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Prepaid Funeral Plan With Wake Fund Package

The First UK Prepaid Funeral Plan To Include a Wake Funding Package

Jan 21, 2016
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The First UK Prepaid Funeral Plan That Includes a Wake Fund Package.

Silver Choices, As a Leading UK Prepaid Funeral Plans Comparison website, has today launched the first exclusive prepaid funeral plan in the UK to include a fund that is paid to the next of kin of a funeral plan holder, to pay for the cost of a celebratory wake, that ensures that the family can properly celebrate the passing of their loved one.

The plan has is known as the PLUS plan and has all the benefits of a normal prepaid funeral plan, but in addition it includes the wake fund package and a full later in life planning review, which assists the plan holder with setting up a Will and a lasting power of attorney.

Funeral Plan PLUS Wake Fund.

The wake fund package has no limitations, it sits within the client prepayment funeral plan and grows in line with inflation. So if the funeral plan is taken out by the over 50’s and they then go on to live a long life, the wake fund, like the funeral plan fund, will have grown inline with the UK RPI and Guarantees to provide sufficient funding to cover the funeral, associated costs (Minus burial plot) and will deliver sufficiently to provide for a proper send off after the funeral. The wake fund has no conditions dictating how the money should be spent, the next of kin are free to choose to celebrate as they see fit. This can be at home with outside caterers, in a restaurant, pub, hotel or anywhere else that they choose. Knowing that the funds will be in place, allows for future planning of a wake and if additional elements like special food or venue are required, the family can choose to add to the fund at the time if they like.

Later In Life Planning Review Included.

In addition, within the prepaid funeral plan PLUS package, the plan holder receives an independent and confidential expert later in Life planning review. This includes guidance that helps with setting up or refreshing of a Will and Setting Up a Lasting Power Of Attorney (LPA) and other aspects that may come to light during the review.

With the majority of people expected to live much longer lives comes additional issues, late onset health conditions like Strokes, Altzeimer’s, Parkinson’s, Dementia and many other mind effecting conditions or diseases, can leave anyone with mental health issues that mean they can no longer make decisions regarding our financial or legal affairs.

Arranging a Lasting Power Of Attorney protects both the plan holder, but also their spouse/partner and family. If a person is judged to no longer be of sound mind, then decision making without an LPA having been set up, will be provided in the UK by the court of protection. This can mean that access to bank accounts, savings accounts, pensions or making decisions on legal matter is taken out of the persons and their loved ones hands.

Establishing a Lasting Power of attorney provides a safety net, giving the nominated person (Usually the next of kin or the plan holders children), the ability to take over their Financial/Legal affairs. This enables loved ones to make the right decisions for that person, based upon understand what the person effected would have wanted. Simple things like withdrawing money to pay for care, can be painful and take weeks or even months, whilst a court decides if it is the right thing to do and this is not always done in the best interest of the person involved.

To find out more about the new and Exclusive Prepaid Funeral Plans PLUS package, simply go to our comparison website by clicking the above link, fill out the form and you will receive an information and UK funeral plans comparison presentation, with a complimentary copy of the UK Later In Life Planning Guide.

Releasing Pension Cash Choices

A Guide to Releasing Pension Cash Choices

Aug 7, 2015
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There are many instances when one may wish to release pension funds. A medical condition may dictate that more liquidity is required or perhaps a husband and wife hope to purchase a new property. These are two of the reasons why proper pension release advice is critical in making the correct decisions at the appropriate times. So, let us examine some pension scheme rules as well as clarify how to release pension funds when the time is right.

How to Unlock My Pension: Primary Considerations

It should first be noted that you must normally be more than 55 years old in order to unlock your pension. However, there are instances when those who are quite ill may be able to access these funds earlier. It should also be mentioned that such an early release before the pension has matured may not be enough to get you through the remainder of your retirement. Be careful when choosing this option. Some other questions that are worthwhile addressing are:

  • Will you be sacrificing ill-health or death benefits?
  • Are any penalties associated with an early release?
  • What additional charges will need to be paid (such as a third-party adviser)?
This guide to pension release plans would be remiss should these variables not be mentioned.

Important Pension Scheme Rules

First of all, the total of all of the funds must not exceed £30,000 pounds. Note that this does not include any contributions from your state pension. When you meet these requirements, you may be able to withdraw your pension in a way known as a “trivial commutation” or a “trivial lump sum”. There is another option known as a “small pot”. This is associated with the liquidation of funds assuming that they are less than £10,000 pounds. In the case of the small pot, you will not lose any other pension benefits that may exist alongside the funds. In either of these cases, a grave health condition can allow you to enjoy this money before you reach the age of 55 (assuming an early retirement).

Tax Concerns

As long as benefits are not included in the payment, you will be provided with the possibility to take no more than 25 per cent of the pension in the form of a tax-free lump sum. However, the remaining 75 per cent is considered taxable income. This will depend upon the year in which the funds are withdrawn.

Third-Party Dangers

This guide to pension release options also needs to mention that you should be wary in regards to third-party offers. Many companies are rather dubious in regards to their terms and conditions. In fact, some are not authorised by the FCA. This can present a very real danger. They will often charge extremely high fees and they may require you to “invest” a portion of the money into risky schemes such as overseas property or unregulated markets. These should be avoided at all costs. Not only can you lose a sizable amount of your pension, but the FCA can do little in terms of remuneration. This is relevant pension release advice that should be taken very seriously.

Of course, you can also type in a search term such as “how to unlock my pension” and view the results. However, we at Silver Choices are more than happy to provide you with further information and point you in the right direction. You have earned your pension and such extra funds can be a great way to enjoy the rest of your life.

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