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Pension Planning Advice

A common misconception is that the state pension will ensure and maintain your lifestyle in your senior years. However, the reality is that you will need to self-fund in order to retain the lifestyle you want. The earlier this is addressed, through our pension planning advice, the better standard of living you are likely to have.


At Deep Blue Financial, we are expert pension financial advisers that are on hand to assist you in ensuring your post-retirement life is financially secure.

Financial advice for pensions

Deep Blue’s pension advisers will interpret your specific circumstances and provide the most relevant, expert pension planning advice.

Our fully qualified advisers will assist you on this journey by offering:

retirement planning advice

Annuity recommendations

Success story from our pension planning advice

“A new client contacted Deep Blue Financial via our website as they had a pension with a minimum pension income guarantee and wanted to discuss further details and when it would be best to claim.

Whilst reviewing the valuable minimum pension income guarantee available from the existing pension, it was discovered that the client would actually be able to receive a higher income level from another provider. We then proceeded to recommend that the plan be transferred for the client to immediately purchase an annuity with the new provider.”

In this case, our advice increased the client’s retirement income by over £1,000 per annum.

pension consolidation advice

Income drawdown/ flexible access drawdown

Once you start your pension income, you’ll need to understand the options available as well as need careful management to avoid any tax implications. Deep Blue’s pension advisers are fully conversant with the changing pension and tax legislation to ensure that you receive the maximum benefit from your hard-earned cash from our pension planning advice.

Pension consolidation

The average person spends 4.2 years working for any one employer, a consequence of the changing job market can mean that you can accrue many separate pension plans. Our expert financial advisers can support you with tying matters together to make this transition simpler. Our pension planning advice will be able to ensure you are on track for a prosperous retirement.

retirement and pension advice
pension annuity advice services

Annuities

The security of a guaranteed pension income for life may be very important to you but understanding how to get started may prove challenging with the options available. Negotiating the open market and ensuring that an annuity is the right choice can be made easier by speaking to one of our financial advisers.

Pensions & divorce

Divorce is always a difficult time, both emotionally and financially. Unfortunately, it is becoming more commonplace that pension planning is considered within a divorce settlement and can be divided between parties. Knowing how to manage the outcome of a Pension Sharing Order certainly requires pension financial advice, our pension specialists can guide you through this process.

pension divorce advice
advice for self invested personal pensions

Advice on self-invested personal pensions (SIPP) & small self-administered scheme (SASS)

Pensions are not limited to individuals; your company could also benefit from retirement and pension planning and the generous tax advantages of commercial property purchase. This is a very complex area, and you will undoubtedly need the guidance and advice of a knowledgeable and specialist pension adviser, and we are here to help.

It’s never too late (or too early) for a pension adviser

Deep Blue Financial is committed to providing quality, experienced pension planning advice that gives you the peace of mind that you are securing your future. 

 

Assessing your financial security is tricky at the best of times but particularly hard at times of personal influx or when your pension pots are all in different places. Deep Blue helps you move forwards with your life without the hassle. 


Our financial advisers will work to protect your finances and make the most out of your money. To speak to an expert pension adviser, get in touch with our team today.

Accessing tax-free cash

Success story from our pension planning advice team.

“A new client approached Deep Blue Financial as they were looking to access tax-free cash from their pensions to help them purchase a property. Their goal was to gain funds as their current property was a leasehold flat and they wished to move to a freehold house. As they did not wish to increase their mortgage borrowing, the only source of the additional funds required to make the purchase was their existing pension funds.

During our review of the existing pension funds, it was discovered that one of the plans had a higher-than-normal entitlement to tax-free cash, having access to 38.36% rather than the standard 25.00% of the plan value. The plan was a section 32 buy-out plan that did not have direct access to flexible drawdown options and a transfer to another plan without accessing the tax-free cash would have resulted in the client losing the enhancement.

The provider initially implied that the client’s only option to be able to have access to the funds required was to take the tax-free cash and then purchase an annuity, which did not line up with the client’s needs as they were still working and did not require additional regular income, only the tax-free cash.

Our research found that there was an option for the client to both be able to access the full enhanced tax-free cash entitlement and have the ability to create a plan with flexible retirement options to assist with future access to the pension funds. This was only possible if a very specific process was followed with the current provider, involving the enhanced tax-free cash being claimed and the remaining funds being simultaneously moved to a new provider.”

In this case, we were able to ensure the client was able to access all of the tax-free cash they were entitled to, enabling them to proceed with their house purchase and be able to consolidate the residual pension funds into one plan, making management of their pension easier going forward.

Pension Planning FAQs

A pension is a tax efficient savings plan set up specifically for retirement. Tax relief is added to personal contributions and funds cannot be drawn until the Minimum Pension Age (MPA). Employers and third parties can also make contributions to someone’s pension.

Nowadays under the rules of auto-enrolment, most people start their pension when they start full-time employment. We always recommend that you join your work-based pension scheme as when you contribute, your employer will also contribute into this. When you move employment it is always a good idea to keep the pension paperwork or if you are able to move the monies into your next employers pension, so that you keep on track of all your pension monies. One of the common things we do is to contact the Pension Information Service where people have lost paperwork over the years.

Everyone’s retirement options are unique to them and our advisers can discuss this with you in more detail. 

Pension consolidation is a service that we offer however there are factors that our Advisers must consider before a consolidation is recommended. Our Advisers would only ever recommend you consolidate your pensions if it is in your best interest. The types of Pensions you hold would be discussed at your initial meeting with an Adviser.

Our Advisers would only ever recommend you consolidate your pensions if it is in your best interest.

A SIPP is a Self-Invested Personal Pension which offers greater choice of investment options. It is a type of defined contribution pension as you determine the level of contribution.

A drawdown pension is a way of taking money out of a pension known as a defined contribution pension. It is usually possible to take 25% of the pension value as a tax-free cash lump sum. Other income withdrawals would be taxable at the pension holder’s marginal rate.

The Lifetime Allowance (LTA) was the maximum amount an individual could pay into their pension. The LTA was £1,073,100 but was removed from 6 April 2023.