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Black Tower Financial Management, the team you want by your side. Call 965-058-212
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Bay Radio International and the Business Hour. Relatively new, this means we can continue talking to people like Christina Brady from Black Tower Financial Management
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Well, we have to do this live, as we've said, because, you know, right up to date on the markets and that sort of thing
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And considering, you know, it's a Monday, bank holiday in, is it the whole of the UK or just England, Wales
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No, I think the whole of the UK. UK. Yeah, it is today, isn't it? Yeah. But we've managed to find enough to talk about
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And also, you wanted to touch on pensions now. Is this about transferring pensions again
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Yeah, there was, I noticed in the paper they've been talking about pensions quite a lot
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And one of the reasons, there's three types of pensions. There is what's called a DB pension, which is the defined benefits, which is like your golden-plated final salary scheme from your employer, which they've set up for you, they've paid into you haven't contributed to
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There's defined contributions, which is, again, an employer pension where they put in some money and you put in some money
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And that can be transferred very easily. It's not golden plated. You not guaranteed a pension at the end of the day It depends on what happening in the markets And then you have personal pensions For defined benefits pensions the golden ones
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it's very unusual at the moment to transfer them because interest rates are low and therefore
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the transfer values are very low as well. So we'll forget those for the moment
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What I'm going to talk about is normal personal pensions and defined contributions
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ones with your employer that you put into and may put into as well. There was some
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It starts out from the UK, and I couldn't believe this, the average UK worker now has 11 jobs in their lifetime, which could possibly mean they have 11 different pension pots
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And it's very easy to lose touch, to forget you've got a pension pot, you lose documentation, not know where's where
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And that's when there's a good reason to transfer them all into one pension
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As long as you haven't started taking money from them, before you do, why not consolidate them into one pension
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Obviously, if they're tiny pensions, they're only worth about 2,000 or 3,000 each, it's not worth it
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But if you've got, say, four and they're worth 20 or 30,000 each, put them together, you've got a nice pension pot
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It's all in one place. You can manage it easily You can get a financial advisor can help you And you can get some very very good pensions at the moment that don cost a lot If you go for a SIP you still within the UK
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within the UK pension laws, within UK jurisdiction. So you have to make sure you've got
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a current UK tax code or you'll be using an emergency tax code or you can apply for an NT tax
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code, which means you've got a NIL-BAN tax code. And a SIPs are very cheap to set up
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and they're usually on a platform, very easy to monitor, you get online access
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and you'll know where all your pensions are at one, at any time, you know what their value is
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and you don't have to worry about losing one, because, as you know, companies get bought out all the time
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If you even look at things like Aviva, you know, that was Norwich Union, that was, you know
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it's taking over so many different companies. I had someone the other day with something with Friends Provident, I think it was Friends Life
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and they were trying to figure out who that was, someone with sun life, and it can take a hell of a lot of work to find out where these have gone
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So it is worth considering if you have lots of pensions, private pensions
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or, as I said, company pensions that aren't guaranteed, it's worthwhile thinking, shall I consolidate these into one
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And usually the answer is yes. Obviously, the financial advice firm will charge you for setting it up. But for the ease of admin, just having all your pensions in one place, I'm
