Thanks everyone for such a positive response to this video! Let me know if there are other pension related topics you’d like to see covered in future content 🙂
@jonathanatkins9030 Жыл бұрын
A-Day forms. Why are they important, how precise do you need to be, what should you do if you have missing valuations, etc
@johnfrancis4944 Жыл бұрын
Thankyou very helpful
@tommurray5156 Жыл бұрын
I'd be very interested in finding out what to do if you have reached 55 and your pension funds are spread across a number of different pension funds, with no option as it is to merge them all into one... Just asking for a friend!!
@Julian-zc4ik Жыл бұрын
Thank you Chris - an excellent video - I have liked and subscribed. How can I get in touch with you on a professional basis please? Cheers, Julian
@milolee1725 Жыл бұрын
Hello Chris Great,simple insightful video. Have a question...I have been receiving a royal mail pension(following a traffic incident whilst working for Royal mail) for the last 20 years. At aged 56 can I now withdraw a cash lump sum? Many thanks in advance for your prompt reply
@assonancex6 ай бұрын
I wish this stuff were taught in school. Financial literacy is so important for one's life prospects.
@chrisf16005 ай бұрын
But would anyone pay attention ? I was a pretty geeky student, but I reckon that even I would have slept through a lesson on the merits of passive investing, tax optimization, or drawdown strategies. Now turn your textbooks to page 437.
@chrisbourne-retirementplanner5 ай бұрын
I agree, and I also agree with the reply above! They are trying to teach things more in schools, but I think they need to find a way of making the education more practical and improving the overall content.
@johnporcella23753 ай бұрын
They are teaching finance in some schools. I was glancing at one of the textbooks and the pages on mortgages and it was very detailed and in-depth.
@rogerjohnson8982 ай бұрын
The governments purposely don’t teach all these basics in order to tax us to death ☠️ totally unacceptable!!!
@dinky92162 күн бұрын
I wish that the system was simple enough that it didn't need teaching. Why should people that find such things confusing be penalised?
@don-qb4xb Жыл бұрын
My head is spinning but this is gold. Many thanks.
@chrisbourne-retirementplanner Жыл бұрын
Glad you thought so! Thank you 👍
@lynnrogers8980 Жыл бұрын
Absolutely first class. This is the clearest way I've seen it explained.
@chrisbourne-retirementplanner Жыл бұрын
Thanks so much Lynn I’m glad it was helpful.
@roadrunner13376 ай бұрын
I am not a professional but reasonabley well informed, and have seen this covered before, but this is the best one I have seen.
@chrisbourne-retirementplanner6 ай бұрын
That’s good of you to say, thank you.
@jonathanatkins9030 Жыл бұрын
A complex issue explained very simply. No flashy graphics just well presented examples that show the principle.
@chrisbourne-retirementplanner Жыл бұрын
Thanks Jonathan! I appreciate that.
@davidgreen8171Ай бұрын
Best explanation of pensions and tax efficiency that I have ever seen on KZfaq, well done and thanks!!
@barabajagal22874 ай бұрын
Thank you! I’ve been watching many pension videos, and this has been by far the most useful! Finally some of my questions answered.
@chrisbourne-retirementplanner4 ай бұрын
You’re very welcome it’s great to hear this!
@andywood233Ай бұрын
I'm only 43 so nowhere near retirement yet although hoping that 55 could be the magic number. I've been researching a lot about my pension recently but didn't know this crucial information about how the 25% draw down works. I'm very grateful to you for providing it and in such a clear to understand manner. Thank you
@jasonsmith1158 Жыл бұрын
Hi CHRIS ….. thank you very much for this video which is extremely helpful and very informative !!! In fact I would even go so far to say that this is the clearest best explained video on this subject probably anywhere on the Internet ! I would suggest to most people that they will probably want to watch it several times and it is very easy to get your head round it if one does that .
@chrisbourne-retirementplanner Жыл бұрын
That’s a very nice comment Jason thank you very much!
@robbobkirk Жыл бұрын
Stumbled across this video and despite having watched other content, never knew this information. The example at the end is very useful. Thanks Chris.
