GETTING ADVICE
Deciding how to take your pension benefits from the Plan is a big decision that might involve large sums of money and affect what you can do with your retirement. That’s why it’s important to speak to a financial adviser who offers impartial financial advice and can help you explore your options – particularly the tax implications of your decisions.
To help you, the Trustee has appointed Origen as a partner financial adviser for the Plan. They can provide support to help you understand the pension options that are available to you.
This service will be available from 19 January 2023, so if you want help in understanding your options and advice on the best course of action to take, you can speak to one of Origen’s independent experts – what’s more, the Trustee has agreed to meet the cost of your first session with Origen. However, there are a few limitations to this provision, which are set out below:
- The Trustee will only meet the cost of advice on one occasion for members.
- If you do approach Origen for a second occasion, then although this will be at your own expense, it will be made available at the commercially reduced rate agreed by the Trustee with Origen.
- The advice paid for by the Plan does not cover any specific advice relating to taking benefits from the DC Section, other pension arrangements you have, or individual tax and wealth advice. Origen would be able to advise you on such matters, but this additional advice would be at your own expense.
Feel free to contact Origen to be sure whether your advice will be covered, or if there are any additional charges you will be asked to meet yourself.
If you wish to use this service, you can contact Origen on 0800 124 4882. You can also email them at MitchellsandButlers@origenfs.org.uk
When contacting Origen to register to receive advice, you will be asked to confirm your identity using identifiers unique to you, such as your member reference number and your National Insurance number. You will then be booked in for an advice meeting with an adviser at a time convenient to you.
At this stage, Origen can answer any questions you have about the process, however any questions specific to your personal circumstances will be covered during your advice meeting.
You will also be required to complete an online ‘fact find’ in advance of your advice meeting. This is a two-stage process to help Origen understand your plan in your words and to gather some more factual information about you. You must complete this process before your advice appointment as Origen need this information in order to advise you.
Following your advice appointment, and depending on your individual circumstances, subsequent meetings may be necessary, and you may need to provide additional information to facilitate the advice process.
Please note, if you live overseas then Origen may be limited in what services they can offer you.
If you are using your own financial adviser to help you make a decision about your pension options, make sure the adviser holds the additional qualifications required to advise on pensions and pension transfers.
If you are consulting with your financial adviser for the first time, it is essential to check that they are regulated by the Financial Conduct Authority. Make sure you look them up separately and see if you can find testimonials or reviews of the individual or firm (just like you would with any other service you are thinking of using).
If you do use your own financial adviser, you will be responsible for any fees that are payable.
MoneyHelper has an online retirement directory where you can search for an adviser.
To help you prepare for any discussions you have with an adviser, here are a few pointers:
1. What other pensions do you have?
If you have other pensions, from previous jobs or personal pensions you are paying into separately, it is worth getting hold of up-to-date valuations of all of those so you can paint an accurate and recent picture of your retirement savings. There may also be a consideration around whether or not you can (or should) consolidate these.
2. What other assets do you have?
These can be anything – property, shares, SIPPs. They will form part of your current financial picture and will be useful to share with your financial adviser as part of the planning.
3. Are you planning to keep working?
If you plan to continue working to earn an income – whether part-time or full-time – alongside taking the benefits from the Plan, there are a number of things to consider. These could be both practical and financial, including thinking about tax, knowing the rules around making further contributions to a pension plan after you have taken your benefits and deciding how you receive the benefits you have built up in the Plan.
4. Are you clear on the possible tax implications?
When it comes to taking your pension benefits, there are plenty of things to think about and one of the most important ones is the tax implication of taking your benefits from the Plan. The Lifetime Allowance is a key tax allowance to be aware of, but if you are still building benefits, make sure you are familiar with how the Annual Allowance (and possibly the Tapered Annual Allowance) may affect you too. Find out more about tax allowances here.