Pensions & Retirement
Maximise your benefits, plan your inheritance, and explore all the choices available to you.
A well prepared pension plan can give you peace of mind that you can have the retirement you deserve by ensuring you have enough income after you stop work.
Our pension advice services cover a range of considerations for retirement planning. We can also help you plan how to accumulate and take your pension benefits whilst allowing for tax and individual needs. Our advisers are also equipped to help you with inheritance planning.
Planning for your pension should start as early as possible, so whether you're looking to get started or wanting to take a closer look at your arrangements, our services are here to support you.
Types of Pension
An occupational pension refers to any pension scheme set up by your employer.
An occupational pension is paid on top of your state pension, and the contributions you pay are separate.
There are many types of occupational pension scheme, such as Auto-enroll and Defined Contribution. Employers are required by law to set up and contribute to employee pensions schemes.
Our advisers can help you navigate the different schemes and help you secure your future.
All employers must offer a workplace pension scheme, even small businesses, but you have options. A pension helps you save money from your wages so you have income when you retire.
Auto-enrollment means your employer will set up a pension scheme for you without you needing to ask to join. There are a few requirements for this to happen:
- You (usually) work in the UK
- Between the ages of 22 and the State Pension age
- Earn more than £10,000 a year, or the weekly and monthly 'earnings thresholds'
- Don't already have a suitable workplace pension
This includes if you are on a short-term or zero hours contract, away on maternity or paternity, or an agency pays your wages.
Our advisers can help you understand what you are eligible for and talk you through your options.
Defined Contribution Pensions allow you to build a pot of money to use during retirement.
These are sometimes referred to as money purchase pensions. They can be set up as a workplace pension scheme by your employer, or as a personal pension scheme set up by you.
Your money is invested so it should grow over time, but it could rise or fall until you withdraw it.
You may have the option to choose your own investments, however the provider will usually put your money in a default investment fund. Our advisers can help you understand where your money is going and make sure you can make the most of your contributions.
Defined Benefit pensions are a workplace pension scheme where the money you get when you retire is based on your salary and how long you've been in the scheme.
They tend to provide a regular income for life when you retire, usually in monthly payments. As a workplace scheme, your employer is responsible for ensuring you have enough money to pay your pension income.
You will often need to contribute a portion of your wages, but some schemes are fully funded by your employer.
There are two main types of defined benefit scheme:
- Career average: Based on your average salary from the time you joined the scheme to when you retire.
- Final salary: Based on how much you were paid when you stopped working or leave the scheme.
Our advisers can help you navigate what type of workplace pension scheme you have, and make sure you get the most out of your contributions.
Independent pension and retirement advice across the UK
BMSG Wealth Management helps clients across the UK explore their options with independent advice. Start with a conversation about your goals and the support you need.
When should I seek pension advice?
You can seek advice while saving for retirement, when reviewing existing pensions, or when considering how to take retirement income. Your goals, circumstances and available options matter more than a single age.
Should I combine my pensions?
Combining pensions is not right for everyone. Charges, guarantees, protected benefits and your objectives need careful consideration. Speak to an adviser before making a decision; this page does not imply that every type of pension transfer is available through BMSG.
Can I discuss my workplace pension?
An adviser can help you understand your existing arrangements and the questions to consider when planning for retirement. Bring details of your workplace and personal pensions to the conversation if available.
How do I start a pension conversation?
Tell BMSG about your retirement goals and the help you are looking for. Ask your adviser to explain the scope of advice, any charges and the next steps before deciding whether to proceed.
Tax treatment depends on individual circumstances and may change. This information is general and is not personal financial advice.