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 Power of Pension Reviews: Is Your Retirement Plan Working Hard Enough?

Does your current financial adviser review your pensions annually? If not, you could be missing out on valuable opportunities to grow your retirement savings. Regular pension reviews ensure your investments remain aligned with your financial goals, adapt to market changes, and minimise unnecessary fees.

If you don’t have a financial adviser, you’re not alone! Shockingly, nearly one in five savers have never checked their pension savings, according to research from People's Pension.

Our service includes a free review of your pensions and includes our recommendations, if you decide to accept our recommendations a fee may be charged.BOOK A FREE PENSION REVIEW

Source: https://thepeoplespension.co.uk/employers/support-for-employers/news-and-insights/1-in-5-savers-have-never-checked-their-pension/

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Tax treatment varies according to individual circumstances and is subject to change.

Find Lost Pensions with our FREE Pension Tracing Service

Do you have a lost or forgotten pension pot? Your not alone, research reveals there's an estimated £50 Billion in lost pension pots in the UK.

We can help you trace your lost pensions with our FREE pension tracing service. By using our free tracing service you can find pensions that may not be performing well and speak to our financial advisers who can review your pensions and help you possibly get more out of the money you put into your pensions.

If you are unsure if you have any lost pensions but are interested in finding out more please submit the form below.

FIND LOST PENSIONS FOR FREE

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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SOCIALS

Need to simplify your pensions? Managing multiple pension pots can be complex and time- consuming. We can help you find and consolidate your pensions into a single, manageable plan.

Our service includes a free review of your pensions and includes our recommendations, if you decide to accept our recommendations a fee may be charged.

CONSOLIDATION ADVICE

Our Pension Services

We offer comprehensive pension services, including free pension tracing and reviews, consolidation, transfers, annuities, drawdown, and expert guidance on final salary pensions - all designed to help you make the most of your retirement savings.

Free Pension Reviews

Managing your pensions effectively is key to securing a comfortable retirement, and our free pension review service is here to help. Whether you're considering consolidation, transfers, or aiming to optimise your current plans, our expert advisers provide tailored insights and recommendations to ensure your pension works hard for your future.

Our service includes a free review of your pensions and includes our recommendations, if you decide to accept our recommendations a fee may be charged.

Book your free pension review here >

Free Pension Tracing

Lost track of an old pension? You're not alone—1 in 5 workers in the UK have a lost or forgotten pension pot. Pension pots can be lost or forgotten when employees move jobs and neglect to transfer them to their new workplace pension scheme. Inactive pension pots can be a problem, especially if they are in underperforming schemes. Find it for FREE.

Source: moneyweek.com 4th September 2024

Trace your pensions free here >

Pension Consolidation

Managing multiple pension pots can be overwhelming, but our pension consolidation service makes it simple. We help combine your pensions into one streamlined plan, giving you better control over your retirement savings and making it easier to manage your future finances.

Pension Consolidation Advice >

Pension Transfers/Switching

Thinking of transferring or switching your pension? Our expert pension transfer service helps you explore your options, ensuring your retirement savings are aligned with your goals. We guide you through the process to make informed decisions with confidence.

Pension Transfer Advice >

Pension Annuities

Looking to secure a guaranteed income for your retirement? Our pension annuity service helps you turn your pension savings into a reliable income stream, providing regular payments for life or a fixed term. We guide you through your options, helping you choose the right annuity to suit your circumstances, so you can enjoy peace of mind and financial security throughout your retirement.

Pension Annuities Advice >

Flexible Drawdown

Looking for flexibility in how you access your pension savings? Our flexible drawdown service allows you to keep your pension invested while taking regular or ad-hoc withdrawals, giving you control over how and when you access your money. Whether you're looking for a steady income or more flexibility, we help you tailor a drawdown plan that meets your retirement needs and financial goals.

Flexible Drawdown Advice >

Income Drawdown

Looking to maintain a flexible income in retirement? Our income drawdown service lets you access your pension savings while keeping them invested, offering the potential for growth alongside regular withdrawals. We help you create a tailored income strategy, giving you control over your finances while ensuring your money works hard to support you throughout retirement.

Income Drawdown Advice >

25% Tax-Free Cash

Did you know you can access 25% of your pension pot as tax-free cash? Allowing you to take a quarter of your pension savings without paying tax, providing a valuable boost to your retirement plans. Whether you're looking to pay off debts, fund a large purchase, or simply enjoy a tax-free lump sum, we guide you through the process to make the most of your pension benefits.

Pension Tax-Free Cash Advice >

Retirement Planning

Planning for retirement is essential to ensuring a secure and comfortable future. Our retirement planning service helps you take a proactive approach to your finances, offering tailored advice on pensions, investments, and savings to help you achieve your retirement goals. We work with you to create a comprehensive strategy that suits your needs, providing ongoing support as your circumstances and goals evolve over time.

Retirement Planning Advice >

Final Salary/Defined Benefit Pensions

If you have a final salary or defined benefit pension, you may be entitled to a guaranteed income for life based on your salary and years of service. Our expert team helps you understand the value of your final salary pension, providing guidance on whether it’s best to leave it as is, transfer it, or explore other options. We ensure you make informed decisions that align with your retirement goals and secure your financial future.

Transferring out of a Final Salary scheme/Defined Benefit Scheme is unlikely to be in the best interests of or be suitable for most people.

Defined Benefit/Final Salary Pension Advice >

Stakeholder Pensions

Stakeholder pensions are a flexible and low-cost option for saving for retirement, designed to be accessible to everyone, including those with irregular incomes. Our service helps you understand the benefits of stakeholder pensions, including low charges, flexible contribution options, and the ability to transfer or consolidate your pension pot. We provide expert guidance to ensure you’re making the most of your retirement savings while keeping costs manageable.

Stakeholder Pension Advice >

Personal Pensions

Personal pensions are a great way to take control of your retirement savings. Our service helps you understand and set up a personal pension plan tailored to your individual needs, whether you're self-employed, looking for extra savings, or wanting more flexibility with your retirement funds. We provide expert advice on choosing the right plan, managing your contributions, and ensuring your pension grows to support your financial future.

Personal Pensions Advice >

Executive Pension Plan

An Executive Pension Plan (EPP) is a tax-efficient retirement savings solution designed for high earners and business owners. Our service helps you set up and manage an EPP, allowing you to make larger contributions while benefiting from significant tax advantages. We provide guidance on structuring your pension to suit your financial goals, ensuring you have a strong retirement plan in place to support your future needs.

Executive Pension Plan Advice >

SIPP's (Self Invested Pension Plans)

A Self-Invested Personal Pension (SIPP) offers greater control over your retirement savings, allowing you to choose your own investments, from stocks and shares to commercial property. Our service helps you understand the benefits of a SIPP, offering flexibility in managing your pension pot and the opportunity to tailor it to your individual goals. We provide expert advice on selecting and managing investments, ensuring your SIPP works effectively to support your retirement plans.

SIPP's Pension Advices >

Long Term Care Planning

Long-term care planning is essential to ensuring you or your loved ones are prepared for future health and care needs. Our service helps you navigate the complex options available, including funding care costs and protecting your assets, while ensuring your wishes are met. We provide expert guidance on how to plan for potential care requirements, from residential care to in-home support, helping you make informed decisions for a secure and comfortable future.

Long Term Care Planning Advice >

Looking for more information on retirement? Download our guide to learn about withdrawing from your pension, inheritance tax, passing on your retirement wealth, and more.

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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.