When it comes to retirement, making the right decisions are crucial.

With so many rules and considerations, especially when you come to withdraw your Pension, the array of options available can be quite daunting.

Whether you are an employer trying to make the best decision for your team, or an individual trying to make the most of what you already have and are being offered.

By truly getting to know you and understanding your relationship with money, we can help you to appreciate your true financial position. We will help you to plan effectively for the most important times ahead, giving you qualified impartial advice to achieve the best possible results.

  • Pension Options

    What are my Pension options?

    You might be looking for trustworthy counsel on how to use your existing Pensions, or just starting out on your work and Pensions journey. You may also have significant other assets and or regular sources of income that you can rely upon. One thing is for sure, the sooner you start saving, the greater the potential benefit you could have. At retirement there are various factors you need to consider:

    Leave it until it’s needed

    In most cases it is sensible to leave your Pensions in place for as long as possible, especially where you are able to utilise other sources of income or savings. By doing so, your pot could continue to grow tax efficiently and has a better chance of lasting for the entirety of your retirement. You could also arrange to retire on a gradual basis, to potentially help the Pension last even longer. Many of our clients have chosen to partially retire, thus retaining the best of both worlds. If there is any money that remains within your Pension, it can be passed on to your spouse/partner, family or friends upon premature death.

    Purchasing a guaranteed income for life

    Generally speaking, you can opt to withdraw up to 25% of your pot as a one-off tax-free sum. The rest, however you decide to take it, is classed as income. You could provide a guaranteed income for life without any future investment risk, or you could choose to take this income more flexibly.

    Taking flexible income in retirement

    Again, you can if you wish, take up to 25% of your Pension value, tax-free. With this, you can choose the amount of income you want, but it is not guaranteed for any duration.

    If you choose this route, you need to carefully plan how much income you can reasonably afford to take. This would usually be based upon the expected investment returns and the average life expectancy. Otherwise there’s a real risk that you’ll run out of money too quickly.

    Take lump sum Payments

    You are allowed to take your whole Pension fund as a lump sum or as regular lump sum payments. Typically, 25% of the amount is tax free, the remaining 75% will be subject to income tax deductions at the relevant rate/s. Taking a large lump sum could reduce any entitlement you have to State benefits now, or for your longer-term care needs if and when this becomes an issue. This should be considered very carefully, as it can also raise other considerations. With our knowledge and experience, we can guide you towards the best option for your circumstances.

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  • Managing Your Pension

    How best to manage your Pension?

    You can if you wish, take charge of your own Pension savings. If you feel confident with your money, know exactly where you want to invest, and accept the outcome whatever this may be, then this may be appropriate for you.

    Most people opt to take some form of advice, typically from a qualified Independent Financial Adviser (IFA). Their knowledge and understanding of product complexities, legislative changes and tax breaks mean they are perfectly placed to give you professional advice for your very individual circumstances.

    In working together, we would learn about your aims and objectives including how much you can budget to ensure you are comfortable both now and in the future. We would meet regularly to help your understanding of where you are and what you have, planning a solid route towards your preferred outcome.

  • Pension Investments

    How do you determine what constitutes a good investment?

    Charges: should be reasonable and in line with or lower than competitors

    Accessibility: can you get your hands on the money if needed without penalty?

    Performance: back-testing the history of funds can be used as a guide

    Service: good access to service and support from the provider and adviser is essential

    Tax efficiency: There aren’t many tax breaks available but it’s important to utilise those that are!

  • Types of Pension

    What Pensions may be available to me?

    The State Pension:

    This Pension is Government paid. It is considered to be a secure income for life and increases each year.

    The amount is calculated based upon the amount of years you have paid national insurance contributions. To be eligible, you will need at least 10 years contributions, 35 years contributions entitles you to the full amount in your own right.

    A Defined Benefit Pension:

    Sometimes referred to as ‘a Final Salary Pension’. With this type of Pension, there is a ‘promise to pay’ a specified income at retirement, usually based upon your years of service and income levels.

    The Pension scheme rules provide the actual basis for the calculation, as well as setting out how benefits can be paid to you. These Pensions tend to offer less flexibility at retirement, but a greater level of security because of the guarantees attached.

    A Defined Contribution Pension

    Sometimes referred to as a ‘Money Purchase Pension’. The benefits paid at retirement are dependent upon a number of factors, such as the fund value, any bonus or guarantees, the specific type of contract held and the charges applied along the way. In terms of flexibility, you can choose where to invest the funds, at what age to take the benefits (subject to a minimum age of 55) and the level of income you would need.

  • Financial Security

    How do I ensure my financial security?

    When an unexpected, life-changing event occurs – such as accidents, illness, unemployment or death – having a protection plan in place can help to reduce its impact upon you, your family and your financial future.

    There are many different ways in which you can protect yourself and your finances. Making sure you have the most appropriate products for your needs is essential.

Risk warning

A pension is a long term investment, the fund value may fluctuate and can go down. Your eventual income may depend upon the size of your fund at retirement, future interest rates and tax legislation.

Are You
approaching retirement?

As you approach your retirement age you need to be sure about your financial future.

After working so hard for many years, you want to retire early enough and with enough income to enjoy it.

Unable to work
due to ill health?

Having to retire early for a variety of reasons – including ill-health – can be a very daunting situation.

Although you may no longer be able to work, you’re rightly concerned your financial future will be compromised.

Pensions for
your employees

As a business owner, you have a legal responsibility to ensure that your work team/employees are automatically enrolled into a Pension scheme.

This involves setting up a qualifying workplace Pension scheme to help them to save towards retirement.

Pensions to benefit
the business owner

As a business owner, you may have personally accumulated a variety of different Pensions throughout your working life.

They can be difficult to understand and potentially, there may be good reason to consider consolidation to help to assist with your financial future.

How To Find Us

Number One
The Cloisters
10-12 George Road
Edgbaston, Birmingham
B15 1NP


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Registered office address: Fulford House, Newbold Terrace, Leamington Spa, Warwickshire, CV32 4EA. Tel: 0121 366 9272. The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.