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Pensions & Retirement Advice

Pensions and retirement planning are crucial for ensuring financial security in your later years. We provide expert guidance to help you understand your options, make informed decisions, and build a solid plan that supports your long-term financial goals.

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The Real Cost of Pension Advice

When it comes to pensions, there’s a lot of confusion out there – especially around fees, services, and whether getting advice is even worth it.

At Beals Wealth Management, we offer a full range of pension services – from tracing lost pensions to reviewing and consolidating your existing pots

Many pension services we offer are free, and where there is a fee, it usually doesn’t come out of your pocket.

PENSION ADVICE COSTS

Our Pension Services

Free Pension Reviews

Our free pension review helps you track, consolidate, or optimise your pensions. Get expert advice to ensure your retirement savings work harder for your future.

Free Pension Tracing

Find lost or forgotten pensions using our free pension tracing service. We help you track old pots and bring your retirement savings together.

Pension Consolidation

Our pension consolidation service helps you combine multiple pension pots into one plan, giving you clearer control and easier management of your pensions.

Pension Transfers

Our pension transfer service helps you switch to a plan that better suits your goals. We assess your options to ensure your pension works harder for your retirement.

Pension Annuities

A pension annuity can provide guaranteed income for life. We help you explore annuity options to secure a stable and reliable retirement income.

Pension Drawdown

Pension drawdown lets you take a flexible income from your pension while keeping the rest invested. We help you make the most of your retirement savings.

Retirement Planning

Our retirement planning service helps you prepare for the future with tailored advice on pensions, savings, and income options to secure your ideal retirement.

25% Tax-Free Cash

Access up to 25% of your pension tax-free and use it how you choose. We’ll guide you through your options to make the most of this retirement benefit.

Final Salary Pensions

Final salary pensions give guaranteed income for life. We help you understand your scheme and decide whether to keep it, or explore other options.

Whether you prefer a local adviser visiting you in person or a remote consultation by phone or video call, we tailor our service to meet your needs, wherever you are in the UK.

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Expert Pension Advice, Tailored to You

Complete the form below to speak with a qualified adviser about your pensions and retirement options.

Frequently Asked Pension Questions

What is pension tax relief, and how does it work?

Pension tax relief allows you to receive tax benefits on your pension contributions. For every contribution you make, the government adds an extra amount based on your income tax band. Basic rate taxpayers receive 20%, higher rate taxpayers receive 40%, and additional rate taxpayers receive 45%.

What is pension consolidation?

Pension consolidation involves combining multiple pension pots into one. This can make managing your retirement savings easier and reduce fees, but it’s important to seek professional advice to avoid losing valuable benefits or guarantees.

How do I trace lost or old pensions?

If you have a lost of forgotten pension pot, our free pension tracing service can help you locate them.

What is the difference between defined benefit (DB) and defined contribution (DC) pensions?

A defined benefit (DB) pension provides a guaranteed income in retirement, typically based on your salary and years of service with your employer. A defined contribution (DC) pension, on the other hand, depends on how much you and your employer contribute and the performance of your chosen investments. The income from a DC pension is not guaranteed and depends on market conditions at retirement.

Why should I regularly review my pension?

Regular pension reviews help ensure your retirement savings are on track. They allow you to assess fund performance, investment choices, and fees, ensuring your pension strategy aligns with your evolving goals and any changes in legislation. A review also provides an opportunity to consolidate old pensions if appropriate.

What is a pension drawdown?

Pension drawdown allows you to take flexible income from your pension while leaving the rest invested. It offers more control over your retirement income but comes with investment risks.

What is the annual allowance for pension contributions?

The annual allowance is the maximum amount you can contribute to your pension each year with tax relief. For most people, this is £60,000 per year, but it can be lower if you have already accessed your pension or are a high earner.

Can I transfer my final salary pension?

Yes, but transferring a final salary (or defined benefit) pension to a personal pension involves risks. You could lose guaranteed income, so it’s essential to get regulated financial advice before making a decision.

When can I access my pension funds?

Currently, you can access your pension funds from the age of 55, rising to 57 from 2028. You can choose various options, including taking a tax-free lump sum of up to 25%, buying an annuity, or using a drawdown to access your pension flexibly while keeping it invested.

How can I maximise my pension’s tax allowances?

To maximise your pension’s tax efficiency, you can take advantage of tax relief on pension contributions up to your annual allowance, currently £60,000 per year (2023/2024 tax year), or 100% of your earnings, whichever is lower. You can also use the carry-forward rule to utilise any unused allowances from the previous three tax years. Additionally, drawing from your pension strategically can help minimise tax on withdrawals. A financial adviser can help you plan effectively to make the most of your tax allowances.

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