Information packs were posted to all members on Monday 23 March, although we are aware that some of you may not have received yours yet. They are on their way to you but as the Royal Mail is struggling with double the level of absentees because of the Coronavirus, many places are experiencing delay in delivering packages that are larger than a normal envelope. This is why some of you will have received your introduction letter from WPS Advisory Ltd but not your packs. Please be assured that this does not mean they have been mis-directed or lost.

At present, the financial advice on offer is not affected by the Coronavirus. Please ‘phone WPSA if you would like a conversation about your pension options – even if you haven’t received the hard copy of your pack yet.

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Planning ahead

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Many of you will already be talking to a financial adviser to manage your finances. Thinking seriously about your pension though may not have been on your agenda and you may not have considered what to do with your Plan pension as part of these discussions.  

To think it all through and prepare for any discussions you have with your own 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 pension savings. There may also be a consideration around whether or not you can (or should) consolidate these.

  1. 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.

  1. 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.

  1. 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.