It’s never too late to get started

When planning for retirement, the reality is that the earlier you start, the better. However, it's never too late to start saving, so it’s really important that you consider your pension and retirement options whatever stage of life you are at.

Changes to pension rules in recent years also mean that now could be a great time to review your pension provision. You may have multiple pensions from different sources where pension consolidation may be an option. We can advise you on all aspects of your retirement planning so please contact us today to find out more.

A pension is a long term investment, the fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits and is not suitable for everyone. You should seek advice to understand your options at retirement.

Frequently asked questions

What is a state pension?

A state pension is part of the Government’s pension arrangements. It is a contribution-based benefit and its value depends upon your age and contribution record (National Insurance contributions).

What is a defined benefit pension scheme?

A defined benefit pension scheme is one where the amount paid to you is set using a formula based on how many years you’ve worked for your employer and the salary you’ve earned, rather than the value of your investments.

These schemes pay out a secure income for life which increases each year.

Pension faqs grandpa and girl playing

What is a defined contribution pension scheme?

Defined contribution pensions build up a pension pot using Employer and Employee contributions plus investment returns and tax relief to provide you with an income in retirement.

The income you might get at retirement depends on factors including the amount you pay in, the fund’s investment performance and the choices you make at retirement.

What is a personal pension scheme (PPS)?

A personal pension scheme (PPS) is a type of defined contribution pensions. You choose the provider and make arrangements for your contributions to be paid. If you have not got a workplace pension, this could be a good way of saving for your retirement.

What is a self-invested personal pension (SIPP)?

This is a UK Government approved personal pension scheme which allows you to make your own investment decisions from the full range of investments approved by HM Revenue and Customs.

A SIPP is a pension ‘tax wrapper’ allowing tax rebates on contributions in exchange for limits on accessibility.

What is pension consolidation?

Consolidating your pensions means bringing multiple pensions together into a new plan so you can manage your retirement savings in one place. It can, however, be a very complex decision to work out whether you would be better or worse off by combining your pensions. You should take investment advice before making any final decisions on consolidation.

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