by Arch Financial Planning Limited
WHEN
THE CLOCK STRIKES 12 MIDNIGHT ON 5 APRIL 2006
Time is a very necessary factor in allowing us to build up sufficient pension income for our future. For example, if we are aged 43 and we plan to retire at age 65 we are well aware that we have 22 years, no more or no less, to put aside sufficient money to support our standard of living for the rest of our lives.
However, other much shorter time periods can also have a noticeable effect on our pension planning. Such a period is the JUST UNDER SEVEN MONTHS between now and midnight on 5 April 2006. At that time the rules governing pensions will change dramatically and be replaced by new rules which will present an opportunity to some who are planning their pensions and a threat to the pension planning of others. In reality, because of the time that administrative changes take in the pensions world, you have much less time. If you have not acted by Christmas time, you will probably be too late!
The purpose of this issue of MoneyTalk is to help you decide what, if anything, you need to do in the months remaining before the clock strikes 12 midnight on 5 April 2006. In order to do this we would draw your attention to an important questionnaire concerning your pension planning.
The brief questionnaire will only take a few minutes of your time to complete and this will be time well spent if you value your pension planning. It is particularly important that you complete this questionnaire if you have any form of occupational or private pension arrangement. However, we would encourage everyone to take the time to complete and return this to the freepost address shown.
Once you have returned the questionnaire we will contact you if further action is necessary. It is not necessary for you to be an existing client to complete the questionnaire. We will still let you know if you need to take further action.
The questionnaire can be found by following this link www.arch-fp.co.uk/major_changes_to_pensions.htm. As well as the questionnaire you will find background information on the changes to pensions with effect from 6 April 2006.
If you have a specific pension requirement at this time and you have an Arch adviser then please contact him or her, otherwise email direct@arch-fp.co.uk or telephone 01483 204600.
Any information given in these notes relating to Pensions legislation, Income Tax legislation and Social Security benefits, is based on our interpretation of current legislation, together with our interpretation of the changes detailed in the Finance Act 2004 and Inland Revenue practice. This information is provided for general information purposes only and should not be relied upon in place of personal financial advice. In particular you are warned that levels of tax and tax reliefs and also State Benefits that may have been referred to, are subject to alteration and, in any case, the value of such reliefs and benefits may depend on an individual's circumstances.
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Arch Financial Planning Limited
Arch
House, Collins Court, 39 High Street, Cranleigh, Surrey GU6 8AS
Tel: 01483 204600, Fax: 01483 204611
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