0800 073 73 76
Penn Financial 197-199 City Road London EC1V 1JN
Expert Pension advisors all with G60 accreditation to maximise your benefits.
Go to Pensions
Our expert investment planners will optimise you financial portfolio for maximum benefit.
Go to Investments
Not just for the rich - offshore planning may just be right for you. Find out more with us.
Go to Offshoring
Welcome to Penn Financial
We are personally committed to providing you with a high quality service through our expert Advisors who are able to access the whole of the market to ensure that you get the best possible options.
We truly are Independent Financial Advisors and are not tied to any agent or any particular product - we are free completely to choose the best options for you overall.
Contact us now to see how we can start saving you money and source the best investments and products on the market often at a more competitive rate that can be found elsewhere.
Welcome to the future of financial services
Can you afford not to provide income protection for your loved ones if you become ill or incapacitated? Go to Income Protection
With the NHS the way it is - it makes perfect sense to provide alternative health insurance for your family. Go to Health Insurance
Great quality life insurance products sourced perfectly for you and your family's needs.
Go to Life Insurance
Pensions
When it comes to providing for our retirement too many people are doing too little too late. Putting away even a small sum early on can make a big difference to the lifestyle you will enjoy when you retire.
The golden rule for most people is to not rely on the State alone as the money paid to you from your state pension may not be sufficient to meet your needs and expectations.
The sad fact is that most people do not adequately prepare fro retirement and by the time they do, they are often much older and the costs of planning for retirement become that much more expensive.
Today there are a number of tax efficient ways of providing for a comfortable retirement.
The area is complex and choosing the right vehicle requires a detailed understanding of your personal circumstances, tax position, employment status and more.
In simple terms, when you are in employment you receive a regular salary from your employer but when you retire, that income ceases despite the fact that your outgoings still usually remain the same. A pension resolves this problem. You pay a regular sum of money whilst you are working to your pension provider who will in turn invest that money for you and when you reach your retirement age, your pension provider will pay you a regular sum of money.
The sum is paid for the rest of your life. When you retire you may also get a lump sum in addition to the regular payments.
Pensions are long-term investments with special tax rules. As a consequence you can not access the funds (money) in your pension until you reach the age of age 50.
Since 2010 you will need to reach the age of 55 before you can access your pension funds. Some types of pension have additional rules about when you can take your pension and these vary from pension provider to pension provider. In addition different pension providers are increasing the minimum age at different times as they can do this at any time between April 2006 and April 2010.
You do not now have to stop working to draw your pension as long as your pension providers rules allow you to.
Investments
Anyone can invest.
However, to invest wisely and in a tax efficient manner requires skill, expertise and detailed knowledge not only of the financial markets, but also of taxation and law. Penn Group has a unique skill set in that within one group of companies; we have expert Independent Financial Advisers, qualified Accountants and Solicitors all under one roof.
That means we are able to put our heads together in our own areas of expertise and create investment solutions that are the envy
of many and rival the best in the business.
Investments and Risk
There are a whole host of investments on the market, too numerous to mention, and some carry more risk than others.
The general rule is that the more riskier the investment, the greater the chance you have of losing the original sum you invested, but the greater the chance of bigger returns. Conversely, the less riskier the investment, the smaller the chance you have of losing the original sum you invested, but the lower the returns.
The right investment portfolio should reflect your tax position and align with your attitude to risk. It should also meet your requirement to generate income, capital growth or a combination of the two.
Types of Investment
The number of different investment opportunities are vast. That is why is is important that you use a fully qualified IFA to assist you to make the right decision for you based on your needs, circumstances and attitude to risk.
The main types of investments are:
a) Unit Trusts
b) OEIC's
c) Investment Trusts
d) ISA's
e) Government Gilts
f) Corporate Bonds
Offshoring
Setting up a fiduciary structure, such as an offshore trust for yourself, your family or indeed for others is no longer the preserve of the super wealthy. In the right circumstances, the correct fiduciary structure can help not only preserve your wealth but can also offer you greater flexibility over the management and distribution of your assets.
With our extensive relationships overseas in all the best tax efficient jurisdictions, we can ensure that you get the best out of your intended structure.
A Trust is in many ways like having a benefactor who has given some money to your family to care for say your children and provide them with (usually) an income. The benefactor may be a lump sum of money you have to invest or wish to minimise the tax liabilities, that is, the trust fund. The family in the example is the Trustee that passes the money to the intended recipients, the children in the example above under the conditions imposed by the Trust Deed ( the document that sets out whom and under what circumstances payments should be made from the trust fund).
The use of an offshore trust for tax planning and asset protection purposes is a popular method adopted mainly by high net worth individuals as part of their overall tax planning strategy.
