Looking For Answers Regarding Your Company Pension Scheme

Financial Adviser Sutton Coldfield
Ian Cleghorn, Chartered Financial Planner

If you’ve been a member of a company pension scheme in the past, it may have been a Defined Benefit arrangement, which should provide a future retirement income that’s based on your length of service and your salary.  Defined Benefit schemes are normally considered to be the most attractive type of company pension scheme because they offer significant guarantees of future income.

But for some people approaching retirement it can be appropriate to transfer the value of a Defined Benefit pension into a personal pension plan.  Importantly, those transferring will lose these valuable guarantees but in compensation for this they can gain extra control of how and when they take their pension benefits.  Furthermore, the value of their pension transfer can be very significant, and a personal pension fund can better be protected for your children and grandchildren.

Unfortunately, some Defined Benefit pensioners have in the past been given bad advice to transfer their pension to a personal pension, and this has been widely reported in the press.  As a result of the general negativity surrounding Defined Benefit pension transfers, many financial advisory companies have taken the decision not to offer advice in this crucial area.

However, Four Oaks Financial Services remain happy to review pension options for clients who have built up future Defined Benefit pension entitlement. We have robust internal processes to ensure that the right advice is given, and as part of the Quilter network who came first in the FTAdviser 2019 top financial adviser awards, all our pension transfer recommendations also benefit from Quilter’s experts giving our recommendations a secondary check prior to any transfers taking place.

We remain of the view that, for the majority of people, the right advice is to stick with their Defined Benefit pension.  However, for some people there can be considerable merit in transferring.  Our expert advisers at Four Oaks Financial Services are available to give advice in this important area. Please contact us for financial advice in Sutton Coldfield and across the wider Midlands region.

Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.

However, there are some circumstances where we might consider a Defined Benefits transfer.

Our Financial Advisers In Sutton Coldfield Help You Manage Tax Implications

Financial Advisers In Sutton ColdfieldOur financial advisers in Sutton Coldfield work with a wide range of clients who want to help younger members of their family financially, but also avoid potential tax pitfalls.

Younger people find it a struggle to get on the property ladder and look for help from parents and grand-parents. However, if you are thinking of giving money away you need to seek the advice of financial advisers in Sutton Coldfield, to ensure you don’t fall foul of tax rules.

The House of Lords Committee on Intergenerational Fairness and Provision recently quoted data from an April 2018 survey conducted by Douglas McWilliams, their report said that 27% of all UK house purchases were made with contributions from the older generation, with gifted lump sums averaging £5,000 to £6,000.

It is essential that you get advice from our qualified financial advisers in Sutton Coldfield, because you have an annual exemption for Inheritance Tax (IHT) purposes, which allows you to give away up to £3,000 each tax year. This allowance can be carried over to the next tax year meaning that you could potentially give away as a gift £6,000 without it affecting your estate’s IHT liability.

People are living longer, so it is becoming even more important to talk to financial advisers in Sutton Coldfield for a number of reasons. For example, inheritances may become available later in life, there is also the possibility of smaller inheritances or none at all because the older generation may need to use the funds themselves for care, or just to enjoy their retirement. Our financial advisers in Sutton Coldfield increasingly work with people to help them plan to fund the gap between the State Pension and what they need for a comfortable retirement. It is also important to say that we believe that financial planning is not all about retirement. You need to have a happy and fulfilled life throughout your life.

Inheritance Tax Planning is not regulated by the Financial Conduct Authority.

Tax treatment varies according to individual circumstances and is subject to change.

Tax Planning is not regulated by the Financial Conduct Authority.

Talk to our financial advisers in Sutton Coldfield or across the region about our Lifestyle Financial Planning. Your first meeting is at our cost and without obligation. We will always provide financial advice that is honest, open and transparent.

 

Getting Pensions Advice In Lichfield Could Impact Your Retirement Plans

Pensions Advice LichfieldNo aspect of your finances should be left alone and shoved in a drawer. In this day and age everything connected to your financial planning, and especially your pension, should be reviewed on a regular basis by a qualified pensions adviser who provides pensions advice local to Lichfield or near to where you live.

If you have a pension with an old employer you may think that you have got your retirement planning sorted.  To be absolutely sure, it is prudent that you ask a local retirement adviser, such as one of the experienced financial advisers in our team in Lichfield, to undertake a review.

You may not know about all the changes that have occurred in the pensions arena in recent years. You could find that your old pension incurs more charges than a modern pension, or that your loved ones will not get your pension should you die.  Pensions advice in Lichfield is a real must do.

Let’s explore in a little more detail what might happen if you die. If you have an older-style pension you could find that when you pass away your pension just stops being paid and the pension company gets what is left in your pension pot.  With a modern pension plan if you die your family should get what’s left and they will get it in an Inheritance Tax friendly way. That’s just one reason to get pensions advice in Lichfield.

