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Surrey: 01932 918291

Edinburgh: 0131 564 1668

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Retirement Planning

Whether starting your first retirement savings plan or looking to review and manage a range of accumulated pension plans, the experts at Stonehill Financial are specialists in all forms of retirement provision. Our advisers have attained the highest level of qualification for this area within the Chartered Insurance Institute qualification framework. Advice can include, but is not limited to:

  • Personal pension
  • Stakeholder pension
  • Self Invested Personal Pension (SIPP)
  • Retirement Annuity Contract
  • Money Purchase schemes
  • Defined benefit scheme
  • NEST
  • Group Personal Pension
  • Final Salary Scheme
  • Executive Pension Plan
  • Small Self Administered Scheme (SSAS)
  • Occupational transfer analysis
  • Pension switching analysis

"I have found the advice and support of Stonehill Financial invaluable in recent years. The core strengths of Stonehill are twofold; the first being the depth of financial knowledge. With the rapidly changing legislation around pensions and tax changes, I needed a wider understanding of the implications for me personally and I have found the support and advice I have received both balanced and highly informative. Adam Neal, the MD of Stonehill, demonstrates a deep knowledge of Pensions, Investments and Tax Planning.

The second clear strength is the service levels provided across the Company. I always find Adam and all the staff very helpful and able to meet all my needs. They are always available for a discussion or a meeting whenever required and deal with any request, promptly and efficiently. 

In summary, I am happy to recommend the services of the Company, which I have found to be of the highest quality."

Paul Andrews

Pensions Lifetime Allowance (LTA) – Something we are increasingly asked about

The lifetime allowance was introduced by HMRC in 2006 at a level of £1.5 million. It then increased each year to 2010, when it reached £1.8 million. Since 2010, there have been a number of reforms which have led to the lifetime allowance being reduced. Its current level calculated in the 2015-16 tax year is £1.25 million and this will reduce further to £1m from April 2016. As a result this will push many many more people into a situation where their benefits will be subjected to an additional penalty tax.

As pensions are normally a long term commitment, what might  appear modest today could exceed the lifetime allowance by the time you want to take your benefits, so it’s important to take advice sooner rather than later. It may be necessary to take your pension early or stop contributing to the scheme/plan, even though you have not retired, to avoid your benefits exceeding the lifetime allowance.

If you’re in more than one pension scheme, you must add up all the pension schemes you belong to.

What counts towards your allowance also depends on the type of pension pot you have. Call us now to find out more and get advice on lifetime allowances.