Pensions and Retirement

Retirement is not the end of the road, it is the beginning of the open highway

Here at EB Wealth, we believe retirement is more than ‘not working’; it is pursuing your hobbies, travelling, spending time with and sending gifts to loved ones. During retirement, you can learn new things or achieve new goals. With the right financial planning, we can help you plan to experience the best retirement possible.

At EB Wealth, we provide comprehensive support to our clients at every stage of their retirement journey — from establishing a robust pension plan to employing effective strategies that ensure their hard-earned wealth is successfully transferred to future generations.

  • Saving & Growth

    During this phase, clients contribute money into their pension plans tax free, which is invested into various funds to grow and accumulate additional wealth.

  • Growth & Income

    During this phase, we continue to grow our clients’ pensions as well as provide an income for our clients to live and thrive on.

  • Wills, Inheritance Tax & Trusts

    If you have more than enough to retire on, we can also help manage your funds to ensure they are transferred to those you wish in the most tax-effective manner.

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Our Pension Services

Retirement Planning

Retirement planning is a crucial aspect of one's financial journey. It involves a careful assessment of one's current and future financial circumstances to ensure a comfortable retirement.

At EB Wealth, we offer holistic advice to our clients throughout their retirement planning journey.  From the first pound you pay in through to investment management and income withdrawal in retirement, we can help you make informed choices to best suit your specific situation.  Where relevant, we also help clients pass on the maximum value of their pension to their beneficiaries.

By mapping out different scenarios and strategies, we can help give you and your family peace of mind about your retirement.  Why not sign up for a free Personalised Guidance Meeting and see how we might be able to help you.

Retirement Funding

Have you used up all of your pension allowance in this tax year?

There are two main types of pension allowance that you should keep in mind when funding your pension:

The Annual Allowance allows you to receive tax relief on contributions of up to £60,000 across all of your pensions.  However, you can only receive tax relief up to 100% of your earnings, so if your income is below £60,000, you will only be entitled to tax relief up to the amount you earn. If you earn less than £3,600, contributions of up to £2,880 are still eligible for tax relief.

The Lifetime Allowance, although ‘abolished’ in April 2023, is still relevant for the 2023/24 tax year in terms of how much of your pension you are able to take tax-free.   We carefully monitor this allowance to ensure retirement funding is done in a tax-efficient manner. As the legislation is expected to change for the 2024/25 tax year, we will be here to assist you to continue funding your retirement tax efficiently and guide you through the changing tax landscape.

As part of EB Wealth’s financial advice services, we ensure that your retirement funding is tax-efficient.

If you would like help to maximise your pension allowance, please don’t hesitate to contact us or book a free consultation.

Pension Transfer & Consolidation

If you have accumulated more than one workplace pension over the years, it can be difficult to keep track of how they are performing and you may have even forgotten about some older pensions.  Consolidating your pensions can offer several advantages:

  1. Simplified management

  2. Reduced fees

  3. Access to greater choice of investments

  4. Potential for increased performance

  5. Easier retirement planning

Before consolidating, however, it is important to carefully review the terms and conditions of your existing pensions, considering potential fees or penalties, especially with any defined benefit schemes.  Read more here.

Book in for a Personalised Guidance Meeting and we can help review your existing pension schemes and provide guidance on the best options available to you, taking into account your overall financial strategy. We would be happy to manage your pensions for you and can explain the advantages and costs of investing into our own advised Centralised Investment Proposition and what our advised services entail. 

Retirement Fund Management

At EB Wealth, our commitment to excellence is evident in our dedicated approach to developing and overseeing our clients' investment portfolios. We develop a series of growth and income Centralised Investment Portfolios in-house based on extensive research. 

By developing our own portfolios, we are able to keep our charges competitive and we are in control of any changes to our funds and asset allocation and can act quickly to any unexpected market fluctuations. We also fully understand our portfolios when communicating with you. 

What helps us stand out is that we also actively manage our client portfolios by reviewing our portfolios quarterly and updating them as required.  Our managed growth portfolios are also rebalanced monthly so that your portfolio remains in line with your initial investment option.  

Income in Retirement

Planning for retirement is a crucial undertaking that requires careful consideration and strategising, in particular when it comes to ensuring a stable income during these years. As individuals approach their retirement age, they often seek ways to safeguard their financial well-being and maintain a comfortable lifestyle.  We help you to start planning before it is too late and will monitor your journey to ensure you stay on track to afford the retirement lifestyle you want and can afford.

