Robert Carlton is a team of top independent financial advisers. We focus on supplying clients with a comprehensive solution for planning their financial futures. With our help, they can protect themselves and their families. Our people can provide impartial pension advice in Middlesbrough and much more.

An ever-changing market

The pensions market is one that’s regularly changing and evolving. Legislation changes frequently. Whilst preparing for your retirement, such shifts can make it difficult to make the right choice. There’s no need to worry though. Our advisers will be there every step of the way to offer aid.

With personal pensions, there are a lot of options available to you. They consist of you paying a regular annual or monthly amount or a lump sum to a pension provider. Examples include building societies and banks. They’ll invest it for you, allowing you to access the money when you retire. In most schemes, after you turn 55, you can access your savings as much as you want.

The value of pensions

Depending on market conditions, pension values can fall or rise. As such, you might not receive the full amount you originally invest back. The final value will be based on the money you’ve paid in and how the fund’s investments have done. Personal pensions could work for you if you’re self-employed, or unemployed but with money to put aside. They can also work if your place of employment doesn’t come with a pension scheme.

Something else you can do is put money into another individual’s personal pension. Your tax bill won’t change, but they’ll get tax relief at the basic rate. Taxation levels and reliefs depend on the investor’s individual circumstances. As a result, they could be subject to change. It is always best to ask an adviser, so talk to us if you want pension advice in Middlesbrough.

Options for personal pensions

You have three main options to pick from when choosing between personal pensions. Also, you have the choice to combine them together depending on your needs.

One option is lifetime annuity. You might use some or the whole of your pension funds to buy an annuity. It’s payable for the remainder of your life. When you go for this approach, it’s possible to take a lump sum of as much as 25% of your pot tax free at the same time.

Flexi-Access Drawdown is the second choice. Since April 2015, there haven’t been any limits on the amount of money you can take from your drawdown fund yearly. Like with a lifetime annuity, when you put your funds in, you can take a tax free lump sum that’s as high as 25%.

Lastly, there is the lump sum. Here, you just take money straight out of your pension pot. Also, 25% of it will be tax free. This is called an uncrystallised funds pension lump sum (UFPLS).

Let us help you with pension advice in Middlesbrough

Pensions are a huge concern for countless people. Without the right kind of help, working out how much you need for a decent retirement can be tricky. Luckily, we are here to help. We provide impartial advice and help you to choose the right pension solution for you.

We are proud to offer the best pension advice in Middlesbrough. With this, you can feel more comfortable about the future and have the right plan in place. So, contact us and start looking at the options.