Pensions

Firstly, remember that it is never too late to start planning for your retirement. Read our recent article on this subject: https://www.chelseafs.co.uk/is-your-pension-working-hard-enough/

In your 20s: The earlier you start saving the better, as the investments would have more time to grow. It is worth thinking about contributing to any workplace pension, as your employer may pay in contributions on your behalf. If there is no such scheme available, you can always think about a personal pension.

In your 30s: You are likely to be in a situation where you need to put more into a pension than someone starting their 20s, to achieve the same income in retirement. There is, however, still plenty of time to save. It is worth thinking about contributing to any workplace pension, as your employer may pay in contributions on your behalf. If there is no such scheme available, you can always think about a personal pension.

In your 40 or 50s: If you haven’t started saving yet, you may need to have a serious think about how much you are going to need to save. It is worth thinking about contributing to any workplace pension, as your employer may pay in contributions on your behalf. If there is no such scheme available, you can always think about a personal pension.

In your 60s: If you haven’t put anything aside for your pension, your options are extremely limited. It is worth thinking about contributing to any workplace pension, as your employer may pay in contributions on your behalf. If there is no such scheme available, you can always think about a personal pension.

Consider investing the maximum that you can afford. Compounding has an amazing effect on investing. Find out more.

Alongside this, you may want to consider alternative savings. Investing in an ISA is potentially tax efficient, however, unlike a pension, tax relief is not available on the contributions, but any savings can be withdrawn free from personal tax.

NB: Make sure that you also have adequate and accessible emergency savings.

Whether you are looking to consolidate, start a pension, or go into drawdown, please contact us on 020 7384 7300 to discuss your requirements.

To top up your pension, please contact us on 020 7384 7300. We can then set up the contribution. You will need to make payments by bank transfers or cheque. If you are investing through the Chelsea Platform, cheques should be made payable to ‘Platform One’. If you have Cofunds Pension Account or Aegon SIPP, cheques should be made payable to ‘Aegon’.

To invest on a monthly basis, please follow the details below:

Chelsea Platform

There are a handful of ways that you can set this up:

• Online
• Call Chelsea on 020 7384 7300
• Fill out an application form and return it to us at: Chelsea Financial Services, St James Hall, Moore Park Road, London, SW6 2JS

Please note that in all of these scenarios, you will be required to set up a standing order with your bank. The bank account details to use are:

Payee name: Platform One Limited P1 Investment

Account number: 03692671

Sort code: 40-05-30

Reference: Please use your ACN number when making the payment. We kindly ask you to let us know when you have set this up, along with your investment decision(s), so that we can set up the investment element for you.

Aegon

To set up a monthly saving on a Cofunds Pension Account or Aegon SIPP, you will need to complete an application form and return it to us at: Chelsea Financial Services, St James Hall, Moore Park Road, London, SW6 2JS

£10

• Employer
• Employee
• Another third party

Any contribution (including employer and third party) will affect the annual allowance of the person whose pension is being paid into. This is limited to 100% of relevant earnings (up to £60,000, which is being – as long as MPAA has not been triggered). If you are a higher rate or additional rate tax payer, please read more here. This limit is across all pension policies that the client holds. Tax relief is not given on employer contributions.

We will require Articles of Association for the company, and may require details of the Directors and majority shareholders.

Money purchase annual allowance

HMRC introduced the money purchase annual allowance (MPAA) to ensure that there are no potential recycling issues with individuals claiming tax relief on any new contributions made, having just taken their benefits. Once you take income from your pension you will be subject to a reduced money purchase annual allowance. This is currently £10,000.

An uncrystallised pension is a pot which is in the original accumulation or saving phase.

A crystallised pension is a pot where you have started taking retirement benefits or tax-free cash.

You will need to complete a pension transfer form.

Once you have completed this form, please return it to us at: Chelsea Financial Services, St James Hall, Moore Park Road, London, SW6 2JS

Alternatively, you can request forms be sent by calling our freephone brochure line on 0800 071 3333.

Once we have received the completed transfer form(s), we will contact your current provider to transfer your funds across. You will receive notification once the transfer is successful.

Find out more about our charges here.

There are a number of ways to switch funds:

• Log in to your account and select the funds you want to switch out of and then choose those into which you wish to invest
• Call Chelsea on 020 7384 7300
• Fill out a Switch instruction form

Please note that if you are switching a Junior ISA, on Aegon, we will need an instruction from the registered contact to proceed.

Chelsea does not charge for switching between funds.

Please contact us on 020 7384 7300 to register for online access.

When you initially open an account, we have to run verification checks. This can sometimes take a day or so to complete (and longer, if we need to reach out to you to provide further information).

An investment usually takes around 24 hours to appear on your account. Our systems update overnight, so if you have made an investment before 10:30am, you will be able to see the funds the next day.

However, if you have made an investment after 10:30am, your investment will update and be shown the following day.

If you have any queries about this process, please do not hesitate to contact us in the office. We are more than happy to check for you, to put your mind at ease.