@chrisbourne-retirementplanner Жыл бұрын
You’re most welcome! Thanks for watching I’m glad it’s useful.
@kevinjackson6011 Жыл бұрын
By far, the best piece of advice about pensions I've ever seen. I'm 61 and will soon need to decide what to do, many thanks 👍
@chrisbourne-retirementplanner Жыл бұрын
Thanks Kevin I’m really pleased you’ve found it helpful! 👍🏼
@pompeymonkey3271 Жыл бұрын
Subscribed at 2:46 because you have already explained a few terms about pensions, of which I knew nothing before.
@chrisbourne-retirementplanner Жыл бұрын
Good to hear that thanks for subscribing!
@grantlong4315 Жыл бұрын
This is the best video I have seen explaining the tax free methods of a pension draw down. You make some complex and explain it simple. Love it. Thank you.
@chrisbourne-retirementplanner Жыл бұрын
Very kind Grant! Thanks for watching and I’m glad it’s useful.
@worigami Жыл бұрын
Chris, the clearest explanation I have seen so far. I turn 55 this year and have been exploring taking a tax-free lump sum from one or more of my plans. Two of my plans are not available any more, Scottish Widows - With Profits Unitised so I have been told they will need to be crystalised and I will have to take the full 25% tax-free from both and not a fixed amount. They'll then be moved to a single drawdown plan. That's to be confirmed when I speak to their pensions expert on the next call.
@davidwyles14892 жыл бұрын
Thankyou your presentation has been a great help and I can now have an informed conversation with my IFA next week when we plan to go into drawdown.
@chrisbourne-retirementplanner2 жыл бұрын
Great David, glad it was helpful 👍
@Super8Rescue Жыл бұрын
I have 46 years of LGPS due in a year, so I have subbed and have a lot of learning to do. Cheers Chris
@chrisbourne-retirementplanner Жыл бұрын
Thanks for subscribing. I hope my content helps.
@chriscutts9650 Жыл бұрын
Thanks Chris this video has been very helpful, I'm 58 and thinking about taking my 25% very soon.
@chrisbourne-retirementplanner Жыл бұрын
Excellent Chris I’m glad it’s helpful and timely 👍🏼
@XXXTickerXXX2 жыл бұрын
I talk to people all day long about their pension withdrawals. I so wish I could explain things like this to them. I think it would step over the implied advice line for me though so we are only allowed to give basic factual information. Superb information though and brilliantly laid out and explained. I wish i had found yours and James Shacks channels sooner. The problem we face - I work for a pension provider - is the amount of people that are terrified of Financial advisers or those that do not have enough wealth for an FA to see them. This sort of information would be invaluable to them but we are not allowed to direct them to it.
@chrisbourne-retirementplanner2 жыл бұрын
I appreciate your kind words! Yes it is a shame that some signposting isn’t possible. The information is out there for people, but they’re not always aware how to find it.
@paulbradley4360 Жыл бұрын
Hi Chris, the above video is first I have seen from you, thanks so much for the information. I have subscribed and will reviewing all your information. I have just gone 65, still working and in a money purchase scheme. My state pension age is 66. I'm probably going to continue working to at least 67. I will try to get my head around the subject and you have provided me with a great start. I was not aware of any of the stuff you provided. Thanks again.
@chrisbourne-retirementplanner Жыл бұрын
That’s very kind Paul thanks for your comment, and I hope my other content provides good value 👍🏼
@david_akerman Жыл бұрын
Very clearly explained, well done. I remember as a child learning to count with Cuisenaire Rods (and I'm pleased to see that now, 58 years later, they are still produced and used), and I'm still a visual thinker, so the blocks certainly helped!
@chrisbourne-retirementplanner Жыл бұрын
Thanks David. I do find the blocks make this subject much easier to explain. Glad it’s helpful 👍🏼
@snorkypigny15 ай бұрын
could I explain this…yes. Could I explain it a simply as you did no chance. Fantastic. I’m subscribed. I make things look so difficult.
@chrisbourne-retirementplanner4 ай бұрын
Thanks very much I’m really pleased you found it clear and concise.
@orbitalforest6 ай бұрын
I'm cr*p at all this sort of stuff but you've helped me grasp this somewhat . Thanks.
