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When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large windfall, you need to provide yourself with a secure income for the rest of your life.
A well prepared pension plan which is regularly reviewed should go some way to providing this.
Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation & investment risks.
Whatever your level of wealth, there is nothing wrong in deciding to prepare a risk aversion strategy. This is reasonable and prudent for anyone who is sure that they already have ample to provide for themselves and their family into the future.
We all have goals, dreams, ambitions for the future, for ourselves and our families, but the real question is; how do we achieve them?
Professional Retirement Planning is the process which can help you realise your ambitions - whatever they may be. As professional financial advisers we can help you make informed decisions about your financial future by setting short, medium and long term goals.
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. These people could include family members or business partners.
It can provide the reassurance of financial protection for you, your family and your business associates.
If you're over the age of 55, equity release offers you a way to use the value of your home to raise money.
There is a range of equity release schemes available on the market offered by reputable equity release providers, and they fall into two main categories, Lifetime Mortgages and Home Reversion Plans.
Professional Financial Planning is the process which aims to help you realise your ambitions. As professional financial advisers we can help you make informed decisions about your financial future, short, medium and long term.
You will almost certainly have plans of some kind - buying a home, starting a family, living abroad, perhaps retiring, but such ambitions have financial implications ...
When someone talks about savings and saving money, it could be referring to a piggy bank or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts, term bonds etc.
Investing is what you can do with the savings you have - if you are looking to generate a greater return on your money than is available to you through your savings instruments.
Most of us face being taxed on our income, our capital gains, and in some circumstances the value of our estate when we die.
Taxation can be very complicated and the rules, reliefs and allowances often change, so it is worth obtaining a clear grasp of how these taxes work by discussing with a professional adviser the most efficient way to arrange your finances. An expert will be able to help you plan your taxes in advance ...
(Please note – this is for information only and does not constitute advice. This is a potentially complex area and for further information or to obtain a State Pension statement please visit the government website at https://www.gov.uk/browse/working/state-pension)
A State Pension is a regular payment made by the government to people who have paid or been credited with Class 1, 2 or 3 National Insurance Contributions and have reached State Pension age.
Currently, the State Pension age for men is 65 and 63 for women. The State Pension age for women will increase to 63 years and nine months by April 2017 and to age 65 by 2018. By October 2020, the State Pension age for men and women will be 66, increasing to age 67 in 2028.
The State Pension is paid whether the claimant is working or not and is paid regardless of any income and/or existing savings or capital the claimant may have.
The Pensions Act 2014 provides for reviews of the State Pension age at least once every 5 years. These reviews will take into account a range of factors that are relevant to setting the pension age, one of which will be changes in the life expectancy of the population. Once the findings of the review have been reported, the Government may choose to bring forward the dates of the above changes to the State Pension age. Any proposals to do so would have to receive the consent of Parliament before they could become law.
Please note following a recent review the government announced plans to bring this timetable forward. The State Pension age would therefore increase to 68 between 2037 and 2039. At present, this is the government’s intention, and will need to be voted into law.
The State Pension must be claimed — it is not paid automatically. The claim can be made online, by calling 0800 731 78098 or by downloading a form and sending it to a pension centre. N.B. Different arrangements apply in Northern Ireland.
The State Pension is usually paid every 4 weeks, in arrears, directly into the claimant’s bank or building society account.
The State Pension can be claimed even if the individual chooses to work beyond State Pension age.
The State Pension is considered part of the recipient’s earnings and may be subject to income tax.
It is not compulsory to claim the basic State Pension at State Pension age — it can be deferred until the claimant chooses to receive it. In return for ‘postponing’ his or her claim (and providing the claimant lives in the EU, European Economic Area, Gibraltar, Switzerland or any country the UK has a social security agreement with) the pension payment will increase by 1% for every 9 weeks it is deferred.
Although the State Pension can be claimed while living outside of the UK, it will only be increased each year if the claimant lives in the EEA, Switzerland or in a country which has a social security agreement with the UK.
Any surviving spouse or civil partner that is over State Pension age and not already receiving the maximum payment may be able to increase their State Pension by using the deceased’s qualifying years. If the spouse or civil partner is under State Pension age, any State Pension based on the deceased’s qualifying years will be included when he or she claims their own State Pension.
There are currently two State Pension systems — each system has different rules.
This summary applies only to women born before 6 April 1953 and men born before 6 April 1951. Different rules and benefits may apply for people living in the Isle of Man, Northern Ireland and abroad.
For the financial year 2017/2018, the full rate of benefit for women born before 6 April 1953 and men born before 6 April 1951, is £122.30 per week.
The payment is increased every year by whichever of the following three percentages is the highest:
The amount of State Pension a person receives is based on the total number of annual National Insurance Contributions (NICs) paid in the UK by him or her prior to reaching their State Pension age.
To be entitled to the full State Pension, it is necessary to have 30 ‘qualifying years’ of NICs or credits. A qualifying year is a tax year in which the claimant has paid or been treated as having paid or has been credited with sufficient NICs to make that year qualify in State Pension calculation terms.
Each qualifying year entitles the claimant to 1/30 of the full State Pension.
If there are ‘gaps’ in his or her NIC record, the claimant will get less than the full amount of £122.30 a week. NIC gaps can be caused by being employed but with low earnings, being unemployed but not claiming benefits, caring for someone full time, being self-employed and choosing not to pay NICs, or living abroad.
Depending on the claimant’s age, it may be possible to pay voluntary NICs to bridge some or all of the gaps in his or her National Insurance record over the past 6 years or beyond.
This summary applies only to women born on or after 6 April 1953 and men born on or after 6 April 1951. For individuals who are already claiming a State Pension, or reached State Pension age before 6 April 2016, the old State Pension rules apply. Different rules and benefits may apply for people living in the Isle of Man, Northern Ireland and abroad.
