Pension Planning

Pensions regulations in the UK have become increasingly relaxed and more flexible, allowing savers to choose from a wider market of pension products. There is now more choice than ever when it comes to saving money in pensions and drawing from those pensions when the time comes.

Retirement planning requires forward thinking and in-depth knowledge of pension legislation to ensure that you’re making the most out of your pension savings and investments.

Springfield Financial are pension planning specialists and can assist in planning your retirement finances to ensure your money is well-placed to support you in later life. This might involve tracing and reviewing dormant pensions, consolidating or transferring old workplace pensions and/or setting up a new pension.

Your Pensions


It’s common to accumulate multiple workplace pensions throughout life as it is a legal requirement for employers to enrol you into a pension scheme if you earn above a certain level of income.

If you are a business owner, self-employed or want to save your own money in a pension separate from a workplace pension, then you’ll need a self-invested personal pension (SIPP) or other type of personal pension.

If you’ve been employed continuously at the same company for many years then you may be fortunate to have been offered a final salary pension, which is a special type of workplace pension.

Workplace pensions are the most common type of pension and those who have worked a few jobs throughout life are likely to have more than one. In 2020, some 8/10 employees had some form of workplace pension. Pension advice can include a review of your old pensions and possible consolidation into one arrangement - Springfield can help you do this.


Understanding Your Pension Options


Understanding the huge array of options for saving money via a pension is the first issue you may encounter. Our pension advisors will work with you to survey the options and define a clear roadmap towards getting the most out of your pension savings.

It’s possible that your workplace, personal pension or SIPP is not providing value for your personal circumstances.

Our pension financial advice will help you allocate your pension savings to the pensions that best serve you and your personal goals and objectives.

Drawing From Your Pension
When you reach the minimum retirement age, which is currently 55 and upwards, you’ll need to decide how you wish to draw from a pension. Planning the most tax-efficient way to draw from your pension will ensure that you utilise your savings as efficiently as possible.

The main options for drawing from your pension include:

  • Pension commencement lump sum (tax free cash) versus income
  • Flexible access drawdown
  • Uncrystallised fund pension lump sum
  • Small pots
  • Annuities


Our private pension advice can help you work out the best way to draw from a private personal pension, SIPP or other defined contribution pension including Small Self-Administered Schemes (SSAS).

Springfield Financial can assist you with all aspects of pension planning. We will help you find your old pensions and review your current ones, advise on transferring and consolidating them if necessary and help you decide what investments to make if you have a SIPP or personal pension.
How Much Money Do You Need For Retirement?
Your income needs in later life vary with your cost of living and any plans you have for retirement. For example, many people are now planning to travel after retirement, extend their home or even move. A common estimate is that you’ll need some 70% of your current income to live comfortably after retirement depending on your mortgage status and retirement age.
Pension Advice Specialists
Pensions are notoriously confusing, particularly for those that have various types of pension due to being employed at a number of different companies. For the self-employed or business owners, choosing a SIPP, Small Self-administered Scheme (SSAS) or other personal or private pension is a difficult task as there are so many options.

Springfield possesses a depth of knowledge in all forms of pensions for both employees, business owners and the self-employed. We will work with you to establish your goals and objectives for retirement and then help you build a retirement plan that works for you, making your money work harder for your future.
Pension Advice UK
Established in 1979 and based in Preston, Springfield Financial are pension advice specialists with over 100 years of collective experience. We are Chartered Financial Planners as designated by the Chartered Insurance Institute (CII) which is indicative of our continued professional development and tireless dedication to our clients.

We provide pension advice to those that have accumulated pension savings during their working life. If you’re looking to transfer or consolidate pensions then we’re able to assist - and this might be a legal requirement if you’re looking to transfer certain types of pension valued at over £30,000.