Pensions & Investments
The State Pension
Urgent 05 April 2025 State Pension Deadline
This should not be confused with a private pension. This is a pension that most people will receive from the UK government when they turn a certain age (66-68 depending on your date of birth). Almost everyone reading this right now will find that they are entitled to this.
The New State Pension (changed in 2016) is worth more but not everyone will get the higher amount simply because of not checking their forecast. Everybody needs to check right now (aged 35 and over) to make sure that they are on track before the deadline.
Even if someone handles your tax affairs do not assume that they have checked this for you as in 99% of cases they will not go to the lengths of checking every client's NI history before this deadline. Many will not even have the time to inform their clients of this deadline. So, please be sure to check your forecast yourself. This deadline is not to be overlooked. The Government has already waived two deadlines at the final hurdle and it is only by chance that those that haven't still acted, still can.
The full amount for the current 2024/25 year is £11,541 a year. Given that the average person tends to live 20 years past their retirement age this equates to a potential £230,820 that’s up for grabs (likely to be more as it tends to rise each year in line with inflation and cost of living).
It's very easy to check and is something that you can do yourself. You do not need to pay anyone to do this for you. We have created a step-by-step guide on how to do this. You can download this guide by clicking below.
Private Pensions & Investments
In today’s complicated and strictly regulated financial services market, providing independent financial advice requires specialist knowledge. We make use of our wide range of professional contacts to ensure you have a suitable independent adviser to provide you with impartial advice in areas such as:
- Pension schemes
- Life assurance
- Critical illness cover
- Private medical insurance and care plans
- Individual savings accounts
- Investments
Frequently asked questions
What are the advantages of having a pension? Pensions are not only a way of saving for your retirement but you also get significant tax breaks along the way. It’s also a tax deductible expense, i.e. if your company was to pay your pension, it would reduce the company’s Corporation Tax. Furthermore, a Pension will also provide you with a 25% tax free-lump sum payout.
What’s auto-enrolment? This is a type of pension scheme that employers must provide to their employees, where both the employer and the employee will make pension contributions.
When can I access my pension? The money in the pension will usually need to stay in there in most cases until you’re 55. You can then take that out the 25% tax- free lump sum. You can then also take out the remainder whenever and however much you like but beware of the tax consequences.
What’s a SIPP and a SSAS? Both are registered pension schemes. They have similar benefit and contribution rules for both Individuals and companies. A SIPP is a type of personal scheme, whereas a SSAS is a pension scheme, generally for small employers. Both are allowed to invest in commercial property. A SSAS can make a loan up to 50% of the value of the scheme’s assets back to the employer; both can borrow up to 50% of the fund’s value.
What is the difference between Life insurance Critical illness cover? A Life insurance policy would pay out a lump sum when you die, whereas critical illness cover will pay out upon you being diagnosed with a serious illness, disability or medical condition that’s outline in the policy.