Don't get stung

scorpion 2Don't get caught out by pension scams - read our short post and if you don't talk to us make sure you speak to a Regulated Independent Financial Adviser.

Clifford Osborne Limited is Financial Conduct Authority Authorised and Regulated to give investment advice that is unbiased, comprehensive and in a client's best interest.

Pension Freedom Advice 

The government is introducing “the most radical changes to pensions in almost a century” from April 2015 - new Pension Freedoms. We provide pension freedom guidance to customers across the county of East Sussex and beyond. We are based in Eastbourne. To arrange a free initial discussion at your home, workplace or our offices contact us today.

The new pension freedoms you can enjoy are extensive.  You will have far greater choice on how you spend and generate an income from your pensions and they offer flexible access to your pension pots. Put simply, you will have the complete pension freedom to use your ‘defined contribution’ pension savings as you see fit once you reach the minimum age of 55.

Pension freedom options include:

  • Take the whole fund as cash - 25% tax free and the rest taxed as income
  • Take smaller lump sums as and when you like - 25 % of each withdrawal tax free and the rest taxed as income
  • Take up to - 25 % tax free and a regular taxable income taxed at your marginal rate of income tax payable 20 % 40 % 45 %. Tax treatments and legislation can change and are dependent on your circumstances
  • Access the tax free cash now and defer taking any taxable income via income drawdown income withdrawal until a later or future date
  • Any income you draw from your pension will be added to other income received in the tax year for example your salary and may push you into a higher tax bracket resulting in you paying more income tax
  • Payments may be subject to emergency tax and this would need to be reclaimed via HMRC and taking money out of a pension will impact future standards of living in retirement
  • Pension contributions are subject to an annual allowance £40,000 and specific contribution rules. After April 2015 if you make withdrawals from a defined benefit pension in addition to the tax free cash contributions could be restricted.

Your Retirement Pot

If you’re approaching 55 or about to retire, Clifford Osborne can tell you more about what you can do with your retirement pot. Book a review meeting today.

[table caption=”Approaching 55 or about to retire?” width=”800″ colwidth=”400|400″ colalign=”center|center”]
Under age 55*Age 55 or older
red cross you can’t release or cash in your pension (unless you’re too ill to work)*green tickYou can use your pension pot to buy a fixed secure regular lifetime income for the rest of your life (annuity purchase)
green tickYou can transfer your pension from one regulated scheme to another
*green tickYou can use your pension to provide flexible retirement income (flexi access drawdown)
*green tickYou can take your pension as cash in stages (uncrystalised pension fund lump sum) UPFLS
*green tickYou can take the whole pot in cash at one go

There may be tax implications for how you access your savings.

We recommend you seek independent pension advice or pension guidance from a suitability qualified professional. What you do with your pension is an important decision, therefore we strongly recommend you fully understand your pension freedom options. You should consider that potential income requirements may increase with age, therefore accessing a pension lump sum now could have dramatic effects on your retirement income and standard of living in retirement. We offer independent pension advice and pension freedom guidance to help you understand not only the benefits but more importantly the potential drawbacks.

If you’re still unsure you could contact Pension Wise, the Governments new pension guidance service, who will provide free impartial guidance to help you understand your options at retirement (  Plus, there is more information in this Pension Wise Your Time To Choose Free Guide from The Money Advice Service.

The value of investments can fall as well as rise and you may get back less than you invest.

Paul understood what I was trying to do and identified a good, flexible option for the consolidation of my pension pots.

He also arranged a mortgage and ensured that the procedures for consolidation and release of the tax free lump sum were completed in time for the property purchase to go through.


East Sussex

We are not tied to any financial institution and therefore offer you truly independent advice. A free, initial no obligation review meeting can take place at our offices in Eastbourne East Sussex, at your workplace or in the comfort of your home.

If you are considering taking independent financial advice we would love to talk to you. Call us without obligation or complete the enquiry form and we’ll contact you as soon as we can.

We are happy to serve clients with any level of wealth.

Call 01323 403 444 or use our secure form via the button below: