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Author: admin, 02.09.2015. Category: Positive Phrases About Life

Download our free guide to find out more about drawdown, annuities, lump sum withdrawals and how we can help you make the right choice. When you retire you are entitled to a pension commencement lump sum – a tax-free withdrawal of up to 25% of your total pension fund. Under the new pension rules it is now possible to make unlimited lump sum withdrawals in excess of your 25% tax-free amount, for example to pay off a remaining mortgage. Although this is possible, it is not generally advisable as your pension is designed to provide an income for the rest of your life.
Your pension needs to provide an income for the rest of your life, so too many early withdrawals means you could run out of money later. A financial planner can forecast how long your pension will last and how much you can afford to take, while forecasting the effects of inflation and a market downturn.
The decision to access your pension is an important one and will affect your income and possibly your standard of living for years to come.
The value of your investment can go down as well as up, and you can get back less than you originally invested.
The Bestinvest Online Investment Service, including any account analysis and investment reports provided by our guidance services, is an online execution-only dealing service for investors who want to make their own investment decisions. Past performance or any yields quoted should not be considered reliable indicators of future returns. It marks the third consecutive year that CP has opted to make large lump-sum payments to chop its pension solvency deficit.
Moody’s Investors Service said Monday that CP’s pension shortfall, which stood at $673-million on Dec. Moody’s said its review of CP isn’t influenced by New York-based Pershing Square Capital Management LP becoming the railway’s largest shareholder. CP’s operating costs-to-revenue ratio has risen after severe winter weather and spring flooding disrupted deliveries in the first half of 2011.

Last week, the Teamsters Canada Rail Conference’s bargaining team held contract talks with CP negotiators. Seeking more flexibility from the Teamsters, CP also told the union that it wants “the ability to unilaterally establish workdays that are up to and including 12 hours in all types of service” and new rules to spread annual vacation allotments throughout the year.
Teamsters officials have said the labour talks are still in the early stages, but CP negotiators argue that significant changes are crucial to remove “antiquated work rules” and shave operating costs.
Many people use their tax-free cash to settle their mortgage, place a deposit on a house for their children, or simply enjoy a well-earned holiday after years of working. Plus, any withdrawals in excess of your 25% amount will be taxed as income at your marginal rate.
If you are considering taking a lump sum, especially in excess of your 25% amount, you should consider taking financial advice first. You can book a free consultation with one of our nationwide financial planners to find out more. Therefore we recommend that before any decision is made you receive regulated financial advice or get free guidance from Pension Wise. Find out more about Pension Wise. It does not provide advice on the suitability of products and investments; if you are unsure about the suitability of any investment you should seek professional advice.
Restricted advice can be provided as part of other services offered by Bestinvest, upon request and on a fee basis. The freight carrier made voluntary pension contributions of $500-million (Canadian) in 2009 and $650-million in 2010. CP’s adjusted debt is 3.8 times its EBITDA (earnings before interest, taxes, depreciation and amortization) while “retained cash flow to debt of about 17 per cent are weak for the rating category,” Moody’s said.
Despite some setbacks, Moody’s said CP is becoming more efficient and should be able to transport “modestly higher volume levels” in 2012. Management is seeking cost-cutting reforms to the defined-benefit pension, which provides a guaranteed payout level upon retirement.

Your interest in this newsletter may be used by The Globe to deliver more relevant content, advertising and promotions. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. As long as your provider allows it, you have the freedom to take as many lump sum withdrawals as you like with anything in excess of your 25% tax-free amount being taxed as normal income. By splitting up your lump sum withdrawals over several years, you could keep more of your money invested and your pension could potentially continue to grow in value. In the words of ex-pensions minister Steve Webb, this means you could technically withdraw your entire pension fund to buy a Lamborghini! Clients of our Investment Advisory Service and Managed Portfolio Service can use the website to obtain current valuations of their investments but cannot trade on these accounts online and should call their adviser if they wish to discuss changes to their investments. It's unclear whether Pershing's investment will severely alter CP's finances or operations, Moody's said. But Moody’s said its outlook is stable for CP because the railway has good exposure to hauling commodities such as coal, potash and grain – impressive enough for “Baa3” ratings for CP.
Thomson Reuters is not liable for any errors or delays in Thomson Reuters content, or for any actions taken in reliance on such content.
Conversely, if your investments perform badly you could have less money available in later life.
Prevailing tax rates and relief are dependent on your individual circumstances and are subject to change. Financial services are provided by Bestinvest (Brokers) Limited and other companies in the Tilney Bestinvest Group, further details of which are available here.

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