Retirement Advice

Turning your pension into a retirement income is one of the most important financial decisions you'll make. We help you understand your options and build a plan that gives you the income you need for the retirement you want.

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Your retirement income options

Since the pension freedoms of 2015, you have more choice than ever about how to access your pension. Here are the main options:

Annuity

You exchange some or all of your pension pot for a guaranteed income for life. The income amount depends on your age, health, and the annuity rates available. Once purchased, an annuity provides certainty — your income is guaranteed regardless of what happens in the markets.

- Guaranteed income for life
- No investment risk
- Can include spouse's pension
- Cannot be changed once purchased

Drawdown

Your pension remains invested and you withdraw income as needed. This offers maximum flexibility — you can take more in some years, less in others, and adjust as your circumstances change. However, your pension remains exposed to investment risk.

- Flexible income withdrawals
- Pension stays invested for growth
- Can be passed to beneficiaries
- Investment risk remains

Tax-free cash

You can typically take 25% of your pension pot as a tax-free lump sum. This can be taken all at once or in stages (known as phased drawdown). The remaining 75% can be used for an annuity, drawdown, or left invested.

Combination approach

Many of our clients use a combination — perhaps an annuity to cover essential living costs and drawdown for discretionary spending. This provides a guaranteed floor of income with the flexibility to take more when needed.

What we do for you

Review all your existing pensions and assess their value, charges, and benefits
Model different retirement scenarios to show what income you could expect
Recommend the most tax-efficient strategy for accessing your pension
Consider your state pension entitlement and how it fits into the overall plan
Provide ongoing reviews to ensure your plan stays on track as your needs evolve

Frequently asked questions

When should I start planning for retirement?

The earlier the better, but it's never too late. Even if you're approaching retirement, there are strategies to maximise your income. Most people benefit from a review at least 5-10 years before their planned retirement date.

Can I take my whole pension as a lump sum?

Since the pension freedoms of 2015, you can access your entire pension pot from age 55 (rising to 57 from 2028). However, only the first 25% is tax-free — the rest is taxed as income. Taking too much too quickly can push you into higher tax brackets.

What's the difference between an annuity and drawdown?

An annuity converts your pension into a guaranteed income for life — once purchased, it can't be changed. Drawdown keeps your pension invested and you take income as needed, offering flexibility but with investment risk. Many people use a combination of both.

Should I consolidate my old pensions?

Often, yes. Many people have multiple pension pots from different employers. Consolidating them can reduce charges, simplify management, and make it easier to plan your retirement income. However, some older pensions have valuable guarantees that would be lost on transfer — we'll check before recommending anything.

Planning for retirement?

Book a free consultation and we'll help you build a clear plan for the retirement you want.

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Or call us: 0115 967 0888