Changing Careers

When you change your job, financial matters - apart from your new salary, are probably not uppermost in your mind. Yet, it is important to consider them. Whether the decision to move on was your own, or you've been made redundant, benefits such as your pension will almost certainly be affected. rht can help you establish what action to take to adjust matters to your best advantage. When you leave your job you'll also be leaving behind the benefit package that came with it. This might have included a pension together with life assurance and health insurance. In your new job, the likelihood is that the package won't be the same. What you need to do is assess the changes, then decide how to ensure your present and future needs are going to be met satisfactorily. That's where rht can help.

Your Pension*

You have several choices regarding your existing pension. First, you might choose to leave it with your former employer, though you should weigh, up the effects of inflation against this simple option because all contributions to your pension will cease when you leave. If you only spent a short time with your previous employer a cash refund may be most beneficial (though this would be subject to a tax deduction to offset the tax advantage you previously enjoyed.) Alternatively, a transfer to your new employer's pension scheme could work out well, providing the old pension retains its previous value. If your new employer does not have a pension scheme perhaps you should start a personal pension policy. The advice we offer will be based on far ranging expertise and a thorough exploration of your present and likely future circumstances.

Life Assurance and other Benefits*

It's not only your pension that will be affected by your job change. Life assurance and health insurance also merit serious thought. Perhaps you hadn't made such a provision previously: well now's your opportunity! Whatever your choices, you'll find our unbiased advice indispensable.

Treat Your Future with Care

We've shown that changing jobs is an ideal time to review your financial arrangements and change them to your advantage. rht can be relied on to help you make the right choices. It's your future - so look after it today. Contact us now.

How to Get the Best Retirement Income from Your Pension Plan*

If you're approaching retirement, your pension provider should soon be contacting you with important information about your retirement benefits. They'll tell you how much money you've accumulated in your pension plan over the years and normally how this may be used to provide you with a tax free cash sum, plus a regular income for your retirement. If you're considering taking your pension early (and you may not have to retire to do this) you should contact your provider to ask for the information to be sent to you now. Many people who have taken out personal pension plans over the years assume that their plan automatically starts paying their pension at retirement. However, this is not the case. Your personal pension provides an accumulated fund of money called a pension fund. This fund can be used in two ways:

Finding The Best Annuity

Just as Banks and Building Societies compete for customers with savings accounts, which offer different rates of return, so the various insurance companies offer different annuity rates. But annuity rates vary much more than ordinary interest rates. The difference between the top and bottom companies can be as much as 25%! Unless you take every opportunity now to find the best annuity, you could end up with a lower pension for the rest of your life. rht can be relied on to help you make the right choices. It is important that you receive the best advice. The kind of lifestyle you can enjoy in retirement will depend on it.

Do you have to buy an Annuity?

No, under the new legislation in force from 6th April 2006 you can opt for the following alternatives:

Unsecured Pension - allows you to draw an income of between 0% and 120% of the relevant annuity rate, up to age 75 through one of the following:

	" A series of short-term annuities (payable by an insurance company for no more than five years)
	" Income withdrawal, to take payments from your pension fund without buying an annuity. This would allow you to postpone buying an annuity if you wish

Scheme Pension- This is a guaranteed pension income provided direct from the Scheme by the trustees and is available where the member is also given the option of a lifetime annuity.

rht RHT Financial Services Ltd is authorised and regulated by the Financial Services Authority(FSA) The FSA does not regulate Taxation Advice, Wills, Inheritance Tax Planning, School Fees Planning and some forms of Mortgages. The advice and/or guidance contained within this site is subject to the UK Regulatory regime and is therefore targeted at consumers based in the UK.