When the time arises, we explore all the different options available to you in terms of taking your pension.  We research the outcomes of the various options, reviewing all the tax implications, and provide recommendations best suited to your personal circumstances, desires and needs, taking into account any plans you may have for your funds to be passed on. 


EB Wealth can assist you in securing a consistent income in retirement in a tax efficient manner.  We can help you enjoy the retirement you have been looking forward to. 

Frequently Asked Questions

  • Pensions offer many benefits for both you and your family during your retirement.

    Firstly, they provide a tax-efficient method of saving, as contributions receive tax relief, 25% can be withdrawn tax-free at retirement, and pension funds grow tax-free (though the income generated becomes taxable).

    Secondly, in the unfortunate event of your passing before utilising your pension funds, there's the potential to pass on the remaining money to your children or family, providing a financial legacy for their benefit.

  • If you are looking to find lost pension policies, here are steps specific to the UK:

    1. Contact Your Previous Employers:

    Reach out to your former employers and enquire about the pension schemes you were enrolled in during your employment.

    2. Check Your Old Payslips and Tax Documents:

    Review old payslips and tax documents for information on pension contributions and scheme providers.

    3. Use the Government's Pension Tracing Service:

    The UK government provides a Pension Tracing Service to help locate both workplace and personal pension schemes. Visit their official website or call them on 0800 731 0193.

    4. Check with Pension Providers:

    If you recall the names of any pension providers, you can contact them directly to enquire about your pension policies.

    5. Use the Pensions Advisory Service:

    The Pensions Advisory Service offers free information and guidance on pensions. Visit their website or call them on 0800 011 3797 for assistance.

    Remember to be cautious about sharing personal information and use reputable services. If needed, consider seeking advice from a financial advisor in the UK to help guide you through the process.

  • The timing and method of your retirement will be influenced by your specific retirement aspirations and lifestyle preferences. Given the financial demands of retirement, most individuals opt to retire only once they can access their Pension.

    One important factor to keep in mind is that while retirement is an option at any age, you won't be eligible to access your Pension until you reach the age of 55, and this threshold will increase to age 57 starting in 2028.

    Speaking with a financial adviser can help you work towards your retirement goal, before and during retirement.

  • As of April 2023, the full new State Pension in the UK is £203.85 per week. You usually need at least ten qualifying years on your National Insurance record to get any State Pension and 35 qualifying years to get the full State Pension.

    You can still get a State Pension if you have other income like a personal pension or a workplace pension.

    You will have to pay tax on your State Pension if your total annual income adds up to more than your Personal Allowance.

    It is recommended to regularly check your National Insurance record and stay updated on any changes to the State Pension system, as policies and amounts can be subject to adjustments by the government.

    Please click the link to track your State Pension Forecast.

  • Withdrawing income from your pension involves navigating through several options.

    One common method is through Flexi-Access Drawdown, where you can take a tax-free lump sum and then draw a flexible income from the remaining pension pot. Alternatively, you may choose an annuity, providing a regular income for life.

    Another option is to take the entire pension as a lump sum, with a portion tax-free and the rest subject to income tax.

    The specific process may vary depending on the type of pension scheme you have and who the provider is but when choosing, it is crucial to consider the implications on your tax liability and long-term financial goals.

    Seeking advice from a financial advisor can help tailor a withdrawal strategy that aligns with your individual circumstances and preferences.

    To get advise on withdrawing your pension, please contact us.

  • This depends on the type of pension you have and the options you have chosen.

    Typically, if you haven’t started taking income, the value of your pension pot can be passed onto your dependants or other beneficiaries.

    If you have been receiving income from an annuity, all income payments will generally cease and nothing further is passed on.

    If you have been drawing income from a flexi drawdown pension, the remainder of your pension pot can be passed onto your dependants or other beneficiaries. Usually, if you pass away before the age of 75, these can be passed on free of tax. Otherwise. any beneficiaries will have to pay income tax on any withdrawals at their marginal rate.

    When it comes to inheritance tax, your pension is not generally regarded as part of your estate and often escapes Inheritance Tax liabilities. However, given it is not legally part of your estate, it is not normally covered by your will and so you should nominate who your beneficiaries will be by completing an Expression of Wishes form.

    The Expression of Wish form for pensions is a document that allows individuals to designate beneficiaries for the distribution of their pension assets in the event of their death.

    If you are looking for help to understand all the different tax implications and in deciding the best option that suits your particular needs, please contact us.