@chrisbourne-retirementplanner6 ай бұрын
Glad it’s helpful.
@kevinsimpson42782 жыл бұрын
Just found you by accident, very informative, I'm knocking on 55 so will have to decide which way to go with my post office pension.
@chrisbourne-retirementplanner2 жыл бұрын
Glad it’s helpful Kevin.
@sachipatel69232 жыл бұрын
Hi Chris, I stumbled upon this video via KZfaq recommendations. I have been thinking about this for sometime now,(even though I have 2 decades before I can withdraw my pension). I have never heard anyone explaining this subject as clearly as you did, especially about UK laws. Clearly there is a huge gap when it comes to USA and UK investment/financial content. Keep up the good content and I will be binge watching your other videos. Thanks
@chrisbourne-retirementplanner2 жыл бұрын
Very kind words Sachi! I hope you enjoy the other content 👍🏼
@rogerjohnson8982 ай бұрын
The governments purposely don’t teach all these basics in order to tax us to death ☠️ totally unacceptable!!!
@marianomatsone59463 жыл бұрын
Wow this goes to show that we need to carry out a lot of research before going ahead with our pension withdrawals. Thank you very much for the simple illustrations. New Subscriber here. This information is pure gold. Just came across your channel. Making some popcorn for the binge watch this weekend 😀
@chrisbourne-retirementplanner3 жыл бұрын
Thank you Marian! I hope you enjoy my other content too.
@stephenhughes6704 Жыл бұрын
Thank you for a straight forward explanation of the tax free allowance.
@chrisbourne-retirementplanner Жыл бұрын
You’re welcome Stephen glad it’s helpful.
@nicnaks68b25 Жыл бұрын
Best explanation I’ve come across…thankyou so much. And that final example you gave, really helped, as it was closest to our situation.
@chrisbourne-retirementplanner Жыл бұрын
That’s great to hear! Really pleased it’s helpful.
@richardholborn5 ай бұрын
very helpful thank you - I may need to watch tis a few times to get my head around it but - great info clearly delivered!!b
@chrisbourne-retirementplanner4 ай бұрын
Thanks Richard I appreciate it. I’m pleased it helps.
@anthonybusinelli5932 Жыл бұрын
Great video...a confusing topic superbly and simply explained. Thanks!
@chrisbourne-retirementplanner Жыл бұрын
Thank you Anthony I’m glad you thought so!
@garyten132 жыл бұрын
Absolutely brilliant, The idea for the plastic bricks makes so much sense, its a fantastic visual representation, very professional, and explained carefully. I thought i knew what i could do with my my draw down pension, but this is at a whole other level. !! Well done Thank you, You got another SUB,
@chrisbourne-retirementplanner2 жыл бұрын
Thanks so much for your comment Gary - really appreciate the feedback and it’s great to hear that it’s useful!
@myob1kenobi Жыл бұрын
Very good stuff Chris, never would have thought of this, big thumbs up 👍👍👍👍👍👍
@chrisbourne-retirementplanner Жыл бұрын
You’re welcome Mike! Glad it’s useful 👍🏼
@user-pn5zv3ww3u5 ай бұрын
Watched a tonne of these videos. This is the first 10 out of 10 I've come to.
@chrisbourne-retirementplanner4 ай бұрын
Thanks for that I really appreciate you saying so!
@chrisbourne-retirementplanner4 ай бұрын
Very pleased you found it useful.
@steven-backpack-cycle Жыл бұрын
Excellent information Chris.....straight to the point !!
@chrisbourne-retirementplanner Жыл бұрын
Many thanks Steven really appreciate that 👍🏼
@gimbalair5 ай бұрын
Very helpful. About to go into drawdown. Will be doing things on a monty basis so pot keeps growing, and using savings to avoid tax burden
@davidnorth47036 ай бұрын
Got to buy some building blocks 😉 Excellent demonstration.
@chrisbourne-retirementplanner6 ай бұрын
Thanks David 👍🏼
@303008884 Жыл бұрын
This video is an absolute gem ! thanks for sharing
@chrisbourne-retirementplanner Жыл бұрын
Thank you glad it’s helpful!
