There are many different ‘tools’ used to save for retirement, and the taxation and investment elements of pensions can appear baffling. We specialise in explaining, recommending and monitoring pensions for you. Below are the most common sources of pension income used to provide for retirement.
Single Tier State Pension
The new State Pension is a regular payment from the government that you can claim if you reached State Pension Age (SPA) on or after 6 April 2016. Other arrangements applied prior to that date. You’ll be able to get the new State Pension if you are eligible and are a man born on or after 6 April 1951, or a woman born on or after 6 April 1953.
The full new State Pension is £230.25 per week (2025-26), having risen by 4.1% in April 2025 in line with average earnings. Your National Insurance record is used to calculate your new State Pension: you’ll usually need 10 qualifying years to get any new State Pension and 35 qualifying years for the full amount. The amount you get can be higher or lower depending on your record.
Basic State Pension and additional benefits
The Basic State Pension applies to people whose State Pension Age fell before 6 April 2016, for those who paid sufficient National Insurance Contributions while at work or were credited with enough. Additional State benefits may also apply depending on your working history.
Workplace and personal pensions
Alongside the State Pension, most people build retirement income through a workplace scheme — often now via auto enrolment — and through personal or self-invested pensions. These can be defined contribution arrangements, where the eventual income depends on contributions and investment performance, or older defined benefit schemes that promise a level of income based on salary and service.
We review what you already hold, explain what each arrangement actually offers, and recommend how to structure future contributions and investments so your retirement plans stay realistic.
Taking your benefits
How and when you draw your pension has a lasting effect on your income and your tax position. Options include tax-free cash, flexible drawdown, annuity purchase or a combination. We help you weigh the trade-offs — income security, flexibility, investment risk and what you would like to leave behind.
The value of pension investments and the income from them can fall as well as rise and you may not get back the amount originally invested.
Tax treatment depends on your individual circumstances and may be subject to change in future.