Pension Advice

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Pension Advice: Why You Should Take Profesional Pension Advice

The UK pension system is very complicated and many people find it hard to navigate the system on their own without professional assistance. Generally, a pension is a type of long term account you pay into and can only withdraw money when you reach the age of 55. This sounds simple. So why are pensions confusing?  There are rules on the amount of money you can put into a pension each year and if you go over the lifetime allowance, you may incur a tax charge.

In short, pensions can be confusing and it is essential to seek professional pension advice. At Hilltop Finance, we have a team of highly qualified pension advisors who will help you navigate the entire UK pension system smoothly. We will help you make the right decision regarding your pension. Here are some important details about why you should seek professional pension advice.

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When Should I Get Pension Advice?

A pension is an investment just like stocks, properties and shares portfolio.  Just like other investments, they have different tax rules. Our pension advisers have adequate knowledge about the various types of pensions available. They will examine your financial circumstances and retirement goals and then give you reliable advice to help achieve your retirement target.  Here are some of the critical instances when you should seek professional pension advice:

  • Reviewing Your Pension

Many pensioners are not aware of how their money is invested, or if there are hidden charges that might be adversely affecting their investment. Some do not even know what the current value of their pension and what income they expect in retirement. Others have frozen old pensions, which they do not know how they are performing.

Your pension can significantly affect the kind of lifestyle you will live after you retire. Thus, it is imperative to have a professional review of your pension and help you make the necessary adjustment. At Hilltop Finance, we have a team of qualified pension advisers who have the knowledge and skills to review your pension and give reliable advice to help you accomplish your retirement goals.

  • Contributing in a Private Pension for The Self-Employed

If you are self-employed, you won’t have an employer adding money into your pension scheme.  Thus, you need to open a private pension for your pension savings. With a private pension, you can choose where you want your contributions to be invested. There are many types of private pensions available today. It is vital that you select a plan that is ideal for your circumstances and one that helps you achieve your retirement goals.

That is why you need to take self-employed pension advice. A  qualified pension advisor at Hilltop Finance can help you understand the many types of private pensions and help you choose one that meets your needs well.

  • Review lost pensions

When most people change jobs, they tend to leave their old company occupational scheme benefits and start a new one with their new employer. These old abandoned pensions are what people mistakenly call a “Frozen Pension,” but the correct term is a Deferred Pension.

Frozen pensions are also called preserved pensions. The term “frozen pension” is used to refer to workplace pensions from previous employers into which you no longer contribute. Although you can no longer make contributions to these old schemes, the money in the fund continues to grow and you can cash it out from the age of 55.  It is important to seek professional frozen pension advice to know how your old pensions are performing and the fees being charged on them.

At Hilltop Finance, we can review your old pensions and check they are in a fund that is performing poorly or has higher administration fees. If that is the case, we can help you transfer these pensions to a plan that better suits your needs and retirement goals. Consider taking our frozen pension advice to know what’s best for your old pensions. If you want to consolidate these old pensions together, then it is a legal requirement you hire a regulated pension advisor if your pension scheme is a defined benift and the pot’s transfer value is £30,000 or .

How Can I Get Low Cost Pension Advice?

The cost of taking financial advice is normally percentage of the fund value but some advisors will charge a fixed fee. If there is a lot of sorting out to do, this can take time and time is money. Our pension advisers at Hilltop Finance will offer an intial meeting free of charge. This is however not designed to give you specific pension transfer advice. It is a chance to understand your case, see how we work and how much we charge.

 Our pension advisers will review all your existing pensions and then recommend the most viable option.  We will also provide you with a copy of the pension transfer advice cost before offering you any services. Contact us today to learn more about Low cost pension advice.

Why Should I Take a Self-Employed Pension Advice?

If you are self-employed, you’re responsible for setting up a pension plan. You should consider saving into a Private Pension. A private pension allows you to choose your preferred pension provider and gives you more control over how you want your funds to be invested. You will also enjoy tax relief on your contributions from the government.

The standard amount of tax relief is a 20% tax top up for basic rate taxpayers. This means, if you contribute £500 into your pension pot, the HMRC will add another £125. If you are higher rate taxpayer, you will be able to claim additional tax relief through your tax return. Contact Us Hilltop Finance to help you choose the best Private Pension.

Why is Hilltop Finance the Best Pension Advice Company?

At Hilltop Finance, we care about your life after retirement. Our pension advice specialists will offer you an efficient, unbiased and client-focused pension advice. The Financial Conduct Authority regulates us and we will make sure that you are getting the best advice possible about the UK pension systems. Our pension advisors have helped thousands of clients make the right decisions to meet their retirement goals.  Our unique approach means that you will only pay for the help you need when you need it and the level of participation you want. Contact us today to know your options.

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0330 133 0147

Hilltop Finance understands that pensions can be confusing. That is why our friendly advisors are on hand to help you understand your pension better and ensure its performing the best it can.

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