@mollyt4639 Жыл бұрын
Gosh it’s much more complicated than most of us knew!
@chrisbourne-retirementplanner Жыл бұрын
Hi Molly. Hopefully the video helps simplify it a bit!
@richardharnwell33312 жыл бұрын
Just found this and it’s one of the clearest illustrations of the subject I’ve ever seen. Thanks so much!
@chrisbourne-retirementplanner2 жыл бұрын
Thanks very much Richard. It’s great to hear that my explanations have been helpful!
@ianferguson3543 Жыл бұрын
You really need your pension for after you have retired so only take extra money out of the pension if you really need to and are willing to have less money to live off later. In the UK the state pension is paid late sixties dependant on your current age. When you get it any tax due actually comes off your main work pension if you have one.
@strongbowism2 жыл бұрын
Very informative video. Myself being 6 months away from 55 this has made the whole tax free, draw down, annuity subject that much more understandable and will help me next time I meet with my FA. Food for thought. Thank you Chris.
@chrisbourne-retirementplanner2 жыл бұрын
You're very welcome! I'm really glad you found it useful.
@malcolmlowe97222 жыл бұрын
Well explained Chris with some great examples. Really appreciated as it helps me consider what I need to do.
@chrisbourne-retirementplanner2 жыл бұрын
I'm glad to hear it was helpful Malcolm. Thanks for watching 👍
@manishrana63 жыл бұрын
Blocks example made it so easy to understand.. brilliant
@chrisbourne-retirementplanner3 жыл бұрын
Thanks so much. Really glad they did the trick!
@JohninRosc3 жыл бұрын
I usually watch finance related videos at 1.25 or 1.5 x speed. This one is so pertinent to the situation I am in right now, that I have watched it about 3 times at 0.75 x speed! I'm a bright enough person but what you've just managed to make sense of here, is something that I have simply not been able to understand properly until now. I am eternally indebted - the video was simply lovely! Thank You.
@chrisbourne-retirementplanner3 жыл бұрын
What a fantastic comment John! I love it when I know that my content has really helped someone’s understanding. Thank you for this.
@kekkos462 жыл бұрын
Ditto to John’s comment, you know you’ve struck gold when you have to revert to normal speed and rewind sections to re watch. Hats off to you Chris great content.
@keithjones36842 жыл бұрын
Fantastic explanation of a complex issue for people who are thinking maybe of early retirement, , I've just retired at 58 and done exactly as you've mentioned and not paying any tax for the first time ever is a joy, really enjoyed you're video, keep up the good work, just subscribed ..
@drjanemccartney3 жыл бұрын
Thanks, I’ll have to watch again a few times to get it, my kind of graphics :)
@chrisbourne-retirementplanner3 жыл бұрын
No worries! Glad it's helpful.
@hoddersportsthehomeofquali4340 Жыл бұрын
Thanks Chris - really helpful explanation. I am pretty pleased by the current flexibility that the pension rules allow and through the use of a mash up of ISAs, Shares, Tax Free Cash can get a decent retirement income with very little tax to be paid. Tanks for the clear steady explanation - I liked the use of counting blocks (despite being an accountant!) visually I find it so much easier to grasp. Keep up the good work.
@chrisbourne-retirementplanner Жыл бұрын
Thanks very much. I'm really pleased the blocks made it easier to digest - it can be a stodgy subject!
@derekcravenl1953 Жыл бұрын
Wish all financial advisors were able to explain the process as clearly.
@chrisbourne-retirementplanner Жыл бұрын
Very kind of you to say Derek. Thanks for your comment 👍🏼
@MrRobjones70 Жыл бұрын
As a 53 yr old this year, this was a great video to explain what I need to do when I reach 55. As an ex British steel pension employee, we have a distinct lack of trust around the pension business. 👍👍
@chrisbourne-retirementplanner Жыл бұрын
That’s great to hear. Thanks for your comment it’s much appreciated 👍🏼
@iain8567 Жыл бұрын
Great video on what is a complex matter. FYI, taking income using UFPLS will also trigger the £4,000 money purchase annual allowance, and is mistake lots make. Don't dip unto your pension pot to help with the cost of living crisis until you understand the potential tax issues that are caused by the MPAA. The £4000 limit includes employer pension contributions, not just your own.
