Pension financial advice

Get ready for retirement with an expert pension advisor by your side

Getting pension financial advice

Retirement financial advice can help you make the most of your pension savings for the retirement you deserve.

With so many options for how you save and how to take your retirement income, making a pension plan can be complicated. That’s why our clients come to Wren Sterling, find unbiased pension advice, that’s tailored to them.

Don’t put it off. Start with a free no-obligation chat to see how an independent pension advisor can help you.

Retirement planning with Wren Sterling

Benefits of pension advice

Available options for pension planning

Pensions are simply ‘pots’ to help you save for your future. There are a few different types of private pension plans:

  • Defined Contribution (DC) pension – It’s likely your workplace pension is a DC pension where the amount you receive will depend on the contributions from you and your employer.
  • Defined Benefit (DB) pension – DB pensions are based on a number of different factors such as length of service and your salary. How much you will receive will depend on the terms of your plan.
  • Self-invested personal pensions (SIPPs) – Many pension providers offer SIPPs, which are similar to DC pensions, but with extra features.

Making the saving journey simpler

You can combine your investments while you’re saving for retirement. Combining pensions isn’t right for everyone, as specific pension plans may have benefits or rules around how and when you can cash in your pension. Any choices you make with your pension planning will affect your future income, so its important to get financial advice before moving your pensions.

Options when you’re ready to retire

When you’re ready to retire you’ll have several choices to make around how you want to use your pension savings. Do need funds now to pay of any debts? Are you looking to replicate a regular income? Do need your pension savings now, or can you delay drawing on them? There’s a lot to decide, but when you’re ready there are four main ways to use your pension.

When should I get pension advice?

We’d recommend talking to a pension financial advisor while you’re still saving for retirement. This gives your assets plenty of time to grow. If you leave it until you’re ready to retire – it may be too late to get the kind of retirement you want.

More information on our Pension Drawdown Advice page.

How can Wren Sterling help

You can chat to a financial adviser to find out whether financial advice is suitable for you, with no obligation to continue. With a Wren Sterling expert on your side, we’ll make recommendations for how to make the most of your money – and crucially – we’ll make sure you understand what it means for you, and how it works so that you can feel more confident in your financial future.

Retirement tool

Try our pension calculator

Our retirement calculator uses your current age and pension savings to give you an idea of what your retirement income could look like. How much do you think your retirement income will be?

FAQs

  • Am I paying enough into my pension?

    Am I paying enough into my pension?

    If you’re still saving for retirement, and aren’t sure how much you can expect to have, try our Retirement Calculator. Our calculator can help you understand questions like ‘When can I retire?’ and ‘What can I afford in retirement?’.

  • How much tax-free cash can I take from my pension?

    How much tax-free cash can I take from my pension?

    Pension drawdown lets you take money as and when you want from your Defined Contribution pension. You can begin pension income drawdown at age 55 (although this is rising to 57 from April 2028) if you wish. But remember, the decisions you make will affect the income you receive for the rest of your life – which is why many choose to talk to a financial adviser before making any decisions. Find out more in our article on pension drawdown advice.

  • What is the pension annual allowance?

    What is the pension annual allowance?

    This is the limit on how much you can save into your pensions each year while still receiving tax relief. In the current tax year (2023/24) this is £40,000, or 100% of your qualifying earnings (whichever is lower). You can find out more about how tax affects your pension in our guide.

  • Do I need a financial advisor for my pension?

    Do I need a financial advisor for my pension?

    It’s not a requirement to consult a financial adviser before accessing or transferring most pensions. It is important to remember that the choices you make when you start to withdraw your pension will effect your retirement income for the rest of your life.

  • When should I start planning for retirement?

    When should I start planning for retirement?

    You’re never too young to begin planning. Unfortunately, retirement is an end from work, not an end to tax. Any decisions you make about retirement will affect your future income, so it’s essential to make the right decisions with your money. We can help you answer questions like:

    • When should I start planning for retirement?
    • How much should I set aside?
    • How should I structure my retirement planning?
    • How much will I have in retirement?
  • How much money do I need to retire?

    How much money do I need to retire?

    If you’re still saving for retirement, and aren’t sure how much you can expect to have, try our Retirement Calculator. Our calculator can help you understand questions like ‘When can I retire?’ and ‘What can I afford in retirement?’.

Remember: Check to make sure you’re eligible to receive the State pension, which depends on your national insurance contributions. You should also check when you can access the state pension, which is currently age 66, but is gradually increasing.

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.