We Are Iceni Financial Advisers
We are award winning, truly independent, trusted and qualified Financial Advisers based in Norwich and established for almost 20 years. As we are independent we are not tied to any specific providers, which means we have access to the whole of the market and can provide the best options for you.
The importance of Pension Planning
Saving into a pension to enable you to enjoy your retirement with a stable income is the ideal scenario. How much you need to save for the lifestyle you desire is something that you need to plan for. Over the years, pensions have changed and it may be that you have had several jobs or been self-employed which will have an impact on the type of pensions you hold and the level of complexity involved. Remember, saving into a pension is tax-efficient, which allows your money to work for you. The pension landscape can appear confusing and complicated with many different options available. We can help you navigate your future, making sense of your pension by helping you decide what is best for you.
How We Can Help
Whatever support you require with your financial plans, we can help . It’s not just about buying products like pensions or funds, it is about enabling you to achieve your aspirations and goals. For example, Do you know when you can retire and how much you will need? Do you understand your pension options? Do you have lots of pension pots and not sure whether to transfer them or not? Do you know what your pension charges are? Do you know how your pension investments are performing? Do you know where to invest? If you need answers to these questions or any others, we can help you.
Some Frequently Asked Questions
What is a defined-benefit or (final-salary) pension?
A defined-benefit or final-salary pension is paid into by both the employee and employer each month. The employee receives a guaranteed amount at retirement, normally based on earnings and years employed paid into the scheme. Should you be considering whether to transfer this pension or not; then please read the advice on defined benefit pension transfers.
What is a defined-contribution pension?
A defined-contribution pension or money-purchase scheme also involves being paid into by both the employee and the employer each month. However the contributions are invested and at retirement the pension pot is used to purchase a retirement income. The amount in the pension pot depends upon the performance of the investment.
What is an annuity?
An annuity used to be the most popular way to transfer a defined-contribution pension into a monthly retirement income. The size of the monthly payment is based on the insurance company chosen, together with other factors such as your health and life expectancy.
What is pension drawdown (also known as flexi access drawdown)?
Pension drawdown can be a flexible way to draw regular amounts from your personal pension pot as and when you need it, whilst allowing your pension fund to keep growing. The percentage growth of the fund will be dependant on market performance. If your investments do well, your pension fund can carry on growing which means your retirement income will increase too. Conversely, the value of your income could also go down if your investments perform poorly. For more advice and things to be aware of when drawing down on pensions.
When can I take my private pension?
In April 2015 the rules changed enabling more flexibility around attaining your private pension. These changes to pensions mean that you have much more freedom over what do do with your pension savings. You don’t need to take all your benefits at one time. You can leave your pension invested so it has the potential to continue to grow or take some or all of it, or use it to provide an income. Currently the age when you can access you private pension is 55 but this is due to increase to 57 in 2028. This means that after this date those under 57 will not be able to access their private pension without incurring a tax penalty.
Can I take a tax-free amount from my pension?
Normally you can take 25% of your pension tax-free.
What happens to my pension when I die?
Different rules apply by the different arrangement you have and also the age that you may die and whether you had already touched your pension or not. Most defined-benefit pensions pay a pension to a surviving spouse but not to any other dependants. Annuities on the other hand, normally stop when you die. You may be able to pass on a defined-contribution pension scheme to your dependants.
Therefore it is critically important to consider your pension options and what you may wish to happen. Also you need to understand the tax implications of making certain pension choices. Having access to a trusted Pension Adviser is so important and we can help you make the right decision at the right time for you and your loved ones.