We offer pension advice, including advice on Frozen Pensions in East Sussex. We are based in Eastbourne, and serve clients in Lewes, Seaford, Bexhill, Hastings, Newhaven, Crowborough, Uckfield, Tunbridge Wells, Brighton and Hove. To arrange a free initial discussion at your home, workplace or our offices contact us today.
Why Bother with a Frozen Pension?
The reality is that all pensions’ plans and charges vary and some are better than others. Many pensions taken out over five years ago can represent poor value now and many people can improve their position by moving to a more modern, flexible, lower charging and potentially better performing plan.
The single biggest improvement that can be made to a pension pot is a reduction in charges. Many older style pensions have higher charges imposed to cover the assumed cost of a financial adviser visiting every year and reviewing a person’s circumstances. The reality is that in most cases these visits did not happen, so if you have not had a visit to review your pension then chances are you may be paying for a service you are not receiving.
The charges that you pay your pension company every year are one of the key factors in determining how much your pension will be worth. Modern pensions usually have lower charges and a pension review will determine whether you can save money on your charges.
Following changes introduced in April 2015 you now have more choice and flexibility than ever before over how and when you can take money from your pension pot under the flexi-access drawdown rules.
Take your time to understand your options, and get help and independent financial advice as what you decide now will affect your retirement lifestyle and income for the rest of your life.
Saving for a pension takes a very long time and is vitally important for our old age. By the time most people retire in late middle age, it is highly likely that they will have had several different jobs.
When someone leaves a job to go elsewhere, they will typically stop paying into their company’s pension scheme and start paying into one with their new employer.
The pension scheme left behind is then “frozen” as you are unable to contribute any further funds to it. Also known as occupational frozen pensions and preserved pensions, frozen pensions are “frozen” until the person reaches retirement age.
We can review your current circumstances and the potential to make your pension work more efficiently for you, even without you paying more into it!
If you require assistance regarding a frozen pension or a personal pension plan you have stopped contributing into for whatever reason, Clifford Osborne Independent Financial Advisors can help without initial cost or obligation. We serve clients across East Sussex in towns such as Eastbourne, Lewes, Seaford, Bexhill, Hastings, Newhaven, Crowborough and Uckfield.
Our advice will include any costs involved in transferring your pension if this is the best option and the final decision whether to go ahead is entirely up to you.