With an old pension you may find that the funds the pension is invested in are no longer the right ones for you, or that it isn’t flexible and drawdown friendly.  If you are not familiar with the word drawdown, this is another way to get your pension rather than buying an annuity, which is how most older-style pensions are set up.

Did you know that you can have your pension reviewed at any time? And, if it is appropriate for your circumstances, you can decide to transfer your pension to a plan that is more suitable for you.

If you have not had an old pension with a former employer reviewed ever, or during the past few years we strongly suggest that you get pensions advice in Lichfield.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.

Transferring out of a Final Salary scheme is unlikely to be in the best interests of most people.

The Financial Conduct Authority does not regulate on Estate Planning.

Safeguard Your Business With Keyman Insurance in Lichfield

keyman insurance lichfieldYou will have people in your business who are key players in the success or failure of your company. Keyman insurance for a Lichfield business could save you from disaster. This business protection is also known as Key Person Protection and Key Person Insurance.

It is not something any of us like to think about, but every day people are diagnosed with critical illnesses and we often hear of people who die unexpectedly. Whilst this is distressing for their family it can be devastating for their work colleagues.  Keyman insurance for Lichfield based businesses is well worth thinking about.

This kind of cover protects businesses from the crippling financial and operational effects of a key person dying or being unable to work and is widely available. But it is essential to get business related financial advice from an adviser who will take time to understand your business and is experienced and able to advise you correctly.  You need to be careful to ensure that you understand what critical illnesses are covered, as if they are not specified in the policy you may not get the payout you need.  Also, there will be terms and conditions that apply to the keyman insurance for your Lichfield business.

There is a lot more information on our Corporate Financial Services Page but in short you can safeguard your business by protecting losses caused by a key person not being able to work, protecting business loans, overdrafts or investments.  With a payout from a keyman insurance your Lichfield based business could find and hire a replacement because the danger is you try to carry on but without the skills or knowledge of the key person whilst increasing the workload of colleagues, which is not sustainable in the longer term.

As Financial Advisers in we have a great deal of experience providing businesses in Lichfield with Keyman Insurance. Our first meeting is at our cost and without obligation. Please contact us to see how we can help.

Talk To Financial Advisers In Sutton Coldfield For Professional Financial Advice

Financial Advisers Sutton ColdfieldOne of the best lessons anyone can learn is to be careful where you get your information from. This is especially true when you are making decisions that affect your financial future.  Getting advice from professional Financial Advisers in Sutton Coldfield will ensure you have correct information that is based upon your unique circumstances.

When thinking about financial planning it is important to keep focused on your long-term goals. Market volatility, which means that investments can go up as well as down, is always likely, and although risk can never be eliminated altogether working with Financial Advisers in Sutton Coldfield will give you the opportunity to put in place strategies to reduce risk.

During your lifetime there are many financial decisions that will need to be taken. For example, at the age of 55 you can generally take 25% of your pension savings as a tax-free lump sum.  There is more than one way to do this, and getting help from Financial Advisers in Sutton Coldfield will help you decide which is the most appropriate way for you to do this.

On the subject of pensions, people change jobs more frequently nowadays, meaning that they can often have small pension pots with past employers that they fail to keep track off. According to research there are around 1.6m* pensions that UK workers have forgotten about.  Getting financial advice from Financial Advisers in Sutton Coldfield could help you identify your pensions and by reviewing them you will know how they are performing and if you need to take any action.

Another financial decision that you may need to take is whether to pass money on to your family during your lifetime. Concerns have been raised that this might be at the expense of your own financial security.  So, professional advice from Financial Advisers in Sutton Coldfield is recommended, as this will help you assess the impact this may have on your income in your retirement.

We have a holistic approach to financial planning, where we first discuss your goals, hopes and dreams and then help you to make the appropriate plans to achieve as much as possible, or even prioritise. When you get financial advice in Sutton Coldfield from us you can benefit from our Lifestyle Financial Planning service, which includes regular reviews to enable you to keep on track.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.

As Financial Advisers in Sutton Coldfield we work with many local clients. Our first meeting is at our cost and without obligation. Please contact us to see how we can help.

*Research carried out by Pensions Policy Institute on behalf of ABI, Oct 2018

Estate Planning In Lichfield Is A Must

Estate Planning LichfieldEach year, more families are drawn into the Inheritance Tax net. If you don’t look at Estate Planning in Lichfield with a qualified local Financial Adviser your estate could be left with a tax bill when you die.

Taking professional advice will help you understand the likely Inheritance Tax liability of your estate and enable you to put plans in place that will reduce the amount of tax due, or mean that your estate may possibly not pay any Inheritance Tax at all.

