It is essential that you plan properly for your retirement to ensure that you can retire when you want with the income that you will need. There are many different types of pensions available and the advice offered will depend on your age and circumstances.
Group Personal Pensions
If you are an employer it is likely that you will currently have to offer your employees access to a stakeholder pension scheme unless you meet one of a number of exemptions. When the new national workplace pension scheme, called the National Employment Savings Trust (NEST), is introduced from 2012 onwards you will have to either automatically enrol all eligible employees into the NEST or offer an alternative qualifying pension scheme.
One alternative to the NEST is a group personal pension (GPP), which will provide a personal pension fund for each of your employees. We can offer advice on how to set up a group personal pension plan to best suit your company’s needs. In particular we can offer advice on how to ensure that the GPP will be treated as a qualifying pension scheme so that you do not have to automatically enrol your employees into the NEST.
You may have a sum of money that you may like to invest or use to provide a regular income. There are many different investments from which you can choose and some of these are more tax efficient than others. We will help you select the most suitable investment related to your requirements.
Life assurance is a product designed to pay out a lump sum of money on the death of a specified person during a specified term. It has many important uses, such as maintaining the family’s standard of living or covering a potential inheritance tax liability. There is a very wide range of policies available and we can provide you with independent advice as to which type of policy is most suitable for you and we can also find you the most competitively priced policy in the market place.
Critical Illness Insurance
If you were to suffer from a serious illness, such as a heart attack or stroke, you may make a full recovery. However, it is likely that you will need to take some time off work and even if you recover you may be unable to return to your original job. This situation would place financial pressure on you and your family, and a critical illness policy may be the solution. A critical illness policy pays out a lump sum upon the diagnosis of one of a number of conditions specified in the policy. We can give you advice and help you select the critical illness policy that is most suitable to your needs.
The ‘Platform’ or portfolio approach to managing investments and pensions is designed to overcome the traditional problem of quickly understanding values when statements arrive at different times and in various formats. Platforms are predominantly internet based, offering the advantages of :-
- real time portfolio valuations
- performance review and analysis
- easy management of asset allocation
We can offer advice on portfolio management and recommend the best platform provider to meet your needs.
Income Protection Insurance
Income protection insurance will pay you an income if you are unable to work due to illness or accident. This type of protection is very important if you are self-employed or if your employer will only continue to pay you for a short period in the event of sickness.
Although we are all eligible for medical care under the NHS there are often occasions when the waiting lists for certain treatments are very long. You may like the idea of private medical care, but are concerned about the costs involved. The policies vary widely in terms of cost and cover provided and we can research the whole market place to find the cover that best suits your needs and budget.
Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs)
Self invested personal pensions (SIPPs) are personal pension plans that have a much wider investment choice than most pension contracts. For example, under a SIPP you can invest directly in stocks and shares or purchase the commercial property from which your business operates. Small self administered schemes (SSASs) are occupational money purchase plans that are similar to SIPPs although there are several important differences. For example a SSAS can lend funds back to the sponsoring employer, which is not possible under a SIPP.
There is a lot of important detail that you will need to understand before committing to a SIPP or a SSAS. We can offer you advice to ensure that a SIPP or a SSAS is suitable for you and help you choose which of the two would best meet your objectives. We can also recommend the SIPP or SSAS provider best suited to your needs.
Group Life / Income Protection
If you run your own business a group income protection insurance plan can provide peace of mind for both you and your employees, in addition to Group Life Assurance. After a specified deferred period the plan will continue to pay a proportion of the employee’s income if they are unable to work due to illness or accident. This type of scheme can be provided at a relatively low cost. We can give you independent advice on the best product to meet your needs in terms of the amount of cover required.
Key Persons Insurance
The death or serious illness of one or more key employees in a business can have a serious impact. Key person insurance will provide cover in respect of your key employees in the event of their death or serious illness. The sum assured will usually be paid to the business to cover lost profits. We can give you advice to help you calculate the required sum assured and term of the cover.
Director’s Share Protection
In the event of the death of a director of a limited company, it is likely that the surviving directors would want to have the right to buy the deceased director’s shares in the company. Life assurance policies can be arranged to ‘buy-out’ the deceased director’s share.
If you run your own company you may need to borrow funds to develop your business. This could be anything from an overdraft facility or director’s loan to a corporate mortgage. We can offer you advice on the best type of arrangement to suit your needs. We can also help you save money by restructuring your current liabilities.