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As an endorsed provider, we have been providing expert financial advice to members of Prospect since 2007. We can guide you through those times in life when you need to address financial issues – be it looking to buy a property, starting a family, saving for your future or planning for retirement we are here to help. Importantly, we can help you understand how changes in the workplace, amendments to pension provisions and reviews to working practices may affect you. After all, in the current economic climate it makes sense to have your finances in order.

Complimentary Consultation

Receive a no obligation initial consultation

As a member of Prospect you are entitled to a complimentary, no obligation initial consultation from Lighthouse Group Financial Solutions, Prospect’s endorsed provider of financial advice. One of our qualified advisers will ask you about your circumstances and objectives to establish whether you could benefit from advice. Whatever your stage in life, whatever your priorities and lifestyle, we can help you make the most of your money.

As you would expect from Prospect’s endorsed provider of financial advice, we understand the hugely complex area of retirement planning and can explain what provision you already have and how you could supplement this.

  • Will your pension scheme provide you with adequate income in retirement?
  • Have you considered other tax-efficient ways of boosting your income in retirement?
  • Do you have old pension funds, private pensions or investments? If so, are they on track to provide the pension you expect?
  • Can you afford to retire early? What impact would this have on your pension in later life?
  • Should you take a tax-free lump sum?
  • When did you last check your investments? Do they reflect your current attitude to risk?
  • Do you need fixed or variable income in retirement?

A member of the Connect Division of Prospect? Find out about the BT pension scheme. (You will be redirected to a 3rd party website, we are not responsible for the content.)

Would you benefit from attending a seminar on financial issues such as:

  • planning for retirement
  • planning for redundancy
  • income and wealth preservation
  • savings and investments?

As an endorsed provider, we are able to run financial planning seminars for Prospect members in their workplace. Alternatively, you may prefer to hold a surgery, where members book 30-minute, individual, confidential consultations with one of our experienced financial advisers.

Is your job at risk? Act now to secure your financial future. What action can you take to secure your financial position if your job is at risk, or you are considering accepting a voluntary severance?

Here are some of the things you should consider:

  • Work out how much you spend a month. Remember to include your mortgage repayments, insurance, council tax and other bills. Make sure you include any direct debits and standing orders. What is the shortfall between your total expenditure and any income you may receive when you are out of work? Can you reduce your outgoings?
  • Do you have mortgage payment protection insurance? If so can you claim on it? Should you ask to reduce your monthly repayments or ask for a repayment holiday? You should tell your mortgage lender about your situation, as they are likely to be more flexible if you do need to reduce your repayments.
  • Do you have any other loans? If so, what can you do to reduce them or pay them off?
  • Have you (or will you) receive a lump sum payment as part of your voluntary severance package? If so, how can you make the most of it? What should your priorities be?
  • Should you invest part or all of the lump sum?
  • Will you be able to claim benefits? Any savings, including your lump sum payment, could affect how much you receive.
  • Is early retirement an option? However, you need to make sure that you will have enough retirement income to live on comfortably, now and in the future.
  • Have you lost valuable benefits such as life assurance or private medical cover? If you have, you may want to consider replacing them. Do you want this if you are trying to reduce costs?
  • You should review any savings and investments you already have to see whether they could produce much-needed income or simply to make sure they are invested in line with your needs and attitude to risk.
  • How can you generate more income? Could you rent out a room in your home? Any rental income could be tax-free.
  • What about your pension arrangements. Contributions from your previous employer will cease and you will probably want to stop any additional contributions you usually make, at least until you get another job.

MONEYTALK

Download the personal finance newsletter for members and staff published by Lighthouse Group Financial Solutions.

Important Information: The value of your investments can go down as well as up, so you could get less than you invested. The value of your income from your investment can go down as well as up. Tax advice which contains no investment element is not regulated by the Financial Conduct Authority. A pension is a long term investment. The fund value may fluctuate and go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

Who are Lighthouse?

Lighthouse provides financial advice to personal and corporate clients through specialist advisers located throughout the UK.

View more about Lighthouse

About to Retire?

Provided in partnership with HUB Financial Solutions, our annuity service can help you get a higher level of income.

Find out more