The threshold for IHT is £325,000. So, if the value of your estate is less than this there will be no Inheritance Tax to pay.  Any amount over this is subject to IHT at 40%.  For estate planning in Lichfield you need to think about the total value of your assets including your house and, being a local firm, we know Lichfield is a very popular place to live, and has house prices that reflect this.  Your estate will also include all of your other assets including your savings and investments, which may take the value of your estate well over the tax threshold.

For estate planning in Lichfield, our Financial Advisers who provide local financial advice, will talk to you about allowances, spouse and civil partner exemptions and available reliefs which mean that the actual amount payable by your estate could be less.

You can seek professional financial advice local to Lichfield on estate planning, including things like lifetime gifts and setting up trusts to lessen the impact of the tax. It is also worth pointing out that you can make a gift of up to £3,000 per donor per tax year.  For Inheritance Tax purposes this is a tax-exempt allowance.  This is something to think about when you are contemplating your estate planning in Lichfield or if you live in the surrounding areas near to our office.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.

Tax treatment varies according to individual circumstances and is subject to change.

The FCA do not regulate Inheritance Tax planning.

When you work with Four Oaks Financial Services on estate planning in Lichfield your first meeting with one of our Financial Advisers is at our cost and without obligation. Please contact us to discuss your requirements.

Why You Need Mortgage Advice In Sutton Coldfield

Mortgages in Sutton ColdfieldIt is very important to get professional help when you are looking for mortgage advice in Sutton Coldfield. The reason it is so important to get advice when considering your mortgage options is because you need to make sure you are prepared as possible before you apply for a mortgage.

Simple steps like checking your credit score is ok, and getting on the electoral register so that your name and address can be verified, will put you in good stead. Our Advisers will be able to give you mortgage advice in Sutton Coldfield to ensure you are in the best position to have your mortgage application approved, for example they will suggest things like making sure your credit cards and other loans are paid regularly and on-time in the months before you make your application.  They will also tell you that you will need ID so to make sure your passport and driving licence show your current address, and that you have important financial documents like bank statements, payslips and P60s to hand.

If you are self-employed and in need of mortgage advice in Sutton Coldfield our Advisers will tell you that you will need an SA302 form relating to the last two to three years from HMRC, or your full accounts for the same period. Following the financial crash in 2008 lenders now scrutinise your financial position very carefully before they will agree to a mortgage.

Lenders need to feel comfortable that you manage your money in a responsible manner and live within your means. They will also need to feel sure that if interest rates were to increase you would still be able to make your monthly repayments.  When taking mortgage advice in Sutton Coldfield you will be advised to take a critical look at your spending well ahead of applying for a mortgage.  This will give you the opportunity to stop any standing orders for things you no longer use or need, such as gym memberships.  Our Advisers will also suggest that you save as big a deposit as you can because the bigger the deposit, the less you will have to repay and the better the mortgage deal you are likely to get.

An important aspect of getting mortgage advice in Sutton Coldfield from one of our team of Advisers at Four Oaks Financial Services, is that we don’t just deal with mortgages. By working with a fully qualified financial adviser you will receive advice on all aspects of your financial planning.  Your mortgage will probably be the biggest single loan you ever take out, and almost certainly over the longest period of time.  Therefore, it is important to get this right and make sure the mortgage is the most appropriate for your circumstances and future financial planning goals.

You might already have a mortgage and are looking to downsize, you may be looking for a re-mortgage to fund home improvements or you may be taking your first steps on the housing ladder.  Whatever your reasons for seeking mortgage advice in Sutton Coldfield one of our Advisers would love to talk to you.

Your home or property may be repossessed if you do not keep up repayments on the mortgage.

When you work with Four Oaks Financial Services your first meeting with one of our Financial Advisers for mortgage advice in Sutton Coldfield is at our cost and without obligation. Ask about our mortgage support team when you contact us to discuss your requirements.

Dangers of Not Getting Mortgage Advice In Sutton Coldfield?

Mortgage Advice Sutton ColdfieldFailing to get appropriate mortgage advice in Sutton Coldfield could cost you dearly in the future.  A survey from a major insurer shows that 14% if people think they will still be paying their mortgage at age 70*.  This means that mortgage options might need to be considered as part of your retirement planning, when just a few years ago this would have been unimaginable.

People are getting on the property ladder later in life and lenders are granting mortgages for much longer terms.

Whether you are a first-time buyer or simply looking to move to a larger property or even downsize, there is a wide range of mortgages to chose from, so getting mortgage advice in Sutton Coldfield is essential.

You might not be looking to move at all. You may be one of the very sensible people who get their mortgage reviewed every couple of years to make sure the mortgage you’ve got is still the right one for your circumstances.

