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Pensions Advice FAQ

How much does independent pension advice cost?

Financial advice is not free. Please follow the link to our Client Proposition and Agreement which will provide further information on our potential costs and charges.

See our Client Proposition

Where can I get pension advice?

You can get free information and advice about your State Pension or your company, personal, stakeholder or occupational pension from Pensionwise or The Pensions Advisery Service (TPAS)

Where can I go if I have a dispute with my private pension provider?

The Pensions Advisery Service (TPAS) provides general guidance about pensions and can help if you have got a problem or have a dispute with your occupational or private pension arrangement. Any complaints should in the first instance be directed to the provider or your financial adviser for Personal Pensions or the Scheme Trustees for Occupational Pensions but TPAS can also assist in this area in problems persist.

How many years NI contributions do I need for a full pension?

In order to receive a full State Penson, you will need 35 qualifying years. Some pensions will normally be payable if you have 10 qualifying years on your National Insurance record.

How much is Full State Pension currently

£175.20 per week (as at October 2021).

At what age can I access my full State Pension?

State Pension access ages are increasing and are likely to continue to do so, they are being aligned for men and women.

Is a drawdown pension a good idea?

Drawing down from your pension pot can be a very good idea. However, it is not something to be entered into lightly or without seeking and understanding the implications. You must discuss your options with a pension adviser in order to make sure it is the best fit for your personal circumstances.

How much can you drawdown from your pension?

Under normal circumstances you can choose to take up to 25% (a quarter) of your pension pot as a tax-free lump sum. If you have one of the older policies, you may be able to take out more than 25% as tax-free cash, but you will have to check with your pension provider or seek Independent Financial advice. There are no longer any restrictions on the amount of income which can be withdrawn, but withdrawing income too quickly increases the risk of the pension plan being exhausted before death and carries some significant income tax complications.

How do I cash in my pension?

You can take your whole pension pot as cash if you want, withdrawing it all as cash. You will get the first 25% (quarter) tax-free, the remaining 75% being added to your income and will therefore be taxed in the normal way. However, the default position is that income tax will be deducted at the 45% maximum rate applicable, with any tax overpaid reclaimed from HMRC. You must discuss your options with a pension adviser in order to make sure it is the best fit for your personal circumstances.

Can I stop paying NI after 35 years?

If you want to receive the full State Pension, you will need to have 35 years of contributions (NICs). However, even if you have paid 35 years of National Insurance contributions, if you are still working and earning above the National Insurance threshold you will still have to pay NI.

Can I take some of my pension at 55?

One of the most recent changes is that you can now start taking money from your pension pot at the age of 55, which is well before you can receive your State Pension. Although the government has confirmed plans to increase the minimum pension age from 55 to 57 from 2028.

Does a private pension affect my State Pension?

The payments you receive from your State Pension is based solely on your National Insurance contribution history. This is separate from any monies you receive from one of your private or occupational pensions. However, you should be aware that any money in or taken from your pension pot may affect your entitlement to some state benefits.

How much should I pay into my pension?

As there are so many variables involved it is not possible to answer this question in this format. You must discuss your, circumstances, aspirations and finally your options with a Independent Financial Adviser in order to make sure it contribution levels are properly set and expectations agreed.

The value of your investment or pension can fall as well as rise and you may not get back the original amount invested.

The levels, bases and reliefs from taxation are subject to the individual circumstances of the investor and may be subject to future change.

The Financial Conduct Authority do not regulate tax planning.