GET AN ANNUITY

QUOTE NOW!

Millhaven uses the whole of market, so you could obtain up to 30% more than going direct to your current provider.

For a no obligation quote click on the RETIREMENT PLANNING logo on home page,  or under "next" at bottom of this section, or e mail to: stuart@slawes.fsnet.co.uk or call Millhaven on 0118 958 6562.

You can buy your annuity from any provider by using something called the "open market option". You do not have to use the company you have been saving with! The rates different companies pay can be very varied, so dont save for up to 40 years, only to take your income for life from a poor payer!!

Free Consultation

You can have a free initial consultation, with a financial adviser/advisor. There's no fee, no catch and no obligation on your part.  We can call you to arrange a time that suits you. No pressure, no problems!

It takes time to provide quality investment advice, so Millhaven, (Reading), gives plenty of time to gather all the necessary information, to provide the required investment advice, that you require and deserve.

Please feel free to call Millhaven on, (Reading), 0118 958 6562

E Mail Millhaven on:- stuart@slawes.fsnet.co.uk

Or click on NEXT below for direct message service.

And remember Millhaven, (Reading), offers:

Mortgage solutions, remortgaging strategies, pension planning, investment advice, protection plans, retirement options, drawdown, pension transferrs, and finanial planning for private clients and for corporate clients.

Some of the areas Millhaven cover:-

Reading, Wokingham, Newbury, Windsor, Eton, Ascot, Maidenhead, Henely On Thames, Marlow, Oxford, Bracknell, Slough, Cookham, High Wycombe, Wallingford, Hungerford, Swindon, Basingstoke, Camberley, Berkshire, South of England, London.

 

Economic Situation For:-

March  2011  (released 12/04/11)

Economic Cycle: Coming from recession into slow upswing.

Inflation (annual):

CPI (index used across Europe)   4.0%

RPI (all index)                                    5.3%

RPI (excluding mortgages)            5.4%

GDP (country's income) up 1 yr     1.8% 

GDP for the last 3 months up         0.5%

Average pay (2009 figs)               £25,948

Unemployment rate, Dec/ Feb 2011   7.8%,

Average house price Dec 2010 £162,763 (over 6 times average earnings - high). Too high for first time buyers. House prices expected to drop by up to 10% during the first part of 2011 according to commentators. Market semtiment - rather gloomy, with increases in fuel duty, VAT, and national insurance coming up early in 2011.

 

 

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Approaching retirement

Suddenly, the retirement years are around the corner. You’ve thought things through, filled up the pension fund over the last thirty to forty years and your plans are swiftly all but a reality. Soon you’ll be living off your pension. But what exactly does this mean?

When retirement time arrives, choosing what to do with your saved money requires careful thought. For many, the decision is easy – replace your work income with a pension income. It pays to choose carefully, ensuring you enjoy every penny you’ve invested and saved.

Easy does it

Whether you’ve got £1.5 million banked or £45,000, this is likely to be the biggest cash lump sum you’ve seen. But remember this. People are living longer and longer. Life expectancy is rising year on year. You might need this pot of money to stretch for another 30 years, or more. The big decisions are not over yet. You’ll need to consider:

· Pension Commencement Lump Sum (tax free cash)
· Annuities 
· Open Market Option (shopping around) 

Whatever you ultimately decide to do, know what your options are. Contact us for more information.

 

pension

 

THERE ARE THREE METHODS OF INCOME PROVISION

1. SCHEME PENSIONS - This is the only route for members of final salary schemes to take their pensions. You will need to approach your scheme provider, and consult with the scheme handbook to see exactly what you will be provided with. Each scheme is unique, but all arrangements will be within the overall pension regulations. Pensions based on years of service, and pensionable salary at retirement. Often increase in retirement if the scheme can afford it.

technical

Requirements of scheme pensions:-

  • Must be payable at least annually.
  • Cannot be guaranteed for more than 10 years.
  • Cannot normally be reduced, except if an ill health pensioner recovers his health, a common reduction is made to all members, a bridging pension reduces, or ceases, the result of a pension sharing order, the member is bankrupt, or a cout order.
  • Can be transferred in payment to another provider, with the same benefits as before
  • Can include pension protection (capital protection). 

 

2. LIFETIME ANNUITY - Often called a conventional annuity. Payable only by an insurance company, and open to members of what are called money purchase schemes. These are NOT final salary schemes, and you save your money in an investment fund, and convert the fund to an annuity, (income), on retirement. You are therefore dependent on the annuity rates pertaining at the time you actually retire, so can be a bit hit and miss. However the annities provide a secure pension income, so you can be sure of what you will get over the whole of your life. See the annuities page for more details of conventional lifetime annuities.

 

technical

Requirements for lifetime annuities:-

  • Must be purchased from an insurance company. The member MUST be allowed to chose the company for the annuity, called the "open market option".
  • Must be paid at least annually.
  • Must be payable for life.
  • Cannot be guaranteed for more than 10 years.
  • May not reduce, other than within the regulations, but they may vary, in line with the Retail Prices Index, or the CPI for the future, may vary in line with freely marketable assets, such as a unit linked annuity, in accordance with the principles and practices of financial management for WITH PROFIT POLICIES, or could be a combination of the above!
  • There are some new flexible annuites reviewable every 5 years linked to the performance of the above.
  • Can be transferred in payment to another insurance company.
  • Can include annuity protection, (capital protection, in the event of early death).

technical

 

 

3. UNSECURED PENSIONS -  Often called drawdown, and revolves around you not taking an annuity at the time, but drawing money from your pension pot, under the new capped, or flexible drawdown rules. At some point in the future it may well be best to convert the remaining fund to an annuity, but since 6th April 2011 you do not have to take an annuity at any age, so could be in drawdown till death. The income is not secure, as a lifetime annuity, and will depend on the size of the fund, how much you withdraw, (there are limits), and of course the fund performance.

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