At Allied Financial ‘Our Loyalty is to our Client’
We have examined many policies (including company group schemes during corporate change or redundancy) and we have seen annual management fees ranging from 0.5% right up to an eye-watering 4%! Some of the time the fees are justifiable, but in most cases and in our experience, we have managed to either reduce fees or move the pension scheme into a fund which is more suitable in terms of risk/return and including other factors.
As a non tied Broker, offering independent pension advice, we can source the best options in the market for you, to help support you in your life choices, whilst creating a robust investment strategy.
Whether you have, had or need a pension, get the retirement plan that will give you the lifestyle that you want, when you retire. We are living longer and healthier lives and this will continue to increase over time, which can cause a gap in your retirement finances. Your State pension will provide you with a basic level of retirement income, provided you qualify. The State pension is intended to ensure that everyone receives a basic standard of living in retirement. As we look to the future we recognise the traditional state pension, will not be enough to sustain the cost of living.
Type of Pensions
Aimed towards the Self-employed or company directors or a person whose employer does not offer a pension. Our Personal Pensions gives you important tax breaks.
Individuals with Personal Pension Plans can take their retirement benefits at any age between 60 and 75. You do not actually have to stop working. As soon as you reach age 60, you can take your benefits & continue working. There are some circumstances where individuals can take your benefits before age 60.
- You are seriously ill & due to your ill health you have to permanently stop working
- You work in a specific occupation where it’s the norm to retire before 60. These types of occupations include professional sportspeople, pilots & fishermen.
Employee Pensions
A PRSA (Personal Retirement Savings Account) is personally owned. It lets you save for retirement on your own terms. It includes fully flexible contributions & tax relief.
Similar to a Personal Pension, an individual with a PRSA can take their retirement benefits at any age between 60 and 75. You do not actually have to stop working. As soon as you reach age 60, you can take your benefits & continue working. There are some circumstances where individuals can take your benefits before age 60.
- You are seriously ill & due to your ill health you have to permanently stop working
- You work in a specific occupation where it’s the norm to retire before 60. These types of occupations include professional sportspeople, pilots & fishermen.
- Or, if you are an employee, you can take your benefits from the age of 50 if you stop working for that company. This will need to be verified by a copy of your P45 for that employment.
- If you are an owner/director with a more than 20% of shareholding in the company, you will also have to sell those shares in order to retire early. This option does not apply to you if you are self-employed, a sole trader or a Company partner.
Transfer Your Pensions
Transfer your pension to avail of reduced fees & charges, better plan options, additional flexibility and higher tax-free cash amounts, or if simply changing your job.
You could transfer some or all of your pots to a different provider if:
- your current provider doesn’t offer you the type of pension arrangement you want
- you want to combine your pots to simplify your pension arrangements
- you want to pay less in fees, charges & commissions
- you want access to a wider variety of fund choice options
- you want to achieve a higher income in the future from your pension
- you want to avail of different retirement options that may not be offered (see Defined Benefit options)
- you are returning home from overseas
- you are moving abroad and you want to move your pension to a scheme in that country
Considering Retirement Soon?
Annuities, ARF, AMRF, PRSA & Your tax free lump sum explained.
Top-up Your Pension
You can Top-up your Pension using Additional Voluntary Contributions. These are extra contributions you can make in addition to your existing pension.
You can claim tax relief against AVCs, subject to revenue limits. And your investment growth won’t be taxed.
Growth: Grow your pension fund ahead of your retirement.
Smart: A more tax efficient way to save.
Flexible: Make additional contributions through your company’s payroll, or privately. Our Pension Calculators can help you decide how much you can afford to save.
Unlocking Your Pension Early
Learn how to unlock your Pension early by transferring your Defined Benefit Pension to a Personal Retirement Bond.
If you have already transferred out of a previous defined benefit pension scheme, or you are currently considering taking a transfer value, you will have increased options on how you can draw down these benefits. You will have both
- the option of taking your benefits based on your years’ service and final salary
- or the new ARF option which allows you to take 25% of the fund as tax free cash and reinvest the balance subject to certain restrictions.
Early Retirement & Ill Health
Your current health may make it impossible for you to continue working. Learn how you can obtain early retirement.
Ill Health may make it impossible for you to continue working. If this is the case, it may be possible for you to access your pension benefits early to provide you with an income to support you while you are ill. However, this may not be the best solution for you. It is also possible that you may have cover in place, provided by your scheme, your employer or yourself, to enable you to maintain a reasonable income in the event of ill health.
Review Your Current Pension
If you are looking for advice in relation to any of these options, we strongly recommend that you speak to one of trusted pension advisors.
Talk to us about
Types of Pension | Pension Calculator | Pensions Risk Profiling | Compare Pensions | Reduce Income Tax | Group Scheme
Ready to have a conversation?
If you’d like to have an informal, no obligation, conversation about how we can help you Start Saving today, please get in touch.