It’s never too late to get started.

When planning for retirement the reality is that the earlier you start the better, however, something is better than nothing, so it’s really important that you consider your pension and retirement options.

Changes to pension rules in recent years also mean that now could be a great time to review your pension provision. You may have multiple pensions from different sources where pension consolidation may be an option. We can advise you on all aspects of your retirement planning so contact us today to find out more.

What is a state pension?

A state pension is part of the Government’s pension arrangements. It is a contribution-based benefit and its value depends upon your age and contribution record (National Insurance contributions).

What is a defined benefit pension scheme?

A defined benefit pension scheme is one where the amount paid to you is set using a formula based on how many years you’ve worked for your employer and the salary you’ve earned, rather than the value of your investments. These schemes pay out a secure income for life which increases each year. Please see below further information regarding defined benefit pension schemes.

What is a defined contribution pension scheme?

Defined contribution pensions build up a pension pot using Employer and Employee contributions plus investment returns and tax relief to provide you with an income in retirement. The income you might get at retirement depends on factors including the amount you pay in, the fund’s investment performance and the choices you make at retirement.

What is a personal pension scheme (PPS)?

A personal pension scheme (PPS) is a type of defined contribution pensions. You chose the provider and make arrangements for your contributions to be paid. If you have not got a workplace pension, this could be a good way of saving for your retirement.

What is a self-invested personal pension (SIPP)?

This is a UK Government approved personal pension scheme which allows you to make your own investment decisions from the full range of investments approved by HM Revenue and Customs. A SIPP is a pension ‘tax wrapper’ allowing tax rebates on contributions in exchange for limits on accessibility.

What is pension consolidation?

Consolidating your pension’s means bringing multiple pensions together into a new plan so you can manage your retirement savings in one place. It can, however, be a very complex decision to work out whether you would be better or worse off by combining your pensions. You should take investment advice before making any final decisions on consolidation.

Read our Guide to Retirement Planning which covers a whole host of pension and retirement planning options.

Defined Benefit Pension Transfers


The FCA has issued guidance on Defined Benefit Transfers and has stated that when assessing a transfer out of a pension scheme with safeguarded benefits (such as a Final Salary scheme offering a guaranteed income in retirement), a firm should start with the assumption that a transfer will not be suitable.

In addition as benefits from pension schemes cannot be accessed before age 55, it is highly unlikely that a transfer from a Final Salary scheme would be considered to be suitable before that age.

Our factsheet provides an overview of the options available to you and some points to consider regarding pension flexibility and the security of your pension income in retirement. It is vitally important that you take financial advice on transferring a Defined Benefit pension pot value at £30,000 or more.


We have chosen to adopt The Pension Transfer Gold Standard. This is a code of good practice which is set around 9 principles.

As a voluntary standard the principles we follow ensure that you can be confident you are dealing with a firm that goes above and beyond the minimum requirements when giving financial advice. Read the 9 principles here.