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Pensions Advice

How does a pension work?

A pension is basically a long-term savings plan with tax relief. Your pension contributions are invested so that they grow during your career and then provide you with an income when you retire. Your state pension, whilst giving you a basis for your retirement fund may not be enough to cover your needs.

The value of your pension can fall as well as rise and you may not get back the original amount invested.

Auto Enrolment and SSAS are regulated by the Pensions Regulator.

What should I consider for my retirement?

When planning for your retirement, the following should be considered: how much income you are likely to require when you retire, how much you are likely to receive by way of a pension to live on and what is the expected shortfall between your likely expenditure and your likely income?

Find a lost pension

Find a lost pension by contacting the Pension Tracing Service online. You'll be asked to fill in a form. This service is free Start now

Is my pension likely to be enough?

Many people in the UK either aren't saving at all for their retirement or they aren't saving nearly enough to give them the standard of living they hope for when they retire.

You can apply for a State Pension statement by filling out a BR19 form. You'll need to fill it in, print it and then post it to the department of work and pensions. Find out More »

Calculate your pension shortfall

Calculate how much retirement income you might receive from saving in a personal, stakeholder or group personal pension using the pensions shortfall calculator

Registered pension schemes

Schemes to provide pensions are called registered pension schemes.

These often fall into the categories of defined benefit arrangements and money purchase arrangements.

Defined benefit arrangements

These are being phased out as they often rely on final salary and length of service in a firm, they are becoming unaffordable with people living longer in retirement and the recession.

Money Purchase Arrangements

These are often known as defined contribution schemes, where benefits are dependent upon the funds built up for the member.

The Pension market is forever changing and highly complex. Please call us so that we may offer our advice in helping you make the best choice for your future needs. We can help you assess your likely expected pension and look at ways you can address any shortfall.

The main types of Pension:

George Osborne plans to remove death tax

Latest News on Pensions

Death tax on pensions abolished

George Osborne has abolished the 55 per cent tax rate which is currently applied to pension pots left by savers to their children. This could lead to an increase from savers switching cash from bank accounts into retirement schemes to avoid inheritance tax.

Pensions Freedom

The government have made it possible (in April 2015) for people to withdraw their defined contribution pensions savings however they wish, subject to income tax.

Those with defined contribution pensions who are aged at least 55 now have the option to take a tax free-lump sum and a lifetime annuity. However some of the restrictions on a lifetime annuity will be removed to allow more choice on the type of annuity taken out.

The minimum pension age will be increased from 55 to 57 in 2028.

State Pension

Important Changes to your Pension - Post Budget 2014

From April 2015, the government have made it possible for people to withdraw their defined contribution pensions savings however they wish, subject to income tax.
 From 6 April 2015
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State Pension

A State Pension

Today the maximum basic State Pension you can get is £155.65 per week for a single person (2016-2017).

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State Pension

The New State Pension

The New State Pension will be a regular payment from the government that you can claim if you reach State Pension age on or after 6 April 2016. You'll be able to get the New State Pension if you're eligible and: a man born on or after 6 April 1951 or a woman born on or after 6 April 1953. The new State Pension will replace the current State Pension scheme.  From 6 April 2016
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State Pension

Personal Pension

A personal pension is one way you might choose to save for your retirement. Personal pensions can also be called money purchase pensions or defined contribution (DC) schemes. They may be suitable for you if you are working but are not eligible for automatic enrolment into your employer's pension scheme, you're self employed or you're not working.

State Pension

Stakeholder Pension

These are a type of personal pension but they have to meet some minimum standards set by the government. Stakeholder Pension plans are similar to Personal Pension plans in that you can take them with you if you change jobs.
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Registered pension Scheme


Self Invested Personal Pensions and Small Self Administered Schemes. The aim of SIPP and SSAS schemes is to provide benefits for retirement, death, attaining a particular age or in the event of serious ill-health, incapacity or similar circumstances. Both are member-directed pensions.

Workplace Pensions

Workplace Pensions and Automatic Enrolment

Between October 2012 and February 2018 employers are now having to offer workplace pensions. This is called automatic enrolment. your employer must enrol you into their workplace pension if you are an eligible employee.

Auto Enrolment is not regulated by the FCA.

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