Pensions and Retirement Planning

Pension transfer & consolidation - are you are currently paying into a pension either privately or maybe through your employer's pension scheme. Perhaps you have old pension plans which you do not contribute into any longer and have not reviewed for years. Schemes from previous employers. You have no idea what they are likely to provide when you retire or if they are doing the best they can for you. Now is the time to review your arrangements to make them work hard for you and provide the best they can in the future. Even if you do not pay any further contributions you need to get the best out of what you have got.

MLP will assess your existing pension plans and provide you with advice on the best way forward, which is often transfer and consolidation into one pot. This can make your funds easier to manage and monitor, reduce the charges being deducted and most importantly ensure that you are invested in quality funds which meet your objectives in terms of risk and are actively managed to ensure that you maximize your returns.

Final Salary Transfers - many employers are now closing down schemes and offering transfer values to former employees. You may be a deferred member of a scheme which is not closing but offering an incentive to transfer your funds away. It is important that you are fully aware of the pros and cons involved in a final salary transfer. Even if you have decided to transfer out of your former scheme you need to ensure that what you are transferring into is best for you.

MLP will carefully consider the implications for you of transferring your benefits away from a Final Salary Scheme and how this may or may not benefit you. We can also research the market to find the most appropriate plan to transfer your benefits into when you have decided that this is your best option.

Pension options on redundancy or career move - you may not be fully aware of just how valuable your former employer's pension is to you. Perhaps you have been offered an additional payment into your pension as part of your redundancy package or offered a transfer value and incentive to move your funds. It is important that you make the right decision in your best interests and not your former employer's best interests.

We can explain to you in plain English what your options are and the pros and cons involved. Where necessary we can source the most appropriate plan to transfer your funds into arrange for this to be completed. MLP will work with you in the future to ensure that your funds are properly managed and do the best for you.

Pension transfers following divorce - you may find that your former spouse's pension is a bigger asset than you thought and that you are entitled to a share of it as part of your divorce settlement. It is important that you receive professional impartial independent advice to ensure that the funds are properly valued and you are not short changed. It is also important that where possible the funds are transferred into a plan in your name and under your control.

MLP will work with you and your solicitor to ensure that you get a fair deal following divorce and that your share of your former spouse's pension is transferred to the most appropriate pension company. On the other side of the equation we also act as professional advisers when an assessment of your pension plans is required for the Courts to assess what your former spouse could be entitled to.

Unlocking your pension lump sum - if you are age 55 or over from April 2010 you can take your tax-free lump sum from existing pension plans without taking your pension income as well. The income component can be deferred to as late as age 75. The ability to take your pension lump sum in this way could be useful if you need the money and have no other way of finding it. If you have more than one pension, perhaps from a former employment or a scheme you have stopped paying into, these could be consolidated into one pot and you could draw 25% of the combined fund tax-free. This is a complex area of advice and you need to be fully aware of the advantages and disadvantages of un-locking your pensions cash in this way.

MLP have provided advice in this area of pensions planning for many years. We will assess your existing plans and quickly tell you whether it is possible to access your pension cash and exactly what is involved to achieve this. We will source the most competitive provider to receive your funds prior to the tax-free lump sum being paid and arrange for transfer of the funds. It is important that the remaining part of your fund after the tax-free element has been taken is properly invested to provide your income further down the line (when you actually retire) and we will provide this service and ongoing annual reviews.