Clergy pensions

12 June 2019

Helping members of the clergy and church employees save for a comfortable retirement.

Clergy pensions advice from EFAS

Ecclesiastical has provided pension and retirement advice to clergy, and the wider church community since 1919 and Ecclesiastical Financial Advisory Services (EFAS) have provided fully independent financial advice about pension savings and planning for retirement since 2009. This means our advisers understand the church pension schemes and clergy circumstances and crucially, are not limited or restricted in the range of products or providers we can advise about or recommend. 

Clergy pension funds and retirement planning

EFAS advisers are qualified to provide advice on all of the various pension and retirement contracts and recommend solutions from across the whole market. We can help you make additional savings during your working life and help you understand and navigate the options available as you make the transition into retirement. 
 
Helping you make the right decisions and recommending suitable solutions to meet your pension and retirement needs is at the core of our advice service.
 
This means you can have full confidence and trust that the advice we give is independent, impartial and concentrates on finding a suitable solution for your circumstances.

Clergy pensions services

Pension savings during your ministry:

  • Saving more for retirement and making the most of the benefit of tax relief on clergy pension contributions and additional voluntary contributions (AVCs). 
  • Reviewing plans from previous employers or other non-church schemes to ensure they are still suitable.
  • Advice about transferring all types of pension scheme, including defined benefit (salary linked) schemes. 
  • Consolidating pension plans from several providers to one, for example, personal pensions, free-standing additional voluntary contribution schemes (FSAVC) and group personal pensions (GPP) etc.
  • Suggesting other ways to achieve your retirement plans. 
 
Retirement planning options:

  • Advice on your retirement options from Church of England clergy pension schemes and accessing benefits from other Schemes.
  • Advice on pension transfers and consolidation at retirement.
  • Advice on accessing pensions flexibly  (also known as drawdown).
  • Buying an annuity (a type of pension product that includes a guaranteed amount of income).

Other pension/retirement advice

EFAS advisers can also help you understand:

  • If it is possible to take early retirement. 
  • The tax efficiency of different pension saving and retirement options.
  • How to invest lump sums from pensions or other sources such as an inheritance.
  • Ethical and socially responsible investment options.
  • Financing your retirement home via a mortgage or remortgage - EFAS are specialist advisers when it comes to understanding the mortgage needs of people who live in employer-provided accommodation and who might need to extend a mortgage beyond their chosen retirement age.

How much do we charge for our services?

 In summary:
 
  • There are no upfront charges at all.
  • There is no charge to you for the initial introductory meeting, which is carried out at our expense, either face to face in your home or over the phone on. 
  • Our advice fee is dependent on individual client circumstances and the complexity of their situation. Your adviser will discuss this with you and agree the fee for the required work during the initial meeting. Our minimum charge for a retirement and pension review is £1500 and this includes all of the necessary research, advice report and implementation of the recommendations. 
  • The Fees and charges applicable to your circumstances are agreed at the outset and become payable on presentation of our advice. There is no obligation until the fee is agreed with you.
  • Fees for any ongoing review services are also agreed at the outset.
Full details of our standard charges are included in our brochure ‘About Our Services and Costs’.
 
Please remember that pensions are a form of investment contract and like other forms of investment the value of your pension savings can fall as well as rise and you may not get back the amount originally invested. Your capital is at risk.
Helen and I would unhesitatingly recommend Ben to any/all our friends and Church members and indeed have already given folk his name and contact. He is highly professional, well-informed, efficient and really good fun. He has, always, made the things we wanted straightforward and easy to understand whilst, at the same time, making sure we got exactly what we wanted. His recommendations have been the very best in terms of mortgage and life insurance. Having dealt with advisers in other places we would now go to no-one but Ben and commend others to do the same. He is part of the team of folk at Ecclesiastical who in a variety of ways have helped us so much and so well.

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