Pension Advice
with Digby Associates
Your pension should support the life you want later on. We help you understand your options, make the most of your savings and plan for retirement with clarity and confidence.
The State Pension can provide a foundation for your retirement income, based on your National Insurance record. The amount you receive will depend on your contribution history and the State Pension rules in place when you reach eligible age.
Workplace pensions are arranged through your employer, with contributions typically made by both you and your employer. Benefits will depend on the type of scheme and, where relevant, the value of contributions and investment performance.
Personal pensions can offer a flexible way to save for retirement, whether alongside a workplace pension or independently. They may provide greater choice over contributions and investment options.
Defined Benefit pensions, often known as Final Salary pensions, provide an income in retirement based on factors such as salary and length of service. They can offer a higher level of certainty than other pension types, although they are less common today.
The amount varies based on your desired retirement lifestyle, current savings, and expected expenses. A common guideline suggests aiming for a pension pot that provides an income of around two-thirds of your pre-retirement salary.
Typically, you can start withdrawing from private pensions, including workplace and personal pensions, from the age of 55. This age is set to rise to 57 in 2028.
Pension funds are usually invested in a mix of assets such as stocks, bonds, and property. The specific investment strategy depends on your pension provider and chosen plan, with options often ranging from high-risk to more conservative investments.
The treatment of your pension upon death depends on the type of pension and your age at the time of death. For defined contribution pensions, if you die before 75, your beneficiaries can usually inherit the pension pot tax-free. If you die after 75, the inherited pension is subject to Income Tax at the beneficiary’s marginal rate.
Fill in the form below to receive our FREE informative Guide to Trusts straight to your inbox.
We won’t share your details, check out our Privacy Policy for information about how we use your data.
We help you review existing pensions with clarity and care, ensuring they continue to suit your long-term plans. A pension transfer can offer new options or greater flexibility in some circumstances, but any decision should be considered carefully.
We help you review your current pension arrangements, understand the options available, and assess whether a transfer may better support your retirement objectives.
Transferring a pension can provide greater flexibility or wider investment choice, but it can also involve giving up valuable guarantees or benefits, particularly with Defined Benefit or Final Salary schemes.
It is an important decision that can have a lasting impact on your retirement income, so understanding both the potential advantages and risks is essential before making any changes.
We can carry out a thorough review of your existing arrangements, explain the implications clearly, and advise on whether a transfer may be suitable for your circumstances and objectives.
Yes, transferring pensions can involve risks such as losing guaranteed benefits, incurring exit fees, or facing potential tax implications. It’s crucial to evaluate these factors and seek professional financial advice before proceeding.
The duration varies but typically takes between four to 12 weeks, depending on the complexity of the transfer and the responsiveness of the involved providers.
If you have a defined benefit pension worth more than £30,000, it’s a legal requirement to obtain financial advice before transferring. Even for other pension types, seeking professional advice is recommended to understand the potential benefits and risks
Fill in the form below to receive our FREE informative Guide to Trusts straight to your inbox.
We won’t share your details, check out our Privacy Policy for information about how we use your data.
If you have any questions regarding wealth management at Digby Associates please get in touch with our team of qualified financial advisers for a no obligation chat.
We help you turn pension savings into a dependable income for later life. Annuities can provide regular payments in retirement, helping to bring greater certainty to your future finances.
We help you create a reliable income stream, understand the options available, and choose an approach that fits your lifestyle and longer-term plans.
Annuities can provide reassurance by offering a guaranteed income, but the choices made at outset are often difficult or impossible to change later.
Getting the right balance between income level, flexibility and options such as partner benefits is important to ensure the arrangement meets your needs over time.
We can help you compare the options available, explain the implications clearly, and recommend a suitable approach based on your circumstances and retirement objectives.
You pay a lump sum from your pension pot to an insurance provider, and in return, they provide you with a regular income, either for life or a specified period.
Common types include:
- Lifetime Annuities: Provide income for life.
- Fixed-Term Annuities: Provide income for a set period.
- Enhanced Annuities: Offer higher income based on health or lifestyle
Generally, once an annuity is purchased, it cannot be changed or cancelled. It’s crucial to consider your options carefully before proceeding.
Depending on the annuity type and options chosen, payments may cease, continue to a beneficiary, or provide a lump sum to your estate.
Fill in the form below to receive our FREE informative Guide to Trusts straight to your inbox.
We won’t share your details, check out our Privacy Policy for information about how we use your data.
We help you take greater control of your retirement savings in a way that feels clear and manageable. A SIPP can offer wider investment choice and flexibility, supported by advice that keeps your long-term goals in focus.
We help you manage your pension more actively, access a broader range of investment options, and build a portfolio aligned to your objectives and attitude to risk.
A SIPP can offer more flexibility and control than some traditional pension arrangements, but it can also require a greater level of involvement and understanding.
Without the right approach, it may become more complex or expose you to unnecessary risk. Finding the right balance between control, suitability and simplicity is important.
We can help you assess whether a SIPP may be suitable for your circumstances, guide you on how it could be structured, and ensure your investments remain aligned with your wider retirement plan.
SIPPs allow investments in a wide range of assets, including stocks, bonds, mutual funds, commercial property, and more, depending on the provider’s offerings
Yes, contributions to a SIPP receive tax relief, and investments grow free from UK Capital Gains Tax and Income Tax.
Typically, you can start withdrawing from your SIPP at the age of 55, rising to 57 in 2028
Fees vary by provider and may include setup charges, annual management fees, and transaction costs. It’s essential to review and compare fee structures before choosing a SIPP provider
Fill in the form below to receive our FREE informative Guide to Trusts straight to your inbox.
We won’t share your details, check out our Privacy Policy for information about how we use your data.
If you have any questions regarding wealth management at Digby Associates please get in touch with our team of qualified financial advisers for a no obligation chat.
We help business owners take a more joined-up approach to pension and business planning. A SSAS offers flexibility and control, helping directors use pension arrangements in a way that supports wider ambitions.
We help you manage pension contributions efficiently, access a wider range of investment options, and align your retirement planning with your business strategy.
A SSAS can offer significant flexibility and control, particularly for business owners, but it also comes with greater responsibility and complexity.
Without the right structure and oversight, it can become difficult to manage. Making sure it’s appropriate, and set up correctly, is key to getting the most from it.
We’ll help you assess whether a SSAS is right for your situation, guide you through how it works, and ensure it’s structured in a way that supports both your business and long-term retirement plans.
Typically, SSASs are set up by private and family-run limited companies for the benefit of the company’s directors and senior employees
SSASs offer a wide range of investment opportunities, including commercial property, loans to the sponsoring employer, shares, and other assets, providing flexibility in managing pension funds.
Yes, a SSAS can borrow funds, typically up to 50% of its net asset value, to facilitate investments such as purchasing commercial property.
SSASs offer advantages like greater investment flexibility, the ability to make loans to the sponsoring employer, and potential tax efficiencies, making them appealing to business owners seeking control over their pension funds.
Fill in the form below to receive our FREE informative Guide to Trusts straight to your inbox.
We won’t share your details, check out our Privacy Policy for information about how we use your data.