Questions?
We have answers.
What are Finura’s values?
• We Own Our Impact
• We Shape The Experience
• We Deliver Awesome With Empathy
• We Live The Growth Mindset
• We Rise Through Effort
• We Shape The Experience
• We Deliver Awesome With Empathy
• We Live The Growth Mindset
• We Rise Through Effort
What are the pros and cons of private and workplace pensions?
Workplace pensions are set up by your employer and usually come with employer contributions and easy payroll deductions - making saving automatic and sometimes cheaper due to group arrangements. The main drawback is that your choice of funds might be limited. Private pensions, such as personal pensions and SIPPs, are set up by you. They offer more flexibility and investment options but do not benefit from employer contributions. There may also be higher charges or administration involved. Often, a mix of both gives the best of both worlds. We can help you review your options and build a retirement savings plan that’s tailored to you.
What’s the difference between a pension, SIPP, and SSAS?
A “pension” is a general term for retirement savings—with workplace and personal pensions being most common. A SIPP (Self-Invested Personal Pension) is a personal pension that gives you more control and a wider choice of investments, including shares and property. A SSAS (Small Self-Administered Scheme) is usually set up for a small business or family, offering lots of flexibility and some business-specific options, but with more complexity and administrative requirements. We can help you determine which is best for your goals and situation.
Can Finura help me calculate my annual, carry forward, and lifetime pension allowances?
Yes, we can. The standard annual pension allowance is £60,000 per year, though it may be lower for high earners or if you’ve started pension withdrawals. If you haven’t used your full allowance in previous years, “carry forward” rules may let you put in more, subject to earnings limits. While the lifetime allowance charge was removed in April 2023, checks on certain withdrawals or lump sums still apply. We’ll review the rules with you, calculate your allowances, and guide you in making the most tax-efficient contributions.
Are pensions now subject to inheritance tax, and what should I do?
Pensions can fall within inheritance tax rules in certain situations, so proactive planning is essential. You may want to review your beneficiary nominations, consider the use of trusts, and structure your withdrawals through flexible drawdown. It’s also important to plan for your whole estate. By acting early, you can protect more of your wealth for your loved ones.
Should I consolidate multiple pension pots?
It depends on your unique situation. Many people have several pensions from different jobs, which can make management tricky. We’ll review your plans, charges, and options to determine if consolidation will simplify things, cut costs, and help you better achieve your retirement goals. In some cases, we may recommend simply fine-tuning your existing plans for greater efficiency.
Do I need a different investment strategy once I retire?
Yes - retirement usually requires a shift in investment approach. For example, a ‘bucketing’ strategy can help by allocating different portions of your portfolio to match short-term, medium-term, and long-term needs, each with an appropriate risk level. This way, your immediate income is secure, while other assets can continue to grow for future needs.
I’m already maximising my pension contributions – what else should I consider?
Maximising your pension is a fantastic start. Beyond pensions, there are other tax-efficient investment wrappers to explore, such as ISAs, General Investment Accounts (GIAs), and investment bonds. Broadening your investments helps create a diversified, tax-effective portfolio tailored to your retirement ambitions.
When’s the best time to start planning for retirement?
It’s never too early - or too late - to begin planning for retirement. The earlier you start, the more options and flexibility you’ll have, but even if retirement is just around the corner, we can still help you optimise your strategy. Proactive planning always improves your options and brings peace of mind.
Are there tax planning opportunities for Court of Protection Deputies?
Yes - we help maximise allowances, optimise tax positions, and plan for inheritance tax, all while keeping the individual’s best interest at heart and complying with court rules.
How does Finura ensure compliance while investing the assets?
We structure and review investments to meet Court of Protection requirements, focusing on income and liquidity. We prepare transparent financial reports and work hand-in-hand with legal advisors to ensure robust compliance.
What are the responsibilities and limits of being a Deputy?
As a Deputy, you must manage finances in the individual’s best interests, including budgeting, paying bills, planning care costs, and investing prudently. All actions must be reported to the Court of Protection and comply with their guidelines.
How does Finura support Deputies?
We guide you through the process of becoming a Deputy, preparing financial plans, managing assets, and liaising with solicitors. Our experienced team will help you meet all legal and reporting requirements so you can focus on your loved one’s wellbeing.
What is a Court of Protection order, and when is it needed?
A Court of Protection order appoints someone (a Deputy) to manage the finances or welfare of individuals who lack mental capacity. It’s essential when someone can’t make informed decisions due to illness, injury, or cognitive impairment.