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In this section: Personal Clients | Pensions | Savings & Investments | Personal Protection | Mortgages | Tax Planning

Individual Pensions

Read the Shirebrook view on the Contracting-Out dilemma here

The Government offer substantial tax incentives to encourage people to make private pension provision during their working lives to increase their income in retirement. In recent years the choices for retirement planning have increased substantially due to successive governments enacting different levels of legislation.

06 April 2001 saw the introduction of stakeholder pensions to encourage more people to plan for their retirement. To make the contract attractive, legislation stipulates:

For people who joined the scheme on or after the 06 April 2005 a maximum 1.5% annual management charge can be applied for the first 10 years and 1% thereafter for the remainder of the time in the scheme with no other charges being applied. A minimum monthly contribution of no more than £20 per month. Contributions can be stopped and restarted, increased and decreased at any time subject to legislative minimum and maximum levels.

On 06 April 2006 we had pensions A day when the various rules for different pension contracts were replaced with a single pensions regime. This was a Government initiative to simplify the pensions market making pensions easier to understand and invest in to further encourage people to save for their retirement.

Pensions calculators

Our services

Retirement Planning

The service we provide covers providing Independent Financial Advice on the full spectrum of individual pensions

  • Stakeholder Pensions
  • Personal Pensions
  • Retirement Annuities
  • Additional Voluntary Contributions (AVC’s)
  • Free Standing Additional Voluntary Contributions (FSAVCs)
  • Self Invested Personal Pensions

For more information on pension products, please visit the FSA's Money Made Clear web site.

Retirement Options

Having built up a fund in your pension plan to provide you with an income for life during retirement you need to make important decisions about how those benefits should be taken.

There are a number of options available for retirement benefits:

  • Annuity purchase
  • Phased annuity
  • Pension Fund Withdrawal
  • Phased Pension Fund Withdrawal

Under current legislation you can normally take 25% of your fund as a tax-free lump sum (pension commencement lump sum) and the remainder of the fund is used to provide an income.

Our services

Shirebrook will provide Independent Financial Advice on –

  • The structuring and taking of retirement benefits
  • Investment advice
  • An open market review of annuity rates
  • Spouse and dependents pensions

To discuss your specific requirements further please e-mail Shirebrook Financial or call us on 01257 246550.

Further information on retirement options is available at the FSA's Money Made Clear web site.