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WGIFA Flat Rate Pensions

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  • 1. Flat Rate PensionsAre They Good,Bad or Ugly?Scots Financial AdvisorWilliam George IFAtakes you insidewith 7 essentials...Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 2. "Good question,and it dependson age somewhatbut on the wholethese pensionsare a good thing"Now lets answer the mostessential questions aboutthe new Flat Rate Pensions...Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 3. Flat Rate or "Single-Tier PensionsEssential No 1Q: What exactly is the new Flat Rate Pension?A: Its a new pension plan designed to ensure everyone inthe UK has a pension which is equal, so they know whatthey will get when they retire. It simplifies the currentState Earnings Related Pension Scheme which wasamong the most complicated in the world.The "second state" pension will also cease to exist.Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 4. Flat Rate or "Single-Tier PensionsEssential No 2Q: What will I be entitled to?A: Everyone will be entitled to the same "flat rate"of pension payments which will be the samefor men and women.The pension will pay £144.00 per week.Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 5. Flat Rate or "Single-Tier PensionsEssential No 3Q: When will this new pension start?A: The start date for these new single-tier pensionswill be April 2017.Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 6. Flat Rate or "Single-Tier PensionsEssential No 4Q: How do I qualify?A: To qualify you must be in the UK workforce and haveworked for 35 years. For those who have not contributedenough years the Government offers other options, butthese are best discussed with your Financial Advisor.Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 7. Flat Rate or "Single-Tier PensionsEssential No 5Q: I am a woman/or caregiver but have notdone much work, what will the new pensionmean for me?A: If you are a woman or a caregiver and have not spentmuch time in the workforce then you will benefit becauseyou will now be included and get a better pension,especially helpful for those on low earnings.Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 8. Flat Rate or "Single-Tier PensionsEssential No 6Q: I am self employed, what will these Flat RatePensions mean for me?A: If you are self employed, then good news, you willbenefit and get the £144.00 per week (proposed rate due tostart in 2017). This is especially beneficial for the many selfemployed people who do not currently have anything setaside and have done no retirement planning yet becausethey will now get a State Pension.Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 9. Flat Rate or "Single-Tier PensionsEssential No 7Q: Are there any downsides?A: People who have recently entered the workforce, or willin the near future, will stand to lose slightly, but this will beoffset by the benefit of them knowing exactly what they willreceive upon retirement.Finally, please also remember that if you currently receive aState Earnings Related Pension, nothing changes.Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
  • 10. "There we are...as I said earlieroverall theseSingle TierPensionsare good."If you need more adviceplease do phone me below...Call FREE on 0800 321 3508Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk