALK HOW. PENSION DRAWDOWN

A FLEXIBLE RETIREMENT INCOME FOR WHATEVER THE FUTURE HOLDS LET S TALK HOW. PENSION DRAWDOWN A FLEXIBLE RETIREMENT INCOME FOR WHATEVER THE FUTURE HOLDS LET S TALK HOW. PENSION DRAWDOWN INTRODUCING FLEXIBLE RETIREMENT INCOME What do you think you ll be doing in ten years time? Or twenty? It s not

More information

A guide to the pension changes

A guide to the pension changes A guide to the pension changes 1 in 5 consumers said they are more confused about their retirement options after the 2014 budget than before. (Unbiased April 2014) 2 / It s a retirement revolution! Let

More information

Self Invested Personal Pension. How it can work for you

Self Invested Personal Pension. How it can work for you Self Invested Personal Pension How it can work for you Contents 02 Combining your pensions 03 Maximising your tax efficiency 04 Your payment options 06 Your investment choices 07 Accessing your money 08

More information

Your guide to understanding ISAs

Your guide to understanding ISAs Your guide to understanding ISAs Your money. Our expertise. This guide is for information purposes only. It should not be seen as advice. Investments in the stock market may fall as well as rise, and it

More information

Understanding the annual allowance charge

Understanding the annual allowance charge Understanding the annual allowance charge SCHEME PAYS LET S TALK HOW Understanding the annual allowance charge LET S TALK HOW The annual allowance is the maximum amount that can be built up in your personal

More information

RETIREMENT A NEW BEGINNING

RETIREMENT A NEW BEGINNING RETIREMENT A NEW BEGINNING 2 YOUR RETIREMENT. YOUR Contents More choice, more freedom, more decisions 4 Getting ready for retirement 6 Understanding what happens in the event of your death 7 Navigating

More information

WORKPLACE SAVINGS GUIDE

WORKPLACE SAVINGS GUIDE WORKPLACE SAVINGS GUIDE START HERE. We understand that pensions can be confusing and difficult to understand. That s why we ve created this guide, to explain to you how they work and why they re so important

More information

ALL ABOUT RETIREMENT Your future comes FIRST

ALL ABOUT RETIREMENT Your future comes FIRST ALL ABOUT RETIREMENT Your future comes FIRST This brochure outlines some of the things you ll need to consider when planning for retirement, including how much you need. We ll explain how you can boost

More information

Getting the retirement income you need RETIREMENT PLANNING

Getting the retirement income you need RETIREMENT PLANNING Getting the retirement income you need RETIREMENT PLANNING 01 It can be a big decision. But you don t have to make it on your own Whether your retirement is still a little way off or coming up quickly,

More information

Conduct proprietary research Set up & down price targets Document and present investment recommendation

Conduct proprietary research Set up & down price targets Document and present investment recommendation FOR PROFESSIONAL CLIENTS AND, IN SWITZERLAND, FOR QUALIFIED INVESTORS ONLY. IN THE MIDDLE EAST, PROVIDED SOLELY FOR USE BY THE INTENDED RECIPIENT. Mellon Dynamic Large Cap Value Strategy All information

More information

Accessing your pension savings

Accessing your pension savings Accessing your pension savings 2 Accessing your pension savings CONTENTS 03 About this guide 04 An important note 06 A few basics to start 06 Your options in summary 07 Tax-free cash 10 Flexible retirement

More information

AT OUR PROPOSAL A CLOSER LOOK. Your guide to what we want to offer

AT OUR PROPOSAL A CLOSER LOOK. Your guide to what we want to offer A CLOSER LOOK AT OUR PROPOSAL Your guide to what we want to offer All literature about products that carry the Royal London brand is available in large print format on request to the Marketing Department

More information

Your AVC Plan, Your Choice Investment Choice Guide for Public Sector Employees

Your AVC Plan, Your Choice Investment Choice Guide for Public Sector Employees Your AVC Plan, Your Choice Investment Choice Guide for Public Sector Employees taking care of you... 2 Contents Investing Your Additional Voluntary Contributions 4 Why Investment Choice Is Important 6

