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24 Grafton Road

Worthing, West Sussex

BN11 1QP

T: 01903 203 406

E: invest@hugoforbes.com

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Registered in England & Wales. Hugo Forbes Ltd: 10720236  Managing Director: Mr J.A.B Brownlee.

Registered Office: Amelia House, Crescent Road, Worthing. BN11 1QR

Hugo Forbes is not licensed or regulated by the Financial Conduct Authority and does not provide financial advice. All advice and recommendations will be supplied by the relevant expert on our Advisory Panel. Subject to the remit of advice they will be regulated and approved by the authorised body.

We will ensure you receive appropriate professional advice before entering into any contract. 

Pensions

Understanding Your Pension

There are many types of pensions. In general, they are a tax-efficient wrapper to enable you to contribute and invest for retirement.

 

Many pension schemes will invest your money in a "default" fund with many hidden charges. Therefore it is difficult to actually plan on what level of income you will have when you retire.

 

To get an independent specialist to advise and analyse what you have now, would be sensible, regardless of your age so you know your options and if it will reach your objectives. 

Pension Income

Having invested for a large proportion of your working life into your Pension pot you then look to buy an annuity to provide you with an income. An annuity is a form of insurance or investment bought with pension funds on retirement entitling you the investor to a series of annual sums (your pension income) at a particular interest rate.

 

Annuity rates vary depending on where you buy them, but across the board, they are substantially down. When you come to retire many pensions only allow you to buy an annuity with your fund, they offer no option to withdraw funds either piecemeal or whole. Do you think it would be better to have flexibility? Many pensions "die" with the policyholder. Or, provide a reduced annual income being paid to your partner. Would it be better to be able to pass the full value of your pension to your beneficiary and enabling them to take the full income? ​

Limited Company Contributions

Do you own your own Limited Company? We can help you establish your own scheme which will allow for tax-efficient contributions. This can be a complicated issue, but one we understand well. Unfortunately, if your Account does not have a Wealth Management they may not be aware of all the options. Simply, because they may not be qualified to provide such advice. Contact us and we can provide you with a document for some initial guidance.

Ex-Company Pensions

If you hold an Ex-Company Pension with Defined Benefits, which can include Death Benefits, Guaranteed Minimum Payments and certain Final Salary Schemes could provide the best income options in the future. However, a word of caution: this is not always the case. 

 

Each Benefit should be investigated via a TVAS allowing an educated decision to be made and good advice provided surrounding the advantages of keeping these benefits or requesting a Cash Equivalent Transfer Value to be invested in an alternative Regulated Pension Wrapper.

For example, if you were looking to access Tax Free Cash, retire early, ensure your beneficiaries will receive the full value of your pension if you died or even take control of your own retirement planning could be just a few reasons to look at other options which may be available to you.