@chrisbourne-retirementplanner Жыл бұрын
Spot on Iain, accessing taxable benefits using any flexible withdrawal method (UFPLS or flexi-access drawdown) will trigger the MPAA.
@porschecarreras992cabriole8 Жыл бұрын
This is really good. I have heard about UFPLS but didn’t know you can take more than 25% tax free that way. This would only work if you don’t need an initial tax free lump sum which most people do take
@chrisbourne-retirementplanner Жыл бұрын
Hi there. Thank you! In my experience now, far fewer people take all of their lump sum in one chunk like they used to.
@Prasutagucaster Жыл бұрын
Thanks for cutting through it. I’m a fan
@chrisbourne-retirementplanner Жыл бұрын
Thank you!
@garycroft82133 жыл бұрын
This is by a long way the best UK pension planning video I've seen, cuts right through the complexity. Thanks
@chrisbourne-retirementplanner3 жыл бұрын
Wow thank you Gary! Really great comment to receive. I’m glad it’s useful 👍🏼
@iainhunneybell7 ай бұрын
Very very helpful. I presume the uncrystalised pension and flexi-access drawdown pots are essentially the same thing in terms of investment and future growth, just separated as one is pre and the other post crystallisation? Both remain invested. Both growing, but you have two investment pots?
@chrisbourne-retirementplanner7 ай бұрын
Absolutely correct - they are only separated so the correct tax treatment is applied upon withdrawal.
@redkite57992 ай бұрын
Brilliant explanations of stuff I was struggling to get my head round
@ritz13692 жыл бұрын
Awesome video Chris! I google searched this and clicked on many websites but was left bamboozled with their explanations, just couldn't get it. Thank you for explaining this topic so well :-)
@chrisbourne-retirementplanner2 жыл бұрын
Thank you I’m so pleased you felt it was explained well. Really hope it helps you.
@grahamscothern4319 Жыл бұрын
Thank s Chris that really helps to explain how that works 👍 Cheers Graham
@chrisbourne-retirementplanner Жыл бұрын
Please Graham. Glad it helped 👍🏼
@fiddycaliber9473 жыл бұрын
Another complicated topic no one else is talking about on YT, that Chris covers in easily understandable language (and props haha!). Appreciate it fella.
@chrisbourne-retirementplanner3 жыл бұрын
Cheers Scott and thanks for your ongoing support mate 👍🏼
@SMarkGee Жыл бұрын
helpful and sufficiently brief, thank you Chris
@chrisbourne-retirementplanner Жыл бұрын
Thanks Mark much appreciated 👍🏼
@Kendoddsdadsdogsdead5326 ай бұрын
Just watched and subbed....thank you for the advice. I hit 55 in 3 years and was thinking of taking 25 percent of my pot to then pay 10 percent overpayments on my mortgage for 5 years. Not sure if it's the right thing to do but it seems right to me!!
@chrisbourne-retirementplanner6 ай бұрын
Thank you. Yes, that will certainly create a tangible financial benefit.
@eddvanlife7396 Жыл бұрын
Bugger no extra savings with a Forces Pension paying above the 12.5k Threshold. Still a great explanation thanx.
@chrisbourne-retirementplanner Жыл бұрын
Thank you!
@nigelpalmer38927 ай бұрын
Very clear and concise advice, thank you.
@chrisbourne-retirementplanner6 ай бұрын
You’re very welcome.
@mohamedpatel3978 Жыл бұрын
Excellent video. One to keep watching as a reference point.
@chrisbourne-retirementplanner Жыл бұрын
Thanks Mohamed I’m glad it will be useful 👍🏼
@simonsackett2 жыл бұрын
I'm sure what most people want is for someone to tell them what they personally could or should do with their pension(s) in the simplest terms. If you haven't just got a simple pension pot it makes things very complicated. I've got about 10k from when I contracted out of SERPS, more with a company I worked for 25 years ago, a closed pension pot with my current employer, and a smaller amount in the new pension plan they started! I could take some now but I've no idea what to take.