More information

INCOME SUSTAINABILITY. Helping your clients sustain a regular retirement income

INCOME SUSTAINABILITY. Helping your clients sustain a regular retirement income INCOME SUSTAINABILITY Helping your clients sustain a regular retirement income THIS IS FOR FINANCIAL ADVISER USE ONLY AND SHOULDN T BE RELIED UPON BY ANY OTHER PERSON. Sustainability Income sustainability

More information

KEY FEATURES OF THE INCOME DRAWDOWN PLAN. Important information you need to read

KEY FEATURES OF THE INCOME DRAWDOWN PLAN. Important information you need to read KEY FEATURES OF THE INCOME DRAWDOWN PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY (FCA) IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS

More information

Beyond Active and Passive: Using Smart Beta Strategies to Build More Efficient Portfolios

Beyond Active and Passive: Using Smart Beta Strategies to Build More Efficient Portfolios Beyond Active and Passive: Using Smart Beta Strategies to Build More Efficient Portfolios EXECUTIVE SUMMARY By William Cazalet, CAIA Managing Director Global Investment Strategist Mellon Capital Management

More information

Guide to buying an annuity

Guide to buying an annuity Guide to buying an annuity 2 Welcome to our guide to buying an annuity You now have more choice than ever before when it comes to using your pension savings. Of course having more options can make it difficult

More information

Fidelity Wealth Service

Fidelity Wealth Service Fidelity Wealth Service Dear Investor, New opportunities. The perfect property. The ideal retirement. Or maybe just the freedom to make it up as you go along. At Fidelity Wealth, we know every investor

More information

A better approach to Roth conversions

A better approach to Roth conversions A better approach to Roth conversions Jason Method: One beneficial aspect of our current retirement system is that it allows you to choose when to pay taxes on at least some of the money you ve saved.

More information

Your guide to being a a trustee trustee. Your role and responsibilities

Your guide to being a a trustee trustee. Your role and responsibilities Your guide to being a a trustee trustee Your role and responsibilities Your guide to being a trustee Introduction You ve been asked to be a trustee. If you haven t done this before, you re probably wondering

More information

Key Features of the WorkSave Pension Plan. This is an important document which you should keep in a safe place.

Key Features of the WorkSave Pension Plan. This is an important document which you should keep in a safe place. Key Features of the WorkSave Pension Plan This is an important document which you should keep in a safe place. Welcome to your Key Features Document. It explains all the important information you need

More information

Guide to. buying an annuity

Guide to. buying an annuity Guide to buying an annuity 2 Guide to buying an annuity Welcome to our guide to buying an annuity You now have more flexibility than ever before when it comes to using your pension savings. Of course all

More information

Pension Portfolio J26372_LF10207_0318.indd 1 05/03/18 6:39 am

Pension Portfolio J26372_LF10207_0318.indd 1 05/03/18 6:39 am Pension Portfolio could be the perfect home for your pension. It allows you to take full advantage of the pension freedoms. Pension Portfolio has two options - Core and Choice - which are designed to meet

More information

Nationwide Clear Horizon Fixed & Indexed Annuity. Spend more time with the people who matter most, and less time planning for retirement.

Nationwide Clear Horizon Fixed & Indexed Annuity. Spend more time with the people who matter most, and less time planning for retirement. Spend more time with the people who matter most, and less time planning for retirement. Nationwide Clear Horizon Fixed & Indexed Annuity Not a deposit Not FDIC or NCUSIF insured Not guaranteed by the institution

More information

Your retirement. A guide for members of Pace DC. Co-operative Bank Section August 2018

Your retirement. A guide for members of Pace DC. Co-operative Bank Section August 2018 Your retirement A guide for members of Pace DC Co-operative Bank Section August 2018 Contents 1. Thinking about retirement? 3 2. How to decide when to retire 4 So, when s the right time to retire? 5 Budgeting

More information

Checks and Balances TV: America s #1 Source for Balanced Financial Advice

Checks and Balances TV: America s #1 Source for Balanced Financial Advice The TruTh about SOCIAL SECURITY Social Security: a simple idea that s grown out of control. Social Security is the widely known retirement safety net for the American Workforce. When it began in 1935,

More information

Making a withdrawal from your pension

Making a withdrawal from your pension Making a withdrawal from your pension ALL YOU NEED TO KNOW ABOUT TAKING MONEY FROM YOUR PENSION RETIREMENT PLANNING If you are thinking about taking money from your pension it s important to understand