By getting professional mortgage advice in Sutton Coldfield you may be surprised to learn about mortgages that you didn’t know existed or find that what you thought was a great deal is not all that it seems, when someone who really understands mortgages delves into the details.

For example you need to consider the fees associated with any mortgage deal, and some mortgage lenders will offer incentives such as a free valuation, free legal fees or even cash back. When you get mortgage advice in Sutton Coldfield from one of our Advisers we will be able to help you calculate how these incentives will affect the overall cost of the deal, as they may make the mortgage not cost-effective.

Getting the right mortgage for your specific circumstances and in line with your financial goals is essential. This could save you hundreds, if not thousands of pounds and protect you from early exit fees and so on.  We are a local firm and it pays to take professional mortgage advice in Sutton Coldfield from one of our Financial Advisers who know the local market and what the lenders can offer you.  You can of course do this research yourself, but would you be confident that you understand all the small print and options available?  Taking out a mortgage is a very big financial commitment, making the right decision for you is absolutely crucial.

Your home or property may be repossessed if you do not keep up repayments on the mortgage.

Your first meeting with one of our Financial Advisers for mortgage advice in Sutton Coldfield is at our cost and without obligation. Please contact us to discuss your requirements.

*Aegon, 2018

Is It Easy To Get Financial Advice In Sutton Coldfield?

Lifestyle Financial PlanningWhere would you go to get financial advice in Sutton Coldfield? You would probably ask friends and family for a recommendation, or perhaps Google it?

At Four Oaks Financial Services by far most of our business comes from the personal recommendation of our clients who have been happy with our service and have been kind enough to pass our details to their friends, family and colleagues at work or in business.

We have a team of Financial Advisers who provide professional, expert financial advice in Sutton Coldfield. All of our Advisers are qualified, but did you know that to give advice on some aspects of financial planning an Adviser needs extra qualifications.  This includes Financial Planning for Long Term Care and for Advanced Pension Planning.  So, when looking for financial advice in Sutton Coldfield it is always worth checking the qualifications of the person you are considering working with.

At Four Oaks Financial Services our clients not only have access to well qualified and experienced Financial Advisers, but they also have access to a Chartered Financial Planner, who is part of our team of Advisers and works on our most complex cases. Having such a wide range of qualified Advisers in our team, with many years of experience, makes it extremely easy for our clients to deal with us as we can handle all aspects of financial planning under one roof.  This is ideal if you are looking for financial advice in Sutton Coldfield.

An important aspect of choosing a Financial Adviser is to find out about how they work with their clients and whether they have a long-term relationship approach or are more inclined to work on one-off transactions.

We believe that financial advice in Sutton Coldfield can only be based upon a thorough understanding of our clients’ life goals and aspirations. We call this Lifestyle Financial Planning.  We believe that the role of a Financial Adviser is to help our clients make decisions that will enable them to achieve their goals at every stage of their life, including their retirement and beyond, when we can help with funding of long term care or helping their family with their estate.

Your first meeting with one of our Financial Advisers to discuss financial advice in Sutton Coldfield is at our cost and without obligation. Please contact us to discuss your requirements.

Why Making Time For Financial Planning In Sutton Coldfield Is So Important

Financial Planning Sutton ColdfieldIf you are not getting professional advice on financial planning in Sutton Coldfield you could be in danger of:

  • Running up an Inheritance Tax bill for your loved ones when you die
  • Working for much longer than you actually need to
  • Accumulating more wealth than you need to live on in later years
  • Missing out on helping your children or grand-children now, when you can see them enjoy the benefit of your help
  • Letting your life ambitions, hopes and dreams pass you by

We say these things from past experience of providing financial planning in Sutton Coldfield. More often than you might think we see people who have amassed more wealth than they can spend in their lifetime, which means they have missed out on the good things in life by staying in work and saving, when they didn’t have to.

Most people dream of a comfortable and hopefully long retirement with enough money to travel, pursue personal interests or simply spend more time with the family. The problem is no-one has a crystal ball that tells us how the future will pan out.  However, we do have some very clever software that is used by hundreds of financial and capital management firms around the world.  This allows our Financial Advisers, who provide financial planning in Sutton Coldfield, to work with our clients to create forecasts based upon our client’s individual circumstances and financial goals.

We call our planning process Lifestyle Financial Planning.  It’s not just about software, although that helps to illustrate and model “what if…” scenarios.  It is very much about the expertise and knowledge of our Financial Advisers who offer financial planning in Sutton Coldfield, and how they work with our clients on a very personal basis over a period of time.  We don’t see ourselves as people who carry out financial transactions for you.  Our Advisers, consider their role to be helping you achieve your life goals.

Your first meeting with one of our Financial Advisers to discuss financial planning in Sutton Coldfield is at our cost and without obligation. Please contact us to discuss your requirements.