@chrisbourne-retirementplanner2 жыл бұрын
Hi Simon. Well the pension that you and your employer are contributing to would be best remaining in situ. Generally speaking, smaller pots (less than £10k) are better to take first if you want to utilise for income because they do not trigger the MPAA (reduced annual allowance for contributions) or use any of your Lifetime Allowance.
@simonsackett2 жыл бұрын
@@chrisbourne-retirementplanner Thank you very much for replying! So if someone ends up with a few pensions scattered around are they not all considered to be one pot by the tax man?
@chrisbourne-retirementplanner2 жыл бұрын
@@simonsackett No not necessarily Simon... pots worth under £10k are considered 'small pots' and you can take up to three of these out as cash payments (25% tax free, the remainder taxable) without them impacting your annual allowance and lifetime allowance.
@simonsackett2 жыл бұрын
@@chrisbourne-retirementplanner Many thanks. If I set out what I have in the way of pensions would a financial adviser be able to easily advise on what I could/should do with them? What sort of costs would be involved? I've never needed financial advice before :o)
@chrisbourne-retirementplanner2 жыл бұрын
Yes an adviser should be able to do that Simon. If your pots are small though you may have to consider whether the value can exceed the minimum fees.
@user-do6jp1zg5r6 ай бұрын
Reading between the lines, there was no scenario where taking an annuity was better. So if your financial advisor is steering you down the annuity route, it's probably because it's gonna make him/her a decent buck...
@chrisbourne-retirementplanner5 ай бұрын
I think annuities have become more attractive in the last 18 months, but it's always important to fully understand the flexibility that is being given up when an annuity is purchased.
@madmuppet80393 жыл бұрын
This couldn’t have come at a better time for me, my transfer value has just gone through and I need a lump sum of 130k to help towards purchasing a property, (I’m stuck in the rental trap at 55 due to a divorce) Seeing as i need to purchase outright and don’t want mortgage debt at my time of life, I cannot really see the benefits of using your method, nether the less, it was very clear and concise and well put into layman’s terms, very easy to understand and I will use it for future withdrawals, thank you Chris
@chrisbourne-retirementplanner3 жыл бұрын
Thanks Andy! Yes, sometimes circumstances dictate that other methods of withdrawal are more suitable. I’m glad the information is helpful to you though 👍🏼
@deanstringer7748 Жыл бұрын
Thanks Chris, very intuitive video.
@chrisbourne-retirementplanner Жыл бұрын
You’re very welcome Dean thanks for watching 👍🏼
@tonyharper56046 ай бұрын
Really clear and helpful explanation. Thank you.
@chrisbourne-retirementplanner4 ай бұрын
Thank you Tony. It’s always good to know the explanations have helped.
@minimad87932 жыл бұрын
nearly a year old this video but very relevant to most. thanks Chris. Not sure how it would work with defined benefit/final salary planning though. will have to check out your other videos to see if this is possible.
@chrisbourne-retirementplanner2 жыл бұрын
Thank you! With DB pensions you'll find that your Personal Allowance is used up (at least in part) by that, so it's not possible to be quite as tax efficient. It is still possible however to just use tax free lump sum (no income withdrawals) to supplement the DB income until all lump sum has been taken.
@minimad87932 жыл бұрын
@@chrisbourne-retirementplanner cheers. unfortunately, my personal allowance will be used up by the final salary pensions so will have to maximise other avenues :) and then adding the state pension on top will see me paying tax even more. lucky me eh Update - sorry just re read your reply and you did mention about the PA and I blindly wrote it down. thanks again.
@martincloudsdale78032 жыл бұрын
Thanks Chris for this fantastic video it's ever so helpful cheers.
@chrisbourne-retirementplanner2 жыл бұрын
Really pleased Martin, thank you.
@broadleyboy22 жыл бұрын
The assumptions assume the pot grows. If it falls the amount of the tax free cash will fall with it and so you would end up with less than 25% of the initial notional value. Good video apart from missing that if.
@mangalsingh4036 Жыл бұрын
Hi Chris, Can you do a video on CGT and the benefits of using your SIPP, to minimise tax bill.
