Retirement Planning - Mother & Daughter

Retirement planning

What does this
mean for you?


Retirement is often seen start of a new chapter and the start of a whole new adventure. Retirement planning isn’t just about getting your funds organised, it’s about how you wish to spend your new-found freedom.

When you retire, you may want to take the opportunity to change your lifestyle completely, move home, start a new business or travel the world. And like all big projects, the more you can plan and think it through, the better your future could potentially be.


Retirement Planning - Mother & Daughter Baking

Our retirement planning service can advise on:

Pension Annuity

We can advise on the most suitable annuity for your circumstances and search the whole market to find you the best deal. By checking and assessing all annuity providers, we could get you more money in retirement.

Pension Consolidation

Moving your personal pensions into one policy could potentially make it easier to plan for retirement and reduce the chances of losing track of your money. We can advise on whether pension consolidation is in your best interests and if you can save money when it comes to pension drawdown by consolidating your personal pension.

Pension Drawdown

Our retirement planning service can advise on the best options for drawing down your pension. The service could include making the most of tax-efficiencies, searching the market for a better fund and effective management plans to help make your money last in your retirement.

Retirement Planning

Whether you have ten years or 2 years before you want to retire, we can help and advise on the best strategy to maximise your retirement funds. We’ll deliver all your options and whether buying an annuity or pension drawdown is the best for you.

Retirement Planning Couple

What are your options when you reach retirement age?


As you reach retirement age, you’ve got several options to decide in regards to taking income from your pension. Everyone is different, and taking your retirement income is a personal decision, but speaking with a financial adviser could help you make the most of your pension pot.

1. Leave your pension pot where it is: if you’ve alternative means of income saved, like an ISA or savings fund, leaving your pension funds invested could help grow even more, and ready for when you do need the extra income.

2. Buy a secure income: with the uncertainty across the UK financial markets, buying a secure retirement income through a pension annuity, could give you peace of mind and the security you need with a guaranteed income for the rest of your life.

3. Get adjustable income: you could take 25% of your pension pot tax-free (if you haven’t already taken this bonus) and leave this rest invested to draw when you require. This is called pension drawdown.

4. Take the whole pension pot as cash: you can withdraw all of your retirement savings in one go, paid as a cash lump sum. Current rules mean you can take 25% tax-free (if you haven’t already taken your tax-free lump sum) and the rest will be taxed at your income tax rates.

5. Take out your money in chunks: you could take smaller sums of money as and when you like until your pension pot runs out. This could help with retirement planning and income tax efficiencies.


Planning for retirement

Who Can We Help?

Due to the constraints and terms of various pension funds, our Retirement Planning service can only advise people who fit into the below criteria:

We can advise on:

  • Private or personal pensions
  • Old workplace pensions
  • Defined benefit (final salary) pensions
  • Pensions valued over £15,000

We can’t advise on:

  • State pension enquiries
  • Unfunded public-sector pensions (E.g NHS)
  • Non-UK residents or looking to leave the UK
  • If you’re already receiving annuity payments
  • Pensions valued under £15,000

Frozen Pensions Image

Managing your money

Getting financial planning advice before accessing your personal pension pot can go a long way to reducing your financial worries in later life. With people’s life expectancy increasing, you may spend more time in retirement than ever before, plus you may have health and care costs to consider.

The changes in pension rules have given those about to retire far greater freedom when it comes to using their pension pot, but freedom brings with it greater individual responsibility.

It is agreed that spending in retirement tends to follow the same trend regardless of your financial situation. People often spend more retirement income in the early, more active years of their retirement, with spending decreasing in the middle years and increasing again later in life with potential medical expenses more likely to be required.


Peace of mind

We work with all major UK pension providers, allowing us to find the pension that helps you meet your retirement goals and ensures your retirement is in experienced hands.

Budgeting for your lifestyle

There are several factors to consider. You may have income from employment; equally, you could choose to give up work altogether and tick off the items on your bucket list. You could decide to downsize from a family home to a smaller property now your children may have flown the nest, which could be more cost effective to run or perhaps consider equity release to bolster your retirement income.

You may want to help children or grandchildren financially by paying for university fees or helping them with a deposit for a home of their own. You may also have to plan for a time when you might need to pay for help around the house, and for the likelihood of needing medical and nursing care in your later years.

Take professional financial advice today to help with your retirement planning, call 0808 164 2664 or start retirement planning today.