There are significant advantages to setting up an offshore trust including:
1 Privacy - many offshore jurisdictions do not require the Trust Deed to be publicly registered
2 Wealth protection - your assets in the right jurisdiction can ensure that you do not suffer from financial political or economic exposure
3 Bespoke design - your trust can be tailored to specific family requirements to meet your individual expectations and circumstances
4 Tax Planning - an offshore trust can be an important tool in international income, capital gains and estate tax planning, and if this is dealt with in conjunction with wealth management goalsyou can be assured of a complete holistic solution to your investment needs
Income Protection
What would you do if you suddenly and unexpectedly had to stop working because of
a serious illness? Would you and your family be able to financially survive without your income? For most of us, the answer is no.
For this reason, you should give serious consideration to obtaining income protection insurance. Our expert team can frankly guide you through the maze of options, risks and benefits of taking out income protection insurance which is especially essential for those who are the main bread winner or self employed.
Would you and your family be able to financially survive without your income? For most of us, the answer is no.
Policy Types
There are numerous different types of policy that are available depending yon your needs and circumstances.
Income protection insurance (which is often referred to confusingly as Permanent Health Insurance or PHI), is like Accident, Sickness and Unemployment (ASU) insurance in that it is designed to replace your income should you become incapacitated and therefore be unable to work. There are several fundamental differences between the two plans, however.
Income protection insurance cover policies are designed to provide you with a replacement income in the event of a long-term sickness or disability. Payments are usually made when you cannot do your job because of illness or injury.
ASU nsurance policies will also protect your income against illness or injury. However, the main point of difference is that it will also protect your income if you are made redundant by your employer.
A critical illness cover policy will pay you money to provide for your financial needs if you are diagnosed with a specific critical illness that meets the policy definition of the company with whom you insure with.
Critical illness insurance is designed to ease the financial pressures by paying a tax-free lump sum if you become seriously ill or totally disabled. You must normally survive at least one month after becoming critically ill, before the policy will pay out. Where possible therefore, it makes sense to take out critical illness cover to provide for your family in the event of an unfortunate incident rendering you unable to work occurring.
The advantages of having private health insurance over relying on Medicare and the public hospital system are that
1.You have your own choice of doctor/hospital
2.Shorter waiting times for elective surgery
3.You are treated in a private ward
4. Luxuries like a TV or phone
5.Peace of mind
6.Assurance that you and your family, especially your children, will be seen quickly when they are ill or injured.
The health insurance cover you receive will depend on the type of policy that you have taken out and any restrictions that may have been imposed by the Insurer or perhaps even by yourself (to keep the costs of the health insurance low).
Usually health insurance cover will provide funds for your consultations, your tests and operations you need. You will have the benefits of a private room and no waiting lists. Furthermore, you should be able to choose where you would like to be treated and when.
To ensure that you get the most competitive policy on the market that has the maximum level of cover, contact our colleagues at Penn Financial who will be more than pleased to assist.
Health Insurance
The average wait for an outpatient appointment with the NHS in England is nearly 7 weeks. Many people instead opt to take out a private health insurance policy, which will cover the cost of private medical treatment in the case of curable or short-term medical conditions.
Health insurance provides the policyholder with the guarantee that treatment will be available as soon as they fall ill or injure themselves.
Private health insurance should not be regarded as an alternative to the NHS but it will ensure that you get medical care more quickly, at a time and place that suit you.
Life Cover
Life insurance can be a useful way of cheaply and effectively providing for your loved ones in the event of your death.
Planned well, a life insurance policy can be used as an extra source of capital for your family to use as they wish on your death or be used for example as a vehicle to pay off any sums outstanding on your mortgage.
It can also remove the worry of paying for funeral costs or indeed any potential Inheritance Tax liabilities.
Life insurance or life assurance is a contract between you as a policy owner of the life insurance policy and the insurance company as the Insurer. The Insurer agrees to pay a sum of money on your death, more strictly speaking on the death of the Insured, who in fact could be a different person to the policy holder.
When the Insured person dies, the money under the terms of the life insurance, a lump sum usually, is paid to the persons nominated by you before your death.
In return, the policy owner agrees to pay a sum of money, usually every month throughout the term of the policy, called a premium, but this could also in fact be paid as a lump sum at the outset.
There are very many different types of life insurance with varying permutations on them. To ensure that you get the right fit of a policy for you that meets all your expectations it is imperative that you take good sound financial advice.
Broadly speaking, there are two main types of policy:
1. Fixed Term Insurance
2. Decreasing Term Insurance
At Penn Financial, we go out of our way to talk to you in plain English, so you can make best decisions based on solid easy to understand advice from our highly skilled colleagues.
Limitation Of Liability
This website has been prepared with the aim of providing general information only. It is not intended in any way whatsoever to provide legal advice, accountancy advice, financial services advice or mortgage advice. You should not rely on any of the information contained in this website in any way whatsoever and should always take professional advice before taking any course of action in relation to your personal affairs especially in relation to, but not exclusively, legal, accountancy, financial services or mortgage matters.
