Hitchin Office Relocation

Hitchin Office Relocation
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Office Relocation

We are pleased to announce our office at 35 Bridge Street, Hitchin has now relocated to 28 Bridge Street, Hitchin with the same post code, SG5 2DF.

If you need to find us we are on the same side of the street about 50 yards nearer the Park Street roundabout.

Being close to our original location was important for us to ensure there was no disruption to the service we provide you, we have taken our telephone number and IT infrastructure so there is no change in how you contact us.

The new office is a ground floor location and is a larger premises allowing us to grow the business and recruit more staff as required to support our service to you.

We look forward to welcoming you at our new premises, pop in and see us if you have time.

Find our new Hitchin office here:

28 Bridge Street, Hitchin, Herts, SG5 2DF

Final Salary Pension Transfer Advice in Hertfordshire

Final Salary Pension Transfer Advice in Hertfordshire
Pension transfer advice in Hertfordshire

Pension Transfer rule changes

In the last 2 years the demands for our advice in this area has increased dramatically. The legislation stating that in order to transfer guaranteed benefits with a value of over £30,000 you must seek the advice from a suitably qualified pension specialist is a factor, however this is not new.

The main reason relates to the rule changes regarding how you can access your pension once transferred and some of the death benefits available which have made it a more attractive option for some people to consider.

It is not right for everyone to transfer their final salary pension scheme and there are significant risks involved in doing so. This is why it is so important to enter a full advice process with a pension specialist in order to assess your situation against the possible outcomes.

Expert advice

We have 5 Defined Benefit (DB) pension transfer specialists working at Lyndhurst across Hertfordshire and it’s borders. We have offices in Hitchin and Hertfordshire but can also reach out to Bedfordshire, Milton Keynes, Buckinghamshire and London.

The process of transferring your pension can take over 3 months to finally receive funds if you decide to transfer. Pension Trustees who are in charge of running the final salary pension schemes are under pressure due to the current demands and response times have reduced. It is therefore important to engage with a financial adviser as soon as possible in order to consider a transfer and conduct appropriate analysis on the scheme.

Our advisers and support staff will be happy to talk through our services and send you a free guide to your pension options which may help you understand the new rules before you request your guaranteed transfer value.

Please contact us on 01582 715 777 or through our enquiry form.

Defined Benefit Pension review offers an opportunity for full financial planning

Defined Benefit Pension review offers an opportunity for full financial planning

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You need to seek the advice of a professional pension specialist in order to consider transferring a defined benefit pension scheme to a defined contribution pension scheme. Therefore whatever end of the spectrum you are, this offers up an opportunity to review your full financial plan with the help and support of a professional adviser.

When considering the suitability of transferring a defined benefit pension scheme our advisers take a holistic view, taking into account all of your assets, liabilities, income and expenditure. Our adviser will be critical and will challenge your thoughts and views on transferring such benefits.

We are advisers not order takers, it would not serve purpose if we allowed clients to make poor, impulsive decisions without warning and challenge.

We will listen to your needs and look at your long term goals and then stress test possible outcomes to ensure you have the good and bad outcomes to help make your decision.

We will also constantly review the plan following transfer to ensure it remains on track to meet your objectives in the future. Mistakes made early on can have devastating consequences on the longevity of your plan and its ability to provide sustainable income for the expected term.

A full advice process obviously comes at a cost. It involves hours of work discussing your needs, collecting data and reviewing your plans going forward. Compared to the cost of a poor outcome however fees can be insignificant.

Critical dependence

At one end of the spectrum are those that are critically dependent on their DB scheme with little or no other sources of income to rely on. In most cases it would not be appropriate to transfer benefits and our advisers will usually indicate this at an initial stage. Unfortunately this means they may be driven down the road of poor advice elsewhere and order taking as they insist on a transfer but wish to keep costs down which may not always be in their best interests.

Strategic Pension Transfer

At the other end of spectrum there are those who have significant other assets and don’t wish to use their pension for income but wish to transfer it for other tax advantages. In this situation a transfer is more likely and they can also afford to pay fees in advance of any transfer and therefore receive full and appropriate advice. These people have perhaps also sought advice in the past and are familiar with using a financial adviser if not actively engaged with one at the time. Their affairs are more complex and full financial planning is a must but often more importantly for their other assets than the pension in isolation.

Somewhere in the middle

For people in the middle whether to transfer or not is less clear. This is where it is most important to seek full and challenging advice from a professional transfer specialist. A lot of hard work lies ahead for the adviser in determining whether a transfer is appropriate for the client. If you find yourself in this space and have the means to pay for advice it is important to find an adviser who does not just process orders. Instead find a pension specialist that takes into consideration the points above, takes time finding out your current assets and liabilities, future goals and likely expenditure, stress tests outcomes and wants to review your plan at least annually to ensure you remain on track. We will tell you if it is appropriate or not for you to transfer benefits and would hope that by demonstrating possible outcomes you will agree with our advice.

If you require more information in how to review your defined benefit pension scheme, time frames, what paper work is required and the options available to you in retirement please contact us now to arrange an initial meeting with one of our pension specialists in Harpenden or Hitchin.

Final Salary Pension Analysis

Final Salary Pension Analysis

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If you have a final salary pension scheme (defined benefits pension) you may wish to review this to see how suitable it is to meet your retirement objectives before choosing to take benefits.

In many cases you are able move out of the scheme thus giving up your benefits in return for a one off transfer amount. You can transfer the one off amount to a suitable defined contribution scheme and manage the money yourself going forward.

There are many reasons you may wish to do this as well as many reasons you should not. If a guaranteed income in retirement is important to you and you do not like the idea of investment risk and managing your money then it is unlikely that this will be a suitable solution for you.