More information

Making a withdrawal from your pension

Making a withdrawal from your pension If you are thinking about taking money from your pension, it is important to understand how the withdrawal process works. There are four ways you can take money out of your pension. Picking the right one

More information

Positioned for Recovering Global Financial Markets

Positioned for Recovering Global Financial Markets February 3, 2010 Positioned for Recovering Global Financial Markets Presented by: Bob Kelly Chairman and CEO Cautionary Statement A number of statements in our presentations, the accompanying slides and

More information

GETTING THE RETIREMENT INCOME YOU NEED LET S TALK HOW. RETIREMENT PLANNING

GETTING THE RETIREMENT INCOME YOU NEED LET S TALK HOW. RETIREMENT PLANNING GETTING THE RETIREMENT INCOME YOU NEED LET S TALK HOW. RETIREMENT PLANNING 01 IT CAN BE A BIG DECISION. BUT YOU DON T HAVE TO MAKE IT ON YOUR OWN Whether your retirement is still a little way off or coming

More information

Slide 1. Introduction

Slide 1. Introduction World Bank Seminar script. Slide 1 Introduction Peter Dinsdale is an World Bank retiree with experience of retiring and returning to the UK having sold up in the US and jumped through all of the necessary

More information

Key Features of the WorkSave Pension Plan. This is an important document which you should keep in a safe place.

Key Features of the WorkSave Pension Plan. This is an important document which you should keep in a safe place. Key Features of the WorkSave Pension Plan This is an important document which you should keep in a safe place. Welcome to your Key Features Document. It explains all the important information you need

More information

Your fund guide. For members of Pace DC (including Additional Voluntary Contributions) Co-operative Bank Section August 2018

Your fund guide. For members of Pace DC (including Additional Voluntary Contributions) Co-operative Bank Section August 2018 Your fund guide For members of Pace DC (including Additional Voluntary Contributions) Co-operative Bank Section August 2018 Welcome to your fund guide for members of Pace DC. Please read this guide together

More information

Your Guide to Pension Freedom

Your Guide to Pension Freedom Your Guide to Pension Freedom Since April 2015 individuals have had freedom to access their pensions. The changes marked a radical departure from the previous system, by giving greater choices and trusting

More information

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions

PASSING ON YOUR PENSION. A guide to death benefits from income drawdown. Retirement Solutions PASSING ON YOUR PENSION A guide to death benefits from income drawdown Retirement Solutions It s now easier than ever to pass any remaining money in your pension to the people you love when you die. New

More information

PLAN YOUR RETIREMENT INCOME

PLAN YOUR RETIREMENT INCOME PLAN YOUR RETIREMENT INCOME YOUR RETIREMENT STORY IS ABOUT TO BEGIN A warm welcome to Dynamic Wealth. You may be thinking about retiring in the next five years or so, or maybe you ve already started the

More information

Unilever UK Pension Fund At Retirement Booklet

Unilever UK Pension Fund At Retirement Booklet Unilever UK Pension Fund At Retirement Booklet Please complete your details in this table Your name Your date of birth Your retirement date Your State Pension Age * * If you don t know your state pension

More information

Your retirement. A guide for members of the defined contribution section of Pace. April 2017

Your retirement. A guide for members of the defined contribution section of Pace. April 2017 Your retirement A guide for members of the defined contribution section of Pace April 0 Contents 0. Thinking about retirement?. How to decide when to retire So, when s the right time to retire? Budgeting

More information

INVESTING FOR YOUR RETIREMENT. The choice is yours

INVESTING FOR YOUR RETIREMENT. The choice is yours INVESTING FOR YOUR RETIREMENT The choice is yours 2 Supporting your journey. Thinking about your retirement isn t always easy, as it can feel far away. But knowing which way you re heading can give you

More information

ACCESSING YOUR PENSION POT.

ACCESSING YOUR PENSION POT. PORTFOLIO PLUS PENSION / PORTFOLIO PLUS SELF INVESTED PERSONAL PENSION ACCESSING YOUR PENSION POT. We ve put together some information to help you understand the options available to you and things you

More information

Are Your Allocations Right for Social Security?

Are Your Allocations Right for Social Security? Are Your Allocations Right for Social Security? Are Your Allocations Right for Social Security? Nothing exists in a vacuum, meaning that even if you ve determined the best time and method of taking your

More information

What to do about rising interest rates?

