Pensions

Impartial pension advice for clients in Cardiff, Newport, Swansea and Bristol.

Get advice from an experienced Pension Adviser to help you answer the big questions about retirement and to make the right decisions about your pension arrangements.
You can get a review of your existing pensions – its free and there’s no obligation.

Expert Advice – fully independent and whole of market

JWA Financial Planning is fully independent and works with the whole of market.

This means we are not restricted to recommending the products of any particular Pensions provider. Instead, we research products from the whole of the market to identify those that best suit our client’s needs and that offer the most flexibility consistent with having fair charges.

Our regulated, highly qualified, and experienced advisers work with all pension types advising clients both on starting new plans and reviewing existing plans to secure the most suitable outcome.

The pension freedoms that have followed from 2015 changes in pensions legislation mean there are now more choices for our clients so it is even more important to ensure that your pension plan(s) are suitable, that the underlying investments match your investment preferences and your attitude to risk and that they have the right sort of flexibility for your future retirement needs.

JWA advises both on Defined Contribution or Money Purchase Pensions and on Defined Benefit pensions – sometimes referred to as Occupational Pensions or company pensions. 

Call us for a no-obligation chat with a Pension Adviser or click here to arrange a call back.
Our pension advisers will also ensure that potential tax liabilities are always fully taken into account in any Pension investment and income decision. 

Start a new Pension

It is never too soon to start investing in a pension. 

The potential benefits of tax relief coupled with the investment returns over the long term are hard to ignore and getting this aspect of your financial plans sorted out can bring great peace of mind.

At JWA our Pensions Advisers can help you with all the important decisions:
  • Choosing the most appropriate pension product for your needs, 
  • Looking at the retirement income you would need 
  • Deciding what level investment is affordable at the current stage of your life
Then we can look at which funds are right for you, that match your attitude to investment risk and which align with your ethical preferences.

Setting up a new plan is easy and quick and a decision taken now can mean a more comfortable retirement.

Request a call back from one of our Pension Advisers for a friendly, free and no obligation chat. 

SIPPs

The term SIPP means a Self Invested Pension Plan. The term self-invested could be a little misleading as this can be a complex area of pensions in which we recommend you seek the advice of a Pensions Specialist adviser.

A SIPP is a type of personal pension that allows a wider choice of investments including 
  • Listed Stocks and Shares (on the London Stock Exchange)
  • Property or land 
  • AIM listed securities
  • Other assets including Bonds and fixed interest securities.
SIPPS do have features in common with other money purchase plans including the potential for cash free lump sum when you begin drawing income from your plan. 

A SIPP is not right for everyone but can offer distinct advantages for some.

To request a call back from a specialist Specialist Pension Adviser click here. You can find out if a new SIPP might be suitable for you or to talk through your existing SIPP arrangements.

Defined Benefit Pensions

Defined Benefit Pension schemes provide retirement benefits that are based on your earnings and the length of time that you have been a member of the scheme. 

Each Defined Benefit pension scheme will have its own specific rules including a definition of what is meant by ‘earnings’, which may not be the same as the sums shown on your pay slips.

The scheme rules will also define the options for how and when you can take retirement benefits.

Deciding what to do with your Pension Pot is a big decision, one that can have a considerable impact on your life both now and in retirement so it makes good sense to talk through your pre and post retirement plans and your income options with a Pension Advice Specialist. Click Here to arrange a free and no-obligation call back.

Our Specialist Pensions Advisers have the advanced qualifications and experience to assist you with these big decisions. JWA holds the specialist permissions, approved by the regulator (the FCA), to advise in this complex area. Not all advisers are qualified in this way.

Annuity Advice

An annuity is one of a number of ways of taking retirement benefits from your pension plan. 

An annuity can be purchased using some or all of your pension pot to secure a guaranteed income, usually for the rest of your life. It can also provide an income for your spouse after your death. 

The annuity can be secured from your existing pension plan provider (and in the past this was the way that most people took their retirement income) but it can also be secured from a specialist annuity provider who may offer better terms resulting, for example, in a greater income. This is referred to as the Open Market Option and you have a right in law to choose this option.

Enhanced annuity
You may be able to secure a greater annuity income from your pension pot if you have a health condition that could reduce your life expectancy. 

This could include being a smoker or being over weight or having diabetes or taking prescribed medication etc.

You can get Annuity Advice from one of our specialist Pension Advisers. To find out if you could be eligible for an enhanced annuity just give us a call here or request a call back. An initial chat is free and there’s no obligation.

Is an annuity right for you?
Since the advent of greater pension freedoms in 2015 it is true that fewer people chose an annuity and many opt instead to take income through a flexible drawdown plan. 

However an annuity is still right for some people – it all depends on your individual circumstances, the specifics of your existing pensions plan(s) and of course your personal objectives.

A chat with one of our Specialist Pensions advisers can quickly establish if an annuity could be right for you and if you could be eligible for and enhanced annuity. It costs nothing to get an expert view and there’s no obligation. Click here to request a call back. 

Drawdown Pensions / Flexible Pensions

From age 55 you can begin to take benefits from your pension. There are many ways to do this but one of them is called Drawdown.

