Yearly Archives: 2020

Pensions and Tax – A Brief Summary

Some of the most commonly asked questions regarding pensions and tax are outlined below. 1. How does emergency tax work? Normally the first income paid from a pension will have emergency tax applied to it, as the pension provider will need to contact HMRC to get the right tax code for the person taking the…

Independent Pension Advice and Retirement Planning

Independent Pension Advice and Retirement Planning Westerby Investment Management Limited offer independent financial advice in a wide range of areas including pensions, retirement planning and investments. We take the time to really understand what you want from your retirement and provide solutions and strategies as to how to achieve these goals. We will work with…

How to Create a Successful Financial Plan

How to Create a Successful Financial Plan 1. Write Down Your Financial Goals When considering a financial plan, you should ask yourself: ‘What do I want to achieve financially in my life?’. It may help to type these out or write them down. Remember that no goal is too small or too big, so if…

Creating a plan for a stronger future for you and your family

It is no surprise that those who spend time giving consideration to their financial affairs go on to have a more prosperous future Planning and setting aims and objectives goes a lot further than merely assessing income/expenditure, but your wider tax position, diversification of assets, tax wrappers and their underlying investments all need to be…

What is financial planning, and what are its benefits?

What is financial planning? Financial planning is essential in helping you to achieve your life goals. Be that buying a house, paying for your children’s education or retiring early, planning helps you as you go through life’s journey. It helps you to keep control of your income, expenses and investments, which in turn will help…

Westerby are proud to support Financial Planning Week 2020

By failing to prepare, you prepare to fail. This adage (often attributed to Benjamin Franklin) neatly summarises the importance of planning and preparation. This is important in all aspects of life, and is especially so in financial planning. Many people do not take professional financial advice, for various reasons – for example, due to a…

Can I buy a Property in a Pension scheme?

It is very common for a pension scheme such as a SIPP (Self Invested Personal Pension) or a SSAS (Small Self-Administered Scheme) to hold commercial property as part of the overall pension portfolio for both diversity and potential tax benefits. Types of Property In general only property or land that is wholly used for commercial…

Taking Benefits From Your Pension

When you come to take benefits from a pension scheme it is usual to take or receive a tax free cash sum income as follows: A tax free lump sum or Pension Commencement lump sum. This is usually up to 25% of the fund value (this is different for final salary schemes). You might use…

5 Steps of Retirement Planning

    Some of the key areas to consider when planning for your retirement: 1. It is retirement planning, and not pension planning Under regimes of old, people were either lucky enough to be in their employer’s Defined Benefit/Final Salary pension scheme, giving them a guaranteed income for life, or they would use an invested…

What is a pension pot?

‘Pension pot’ refers to the savings you build up in a certain type of pension known as a ‘defined contribution’ pension scheme. You and your employer (if you are employed) pay into the scheme and this builds up a ‘pot’ of money over time, which you can use to give yourself an income when you…