What to do about rising interest rates? What to do about rising interest rates? Jason Method: The new Federal Reserve chairman has said the economy is strengthening. Interest rates have been rising, and most analysts believe the Fed will hike

More information

The future of retirement a consultation on investing for NEST s members in a new regulatory landscape

The future of retirement a consultation on investing for NEST s members in a new regulatory landscape Schroder Investment Management Limited 31 Gresham Street, London EC2V 7QA Tel: 020 7658 6000 Fax: 020 7658 6965 www.schroders.com Mark Fawcett Chief Investment Officer NEST Corporation Riverside House

More information

PENSION BENEFITS GUIDE HOW YOU CAN USE YOUR PENSION POT TO SUIT YOUR NEEDS

PENSION BENEFITS GUIDE HOW YOU CAN USE YOUR PENSION POT TO SUIT YOUR NEEDS PENSION BENEFITS GUIDE HOW YOU CAN USE YOUR PENSION POT TO SUIT YOUR NEEDS With the flexibility you have to take benefits through your pension, it can be difficult to know what s best for you and your

More information

Key Features of the Group Stakeholder Pension Scheme. This is an important document which you should keep in a safe place.

Key Features of the Group Stakeholder Pension Scheme. This is an important document which you should keep in a safe place. Key Features of the Group Stakeholder Pension Scheme This is an important document which you should keep in a safe place. Welcome to your Key Features Document. It explains all the important information

More information

Tax Year Rates and Allowances 2018/2019

Tax Year Rates and Allowances 2018/2019 Tax Year Rates and Allowances 2018/2019 Introduction We know tax can be complicated so we ve designed this document to help you understand the tax rates and allowances that apply for the 2018/2019 tax

More information

Key Features of the Group Stakeholder Pension Scheme. This is an important document which you should keep in a safe place.

Key Features of the Group Stakeholder Pension Scheme. This is an important document which you should keep in a safe place. Key Features of the Group Stakeholder Pension Scheme This is an important document which you should keep in a safe place. Welcome to your Key Features Document. It explains all the important information

More information

BASIC GUIDE TO YOUR RETIREMENT INCOME OPTIONS

BASIC GUIDE TO YOUR RETIREMENT INCOME OPTIONS BASIC GUIDE TO YOUR RETIREMENT INCOME OPTIONS This guide is for you if you have personal pensions or company money purchase pension schemes. If you have defined benefit (final salary) pensions or are unsure

More information

January A guide to your. retirement options

January A guide to your. retirement options January 2016 A guide to your retirement options Contents Section Page Introduction 4 Questions about you for you to think about 5 State Pensions Deferring Your State Pension 8 Voluntary National Insurance

More information

Taking a lump sum from a plan already in Drawdown

Taking a lump sum from a plan already in Drawdown Taking a lump sum from a plan already in Drawdown (only use this form if you are requesting a withdrawal of less than 50,000) What this form is for 0817 Only use this form if you have a Self Invested Personal

More information

Key Features of the WorkSave Pension Plan. This is an important document which you should keep in a safe place.

Key Features of the WorkSave Pension Plan. This is an important document which you should keep in a safe place. Key Features of the WorkSave Pension Plan This is an important document which you should keep in a safe place. Welcome to your Key Features Document. It explains the important information you need to know

More information

Making a withdrawal from your pension

Making a withdrawal from your pension Making a withdrawal from your pension ALL YOU NEED TO KNOW ABOUT TAKING CASH FROM YOUR PENSION RETIREMENT PLANNING The ability to withdraw cash directly from your pension has become an attractive option.

More information

ACCESSING YOUR PENSION POT.

ACCESSING YOUR PENSION POT. STAKEHOLDER PENSION PLAN ACCESSING YOUR PENSION POT. We ve put together some information to help you understand the options available to you and things you need to consider. You should think about this

More information

Helping you grow your retirement income

Helping you grow your retirement income Helping you grow your retirement income The FundsNetwork Pension 1 The benefits you ll enjoy with the FundsNetwork Pension: A full range of tax benefits receive tax relief on contributions, tax-efficient

More information

YOUR GUIDE TO PENSION TRANSFERS INFORMED.