For the financial year 2017/2018, the full rate of benefit for people reaching State Pension age, on or after 6 April 2016, is £159.55 per week.
Unlike the old State Pension, the new State Pension will not be subject to additional pension-related benefits, such as the State Second Pension (S2P) and the State Earnings Related Pensions Scheme (SERPS). The new State Pension will instead provide a single tier of benefit.
The payment is increased every year by whichever of the following three percentages is the highest:
The amount of State Pension a person receives is based on the total number of annual National Insurance Contributions paid in the UK by him or her prior to reaching their State Pension age.
To be entitled to the full State Pension, it is necessary to have 35 ‘qualifying years’ of National Insurance Contributions (NICs) or credits. A qualifying year is a tax year in which the claimant has paid or been treated as having paid or has been credited with sufficient NICs to make that year qualify in State Pension calculation terms.
Each qualifying year entitles the claimant to 1/35 of the full State Pension.
If there are ‘gaps’ in his or her NIC record, the claimant will get less than the full amount of £159.55 a week. NIC gaps can be caused by being employed but with low earnings, being unemployed but not claiming benefits, caring for someone full time, being self-employed and choosing not to pay NICs, or living abroad.
Depending on the claimant’s age, it may be possible to pay voluntary NICs to bridge some or all of the gaps in his or her National Insurance record over the past 6 years or beyond.
The claimant’s National Insurance record before 6 April 2016 is used to calculate a ‘starting amount’ for their pensions. The starting amount will be the higher of the amount he or she would get under the old State Pension rules (less any Additional State Pension) or the amount they would get if the new State Pension had been in place at the start of their working life. If the starting amount is less than the full new State Pension, the claimant is allowed to add more qualifying years to their National Insurance record.
Individuals starting to make NICs from 6 April 2016 onwards, will need 35 years of NICs or credits to claim the full amount of state pension. Those with 10 - 34 years of contributions will receive a proportion of the full State Pension and anyone with less than 10 years of contributions will not be entitled to any amount of State Pension.
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.
Wealth Management
Build your wealth and protect your assets from taxation and other risks.
Read More...Retirement Planning
Realise your retirement goals and work them into a viable financial future.
Read More...Life Assurance
Provide for your dependants after you’re gone with a Life Assurance scheme.
Read More...Equity Release
Find a suitable advisor to help you raise funds using the value of your home.
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DERBYSHIRE BOOTH FINANCIAL MANAGEMENT LTD IS AN APPOINTED REPRESENTATIVE OF TENETCONNECT LTD WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. TENETCONNECT LTD IS ENTERED ON THE FINANCIAL SERVICES REGISTER (www.fca.org.uk/register) UNDER REFERENCE 149826.
REGISTERED ADDRESS AS COMPANY ADDRESS
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Client Testimonials
...We really did make a good decision choosing yourselves. A truly first class service....
...I found Greg's help and expertise in reviewing my own affairs to be invaluable...
...If you are looking for the sincere personal touch to help your finances grow Greg and his team are the people you need to see.
We just wanted to thank you for helping us achieve our dream. We'll recommend your services to any of our friends who need financial expertise and will be in touch again if we win the lottery!
Just a line to say thankyou for the help and advice that you gave me, and the unexpected cheque for £100. All the best.
Greg fully explained my pension options, and found the best annuity for me. I am most grateful.
Excellent service, combined with sound advice, well explained options.
without Derbyshire Booth’s help I couldn’t have managed at all. I can’t thank Greg enough.
I found the advice and help given to me was excellent with regard to my pension. Greg and his staff were very kind and welcoming. All my questions were answered. I am very satisfied with the service given.
If you're looking for someone to give you an answer, Greg is your man. I have not come across an IFA with a better breadth of knowledge in the field of finance. He is a regular contributor to the Lancashire Evening Post.
Your listening ear re my pension requirements and your careful evaluation of the investment products available resulted in a timely transfer of my existing pensions into the consolidated scheme and an excellent on-line tracker.
Derbyshire Booth have delivered well and exceeded my expectations, I shall recommend your services to family and friends.
My Brother and I are extremely grateful for all the advice and help over the last few months.......We are grateful for all the work you have done and for securing the funds from AXA. Thank you again for your excellent service.
Very professional diligent, responsive with attention to detail which is not too common with many companies. I would therefore have no reservations in recommending Derbyshire Booth Financial Management Ltd.
Greg Heath acted in a friendly professional manner and had empathy with my situation. I am very happy with the outcome and wouldn’t hesitate to recommend him to others.
Greg regularly provides topical, financial advice columns for my magazine Leyland Leader. He is a thorough professional, expert in his field, articulate, humorous and creative. Always a pleasure to deal with.
Derbyshire Booth provided a professional service, tailored to my needs. Options were clearly explained and I can highly recommend them.
I would like to thank you all for your expert professional guidance through what to us was a pension minefield. Without your advice and assistance we would still be looking at a pile of papers not knowing what they meant or what to do with them! Once again thank you for your time and patience.
Greg had the ability to explain issues to me clearly and concisely, and when I retired attained the best annuity available for me.
I would have absolutely no hesitation in recommending the services of Derbyshire Booth as a truly independent IFA and indeed I have done so on numerous occasions with family and friends who were seeking guidance in this area. In my experience, Greg rigorously analyses individual circumstances and subsequently offers expert and considered advice in a way that can be clearly understood. A pleasure to deal with.
Contact Us
Derbyshire Booth Financial Management Ltd
Cornerways
1 Yewlands Drive
Preston
Lancashire
PR25 2TN
T: 01772 422 004
Email : Email Us