@chrisbourne-retirementplanner Жыл бұрын
Hi Mangal. I will definitely be doing some tax planning videos in the near future. I will posting a community post shortly to explain some of the content I’m planning and I will be asking for suggestions on things viewers want me to cover, so feel free to get involved.
@peterdelf7 ай бұрын
This is brilliant. Well explained.
@chrisbourne-retirementplanner6 ай бұрын
Glad it’s helpful Peter.
@nigelduckett1289 Жыл бұрын
Wow, my heads spinning but I'm sure I will understand it after another watch, I thought like most people 25% was the maximum I could take tax free but no one had ever explained the term crystallisation to me before or how it works.
@chrisbourne-retirementplanner Жыл бұрын
Glad it’s useful Nigel thanks for watching.
@jonclark9524 Жыл бұрын
Excellent video learnt some really useful stuff. Thank you
@chrisbourne-retirementplanner Жыл бұрын
Thanks Jon I’m glad it helped 👍🏼
@504507202 жыл бұрын
Cheers Chris . That was very helpful.
@chrisbourne-retirementplanner2 жыл бұрын
You’re welcome 👍🏼
@chrislow123 Жыл бұрын
What a great video. Clear, concise and very informative. Do you have a website for 121 financial advice?
@chrisbourne-retirementplanner Жыл бұрын
Thanks Chris that’s much appreciated. You can find my contact details in the About section of my channel 👍🏼
@peterbattle21163 жыл бұрын
Thank you very much for this excellent video. Pensions are incredibly complicated and speaking as a 67 year old that has yet to crystallise his pension - this helps to shine the light on how to best cope when the time comes for me to draw down on it. Peter.
@chrisbourne-retirementplanner3 жыл бұрын
Thank you Peter. I'm really pleased that it's helpful to you.
@murphymagic333 жыл бұрын
fab Chris, thanks for making this content
@chrisbourne-retirementplanner3 жыл бұрын
Thank you, and you’re welcome! Just glad it’s useful to people.
@waynekerrr90273 күн бұрын
I'm 60, and need to know where I can get some decent advice for my private pension planning
@thedanielthomas2 жыл бұрын
One of the best personal finance videos I've ever seen.
@chrisbourne-retirementplanner2 жыл бұрын
Wow thank you so much Daniel. It really does mean a lot to receive comments like this.
@M.Y.K-tube14 сағат бұрын
I have two questions: If I retire early and decide to take 12,570 annually out my personal pension pot, will I avoid tax even after the first 25% of pot is gone? 2. Are you better to use up your personal pot before your state pension begins so your income is lower? Therefore less tax?
@martinblake11347 ай бұрын
That was really good, thank you!
@chrisbourne-retirementplanner7 ай бұрын
You’re welcome thank you for watching.
@minttea49723 жыл бұрын
Was wondering where the 25% ends - if I took half the tax free lump sum as it stands, would the remainder create more tax free lump sum? And here you are - explaining very well the answer I needed! Thank you ever so much for taking time to do this for us. Very best of luck to you!
@chrisbourne-retirementplanner3 жыл бұрын
You’re very welcome Lorien! Thanks for your comment.
@andy1-3 жыл бұрын
Excellent Vlog Chris 👌
@chrisbourne-retirementplanner3 жыл бұрын
Thank you Andy! 👍🏼
@chrismoore7569 Жыл бұрын
Thank you very well explained. The examples used all assume growth in funds retained in pension. In a zero growth scenario all options would be identical from a tax perspective. In a loss scenario the tax free cash would be less. Have I understood this correctly, Thank you.
@chrisbourne-retirementplanner Жыл бұрын
That is absolutely correct Chris.
@ad98982 жыл бұрын
Fantastically explained Chris!
@chrisbourne-retirementplanner2 жыл бұрын
Thanks very much! Always good to get comments like this 👍🏼
@davidlee8115 Жыл бұрын
Chris. Great video. Think you should have pointed out what happens to your pension fund when you die. Eg if you take the annuity option you lose all the money when you die, nothing for your heirs. Quite critical I suggest when making your initial choice.
@chrisbourne-retirementplanner Жыл бұрын
Hi David. There are value protection and guaranteed payment options that can be added to annuities, but this video focused more on flexible income options and how to maximise tax free lump sum.
