Pensions 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.

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

The Financial Conduct Authority do not regulate estate planning, inheritance tax planning and auto enrolment.

Find our Pensions Advisers on the Money Advice Service Retirement Advisers Directory


Putting Off Pension Planning Will Cost At Lot More The Older You Are

Whatever your age or personal circumstances the responsibility for having enough money for a comfortable retirement has switched from being provided mainly by the State, to each individual person having to provide for themselves. Pensions are an attractive way to save for retirement as they are managed by professional fund managers and offer considerable tax benefits.

However, the longer you put off contributing to a pension plan, the more you will have to pay each month, or in top up contributions, to achieve the income and the lifestyle you want in later life.

Our retirement advisers provide expert advice on all aspects of pension planning in Lichfield and across the wider region. We believe it is the role of your Financial Adviser to help you achieve your hopes and dreams and not simply focus on the transactional side of financial planning. We have a holistic approach where we work with out clients to plan for every part of their lives, not just retirement. Look at our Lifestyle Financial Planning page for more information.

Example Of Higher Monthly Pension Contributions At Different Ages

Source: Quilter Pension Shortfall Calculator 2022, moderate risk investor

If someone wanted to retire at the State pension age of 68 and have an income of £20,000 per annum in retirement, they might get a State pension of around £9,339.20 per annum (depending upon their National Insurance record). Leaving a shortfall of £10,660.80 per annum.

If they are 25 now, our estimates say they will need to contribute £258.64 net per month to achieve this amount of pension. At age 35 its £345.82 net per month, at age 45 its £509.03 net per month to get the same amount of pension.

Our message is clear. Contact one of our financial advisers today about pension planning in Sutton Coldfield and across the Midlands.

Pension Planning for Private Clients

Unless you are in a pension scheme that pays an income based on your salary when you retire you will probably be saving into a scheme that provides you with a sum of money. We call this your pension pot.

It is important to:

  • Regularly review your pension to ensure it is invested in the most appropriate way for your time of life. You may want to invest in lower risk funds
  • Get one of our Financial Advisers to look ‘under the bonnet’ of existing pensions with former or current employers to make sure they are working hard for you and review the charges being made. Don’t assume former employers are investing in the most suitable way for you
  • Get professional advice running up to retirement. Most people don’t know that you can shop around for a better deal with your pension pot. You don’t have to have your pension with your current pension provider
  • Get pensions advice before you take money out of your pension at age 55.

Taking Money Out Of Your Pension Before Retirement

Changes to Pensions rules has meant that when you get to age 55 you can take 25% of your pension tax-free.

Always get pensions advice in Sutton Coldfield from a qualified Financial Adviser before you take money out of your pension.

  • Some people have fallen for pension scams
  • You could run out of money in retirement
  • You could face large tax bills

Sometimes a company pension scheme from a former employer will offer you the opportunity to transfer your pension out of their fund at what seems like a great level of return, only after seeking advice from a retirement adviser can you make the right decision. By keeping the pension going you may receive much more money long term especially if it is a company pension final salary scheme.

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.

If you don’t carry out regular reviews on the performance of your pension or pensions you could be losing out and even find that your fund will not provide you with the income you are looking forward to in retirement. Contact us today to find out what your income is likely to be when you retire.

Pension Planning for Business Clients

At Four Oaks we work extensively with businesses and have implemented auto enrolment schemes with a host of firms across Lichfield and company pensions for businesses in both Sutton Coldfield and Lichfield.

Not all auto enrolment pension schemes are the same, let us advise you on every aspect of pension planning whether you are an employee or an employer.

Pension Planning for Self-Employed Clients

If you are self-employed, we can give pensions advice on pension plans that offer flexibility and take into account irregular earning patterns which can make regular saving difficult. You may also be interested to know that the Government is said to be considering ways of extending auto-enrolment to the self-employed.

Since pension legislation changed in 2015 more people are opting to take money from their pension before they reach retirement age. Sometimes this is to invest in their business. To make sure you make informed choices and avoid putting your financial future at risk please take professional advice from a qualified retirement adviser on all aspects of your pension planning.

Talk to us for pensions advice in Lichfield and throughout the area.

Pension Planning – The Basics

Pensions are not something to be done, dusted and left alone, even ones that you have left behind with previous employers may not be managed in the most appropriate way to meet your needs. Especially as you get closer to retirement.

Pension planning is a key component of your financial plan and reviews will allow you to check how it is performing and what income it is projected to provide when you reach retirement.

If we review your pension or company pension and find it meets your needs and is performing well, we will recommend that you don’t make any changes. One thing is for sure we will always give you the most appropriate advice and explain in plain language the benefits and options available to you.

By seeking Pensions advice from a trusted local firm in Lichfield you will develop a genuine relationship with us, and we can meet with you annually or more frequently if this is what you need.

At Four Oaks we aim to provide pension planning and retirement planning that will enable you to maintain the lifestyle you have whilst you are still working and carry this on into your retirement.

We will also advise you on inheritance tax planning and can also advise you on Long Term Care planning. The Financial Adviser you work with is appropriately qualified to give advice and you also have access to a Chartered Financial Planner through our practice.

So if you are looking for Pensions advice please talk to one of our Advisers and be assured of first class local advice for pensions in Lichfield, and for company pension advice from a well-respected local firm close to Sutton Coldfield.