PROMOTION Pension health check - a stitch in time... With an average of 11 jobs' in our working lives, keeping track of old pensions can be quite a task. Knowing if what you have is competitive, in charging and performance, is even harder. Different schemes can have different rules and options, and the pension system has changed considerably over the last 20 years. Then there's the jargon that can be confusing". Be sure to watch out for scams' and if you are 50 or over, the Pension Wise service' can give you guidance on a free and impartial basis. For some people getting professional advice can offer peace of mind, but what things should you consider? Many people have benefits in a 'defined benefit' or 'final salary pension scheme. For these schemes you will generally recelve a statement that won't include details of any investments. The paperwork will mention only a fixed pension amount per annum with the option of a tax-free cash sum, It is almost always advised to There are also many choices when you keep any benefits that you have built up in one of these pensions as they provide a secure retirement income. It's also worth exploring what options you have for the investments - if any! Older plans that invest on a 'with profits' basis may offer no other fund choices. Reviewing your selections is critical to ensure you have the growth and risk level that you need. The government has set up a service that might help with finding the right contact details for your old pensions - www.findpensioncontacts.service. gov. uk/ Having the experience of dealing with pension providers every day means we can help. We can analyse your pensions, helping you to understand in plain English which pensions you should be keeping or if there's a better alternative. A professional pension review is very helpful when deciding when to stop working and how best to meet your retirement goals. do look to retire in how you withdraw money, and the order in which you take benefits can affect your tax and income levels. Flexible Pension A "defined contribution' pension will hold investments. You are responsible for the investment cholces and amount paid in, and the value at the end will determine how much you could get as Freedom' options were introduced by the Government in April 2015, but not all pension plans allow these flexible options. You may be restricted to using the money all in one go rather than taking it in stages. A pension health check now will help you make the most of what you have saved atready and determine what further action, if any, you need to take to meet your aims. Action taken sooner, rather than later, will be a stitch in time. income. Older pensions may include protected or unique benefits that are no longer available, so transferring could be a costly mistake. It's also important to check if there are any penalties or early charges if you transfer. Many pension actions can be taken by yourself, but it can be a challenge to: Find out who to contact Get and compare information correctly Roland Baggott Chase for responses Associate Director. Financial Planning. Understand the various choices, charges and income options Smith & Wlamson Financial Services Limited Now & When t: 01483 407990 Get practical support e: roland.baggottesmithandwilliamson.com today, so youe prepare for Source www.gov.akgonentinewpemon eracing-ervorwebste-launched www.meneyvioner www.foa.org.ukscommort *www.pensionwgowen Smith & Williamson penslons and retirement jargon busber smithandwilliamson.com By necessity, this briefing can orly provide a short overview and it is essential to seek professional advice before applying the contents of this article. This content does not corstitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Detais correct at time of writing. Before you consider opening or transferring a pension, it is important to recelve specific professionai advice. Exit penalties may apply when leaving a scheme. Local offices across the UK, Ireland and Channel istands. Smith a Williamson Financial Services Limited is p Willamson Financial Services Limited Authorhed and reglated by the Financial Conduct Authority C Tiney Smith t Wliamson Limited 2020. Ret: 164620eb. part of the Tiiney Smith a wllamson group. Smith a PROMOTION Pension health check - a stitch in time... With an average of 11 jobs' in our working lives, keeping track of old pensions can be quite a task. Knowing if what you have is competitive, in charging and performance, is even harder. Different schemes can have different rules and options, and the pension system has changed considerably over the last 20 years. Then there's the jargon that can be confusing". Be sure to watch out for scams' and if you are 50 or over, the Pension Wise service' can give you guidance on a free and impartial basis. For some people getting professional advice can offer peace of mind, but what things should you consider? Many people have benefits in a 'defined benefit' or 'final salary pension scheme. For these schemes you will generally recelve a statement that won't include details of any investments. The paperwork will mention only a fixed pension amount per annum with the option of a tax-free cash sum, It is almost always advised to There are also many choices when you keep any benefits that you have built up in one of these pensions as they provide a secure retirement income. It's also worth exploring what options you have for the investments - if any! Older plans that invest on a 'with profits' basis may offer no other fund choices. Reviewing your selections is critical to ensure you have the growth and risk level that you need. The government has set up a service that might help with finding the right contact details for your old pensions - www.findpensioncontacts.service. gov. uk/ Having the experience of dealing with pension providers every day means we can help. We can analyse your pensions, helping you to understand in plain English which pensions you should be keeping or if there's a better alternative. A professional pension review is very helpful when deciding when to stop working and how best to meet your retirement goals. do look to retire in how you withdraw money, and the order in which you take benefits can affect your tax and income levels. Flexible Pension A "defined contribution' pension will hold investments. You are responsible for the investment cholces and amount paid in, and the value at the end will determine how much you could get as Freedom' options were introduced by the Government in April 2015, but not all pension plans allow these flexible options. You may be restricted to using the money all in one go rather than taking it in stages. A pension health check now will help you make the most of what you have saved atready and determine what further action, if any, you need to take to meet your aims. Action taken sooner, rather than later, will be a stitch in time. income. Older pensions may include protected or unique benefits that are no longer available, so transferring could be a costly mistake. It's also important to check if there are any penalties or early charges if you transfer. Many pension actions can be taken by yourself, but it can be a challenge to: Find out who to contact Get and compare information correctly Roland Baggott Chase for responses Associate Director. Financial Planning. Understand the various choices, charges and income options Smith & Wlamson Financial Services Limited Now & When t: 01483 407990 Get practical support e: roland.baggottesmithandwilliamson.com today, so youe prepare for Source www.gov.akgonentinewpemon eracing-ervorwebste-launched www.meneyvioner www.foa.org.ukscommort *www.pensionwgowen Smith & Williamson penslons and retirement jargon busber smithandwilliamson.com By necessity, this briefing can orly provide a short overview and it is essential to seek professional advice before applying the contents of this article. This content does not corstitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Detais correct at time of writing. Before you consider opening or transferring a pension, it is important to recelve specific professionai advice. Exit penalties may apply when leaving a scheme. Local offices across the UK, Ireland and Channel istands. Smith a Williamson Financial Services Limited is p Willamson Financial Services Limited Authorhed and reglated by the Financial Conduct Authority C Tiney Smith t Wliamson Limited 2020. Ret: 164620eb. part of the Tiiney Smith a wllamson group. Smith a