Welton

44
Money Matters
Pensions - be prepared
Sadly a valued client and friend died
suddenly and unexpectedly last month.
Last year we undertook a pension review,
moving several pensions to a platform
which benefits from the new pension rules.
This means that as he was under 75 his
widow has the option of taking a tax free
income, whereas before she would only be
entitled to a lump sum. This meant that
in a difficult meeting with his distraught
widow, I was able to bring some good
news which helped considerably, and is
another advantage of pension reviews.
Pensions have been in the news following
‘scams’ where people have been enticed
to either take their pensions as cash and
pay tax, to invest in spurious investments
or to invest their pension in schemes such
as hotels which have proved to be nonexistent.
It is important to review your
pension, but the importance of using a
Welton NEWS
trusted and knowledgeable adviser cannot
be over emphasised.
Other issues to consider are:
Charges, do you know how much you are
paying and is it competitive?
Fund performance; are you invested in
funds which match your risk profile and
are they performing well?
Both issues can make a big difference to
the size of your pension pot when you
retire.
When you do come to take your benefits
you will need carefully to consider your
options. You don’t have to purchase an
annuity, although this may be appropriate.
You can take 25% of your fund as a taxfree
lump sum from a personal pension.
However there is no point in taking this
if you don’t need it (it is in a tax efficient
environment) and putting it in say, a
deposit account. You can draw all or part
of it at any time tax-free, or take a full or
partial tax-free income.
Do you have a property to sell in Welton or Dunholme?
Do you want?
• A hassle free cash sale with 6 week completion.
• No estate agents fees.
• No chain.
• No auction fees.
Selling your property for cash puts you in a strong position
to negotiate on your next property.
Why not give us a call and find out how much your property is worth?
We look forward to hearing from you!
Telephone: 01522 300722
Email: info@orange-egg.co.uk