Helping you take control of your retirement
Are you uncertain about your current pension and what it will offer for your retirement? Wells Financial has the experience to help control your retirement financial goals.
Pension reviews and more
We offer an initial meeting without charge to to identify areas of financial planning that you need help with.
Have you worked for lots of companies and been left with partly funded pensions? Or have you simply been meaning to set up a pension, but haven’t quite got there yet?
Our pension review service is designed to help you take control of your retirement. We’ll take a comprehensive look at what provision you have, consider how this fits in with your retirement plans and then suggest the best option going forward. After spending some time understanding your budget, risk profile and likely time to retirement, we’ll help you decide on your contribution level to be paid into what’s known as a ‘defined contribution’ pension.
If you haven’t got a workplace pension, then a personal pension is likely to be a great way of saving for retirement.
Read our guide of the common steps we take to advise you on your pension needs.
This is an initial meeting offered without charge to identify areas of financial planning that you need help with. Our expert advisors will explain how we can help and inform you of the process we will follow along with how we charge for our services. By the end of the discussion you should have sufficient information to decide whether you want to employ us as your financial adviser. This should normally take around half an hour.
This can be a second meeting or a continuation of the initial discussion. It is designed to enable us to obtain a more detailed picture of your existing financial situation. We’ll also discuss the level of investment risk that you are prepared to take and your plans for the future.
Based on the full understanding of your situation and agreed financial objectives, we’ll start our research. This will include obtaining further information from providers relating to your existing plans as well as formulating a recommendation for your future financial arrangements.
This is where we report back to you with our recommendations. At this stage we’ll agree on a strategy after we have provided you with our advice.
If you decide to proceed with our recommendations, we will complete the relevant applications.
Once a year we will offer you a face-to-face, video or phone meeting, during which we will review your circumstances, needs, priorities and establish whether your current investments remain suitable. At your request we can also consider any other financial needs you may have. We will also be available throughout the year for ad hoc meetings.
We will ensure you have access to the provider’s client portal so you can view details about your investments at any time.
We will recommend you invest in an appropriate mix of assets to match the level of risk you are prepared to take. To ensure our recommendation remains consistent with your requirements, we will re-balance the asset allocation as appropriate.
As and when you provide us with updates to your circumstances, we update your file and will hold it securely at our offices for as long as you remain a client of ours, in accordance with our data protection policy.
Understanding the basics
A pension is simply a savings scheme which offers very attractive tax benefits in exchange for you agreeing not to touch the proceeds until you are older. In other words, you put your money in, that money is invested, its value grows and at the end, you withdraw the proceeds.
The earliest you can access your pension is age 55. Typically, you will be able to take 25% of your pension as a tax-free lump sum with the remaining 75% available to either drawdown or purchase an annuity.
State, Workplace and Personal
1. The State Pensions: Government-provided pensions based on a person's contributions and eligibility criteria. This is a regular payment provided by the government to individuals who have reached State Pension age and have made sufficient National Insurance contributions. The State Pension age is gradually increasing and is currently set between 66 and 68, depending on the individual's date of birth.
2. Workplace Pensions: UK employers are required to automatically enrol eligible workers into a workplace pension scheme under the auto-enrolment legislation. Employees have the option to opt out of the scheme if they choose. Contributions to workplace pensions are made by both the employee and the employer, with tax relief available on contributions.
3. Personal pensions: Personal pensions are private pension schemes that individuals can set up independently to save for retirement. Contributions to personal pensions qualify for tax relief, subject to certain limits and conditions. Personal pensions offer flexibility in terms of investment choices and retirement options.
From Allowances to Taxation
Annual Allowance: The annual allowance is the maximum amount of money that can be contributed to all pension schemes in a tax year while still receiving tax relief. The current annual allowance is £60,000, or 100% of your qualifying earnings (whichever is lower).
Lifetime Allowance: The lifetime allowance was abolished from 6 April 2024, but two new lifetime limits have been introduced in its place. Rather than considering the total value of savings that an individual has accumulated, these consider the tax-free elements of pension savings only.
Tax Relief: Contributions to pension schemes in the UK attract tax relief at the individual's marginal income tax rate. For basic rate taxpayers, this means that every £80 contributed to a pension is topped up to £100 by the government. Additional rate taxpayers can claim further tax relief through their tax return.
Pension Freedom: Individuals aged 55 and over have flexibility in how they can access their defined contribution pension savings. This includes the option to take a tax-free lump sum, purchase an annuity, or enter into drawdown arrangements to manage retirement income.
Auto-Enrolment: Auto-enrolment legislation requires UK employers to automatically enrol eligible workers into a qualifying workplace pension scheme and contribute to their pension savings. This aims to increase pension participation and savings among workers.
State Pension Age: The State Pension age in the UK is gradually increasing to keep pace with rising life expectancy. The government periodically reviews the State Pension age and may adjust it based on demographic and economic factors.
Pension Protection: The UK government provides protection for pension savings through various schemes, such as the Pension Protection Fund (PPF) for defined benefit pensions and the Financial Services Compensation Scheme (FSCS) for certain types of pension products.
We’ve been advising on pensions for over 20 years and have specialist knowledge and expertise in retirement planning, pension schemes, investment options, and tax implications. We can provide valuable insights and guidance tailored to your specific financial situation and retirement goals.
As Independent Financial Advisors (IFAs), we are not tied to any specific financial products or providers. We offer unbiased advice tailored solely to your financial needs and goals.
Our Pension Advisors can help you optimise your pension contributions and investment choices to maximise returns while managing risks. They will assist in selecting the most suitable investment vehicles based on your risk tolerance and time horizon.
Pension rules and regulations can be complex and subject to change. We will help you navigate the legal requirements, ensuring compliance with regulations and maximising the benefits available to you.
Every individual's financial situation and retirement goals are unique. We will provide personalised advice and strategies tailored to your needs, helping you make informed decisions that align with your objectives.
Retirement planning is an ongoing process that requires regular monitoring and adjustments. We will help you stay on track with your retirement goals by reviewing your pension plan periodically and making necessary adjustments based on changes in your life circumstances or the economic environment.
By entrusting your retirement planning to a professional advisor, you gain peace of mind knowing that your financial future is in capable hands. This allows you to focus on other aspects of your life without the stress of managing your pension alone.
We would be happy to help with any services you may require. From mortgages to financial services, our team has the experience to deliver. Please call us on 01892 517171 to discuss your needs or complete the form below and we will be in contact shortly.