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PENSION ADVICE and RETIREMENT PLANNING

 

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   INFO - What am I entitled to receive from the State?


          

 

 

The State is trying to ensure

a minimum level of support for

all who need it.

 

But, don't expect

 'Peaches and Cream'

 

         Musings on the Pensions, benefits and the allowance maze...

 

 

  Relevant Links

 

This website is not meant to be an exhaustive repository for Pension and allowance information and you can find much more detailed overviews elsewhere.  The Directgov pension site may be a good starting point - a link can be found in the     Right hand panel --------->

 

Under normal circumstance the State Pension is likely to be the single largest benefit that you will receive  from the State.

 

As you will probably know, the State Pension is a regular payment you can receive when you reach State Pension age. It is based on your National Insurance contributions and how much you get will vary depending on a number of factors.

 

The State Pension is made up of two parts, the basic State Pension and the additional State Pension. Different people get different amounts of each.
 
In 2014-15, a single person can get up to
£113.75 a week basic State Pension, though some people get less than this. Many people get more than this amount, because they also get an additional State Pension.

 

You can claim your State Pension once you reach your State Pension age. However, you do not have to claim it straight away. If you delay claiming your State Pension you may in most cases be able to increase the amount you get.

 

Four months before you reach State Pension age, The Pension Service will write to  you. The letter will tell you if you need to be proactive and claim your State Pension yourself.

 

If you are getting certain social security benefits you may not need to claim.

 

In addition to the State Pension and its associated supplements there is a long list of other allowances and credits which may, or may not, be available to you.

 

The most relevant for people either approaching retirement or already in retirement are likely to include:

 

Disability Living Allowance

Attendance Allowance

Carer's Allowance

Council Tax Benefit

Housing Benefit

Winter-fuel Allowance

Over-80s pension

Personal Expenses Allowance

 

Other discretionary benefits and assistance from the local authority and/or other institutions and organisations may also be available.

 

It is clearly nor possible to ascertain whether or not you may be eligible for any of these supplements before a thorough review of your financial circumstances has been carried out.

 

Two brief notes of caution related to the issue of additional benefits deserve to be sounded as NFA has found that they often have been, or are, relevant to many clients.

 

The first issue is that these benefits often are not very well publicised and they most certainly do not come to you automatically

 

You will need to identify the relevant benefits yourself, or consult a professional who can investigate matters on your behalf, and then make the actual applications.

 

It is known that large numbers of entitlements remain unclaimed every year either because people do not know they exist or because they simply assume that they currently receive everything they are entitled to.

 

The final issue is: 'Beware of the Swings and Roundabouts'.

 

In simple terms: very few benefits are 'stand-alone' benefits. They are more often than not intricately interdependent with other benefits.

 

So, care should be taken to fully understand the implications of applying for a specific benefit as it could mean that the entitlement to another (and perhaps more generous) benefit may be lost in the process.

 

As always, obtaining relevant independent and professional advice is highly recommended before entering the benefit and allowance maze,    

 

 

         Don't be caught unprepared

 
 

 

Directgov - a useful reference site for general pension and benefit related information.

 

 

 

 

Having the right types of protection in place is essential when the unexpected happens..

   find out more 

 

 

 

 

 

 

 

 

 

 

Should we consider setting up  Personal Pension schemes?

A Stakeholder, a PPP or perhaps a SIPP?

         find out more 

 

 

retired couple

What is the right way to

arrange my Investments?

How much risk can I

afford to take?

How much income can I get?

        find out more 
 

 

 

 

 

 

LET YOUR MONEY WORK FOR YOU!

 

 

 

 

 

 

 

 

VISIT THE DEDICATED NFA INVESTMENT SITE

►►
 

    Specialist Advice Areas


     Regulatory and Legal changes

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      Read More...

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Although you may be entitled to a full or partial State Pension it is important that you also get to know what other benefits and support you may be entitled to in your later years.  Read More...►

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   Read More...►

 

 PENSION CHANGES 2014

 
 

Is Income Drawdown a ticking time bomb?

Law changes and low Gilt yields can have a large impact on drawdown Portfolios.

   

   Read More...►

 

You are always Welcome

to contact NFA for a free discussion

of your Entitlements and

Additional State Benefits

 

Phone: 01603 452686

 

 

e-mail: info@norwichpensions.co.uk

 
     

 

 

 

 

Norwich Financial Advice Limited  is authorised and regulated by the Financial Conduct Authority

and is entered on the FCA Register under FCA reference: 706645

Norwich Financial Advice Ltd. is registered in England and Wales; Company No. 8533929.  

Registered office: 74 Muriel Road, Norwich NR2 3NZ, Norfolk, England.

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