Watch your personal pension grow year on year with SGFM at your side.

With expert advice from SGFM, we ensure that you make the most out of your personal pension. Find out why more and more people are using SGFM to advise them on tax, pensions and more.

From the first time we sit down with you, we will work with you to calculate the level of income you wish to receive in retirement, and how you will get there.

Saving for retirement is one of the smartest moves a person can make. Here are some important things to consider:

  • Will I have enough savings to enjoy the lifestyle I want/currently have?
  • Am I contributing enough for retirement?
  • Can my pensions last 10, 20, or even 30 or more years?
  • Are my investments safe?
  • How will inflation affect my pension and other investment income?
  • Could government legislation or tax changes affect my pension?
  • Will I be able to afford long term nursing or residential care if I need it?
  • Have I minimised my tax liabilities in retirement, including Inheritance Tax?

New pensions freedoms – what are they?

In April 2015, the tax rules surrounding pensions were changed giving people greater access to their pot. Drawdown of pension income is now taxed at marginal incomes tax rates rather than the previous rate of 55 per cent for full withdrawals.

There are currently six options savers can choose from when withdrawing their pension. These are:

It’s up to you when you take your money; you might have reached the normal retirement date under the scheme or got a pack from your pension provider but that doesn’t mean you have to take the money now. If you do not take your money, you should check the investments and charges under the contract.

You can use your whole or part of your pension pot to buy an annuity. It typically gives you a regular and guaranteed income. There are different types of annuity available.

You can usually take up to 25 per cent as a tax-free cash sum. The rest of your pot is invested to give you a regular (taxable) income in retirement.

How much and when you take your money is up to you. 25 per cent of every chunk you take is usually tax-free, the rest is taxable.

You can do this but there are certain things you need to think about. You have to consider how much tax you pay on the amount your take out and you have to think about what you’ll live on in retirement.

You don’t have to choose one option you can mix them over time or over your total pot.

Why more and more people are using SGFM to advise them on pensions

The value of your investment can go down as well as up, and you may get back less than you originally invested.

Your pension pot will build in line with the level of contributions you make as well as returns on investment. Our job is to make sure you set achievable targets and retire with a smile on your face.

Keeping an eye on tax is an important aspect of pension saving. Savers need to take notice of the annual allowance, as well as the lifetime allowance, on top of any penalties they may receive when drawing down from their pension fund.

We take the time to get to know you and your current financial circumstances. We look at your existing arrangements and what you hope to achieve in the future. We then give you as much, or as little, independent personal pensions advice as you want or need.

As part of the Smailes Goldie Group, we are able to offer you truly independent, cost-efficient advice, using the whole of the market to achieve your financial goals.

Looking for advice on workplace pensions and auto-enrolment? Click here.

Request a call back!

At Smailes Goldie Financial Management, you can now ask an experienced advisor to call you back at a time that suits you. Simply fill in the form below, and we’ll endeavour to get back to you.