YOUR GUIDE TO PENSION TRANSFERS INFORMED. YOUR GUIDE TO PENSION TRANSFERS INFORMED. This guide is all about the things you need to think about if you re considering transferring your pension. It s about helping you to weigh up the pros and the

More information

Flexible Guarantee Bond Series 3

Flexible Guarantee Bond Series 3 Flexible Guarantee Bond Series 3 Supplementary Information Document (SID) This document provides you with additional important information to help you to decide whether our Flexible Guarantee Bond is right

More information

Protected Retirement Plan. Customer guide

Protected Retirement Plan. Customer guide Protected Retirement Plan Customer guide Retirement is changing. People are now living much longer, so you can hopefully look forward to many years in retirement. There s also more freedom and choice in

More information

Key features of the Group Stakeholder Pension plan

Key features of the Group Stakeholder Pension plan For employees Key features of the Group Stakeholder Pension plan Contents Its aims 2 Your commitment 2 Risks 3 Questions and answers 4 Other information 9 How to contact us 12 The Financial Conduct Authority

More information

THE ROAD TO RETIREMENT. Making your pension decision

THE ROAD TO RETIREMENT. Making your pension decision THE ROAD TO RETIREMENT Making your pension decision INTRODUCTION Step 1 Collect your pension statements Whether you find planning your retirement daunting or exciting, what s most important is getting

More information

Proposed changes to your pension

Proposed changes to your pension Proposed changes to your pension Guide for BTRSS members November 2017 CONTENTS page 1 Introduction 2 Our commitment to your pension 3 Overview of the BTRSS 4 The proposed changes to the BTRSS 5 Member

More information

Standard Life Active Retirement For accessing your pension savings

Standard Life Active Retirement For accessing your pension savings Standard Life Active Retirement For accessing your pension savings Standard Life Active Retirement our ready-made investment solution that allows you to access your pension savings while still giving your

More information

Key Features. CanRetire Lifetime Annuity and Scheme Pension (including Enhanced versions)

Key Features. CanRetire Lifetime Annuity and Scheme Pension (including Enhanced versions) Key Features CanRetire Lifetime Annuity and Scheme Pension (including Enhanced versions) The CanRetire Lifetime Annuity and Scheme Pension (including Enhanced versions) The Financial Conduct Authority

More information

Your guide to pension transfers. About this guide

Your guide to pension transfers. About this guide Informed This guide has all the things you need to think about if you re considering transferring your pension to Legal & General. It s designed to help you weigh up the pros and the cons so you can make

More information

Key Features of the Group Personal Pension 2000 Plan. This is an important document which you should keep in a safe place.

Key Features of the Group Personal Pension 2000 Plan. This is an important document which you should keep in a safe place. Key Features of the Group Personal Pension 2000 Plan This is an important document which you should keep in a safe place. Welcome to your Key Features Document. It explains all the important information

More information

Positioned for Recovering Global Financial Markets

Positioned for Recovering Global Financial Markets March 10, 2010 Positioned for Recovering Global Financial Markets Presented by: Todd Gibbons CFO Karen Peetz CEO, Financial Markets and Treasury Services Cautionary Statement A number of statements in

More information

00:00:24:26 Glenn Emma, can you give us a brief background into, into auto enrolment?

00:00:24:26 Glenn Emma, can you give us a brief background into, into auto enrolment? Time-codes Pensions 00:00:04:08 Interviewer Hello my name s Glenn Collins and I m ACCA UK s Head of Technical Advisory. Today s vodcast we re going to consider work place pension reforms. It s part of

More information

Keyline Financial Solutions Ltd

Keyline Financial Solutions Ltd Keyline Financial Solutions Ltd Adviser Summer 2018 In this issue: Individual Savings Accounts (ISAs) Are you thinking about retirement? Tax relief reductions racing ahead Buy-to-let could still be a good

More information

Understanding your. Retirement options. We are here to help

Understanding your. Retirement options. We are here to help Understanding your Retirement options We are here to help The importance of taking professional advice Your pension doesn t automatically pay you an income in retirement Throughout your life you ve probably

More information

ACCESSING YOUR PENSION POT.