However, if you are comfortable with the possibility of fluctuating income and can accept investment risk a transfer to a defined contribution scheme may help you to chose a different shape of retirement income, pass on your pension wealth to nominated beneficiaries other than a spouse in the event of death or take part of your benefits such as tax free cash without the need for a regular income.

Before making any financial decision such as how to take your retirement benefits it is important to understand all your options, benefits risks and disadvantages and seek advice from a professional on the best outcomes for you. If you wish to transfer a defined benefit scheme with a transfer value in excess of £30,000 you must seek and evidence you have received financial advice prior to signing the transfer papers.

Independent financial advice – talk to our pension specialists

If you are looking for independent financial advice on a final salary pension scheme and are able to visit our offices in Harpenden or Hitchin please contact us. We have a number of pension specialists who are able to assist in the analysis of your existing scheme and work with you to see how this fits with your retirement plans or if there is a better solution to help in retirement.

It is better to contact us before you receive the transfer value as the regulation and detail of reports can mean in order to obtain all the relevant information for the existing scheme can take 8 – 10 weeks and beyond depending on the size of the pension trustees administration team and their ability to respond to information requests.
This is an irreversible decision if you decide to transfer so we want to provide as much advice and thinking time as possible for you to make the decision that suits you. It is quite possible that the existing scheme will meet your requirements and if so our advisers will detail the reasons why you should not transfer in a full report.

You can read a case study here: Defined benefits and defined contribution transfers, new advice equation

Case Study – Pension Sharing on Divorce

Case Study – Pension Sharing on Divorce

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Laura came to us during her divorce from her husband. She was 57 and about to be awarded a share of her husband’s pension as part of the divorce settlement. Their children were all grown up and she wanted to be able to start fresh in a new home of her own. She had therefore chosen to give up her share of the family home in exchange for more of her husband’s pension.

We helped Laura set up a suitable pension plan to accept the transfer in from her husband’s pension scheme. Being experienced in the process, we were able to liaise with her solicitor and make sure that the transfer took place quickly and smoothly.

Once she was in receipt of the funds we were able to drawdown what she needed to buy her own home. We were also able to demonstrate to her how she could afford to carry out some home improvements and still have enough funds left over to provide sufficient income in retirement to meet her lifestyle needs.

Case Study – Long Term Care

Case Study – Long Term Care

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Mary lives in Spain but came to us when her mother was admitted to a care home in the UK, having been diagnosed with dementia. It was a very difficult time for Mary and her family as not only were they very worried about their mother but they were in the middle of selling the family home to pay for her care home fees.

Mary was particularly concerned that the money made by selling the family home would quickly run out and they wouldn’t be able to pay the care home fees.

We were able to show her how she could secure income for the rest of her mother’s life tax efficiently to make sure that her care fees would always be taken care of by purchasing a long term care bond.

By doing this it also meant that the surplus could be invested for growth until her and her siblings would inherit, guaranteeing that there will be something for each of them, even though the family home had to be sold.

We were able to overcome the difficult money laundering procedures involved with the investments due to her living outside of the UK and investing on her mother’s behalf via a lasting power of attorney.

Case Study – Bereavement and Pensions

Case Study – Bereavement and Pensions

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Catherine came to us following the death of her husband. At the time she was only 56 and still working full time in a high pressure job she no longer enjoyed.

She had an outstanding mortgage on the family home and had recently received lump sum payments from John’s pension and life insurance policies.

She wanted to know if she could afford to pay off the mortgage in full and still maintain her and her daughter’s standard of living on her single wage.

We were able to show her that not only could she pay off her mortgage but she could transfer her pension, go into drawdown, and produce enough income to maintain her lifestyle and resign from her high pressure job that she no longer enjoyed.

She is now able to focus on her family and spend more time doing the things she loves. She has since taken on work part time in the local jewellery shop. And is enjoying every minute!

Case Study – Business Owner and Property in Pensions

Case Study – Business Owner and Property in Pensions

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Charlotte is a successful business owner. We had been helping her invest and plan for her retirement for many years when she asked for some advice when commercial premises her company was leasing went up for sale. She was concerned that the business would potentially have to move and the detrimental impact this could have.

We were able to show her how she could purchase the property herself.

She could do this tax efficiently by using her SIPP to purchase the property, and we were able to advise her on this, guiding her through every step. As a result she has expanding her business, removed the risk of having to move premises and acquired a significant asset in her pension.

Lyndhurst and Hicks merger

Lyndhurst and Hicks merger

The Merger

The directors of Lyndhurst Financial Management Ltd (Lyndhurst) are delighted to announce that they have obtained shareholder approval to acquire the Financial Conduct Authority (FCA) regulated financial service business of Hicks and Company (Hicks FS) as of 1st January 2017.

Lyndhurst and Hicks FS share many of the same services today and consequently clients of Hicks FS will notice little change in the way their account is managed. Indeed Steve, Charlotte and Rob from Hicks FS will transfer over to Lyndhurst and continue dealing with their clients in the same office they do today.

The Managing Director’s Thoughts

Commenting on the merger, Lyndhurst Managing Director and Hicks and Company senior partner, Martin Corrie said

“We have run the two businesses in parallel with great success over many years, albeit under different ownership structures. However, to continue to deliver excellent advice and service to our clients we are investing in the next generation of client service technology and it made sense to do this once rather than twice.”

The combined business will use the Lyndhurst brand and FCA regulatory permissions and have 24 members of staff looking after 2000 clients across offices in Harpenden and Hitchin.

The accountancy and tax business of Hicks and Company is unaffected by this merger.