Retirement Planning

Protecting Your Standard Of Living When Retiring

Maybe you have started a new job recently and want advice on whether to join their pension scheme or get payments made into an existing personal plan. Or maybe you have built up various pensions over the years as you have moved jobs & your career has developed, and want to see if you can consolidate some or all of them to reduce management fees?

If you are a new business owner, you may be looking to set up a pension scheme for your employees?

We can advise you on the most efficient route and the best provider to suit your requirements.


James Irvine is not authorised to give financial planning advice but could refer any queries to a financial adviser within Positive Solutions (Financial Services) Limited.

What’s certain is that the State Pension will not be sufficient to fund your retirement on its own. Everyone reaching State Pension Age (SPA) on or after 6 April 2016 gets a current maximum of £164.35 per week. Could you enjoy the retirement plans you’ve dreamed about on that alone? It might even be less, as you need 10 qualifying years to get any new State Pension, and NI contributions for at least 35 years to qualify for the full amount!

And if during any period of your career you were self-employed, then the time you were self-employed will decrease the amount you receive through your State Pension. A Personal Pension in addition to any scheme run by your present employer might then be a good plan.

Whatever your situation, the choices open to you when planning your pension are now broader than ever.

  • Early retirement is available from age 55  You can pay into any array of plans you wish, (subject to the annual allowance and potential for carry forward)
  • You enjoy broad investment flexibility, with high risk/high return funds or low risk bonds to suit the particular point you are in for your working life and your own attitude to risk
  • Benefits taken at retirement can be drawn as a Flexi-access Drawdown instead of an annuity

But choices mean lots to consider and that’s where goof independent financial advice is critical.

Further changes introduced in April 2016 brought further new options for you to think about before accessing any pension savings, which included:

  • Removing the maximum ‘cap’ on withdrawal and minimum income requirements for all new drawdown funds
  • Introducing the option of an ‘Uncrystallised Fund Pension Lump Sum’ (UFPLS), which enables pension schemes to make payments directly from pension savings, with 25 per cent taken tax-free

By building a long-term relationship with you, we can provide the impartial specialist advice that will help ensure financial security in retirement for you and your family.

Take action now to ensure you maintain your standard of living when you retire, contact FPU to arrange a review of your existing pension arrangements, or to discuss making provision for your retirement.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.



The information and content contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Financial Planning Union is a Trading Style of Positive Solutions (Financial Services) Ltd.

James Irvine is not authorised to give financial planning advice but could refer any queries to a financial adviser within Positive Solutions (Financial Services) Limited.

Positive Solutions (Financial Services) Ltd is authorised and regulated by the Financial Conduct Authority.

Registered as a Limited Company in England and Wales No. 3276760. Positive Solutions, Riverside House, The Waterfront, Newcastle upon Tyne, NE15 8NY.

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