ACCESSING YOUR PENSION POT. PERSONAL PENSION NO.1 GROUP PERSONAL PENSION NO.1 ACCESSING YOUR PENSION POT. We ve put together some information to help you understand the options available to you and things you need to consider. You

More information

Active Money Self Invested Personal Pension. How it can work for you

Active Money Self Invested Personal Pension. How it can work for you Active Money Self Invested Personal Pension How it can work for you 2 Active Money Self Invested Personal Pension Contents 02 A single home for your pensions 03 Maximising your tax efficiency 04 Take charge

More information

KEY FEATURES OF THE PERSONAL PENSION

KEY FEATURES OF THE PERSONAL PENSION KEY FEATURES OF THE PERSONAL PENSION RETIREMENT For changes to existing policies only closed to new members from 10 November 2008 Important Information The Financial Conduct Authority (FCA) is a financial

More information

Fixed Annuities. Annuity Product Guides. A safe, guaranteed and tax-deferred way to grow your retirement savings.

Fixed Annuities. Annuity Product Guides. A safe, guaranteed and tax-deferred way to grow your retirement savings. Annuity Product Guides Fixed Annuities A safe, guaranteed and tax-deferred way to grow your retirement savings Modernizing retirement security through trust, transparency and by putting the customer first

More information

YOUR QUESTIONS ANSWERED.

YOUR QUESTIONS ANSWERED. PENSION FREEDOMS YOUR QUESTIONS ANSWERED. We ve put together some information to help you understand the options available if you re thinking about accessing your pension pot. This booklet should be read

More information

Your guide to retirement savings. Start

Your guide to retirement savings. Start Your guide to retirement savings Start What is the Zurich Retirement Saver (the plan)? 3 Can I rely on the State alone? 4 What are my alternatives? 4 How do I join? 5 What are the payments? 5 How regular

More information

Getting started as an investor. A guide for investors

Getting started as an investor. A guide for investors Getting started as an investor A guide for investors MAKE A RETURN AND A DIFFERENCE You can earn attractive, stable returns by lending to businesses through Funding Circle. Set up your account in minutes,

More information

WORKPLACE PENSIONS REPORT

WORKPLACE PENSIONS REPORT WORKPLACE PENSIONS REPORT 2016 Workplace Pensions Report 2016 FOREWORD RONNIE TAYLOR PENSIONS DIRECTOR SCOTTISH WIDOWS HOW WELL ARE UK WORKERS SAVING? In recent years, Scottish Widows research has shown

More information

Your guide to the fundamentals of investing

Your guide to the fundamentals of investing Your guide to the fundamentals of investing Your money. Our expertise. This guide is for information purposes only. It should not be seen as advice. Investments in the stock market may fall as well as

More information

Your guide to Risk & Return

Your guide to Risk & Return Your guide to Risk & Return Your money. Our expertise. This guide is for information purposes only. It should not be seen as advice. Investments in the stock market may fall as well as rise, and it is

More information

GETTING THE RETIREMENT INCOME YOU NEED LET S TALK HOW. RETIREMENT PLANNING

GETTING THE RETIREMENT INCOME YOU NEED LET S TALK HOW. RETIREMENT PLANNING GETTING THE RETIREMENT INCOME YOU NEED LET S TALK HOW. RETIREMENT PLANNING 01 IT CAN BE A BIG DECISION. BUT YOU DON T HAVE TO MAKE IT ON YOUR OWN Whether your retirement is still a little way off or coming

More information

Fidelity Investment Ideas Helping you find investment opportunities

Fidelity Investment Ideas Helping you find investment opportunities JANUARY 2019 Fidelity Investment Ideas Helping you find investment opportunities IN THIS ISSUE PAGE 3 Helping you find the help you need PAGE 5 The hands-on way to invest PAGE 6 Expertly selected ideas

More information

Care home fees and your property

Care home fees and your property Care home fees and your property This factsheet explains whether you will need to sell your property to pay care fees if you move into a care home permanently. It outlines alternatives such as deferred

More information

It s flexible. Key features of the Flexible Income Annuity

It s flexible. Key features of the Flexible Income Annuity It s flexible Key features of the Flexible Income Annuity Flexible Income Annuity This is an important document and you should read it before deciding whether to buy this product. More information Turning

More information

Enjoy Your Retirement Our 5 step guide

Enjoy Your Retirement Our 5 step guide Enjoy Your Retirement Our 5 step guide www.chadwickfinancial.uk.com About Us With offices in Dartmouth since 1983, we deal with all the things you would expect - pensions, investments, life assurance,

More information