Pensions and retirement planning

Wealth planning

Retirement is about the freedom to do more of what you love. We make it straightforward to see what’s possible – guiding you through every choice to build a plan that brings your ambitions to life.

Plan for the life you’ve earned


Our wealth managers will walk you through your options and build a retirement plan that puts you in control.

Common questions about pensions and retirement planning

You could need your pension pot to last for several decades. It’s really important not to underestimate your life expectancy. According to the Office for National Statistics, the average life expectancy for a 60-year-old woman is 87 years. However, there is a one in four chance of living to 95 and a one in ten chance of living to 99.

The amount of money you’ll get from the state pension depends on your National Insurance record. You can check your state pension forecast and state pension age here.

If you hope to retire in five years, it’s important to speak to one of our advisers. They can advise on whether your plans are achievable. Our wealth managers use cashflow modelling to illustrate how long your money is likely to last in retirement. This is based on your current finances, how much you’re saving and investing, your spending patterns, and your goals. This will help you understand whether you need to make any changes to your plans or saving and investing habits.

We can also check whether your pension is invested in the right way. We ensure you’re not taking on too much or too little investment risk.

An annuity provides you with a regular, guaranteed income in retirement. You can buy an annuity with some or all of your pension. How much income you receive will depend on factors such as the size of your pension, your age, existing annuity rates, where you live, and your health and lifestyle.

Whether an annuity is right for you will depend on your individual circumstances. We can help you decide on the best way of drawing income from your pension pot.

You can usually take up to 25% of the amount you’ve built up in pensions as a tax-free lump sum. This was capped at £268,275 on 6 April 2023 and frozen at this level. The remainder will be taxed as income.

This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances and may change in the future. You should always check the tax implications with an accountant or tax specialist.

Most people can contribute up to 100% of UK relevant earnings to pensions each year and benefit from tax relief. However, there’s a limit on the amount of pension contributions that can be made without incurring a tax charge. This is known as the annual allowance and is currently £60,000. If your income rises above a certain level, your allowance could be reduced or ‘tapered’.

The annual allowance reduces by £1 for every £2 that your ‘adjusted income’ exceeds £260,000, to a minimum of £10,000. We can help you work out what your annual allowance is and advise on adjusting your contributions accordingly.

This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist.

What happens to your pension when you die depends on the type of pension, whether you’ve started drawing an income from it, and how old you are. If you have a defined contribution pension and you die before age 75, benefits can usually be paid as a lump sum or drawdown income to your beneficiaries tax free. If you die after age 75, benefits will be taxed at the beneficiaries’ marginal income tax rate.

It’s worth noting that from 6 April 2027, most unused pension funds and death benefits will be included in the value of a person’s estate for inheritance tax purposes.

This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist.

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