Owing to the nature of the Internet we cannot guarantee that this website or the websites to which it is linked will always be available to users. You should ensure that you have appropriate protection against viruses and other security arrangements in place whilst using the Internet.
Although every reasonable effort has been made to ensure that the information on this website was accurate at the time of publication, it is subject to variation at any time without notice and we do not give any warranty that any such information will be accurate or complete at any particular time or at all.
This website and any information or other material contained in it are made available strictly on the basis that you accept it on an 'as is' and 'as available' basis. Where you rely on any information or other material contained in it, you do so entirely at your own risk and you accept that all warranties, conditions and undertakings, express or implied, whether by common law, statute, trade usage, course of dealings or otherwise in respect of this website are excluded to the fullest extent permitted by law.
We exclude all liability whatever, to the fullest extent permitted by law, in respect of any loss or damage resulting or arising from any non-availability or use of this website or of any other website linked to it, or from reliance on the contents of this website or any material or content accessed through it.
Professional Details
Please note Penn Chambers is NOT regulated by the Solicitors Regulation Authority. The Individual Solicitors are INDIVIDUALLLY regulated by the Solicitors Regulation Authority. No other companies within the Penn Group of Companies are regulated by the Solicitors Regulation Authority.
Please note that ONLY Penn Mortgages Limited (FSA registration number 473059) is an appointed representative of Mortgage Next Network (FSA registration number 300866) which is authorised and regulated by the Financial Services Authority. No other companies within the Penn Group of Companies are regulated by the Financial Services Authority (save Penn Financial in a different capacity as stated immediately below).
Please note that Penn Financial is the trading name of Penn Financial Limited. Penn Financial is an appointed representative of Sage Financial Services Limited which is authorised and regulated by the Financial Services Authority. No other companies within the Penn Group of Companies are regulated by the Financial Services Authority (save Penn Mortgages in a different capacity as stated immediately above).
No other companies within Penn Group are professionally regulated.
Business Name
Penn Financial is the trading name of Penn Financial Limited. Registered in England number 06242712 and whose Registered Offices are at 197-199 City Road London EC1V 1JN.
Penn Financial Limited VAT Registration number is 925 4161 34
Complaints
We aim to provide all our clients with a quality service throughout the life of their case and even beyond. There are rare occasions where we do not get it right and we aim to address all complaints swiftly and fairly.
If you are dissatisfied with the quality of service that you have received in any way, then please do let us know. We welcome the feedback, which in turn helps us to improve the quality of our service to you. Each company deals with complaints in a different way depending on whether they are regulated by a professional body. Please go to the "Info" page of the compnay that you have cause to complain about for details as to how you can complain.
If in the unlikely event you have a complaint regarding Penn Financial you can:
a) Request our Client Care Report at any time, complete it and return it to us or
b) E-mail the client care team at clientcare_penngroup.co.uk or
c) Write to us at Penn Group 197-199 City Road London EC1V 1JN.
About News Articles
Welcome to our News Articles pages.
On each page you will find a brief summary of the main article in question. If you wish to read the whole article - feel free to download the PDF.
You can download as many of the Articles that you wish all completely free of charge.
If you would like to see an article written about a topic of interest to you which you feel may benefit others, please do not hesitate to contact us.
Of course, we are sure that you will appreciate that the Articles are meant to provide information only and may not be appropriate for your individual circumstances. You should always consult us before taking any course of action.
Happy reading.
The New Retirement Age - How Does It Affect Me?
Fusce tempor arcu ac urna. Fusce congue eleifend mi. Pellentesque metus sem, elementum eu, rhoncus sed, gravida sit amet, nulla. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean condimentum, odio quis pharetra dignissim, diam nisl dignissim diam, eu interdum magna erat sit amet felis. Etiam non felis at urna tempus luctus. In ullamcorper nisl congue elit. In convallis nibh vitae justo. Quisque ac lectus vitae sem consequat sagittis. Donec turpis nisi, feugiat sollicitudin, fermentum
Why Save For A Pension?
What Is Inheritance Tax?
PPI Mis-Selling - What Should I Do Now?
Offshoring - For Rich People Only?
Please bear with us whilst we update our news articles
It will be worth the wait. Promise.
What is Inheritance Tax?
Penn Financial
Fourth Floor
197-199 City Road
London
EC1V 1JN
Click the PDF icon to download our FREE brochure
Main Switchboard - 0844 928 8132
Main fax number - 0844 928 8133
Quick Links
Client Proteus Log In | Staff Mail Login | Second Storage Login | Terms of Use
© 2010 Penn Tech Limited | This website was last updated on 17 November 2010 | A full list of Directors for each company is available for inspection at the Registered Office at 197-199 City Road London EC1V 1JN