Drawdown is when you leave your pot invested whilst you take income directly from your pot, either in one or more lumps or as a regular income. Because the balance of your pot remains invested, it can continue to benefit from any investment growth. 

Knowing how much you can draw from your pot and how long your pot will last is not always easy. And there are potential tax liabilities when you take income. Making the right decisions can have major consequences for your income in retirement and for you peace of mind we would strongly recommend you speak to one of our Independent Financial Advisers who can give you specialist Pensions Advice. 

Note - This drawdown option is not available in every pension plan, particularly older plans. But you may still be able to access your pot through drawdown by a Pension Transfer into a new scheme (or one of your other existing scheme if that does have this flexibility). There are rules about accessing your pot through drawdown, including a minimum pot value.

When you draw income from your pension pot you may incur income tax liability so it is very important to view this income in the context of all of your income sources and your overall personal tax position.

To explore your options for Pension Drawdown or to understand the potential suitability of your plan(s) for a transfer, request a call back from one of our Pension Advisers today – simply click here.

REVIEW YOUR EXISTING PENSION plan(s)

It is important to make sure that your existing pension plan(s) are right for your needs and future plans. Whether you have a single pension or multiple plans with different providers, you need to know if your plans are still on track and will provide the flexibility you need in retirement.
 
Many people have acquired several plans along the way, perhaps from various employments, often with different providers. We understand it can be a challenge to keeping up with the performance of multiple plans, dealing with all the documents that arrive in the post, or perhaps finding that pension you know you had but can’t find the papers. We can help by looking at consolidating your plans into either a new scheme or one of your existing schemes and we can deal with your old frozen pension plans and help you trace long lost plans.

It can be difficult to know what you may get when you retire and when since your plans may have varying retirement dates and different income and / or tax free lump sum options. A Pension Review can help you make sense of this. 

Not all plans have the same costs and not all plans have the same flexibility when it comes to actually taking income from your pension. In recent years much has changed in the world of pensions, providing more freedom and more choices for individuals. 

So it makes good sense to have a Financial Review of your plans. You can get a free Pension Review and with no obligation. Simply request a call back here.

Pension Transfers

A Pension transfer (sometimes called a Pension Switch) is when you move money from one pension plan into another pension plan. The transfer can be from more than one plan at the same time and this can be into either a new Pension plan or into one of your existing plans.

Why transfer?
This is a complex area. Get it wrong and you may lose benefits, reducing your future income or flexibility or both.

It is important to seek advice from a Specialist Pension Adviser who can carry out a review of your existing plans. They can liaise with your existing plan providers on your behalf to obtain full detail of your plans then carry out an analysis before explaining to you why it may or may not make sense to transfer. A JWA Pensions Adviser will also carefully consider the potential benefits of consolidating your pensions within one of your existing plans.

The potential risks – your existing plans could include valuable benefits that would be lost or reduced on transfer - such as guarantees or enhanced tax free cash - or could be subject to exit penalties if you transfer out before the plan retirement age. Taking additional income could mean paying more income tax.

The potential benefits – you could greatly simplify administration by having just a single plan and you may be able to reduce the overall charges you are paying to your providers. And there is the potential to unlock your money from poorly performing or inappropriate funds. 

It’s easy to arrange a chat about potential transfer with one of our Pension Advisers - request a call back here. 

An initial consultation is without cost to you and carries no obligation.

Transfer out of a Defined Benefit or Final Salary pension (NOT right for most people - may be suitable for some)

This can be right for some people but will carry additional risk. 

Your Defined Benefit Pension guarantees you an income, often with the benefit of inflation proofing, whatever happens in the markets. 

This may come at some cost – usually flexibility in that once you take the initial tax free cash you then must take the income at the prescribed rate.

By Transferring out you could secure greater flexibility – the ability to drawdown income at your preferred timing and amounts – however you would be giving up the guaranteed income specified in your plan and would instead be taking on investment risk.

Each Defined Benefit scheme has its own rules and these will play a part in considering transfer options such as whole or partial transfers.

So a Transfer is NOT right for most people, but may be suitable for some. Either way, it is a step that can have a major impact on your retirement income and requires great care. 

Here at JWA we hold the required FCA permissions to advise in this pensions area and our Pensions Advisers hold the appropriate qualifications and have vast experience so you can be confident you would be receiving the right advice and 100% in your best interests.

So if you are thinking of transferring out of your defined benefit scheme it is crucial that you take Defined Benefit Pension Advice. Call us for an initial chat. It's at no cost and without obligation and you can begin to get answers to the big questions.

Workplace pensions

This is another way for you to save for your retirement that will be handled by your employer. In this case, a portion of your pay will be put into a pension scheme every month to which your employer will also contribute. You may also be eligible for tax relief from the government. If you decide to change jobs, the money will still belong to you and you may be eligible for a fixed pension once you reach pension age.


Note: 
  • Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.
  • A Pension is an investment. The value of investments can go down as well as up and you may get back less than the amount invested.    

Contact

To discuss your pension requirements, call now on

Technology Business Centre,
2 Alexandra Gate,
Ffordd Pengam,
Cardiff,
CF24 2SA
Share by: