Nest of money

PENSION PLANNING


At Wealth of Advice, we specialise in pension planning, helping people achieve their dreams and aspirations in retirement.

The options available to the latest generation of retirees are broader than ever before. The recent ‘pension freedom’ legislation allows you to choose just how you take your pension, be it as a lump sum, in drawdown or as a traditional annuity.

No two people are the same, and their pensions must be treated accordingly.

Our advisers assess your lifestyle and financial situation before offering expert guidance on which avenue to take.

See how you could benefit from the new pension rules by exploring our articles below, or alternatively get in touch with us for a chat about your desired retirement plan.

 

DEFINED BENEFIT PENSIONS

Piggybank

What is a defined benefit pension?

Defined benefit pensions, also known as final salary pensions, pay out a secure income for life. These schemes have become expensive for employers, and have largely been replaced by defined contribution schemes – but millions of workers have built up DB entitlements.

FIND OUT MORE ABOUT DEFINED BENEFIT PENSIONS
Pensions Protection Fund

THE PENSIONS PROTECTION FUND

The Pensions Protection Fund (PPF) was set up in April 2005 to protect members who had Defined Benefits (i.e. Final Salary type benefits) in a workplace pension scheme. It is funded by a general levy on occupational salary-related schemes.

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Pile of coins

DB PENSIONS: THE CURRENT SITUATION

The total deficit facing the Defined Benefit pension schemes has reached £1trillion, their biggest ever funding shortfall. More DB schemes are closing, and new government plans could mean pensioners losing nearly a third of their retirement fund.

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Retired couple

WHO SHOULD TRANSFER OUT?

Should you transfer out of your defined benefit pension? We usually recommend that members leave their pension benefits within the scheme – but in certain circumstances, it can be beneficial to transfer out.

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Pension planning client

DB PENSION TRANSFER:
A CASE STUDY

Find out how we helped one of our clients assess his retirement options, providing more extensive death benefits for his family in the process.

READ THE CASE STUDY

PENSION FREEDOMS

Retired couple watching the sunset

Pension freedoms: the new rules

In previous years, those approaching retirement age had little option but to buy an annuity. That all changed in April 2015 when the Government’s new pension measures came into effect, allowing those with defined contribution pensions to choose what they want to do with their hard-earned funds.

Find out more about the groundbreaking changes via our comprehensive guide, free to download below:

DOWNLOAD OUR FREE GUIDE

CASE STUDIES

Michael, a pension client

PENSION FREEDOMS

How we helped Michael release funds from his pension in order to help renovate homes and develop a property portfolio.

READ THE CASE STUDY
Sarah, a flex drawdown client

FLEXI ACCESS DRAWDOWN

Sarah wanted to improve her existing home and to reduce her existing working hours without affecting her current standard of living.

READ THE CASE STUDY

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Belmont Estate,
Durham,
DH1 1TH


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