• Piggy Bank

    Wise Investment Plans

    No need to break the piggy bank savings, investing wisely can secure your future and your families, discuss with Forty One Consulting about the different investment options we have available.

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  • Pensions

    Retirement Options

    Retirement planning has always been complicated and, despite efforts to simplify matters in 2006, it unfortunately remains so. At Forty One Consulting we pride ourselves on making our clients more at ease with the complicated system to provide you with the best advice we can.

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  • Protection


    Finding the right protection is difficult to do, at Forty One Consulting we can walk you through the different options and find the perfect protection plan to suit your needs.

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  • Frequently Asked Questions

    Frequently Asked Questions

    With the introduction of more flexible ways to access your Pension from April 2015, we are constantly being asked more questions.

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Frequently Asked Questions at Retirement

Q. Will I have enough income once I retire to continue my standard of living?

A. That depends on a number of factors - what State Pension entitlement do you have: what is the value of your other personal and/or Company pensions; how much you require; what income you need; do you have dependents, etc.

By using specialised Cash Flow calculators and making various assumptions, we can demonstrate how long your specified income could last, given certain factors.

This can only be done on an individual basis and please contact us for further information.

Q. When is the earliest I can access my Pension?

A. At the current time, usually any time from age 55 - although there are proposed changes for this to be in line with the increase in State Pension age.

Q. What will happen to my Pension when I die?

A. The options vary and will depend on how you choose to use your pension fund to provide an income.

The Chancellor intends to change the tax treatment of benefits paid from pensions on death, for payments made from April 2015. These proposals include:

  • Your surviving beneficiaries could take the whole of the remaining pension fund as cash, tax-free in some circumstances.
  • They could use the fund to provide an income, tax-free in some circumstances.
  • You could choose to leave the remaining pension fund to charity.
  • In some circumstances your pension could just stop when you die, with nothing available to your spouse or partner.
Q. How much tax will I pay on my Pension?

A. This is determined by how much income is taken; your personal tax coding; and the Pension scheme. Usually you will be taxed at your 'marginal' rate of Income Tax, although taking too much income could put you in a higher tax bracket.

Q. Is there a danger I could run out of money?

A. Again, this will depend on how much income is taken, the amount you have within you Pension 'pots' and a number of other factors. With the help of professional planners, your options can be identified and all risks considered.

Q. Can I take my pension as cash now?

A. If you are over 60 and either have total pension savings worth up to £30,000 or individual pension pots up to £10,000 you may be able to take your entire pension as cash now. The first 25% is tax free and the rest is taxed as income in the year in which it is paid. Other conditions apply depending on your circumstances.