Tag Archive for: Pensions advice

What is your job role?

Financial Planner

What did you want to be when you were younger?

Football or a cricket manager.

What is your favourite food?

Definitely curry, ideally the Railway Lamb from Dabbawals!

What is the most embarrassing injury you’ve received?

I broke my ankle when being run over by my best friend. I hobbled home to watch Match of the Day and only later realised it was broken in several places.

What is your greatest inspiration?

My faith in Jesus. I love Easter where we celebrate his sacrifice for us on the cross.

What three items would you take with you to a deserted island?

Other than my family (there are four of them so it would be tricky to know which one to leave behind!), I would bring my bible, hockey stick and a ball.

What do you enjoy most about your job?

I love helping clients understand their financial situation better and their relief when they know they are going to be okay. I also feel we add real value when we help people enjoy spending their hard earned capital rather than feeling guilty when using it. We have three choices with our money – spend it now, spend it later or give it away. Our job is to help people make wise decisions about what they want to do combined with what they can afford to do.

What is something you find challenging about your work?

Paperwork. Remembering there are people at the end of the paper definitely helps, but this is certainly a “work in progress”.

What is your job role?

Financial Planner and Director of Co-Navigate

Who is your favourite author?

If I’m reading to switch off then I love a Lee Child or Michael Connelly book. I have just recently read Power of Geography and Prisoners of Geography by Tim Marshall which are fascinating books, especially in light of current events in Ukraine.

If you could only eat one meal for the rest of your life, what would it be?

I don’t like this question at all, as I’m such a foodie and I love variety! My favourite meal of the year though is Christmas dinner with all of the trimmings, so let’s say that. I don’t think I’d ever get bored of pigs in blankets.

Apart from your own jokes, what makes you laugh the most?

A good comedian. I love attending live stand-up shows and have been fortunate to see Billy Connelly twice, and he is the godfather of comedy.

What is your favourite family tradition?

Going for a family walk on a Sunday morning in the countryside. We have an elderly neighbour who has a border collie that we started walking at the beginning of lockdown to help him out. We’ve kept on doing that and it’s a great excuse to get the kids out of the house in the morning and get some fresh air.

What is your proudest accomplishment?

Definitely starting Co-Navigate. There were some real hurdles we had to jump over initially, but to see where we are today and to look back and see how far we’ve come is phenomenal. I get really excited when we discuss where we want the business to go and how we’re going to achieve it, so there’s still lots of hard work ahead.

What do you enjoy most about your job?

This is going to sound like a cliché, but helping clients achieve their life goals. When someone initially comes to us for advice they are generally expecting help with pensions and investments, but through a process of discovery and ongoing meetings we discover what they really want out of life and ensure their pensions and investments are aligned to those outcomes. To be able to put a plan into place that helps to get them there is literally life changing for them; how can I not enjoy that?

What is something you find challenging about your work?

Technology. I absolutely love tech when it works and helps our clients and Co-Navigate operate more efficiently, and as such I’m always on the lookout for new developments. However, no one piece of software can solve all of the problems, so you end up with different suppliers of tech doing different things, and getting them to talk to each other seamlessly is a constant frustration. It’s like an impossible jigsaw at times.

Model of couple saving pensions for future Newcastle pension adviser

Pensions. Even the mention of the word sends some people drowsy.

But if you think you’ve a good few years to think about putting cash into a pension you may end up missing out later in life.

At Co-Navigate we like to hear about your life plans first and then we can advise you on the best way to get you there.

Whatever advice we may give you, don’t write off a pension before you start planning.

Here, we look at the common reasons that people give for not having a pension.

I want to enjoy my money now

The life expectancy age keeps rising, so you need to consider how you’ll fund your lifestyle when you get older.

It is tempting to say you might be hit by a bus tomorrow, but if that happened you wouldn’t be able to enjoy what’s in your bank either!

But what if you don’t get hit by that bus? A state pension that is diminishing is a good reason for having a private pension in place.

Also, if something were to happen to you, you can pass on the money in a pension to your beneficiaries.

It’s usually treated more kindly by the taxman too, so you know your money can stay with your loved ones.

I’m too young

As soon as you’re working you need to consider a pension. Depending on your age and earnings, you should be automatically opted in to a workplace pension which forces your employer to pay in on your behalf.

But if you are looking far ahead to the future, financial planning is essential and a pension could be part of the answer.

The sooner you start a pension plan the more money you are likely to get back,. Because of the compounded growth someone starting at age 20 could have almost twice the pension than someone starting at 30.

It could also mean you might be able to retire early. If that’s one of your goals then then you might need a financial plan.

I’m too old

Pensions changed massively in 2015. You no longer need to purchase an annuity, and can instead take pension income flexibly. So while you are earning why wouldn’t you benefit from the tax-relief benefits to build your pension fund? The longer you leave it the less you will have!

Pensions are boring

It’s a word that fails to excite. Maybe there needs to be a new word for it!

The truth is your ‘pension’ is money that is being put aside with the aim of offering you a better lifestyle as you get older.

It could also mean you can finish working at an earlier age to pursue your dreams – and that’s not boring!

I don’t want to tie my money up

It is understandable that you don’t want cash locked away so you can’t get to it for a rainy day. But again, that’s the beauty of financial planning and why we do this before we recommend any products.

We’d never suggest you put all your eggs in one basket. We listen to your life goals and can advise a number of ways to reach them and get the most out of your money.

The advantage of pensions is you and your employer can contribute, with both of you able to claim generous tax relief.

So having some money in a pension could be a wise way for you to reach your financial goals.

I’m self-employed

A pension is probably even more important, as you don’t have the advantage of your employer paying in to one for you.
While you won’t benefit from employer contributions you still get tax relief when saving into a pension scheme.

If you own a limited company you could choose to make employer contributions and help reduce your corporation tax bill.

I move jobs regularly

You may think that by moving jobs often means that you won’t save enough to make it worthwhile. You may also be concerned that fees could eat into your pension pot.

One way of overcoming this is to consolidate your pensions into a single plan.

If you have saved into different pensions, we will be able to look at what you have and give the best advice depending on individual cases.

Pensions really don’t have to be boring and as part of a financial plan it can be interesting to check if you’re on track to reach your retirement goals. Our advice is to keep an open mind until we have chance to listen to you.

For a no-obligation chat to see how we can help you, contact us today. We’re based in Newcastle but give pensions and financial planning advice across the North East.