@matthewbellamy4866 ай бұрын
Really helpful and very well explained. Subscribed!
@chrisbourne-retirementplanner5 ай бұрын
Thank you! I hope you find other videos useful too.
@anne.self5063 ай бұрын
Amazingly well explained thank you so much
@chrisbourne-retirementplanner3 ай бұрын
I’m really glad it was helpful Anne.
@davekelly7184 Жыл бұрын
Hi Chris.... Finally, somebody who knows what they are talking about. A true Fiduciary and very knowledgeable individual. So, here is my situation. 64 old male still working. My Pension Pot is between 250,000 and 350,000. This is split in to two parts, part 1, my Pension Pot. (100,000 of which 84,000 is Crystallised allowing me 12 drawdowns of 1,750.00 per month over 12 months. The second part I have is around 200,000 which I have invested in stocks and shares. Would you be kind enough as to advise me the best way forward so as to make the best use of tax free cash etc please?
@chrisbourne-retirementplanner Жыл бұрын
Hi Dave. Thank you that’s very kind! Have you reached out on my channel email (see About section)? If so, I’ll be able to respond properly but am currently working through enquiries.
@davekelly7184 Жыл бұрын
@@chrisbourne-retirementplanner Hi Chris... Thank you so much for coming back to me so quickly, I feel like I have discovered the Holy Grail. I will as you suggest, contact you through e mail in the coming days so as to explain in more detail. Speak soon.
@janewhitzend6882 жыл бұрын
Wow. Brilliant, I don't totally get it but can understand the options potential. I probably need to watch it a few times. Never knew this was possible. We are hoping to retire in 5 years and need to drawn income from various sources, including pensions for the period until our state pensions kick in. So this was very helpful.
@chrisbourne-retirementplanner2 жыл бұрын
Sorry Jane I missed this one! That’s great - I’m always always happy to hear when the info in my videos is helpful 😊
@su7421 Жыл бұрын
One of the best!
@chrisbourne-retirementplanner Жыл бұрын
Thank you!
@terrydickson9223 жыл бұрын
Chris is an absolute wizard! First class advice as always.
@chrisbourne-retirementplanner3 жыл бұрын
Cheers Terry! ‘The Wizard of Wolves’... has a bit of a ring to it 😂
@Newmusicreview Жыл бұрын
Excellent video bud, this sort of of info is very useful for me right now...maybe we can talk sometime.
@chrisbourne-retirementplanner Жыл бұрын
Hi glad it’s useful! Feel free to reach out on my channel email (see About section).
@ChrisBird1 Жыл бұрын
Brilliant ..Thanks .
@markgourley37453 жыл бұрын
Great vid explaining this. I was just in the process of looking to take my 25% tax free lump sum when I found this vid. My pension adviser hadnt mentioned this way of doing it. Thanks for enlightening me and giving me another option
@chrisbourne-retirementplanner3 жыл бұрын
Glad it’s been useful Mark! Thanks for your comment.
@EstherCole3 жыл бұрын
I've been playing with this idea in my head for a while (even though I'm not accessing my pension for 20 years!). Thank you for explaining so well 💜
@chrisbourne-retirementplanner3 жыл бұрын
You’re welcome Esther glad you’ve got some value from it!
@tonyh1460 Жыл бұрын
Thanks Chris, excellent explanation, I triggered MPAA in 2015 by taking 25% that was taxed, I actually wanted it all as the tax free option but I didn't appreciate the MPAA aspect and let it go Too late now of course. Expensive mistake !! I've been told by Pension Wise I can still have 25% tax free lump sum anytime I like, so that's something at least
@chrisbourne-retirementplanner Жыл бұрын
Hi Tony. Ah yes that’s a painful one that I’ve seen happen before. There should be better warnings to people if they are doing things with providers directly.
@tonyh1460 Жыл бұрын
@@chrisbourne-retirementplanner thanks Chris, I cheer myself up with the thought that I used it as a deposit for a buy-to-let flat which was £133k in 2016, and is now £180k, plus a little rental surplus income along the way, a small crumb of comfort. What you lose on the swings, you gain on the roundabouts 😀