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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. To find unbiased pension advice that’s tailored to them.
Don’t put it off. Start with a free initial no-obligation chat to see how we can help you.
Make the most of your assets, including your pension. We can help you plan for the retirement you want, designed around your current situation and retirement goals.
Take control of your planning with a local Financial Planner and feel confident making financial decisions.
No one knows what’s ahead. We can help those with more complex financial planning needs, like high net worth individuals, or those facing life after divorce.
Pensions are simply ‘pots’ to help you save for your future. There are a few different types of private pension plans:
You can combine your pension 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.
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.
Use your pension to purchase an annuity for a regular income for the rest of your life. How much you get will depend on a few variables.
You can withdraw larger amounts from your pension pot until it runs out, known as UFPLS ‘Uncrystallised Funds Pension Lump Sum’.
You can take your entire fund in one go – but depending on how much you have saved, remember that any earnings above your personal allowance will be subject to income tax.
Pension Drawdown allows you to control your access to your pension funds. You can use this to create a flexible retirement income and your Financial Planner can help make sure it will last for as long as you need it.
We’d recommend talking to a financial planner about your pension 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.
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 planning tool
Our pension 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?
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?’.
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.
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 (2024/25) this is £60,000, or 100% of your qualifying earnings (whichever is lower). You can find out more about how tax affects your pension in our guide.
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.
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:
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.
IMPORTANT: The above does not constitute individual financial advice and is for information only.
Accessing pension benefits early is not suitable for everyone and may affect your entitlement to certain means tested benefits. 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.
A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). When investing your capital as at risk. A pension is a long term investment. The value of your investments (and any income from them) can down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change. You should seek advice to understand your options at retirement.
