Norfolk Financial Services News

What is Pension Release?

In the UK if you are aged 50 or over and not in receipt of any benefits from your pension then you can unlock your pension and take your tax-free cash. Pension Release or ‘unlocking’ is the term used for taking the benefits from your pension before you retire and getting up to the maximum tax free cash and/or income.

How much can I release from my pension?

The current rules say that you can release a cash lump sum of up to 25% of the value of your pension fund. This is tax free and is know as a ‘Pension Commencement Lump Sum’ (PCLS). In addition, the remaining fund can be used to provide you with an income that might be taxable – depending on your circumstances.

Do I need to consult an Independent Financial Adviser?

It is highly recommended that you seek expert advice before you consider releasing your pension. We will conduct a FREE investigation to establish all benefits you are entitled to, in addition to providing you with NO OBLIGATION advice to assess whether pension release is right for you.

We specialise in pension release and use a selected panel of product providers

April 2010; Deadline approaches, could this affect you?

* In April 2010, there is a change to pension legislation which means that the minimum retirement age increases from 50 to 55.

Call us today to take advantage of your pension fund 01603 861621 or visit our website www.norfolkfs.co.uk

Pension Release is only suitable for a very limited number of people and should be only taken as a last resort. Taking money from your pension now will reduce the amount of income available to you come retirement. This service applies to UK pensions only.

The annuity market is very competitive and annuity rates differ between annuity providers.

You can substantially increase your pension income by purchasing your annuity from the company which pays the most income. This is called “exercising the Open Market Option.”

It costs nothing to take advantage of this option and new rules introduced recently by the FSA mean that insurance companies must tell you about this option.

Do you qualify for Enhanced or Impaired Rates?

If you can answer Yes to the following questions you may qualify for better annuity rates.

• Do you smoke 10 cigarettes or more each day and have done continuosly for 10 years or more?
• Are you currently taking any medication?
• Have you ever been hospitalised for any medical condition?

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According to the report on This is Money, the elements that are generally covered by private health insurance policies are the cost of surgery, specialist consultations, accommodation and nursing bills in private hospitals and any drugs or x-rays that should be required.

As such, the obvious benefits of private health insurance are clear to see in terms of quality of care and speed of assessment and treatment. However, it is important to note that it is not possible for private health insurance to cover all types of illness.

For example, incurable diseases and pre-existing medical conditions are unlikely to be covered by private health insurance but this is something that can be discussed with private health insurance providers who will go over the in’s and out’s of a policy prior to you committing to it.

For advice on health insurance call us on 01603 861621 or visit our website www.norfolkfs.co.uk

If you can answer Yes to the following questions you may qualify for best annuity rates.

• Do you smoke 10 cigarettes or more each day and have done continuosly for 10 years or more?
• Are you currently taking any medication?
• Have you ever been hospitalised for any medical condition?

Contact us to see if you qualify for enhanced annuity rates on 01603 861621 or visit our website www.norfolkfs.co.uk

A SIPP is a great way to purchase an investment property and can give great advantages. Cash in your pension fund can be used to purchase the property with all rental income and capital growth going in to your pension fund.

Please contact us for further information on SIPP’s.

Norfolk Financial Services 01603 861621 or visit our website Norfolk Financial Services

If you’re 50 or over this tax year, you can take advantage of a great new investment opportunity that’s not immediately available to anyone younger.

You can now invest up to an extra £3,000 in your stocks and shares ISA

Earlier this year, The Chancellor announced that the ISA limit would be raised from £7,200 (£3,600 for cash ISAs) to £10,200 (£5,100 for cash ISAs). This applies to anyone born on or before 5 April 1960. These limits changed from 6 October 2009, and for everyone else from 6 April 2010. Which means you can invest an extra £3,000 in a tax-efficient stocks and shares ISA before anyone under 50 gets the chance. The value of the tax advantages will depend on your individual circumstances and can change over time.

For advice on ISA call us on 01603 861621 or visit our website norfolkfs.co.uk

Norfolk Financial Services have today launched a new blog to their website.

Mark Shubrook, Independent Financial Adviser and owner of Norfolk Financial Services, says, I am delighted that we are now able to give the public of Norfolk up to date financial services news on a regular basis

To get Independent Financial Advice call us on 01603 861621 or visit our website http://www.norfolkfs.co.uk