Frequently asked questions

Transferring or switching a pension or ISA may be suitable if by doing so, your money would end up in a more favourable environment than where it currently sits, all things considered. Issues such as risk, guaranteed benefits, costs and performance would all form part of the decision making process. As these can be complicated, financial advice is recommended. In our case, we also take moral and ethical views on the underlying investment into account when providing advice.

Our job is to research your existing pension(s) to establish whether or not a transfer is possible AND, more importantly, whether or not it is in your best interests to do so. Depending on various factors, sometimes the answer is yes, and sometimes it is no.

You should always start with the assumption that a final salary scheme transfer in particular is not suitable. You should always seek advice before taking any action as the action you take may not be in your best interests, be irrevocable and could be very costly in the long term.

Your premium will vary depending on the type of policy, the size of the sum assured and the risk of the claim – if you have a dangerous job, for example.

Also, age is factor, so life insurance will be more expensive for an older person. Similarly, if a customer is in poor health they can expect to pay a higher premium.

The insurer will consider occupation, hobbies, lifestyle – such as weight and fitness – to help determine their premiums.

Estate Planning involves passing on more of your assets to your children and other by reducing your potential Inheritance Tax Bill. This usually involves making financial gifts but there are other options.

The Financial Conduct Authority does not regulate will writing, inheritance tax planning and estate planning.

Beals Wealth Management, a trading style of Beals Mortgage and Financial Services Ltd is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority.

Also known as “a Tax for those who that don’t plan”., IHT could eat away your estate. Planning how you want your assets divided up after death can have real advantages for your beneficiaries.

If your estate is worth more than £325,000 (IHT threshold or NIL rate band for the 2023/24 tax year), anything above this amount could potentially be taxed at 40%.

These days there is increased flexibility with pensions, for example you can work and receive pension benefits if you are over 55 if you choose to, and you can choose how and when you access the money you have saved in personal pensions. (depending on the rules of the pension scheme you are a member of)?