Retirement Planning

Saving for retirement is often one of the most significant challenges faced by many people. Pensions have evolved to offer far wider choices

Far Wider

Pension Choices

Pensions have evolved to offer far wider choices – not only when you can access benefit but also how you can access benefits to suit your requirement.

Our retirement planning advice enables you to understand not only how much you need to save, but also how long you need to work for in order to reach and maintain your desired retirement income.

So, whether you’re planning to travel the world, spend more time on your hobby, use the opportunity to volunteer with a local charity or start your own business – whatever your aim we’ll work in partnership to achieve it.

We’ll also take into account aspects such as:

  • Good use of your personal annual allowance​
  • Navigating the complex tapered higher allowance for higher earners​
  • Extra pension contributions using pension carry forward​
  • Assessing your pension against the lifetime allowance tax charge​
  • Using other savings and investments - such as ISAs ​
  • Ensuring your savings are held in high-quality investments​

For many, saving for retirement might not be a top priority but the sooner you start, the better. This way, your hard-earned savings will be invested for longer and will have more time to potentially grow. 

Make an Enquiry

We offer advice on…​

  • Individual Personal pensions​
  • Group Personal Pensions​
  • Flexi-access pensions​
  • Pension annuities ​
  • Self invested personal pensions (SIPP’s)​
  • Workplace schemes​

Q&A’s

. What are the types of pension?

There are typically three types:

  • Defined benefit (DB) pensions where your employer promises to pay you a set amount of income when you retire, typically based on your final or career average salary.
  • A workplace pension is a defined contribution (DC) retirement savings plan set up by your employer. Contributions are deducted directly from your pay before tax, and your employer also pays into the pension pot. The money is invested, so its value can rise or fall and the amount available at retirement is not guaranteed.
  • A personal pension is defined contribution (DC) private retirement savings plan you arrange directly with a financial provider. Because the money is invested, its value can rise or fall, so the amount available at retirement is not guaranteed.

This depends on many things, but it’s a good idea to start by thinking about

  • When you’d like to retire
  • How much income you’re likely to need when you retire.

For many, saving for retirement might not be a top priority but the sooner you start, the better. This way, your hard-earned savings will be invested for longer and will have more time to potentially grow. 

Yes. You could transfer savings from any other pension plans you have into a single plan. This could make it easier for you to keep track of them. Transferring may not be in your best interests as you could lose valuable benefits that can’t be replaced.  You should speak to Nestegg before you decide to transfer.

There’s usually a choice of investment funds for you to choose to invest your money.

  • Default funds: Most defined contribution pots offer a default multi-asset funds.
  • Reviewing: Check your provider portal or annual benefit statements.
  • Risk shifts: It’s a good idea to move to lower risk investment funds as you near retirement.

Your pension savings are locked in until you reach:

  • Access age: Normally 55, rising to 57 in April 2028.
  • Exceptions: Early access is allowed for severe ill health.

State Pension: Separate rules apply, usually reaching state retirement age (currently 66+).

  1. You’ll be contacted by your provider before you start taking your pension savings. At this point, you’ll receive information detailing the options that are available to you.

Drawdown: Keeps your money invested for flexible, variable withdrawals.

Annuity: Provides a guaranteed, fixed regular income for life.

Combination: You can mix both options across different parts of your pot.

Pension income is taxable:

  • Tax-free cash: Usually, you can take the first 25% of your pension pot tax-free.
  • Income tax: The remaining 75% is subject to income tax.

Personal allowance: The first £12,570 of total annual income is typically tax-free.

The outcome depends on several factors, including your age at death.

A final salary pension will usually stop paying an income when you die, unless the scheme also provides a pension for your widow or widower. However, a defined contribution pension can be passed on to your beneficiaries.

  • If you die before the age of 75 the pension will be passed on tax-free.
  • If you die after 75, your beneficiaries will pay their usual rate of Income Tax on any money taken from the pension.

 From 6 April 2027, unused pension funds and death benefits will be included in a person’s estate for Inheritance Tax (IHT) purposes. Most unused defined contribution pension funds and death benefits will no longer sit outside the taxable estate.

Pensions left directly to a surviving spouse or civil partner will remain free from IHT. Spousal and charity exemptions apply.

Death-in-service benefits and dependant’s scheme pensions from defined benefit arrangements remain excluded.

  • Use the Government Pension Tracing Service online
  • Contact past HR departments or providers directly.

Helping You Plan A Successful Financial Future

Our core value is all about our clients, delivering good outcomes and fairness – working together to build a brighter future.

We’ll listen and take the time to truly understand your unique circumstances, goals    and aspirations. We can then move forward to create a personalised financial strategy designed to help you achieve your financial objectives and peace of mind at every stage of life.

What’s more – we are committed to using as little jargon as possible and putting things in plain English.

Our Approach