Telephone
01295 698600

Email
info@cherwellfs.co.uk

Ground Floor
Unit 15 Somerville Court
Trinity Way, Banbury Business Park
Adderbury, Oxfordshire
OX17 3SN

GET DIRECTIONS

Telephone
01295 698600

Email
info@cherwellfs.co.uk

Ground Floor
Unit 15 Somerville Court
Trinity Way, Banbury Business Park
Adderbury, Oxfordshire
OX17 3SN

GET DIRECTIONS
PENSIONS AND RETIREMENT PLANNING

It's essential that you review your pension situation regularly. We can advise you with taking steps to make it more certain that your pension pot will be able to achieve the income you want when you retire.

DO YOU KNOW YOUR
OPTIONS FOR TAKING YOUR
RETIREMENT SAVINGS?

ADVICE ON TAKING BENEFITS FROM PENSION SCHEMES

Our Advisors at Cherwell Financial Services Ltd are experienced in providing advice on the many options available when taking benefits from pension schemes and Retirement Incomes, including:

PHASED RETIREMENT

Many people like to retire gradually, without giving up work altogether. Phased retirement (or staggered vesting) is where you can take part of your pension and continue to work. It can offer a flexible approach to commencing and withdrawing pension benefits.

Staggered vesting can be made available to those who transfer from retirement annuities or some form of occupational scheme to a personal pension plan.

By allowing regular withdrawals from the pension fund, Phased Retirement plans achieve a level of flexibility. Your annual pension income is made up of tax free cash and an annuity or suitable drawdown arrangement. The balance of the fund then remains invested.

There are many other potentially complex issues to consider when using a phased approach to your retirement. Independent Financial Advice from an appropriately qualified adviser is essential.

WE CAN SUPPORT YOUR
DECISIONS AT THIS
IMPORTANT STAGE OF YOUR LIFE

WHAT SORT OF INCOME
DO YOU REQUIRE?

ANNUITIES

What is an Annuities and how does it work?

An annuity is a financial product that enables you to convert your pension savings into a regular retirement income for you to live on.

The amount you will get depends on things like how old you are: the younger you are when you retire, the less you get each year, whether you want your annuity to pay an income to your spouse or partner when you die.

It's worth thinking about talking to a financial adviser about the best type of annuity and which company will pay you the highest income.

If you have a pension fund, you should be told that as an alternative to buying an annuity from the company you have saved with, you have the option to take the fund to another company and buy it from them this is referred to as an Open Market Option, often improving the income that your current provider may have offered you.

This makes it even more important to get the correct advice when looking at taking your benefits.

If you want to discuss any of these options further please contact us.

INCOME DRAWDOWN

Income drawdown is an alternative to buying an annuity, where you leave your pension invested and draw an income from it.

Since April 2015 you don't have to use your pension pot to buy an annuity and as such there are alternative means of taking your retirement income.

On reaching 55 you may now withdraw as much of the money as you wish to from the sum which you have saved into your pension. However there may be tax consequences of doing so.

You can use your pension pot to provide you with a regular retirement income by reinvesting it in funds specifically designed and managed for this purpose. Though the income you get will depend on the fund's performance and the funds may eventually be exhausted. It isn't a guaranteed income for life.

If you want to discuss any of these options further please contact us.

DO YOU NEED FLEXIBILITY
IN YOUR RETIREMENT?

IN SOME CASES YOU COULD RELEASE
MONEY FROM YOUR HOUSE TO SUPPORT
YOUR RETIREMENT

EQUITY RELEASE

So you are already retired, but want to continue to enjoy the standard of living you are used to, but you have limited capital left and a limited income. One of the main assets many people have is their home, and as such they do not want to move, to release these funds (downsizing) but stay where they currently live.

Equity release allows you to release equity from your property and enables you to do the things you want to whilst continuing to live in your existing property.  Equity Release can affect eligibility for state benefits and grants. 

'Equity Release' includes home reversion plans and lifetime mortgages. To understand the features and risks, ask for a personalised illustration.

For equity release we can be paid by commission, or a fee of usually 0.5% of the loan value or a combination of both.

If you want to discuss any of these options further please contact us.

Cherwell Financial Services Ltd is directly authorised and regulated by the Financial Conduct Authority. Registered Office Ground Floor, Unit 15 Somerville Court, Trinity Way, Banbury Business Park, Adderbury, Oxfordshire, OX17 3SN.

Registered in England. No. 08566532

©Cherwell 2018