˚Setting Up a New Pension

If you are employed with a workplace pension or self employed and currently are not paying into a pension St Barts Finance could help you. Our team of advisors work from our branches in Bournemouth, Poole &  Salisbury. We can also carry out appointments out of office hours at your home or office.

Why would you set up a personal pension?

It seems like an obvious question but planning for your retirement is key to a comfortable end to your working life.

How much should I save into my pension?

Saving for your pension if your employed or self employed does impact on your disposable cash. Understanding what you can afford to pay into your pension can be worked out by budgeting carefully. Our team of financial advisors can help you with this.

How will a financial advisor help me plan my monthly contributions?

When you meet with a financial advisor from St Barts in Bournemouth or Poole, they will work with you to understand your current circumstances. This then allows them to make a recommendation based on the information you have provided and the expert knowledge of personal finances. This is not a fixed amount and your financial advisor will make sure that your new pension suits your needs and works with you. Contributions can be flexible which is perfect for our self employed clients. Our clients also enjoy the flexibility of being able to increase and decrease or pause their contributions as different life events affect your disposable income.

Where is my pension saved?

Pensions are saved into a pension fund this fund is then invested via a portfolio into different types of investment based on your individual needs and attitude to risk and investments.

How is my attitude to risk assessed?

This is the job of your financial advisor when you meet with one of the team at St Barts Finance in one of our local branches in Bournemouth, Poole or Salisbury, your advisor will have a conversation regarding your attitude to risk. This will then determine the type of investment funds that are suitable for you.

What tax relief do I get?

Pensions are a tax free saving plan and can generally only be encashed when you meet the minimum retirement age of 55. This money is then released to you to use for any legal means.

Tax relief on contributions?

If you are self employed either as a sole trader of ltd company director, your pensions contributions could be tax deductible from your net profit and reduce your tax bill at the end of the year. St Barts Finance covering Bournemouth, Poole &  Salisbury are a team of mortgage brokers and financial planners we are not tax specialists and would always recommend speaking to a qualified accountant on how your pension contributions could reduce your future tax liability.

 

What can I do with my pension when I retire?

When you retire you have a few options that your financial advisor will discuss with you nearer the time as it stands you can currently take up to 25% tax free cash as a lump sum to purchase an annuity or take a monthly pension payment or a mix of all three. What you can do with the money is completely up to you there is no restrictions on what the money is used for.

How do I get a personal pension?

Setting up a personal pension should be simple and straight forward. At St Barts Finance we pride ourselves on our excellent reputation for customer service and financial advice across Bournemouth, Poole & Salisbury. To book an appointment to discuss setting up a regular contribution to a new personal pension call us on 01202 520 550 or use the book an appointment online button to arrange an appointment at a time and office that suits you.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen

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