Abbey Financial Services - NI Ltd

Abbey Financial Services - NI Ltd Our business is designed to give you or your company financial security, specifically tailored to me Our FCA register number is 503326.

Discover a world of reliable and valid advice, specifically tailored to benefit your financial situation. Why not book a consultation today and start a long standing relationship that you will cherish. Our Services:
•Pensions
•Investments
•Life Insurance
•Critical illness
•Mortgages
•Income protection
•Trusts
•Partnership insurance
•Shareholder protection
•Private medical insurance
•Relevant life

insurance

About us:
•We're a level 4 qualified advisor, to give you a peace of mind that our advice is worth listening to
•We were formally known as the Insurance Partnership
•We're enthusiastic wanting to dedicate and individualise our services to you. When you book a consultation, we make it all about you
•We go to whatever lengths to give you the best, most secure advice
•All aspects of financial advice including insurance, life insurance, mortgages, pensions, investments
We are authorised and regulated by the Financial Conduct Authority.

Annuities and Drawdown Pensions – What are the differences between them?To discuss what would be the best options for yo...
13/06/2025

Annuities and Drawdown Pensions – What are the differences between them?

To discuss what would be the best options for your retirement, call our Retirement advisers on 02837 524061.

Abbey Financial Services NI Ltd are independent Financial Advisers.

What option is best for you?

Drawdown Pensions

This is a more flexible way of accessing your pension pot than its main alternative, an annuity.

It allows you to take out sums gradually leaving the rest invested.
Pension providers and investment platforms offer the product, which is generally available to people over 55 (57 from 2028) with a defined contribution pension and not a final salary or defined benefits pension.

How does it work?

It usually starts with taking with taking up to 25% of your pension pot tax-free.
The rest is moved into a “drawdown account” where it remains invested in funds of your choosing.

You can take single payments or regular payments from that drawdown account, but anything you withdraw over the tax-free portion (25% ) is taxed at your income tax rate.

The Risk

You have full control over how much to withdraw and how often, making it ideal for changing income needs.
However, your pension pot remains invested meaning it can rise or fall depending on market performance. Poor investment performance or withdrawing too much too soon may mean that your money runs out later in retirement.

Annuities

This type of financial contact converts your pension into an annual income. This can be paid annually, bi-annually, quarterly or monthly. The product is sold by insurance companies to those aged over 55 and over and can be fixed term or lifetime.

The amount you receive will depend on the size of your pension savings, the features of the annuity chosen and your health and lifestyle.
Once you’ve agreed to the contact, you cannot change it or transfer it to someone else.

Lifetime Annuity
Lifetime annuities guarantee you as set income for the rest of your life, no matter how long that is.

Other Types of Annuity

Fixed term or temporary annuities, Escalating annuities, Inflation-linked annuities, Investment linked annuities, Impared or enhanced annuities (can be used if you have health issues), Joint live annuities (allow you to transfer a sum to your spouse or partner after your death). Please contact the office for details of each type of annuity.

Taxation

Annuities contribute to your (or your spouse/partner) personal allowance and are taxable like any other income. Remember you are entitled to draw down a 25% lump sum tax-free from your pension pot.

To discuss what would be the best options for your retirement, call our Retirement advisers on 02837 524061.

Abbey Financial Services NI Ltd are independent Financial Advisers.

07/03/2025

Changes to Stamp Duty Land Tax 2025

You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in Great Britain and Northern Ireland.

Thresholds
The threshold is where SDLT starts to apply. If you buy a property for less than the threshold, there’s no SDLT to pay.

Thresholds from 1 April 2025
SDLT starts to apply when you buy property that costs:
• £125,000 for residential properties
• £300,000 for first-time buyers buying a residential property worth £500,000 or less
• £150,000 for non-residential land and properties

Please contact Abbey Financial Services NI Ltd on 02837524061 if you have any questions about buying a property or obtaining a mortgage.

Abbey Financial Services are Independent Mortgage Advisers.

How Life insurance could spare your family Inheritance Tax NightmareFollowing the 2024 Autumn Budget, when the Chancello...
24/02/2025

How Life insurance could spare your family Inheritance Tax Nightmare

Following the 2024 Autumn Budget, when the Chancellor unveiled major changes to Inheritance Tax Law including inheritance tax relief for agricultural and business assets. Many families are concerned about these new changes.

