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What is pension planning and how can pension advice be helpful?

Interest in pensions often increases exponentially as people get closer to retirement, but it's never too early to take a more proactive interest in improving your retirement options. 

Pension planning can be complex, but it's important to get it right. Decisions you take today can impact you in the years to come, and you need to ensure you don’t have any income shortfalls in your later life, beyond your working career.    

No matter where you are in your career or retirement we can provide you with advice, such as whether to transfer your pensions, how to improve your investment strategy, how to maximise your pension income, when you can afford to retire, and the sort of retirement pot you need to fund the life you want.    

This page focuses predominantly on pension planning but if you are just thinking about opening or transferring a pension, you might want to visit Managing Pensions and SIPPs.   

Our Wealth Planning Service


All information here is general guidance, rather than personal advice and offers a light touch overview, rather than an exhaustive guide for decision making. 

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Benefits of taking financial advice

Taking financial advice can be a great way to help you with your pension planning and our Financial Planners and Wealth Planners work with clients with assets of varying sizes. We work with clients of all ages, in clarifying their long-term goals including retirement and devising a financial plan to get them there.   

What this looks like is bespoke to each client but it can include helping you to: 

  • Understand your pension options and the different types of pensions available 
  • Choose the right pension for your individual needs and circumstances 
  • Make informed decisions about your pension contributions and investments 
  • Maximise your pension savings 
  • Plan for your retirement income 
  • Understand the tax implications of different pension decisions 

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Pensions transfer

Pension transfers can be complex and for some types of pension, you might wish, or be required, to take regulated advice about your options. This is particularly relevant for those with guaranteed benefits, such as defined benefit schemes and any other pensions with safeguarded benefits.


Whether to transfer pensions?

If you have multiple pensions, it can be worth considering transferring them into a single pension pot. This can make it easier to manage your pension savings and could help you to save money on fees and charges. However, there are a number of factors to consider before transferring a pension, such as the exit fees that may be charged or the loss of certain benefits. A financial adviser can help you to weigh up the pros and cons of transferring your pensions and make the best decision for your individual circumstances. 


How much should you contribute to your pension? 

The amount you should contribute to your pension will depend on your individual circumstances, such as your age, salary, and existing retirement savings. Not to mention when you want to retire and the sort of lifestyle you wish to fund. A Wealth or Financial Planner can help you to decide how to make the most of contributions across your pensions, alongside other tax efficient vehicles.  


How to maximise your pension? 

There are a number of things you can do to maximise your pension savings. For example, you can make additional pension contributions, invest your pension pot in assets that have the potential to generate higher returns, and take advantage of tax relief on pension contributions. A financial planner together with an investment manager, can help you to develop a pension plan and investment strategy that will help you to achieve your retirement goals. 

Capital at Risk

The value of your investments may rise or fall and you may not receive back the same amount you put in when you choose to cash out your savings. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.

When can you afford to retire?

When you can afford to retire will depend on a number of factors, such as your pension savings, your other sources of income, and your desired retirement lifestyle. A financial adviser can help you assess your financial situation and develop a retirement plan that will help you to retire comfortably, creating a lifetime cashflow forecast, to track your progress and recommend any suggested interventions along the way. 


The sorts of retirement you are on track to be able to fund? 

The type of retirement you can afford will depend on your pension savings, your other sources of income, and your desired retirement lifestyle. A financial adviser can help you to model different retirement scenarios and assess the affordability of different retirement lifestyles. Having this information early, can help you prioritise what is most important to you ahead of time. 

Enquire today

Talk to an Adviser:

+44 (0) 20 7337 0777

For illustration purposes only

The animation above illustrates the potential for income growth through efficient financial structuring and a balanced or growth-focused approach to investing. The actual figures achieved will depend on individual circumstances


Getting good financial advice

Taking financial advice is a great way to help you with your pension planning and understand your pension options. 

In order to get impartial recommendations, it is important to find a trusted independent financial adviser or planner who is not tied to any particular products or providers. Depending on their qualifications, some Independent IFAs may outsource part of the investment process, so it is worth considering the specialisms you need between a Financial Planner and an Investment Manager and how they work side by side. Getting a referral is a great way to be introduced to someone trusted. 

At Killik & Co, we have teams of Planners and Investment Managers, who can work in collaboration or in isolation, depending on what you are looking to achieve. You can see what some of our clients have to say about us and our advisers below. 

Contact us

Enquire today

Talk to an Adviser:

+44 (0) 20 7337 0777