Can you afford to take a lump sum out of your pension?

Are you thinking about withdrawing a lump sum from your pension? Whilst it can be an attractive option, it’s important to remember that a pension is designed to provide you with an income throughout retirement. Before making a withdrawal, you should ask yourself: Would taking a lump sum now affect the lifestyle you can comfortably afford? Could it mean you run out of money during retirement? Taking a lump sum from your pension Once you reach the age of 55, your pensions will be accessible. You're free to choose how ...

Trusts: 4 ways they can be incorporated into your financial plan

Trusts can be useful financial tools in certain situations, but they can seem complex. Here, we explain what a trust is and some of the circumstances where using one may be appropriate. What is a trust? A trust allows you to give rights to hold assets to one party, known as the trustee, for the benefit of another, known as the beneficiary. It provides legal protection and helps ensures your wishes are carried out. You can place certain conditions on assets within trusts that the trustee must adhere to. There are ...

6 ways financial advice could help you

Financial planning can help build the future you’re looking forward to. However, research suggests that many UK adults aren’t benefiting from financial advice as they shun seeking support. There are numerous ways that financial advice can add value to your plans. It’s not just your financial security to think about either, financial planning could help your children and grandchildren too. When dealing with legal matters, we’ll typically seek out the expertise of a solicitor rather than going it alone. But when it comes to financial matters, many people are likely ...

Why Equity Release needs to be a carefully considered decision

It’s predicted that the number of retirees accessing wealth locked in property through Equity Release could rise, but it’s not always the right decision to make. On the face of it, taking wealth out of your property can seem like an easy decision to make but it can have serious financial implications and it’s one that needs to be carefully weighed up. First, what is Equity Release? It’s essentially a range of products that allow you to take a loan secured against your home. There are two types of products ...