Inheritance tax is charged at 40pc on the value of an estate worth more than £325,000. However homeowners can claim an extra £175,000 allowance if they leave a property to their direct heirs, and married couples can share their allowances, allowing a couple to shield up to £1 million from the taxman.

Families must calculate the tax owed and pay the liability within six months of the death – often before they have access to the money you’ve left behind.

Some families end up paying the bill late through no fault of their own because of delays in Grant of Probate.

A Grant of Probate is needed in order to sell the home of the deceased, with Grants currently taking up to 11 months, some families are left without the proceeds from the sale to cover the bill, forcing them to incur interest on late payments. HMRC currently charges 7pc.

The number of families paying the 40pc levy was already on the rise due to frozen thresholds and decades of house price growth.

Soon 1 in 10 deaths will result in an inheritance tax charge because of the Budget reforms, which also included plans to levy inheritance tax on pensions and extended the freeze on tax-free thresholds until 2030.

Taking our an insurance policy to pay inheritance tax can make things easier on your beneficiaries after your death.

It can also stop your home or other assets from being sold in order to pay the bill. This is why a “Whole of Life” policy can make sense for those with farms or businesses who might struggle to sell assets quickly or who might want to keep these in the family.

Life insurance lets you set aside money to pay an inheritance tax bill. The Insurance company will pay the coverage amount to your chosen beneficiaries after you pass away so that they have the funds to pay the liability without selling other assets.

Remember that any insurance policies you have will be included as part of the estate, meaning that the final tax bill could end up even higher.

Many Insurance companies will write the policy into a Trust free of charge.

A grant of probate is not required to access a trust on death, often a trustee just needs to provide a death certificate.

There may be steps you can take to reduce your inheritance tax liability such as giving away a property or other assets.

How much Life insurance will cost depends on the sum assured, term, age and health conditions and lifestyle, guaranteed or reviewable premiums etc.

It is recommended that you speak to your Financial Adviser, Accountant and Solicitor if you need advice on Inheritance tax.

Abbey Financial Services are Independent Financial Advisers.

Call 02837 524061 to arrange an appointment with one of our Financial Advisers.

Bank of England Base Rate Reduced.Following the announcement today, the Bank of England base rate has decreased to 4.5%....
06/02/2025

Bank of England Base Rate Reduced.

Following the announcement today, the Bank of England base rate has decreased to 4.5%.

For advice on Mortgages, call our mortgage adviser on 02837524061

Abbey Financial Services are independent Mortgage Advisers

02/01/2025

Housing market resilient despite ongoing affordability challenges.

● Activity levels in the housing market increased over the course of 2024.

● The pace of house price growth moved firmly into positive territory, approaching 4% in November.

● House prices are expected to see growth, broadly in the range of 2% to 4% in 2025.

Information from Nationwide House Price review
For Assistance with any mortgage queries call 02837524061

23/12/2024

The office will be closed from Monday afternoon on 23rd Dec 2024 until Thursday 2nd January 2025

For any enquiries during this time, please call 07985 110960

Wishing you a Happy Christmas and New Year

Children’s Critical Illness CoverNobody wants to think about their child getting seriously ill but unfortunately, it’s q...
26/11/2024

Children’s Critical Illness Cover

Nobody wants to think about their child getting seriously ill but unfortunately, it’s quite common. That’s why some protection policies give you the option to add Children’s Critical Illness Cover to your own Critical Illness Cover. This provides tailored protection for the family – from pregnancy right through to young adulthood.

Like many products the amount of protection varies and it is best to get advice to get the most suitable product for your needs.

Enhanced Children’s Critical Illness Cover
Some companies offer Enhanced Critical illness cover, in addition to child-specific conditions your children are also covered for all main conditions as described in the Key Features.

To find out more about Children’s Critical illness call 02837 524061

Abbey Financial Services are Independent Financial Advisers.

Address

Suite 7, Dean Swift Building, 50 Hamiltonsbawn Road
Armagh
BT601HW

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+442837524061

Website

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