Pension Advice
Are you unsure whether you are saving enough for retirement, or what to do with the pension pots you already have? Many people reach a stage in life where they need clear, independent guidance to understand their pension, reduce unnecessary tax, and turn their savings into a plan for the future.
How We Can Help
At Bower Wealth, we have been helping people make confident decisions about their pensions for over 20 years. Whether you are years away from retirement or approaching it, our role is to help you understand your options and build a plan that reflects what matters most to you.
Why Choose Bower Wealth
Tailored Support
Bespoke guidance shaped around your personal goals, circumstances and retirement plans.
Trusted Expertise
Qualified advisers with over 20 years of experience as part of the Bower Group.
Dedicated Local Advice
Access to wealth managers in your area who understand your needs and take the time to get to know you.
Why Pension Advice Matters
Pensions have become more flexible, but also more complex. Auto-enrolment means many people now hold workplace pensions alongside older private pensions. Tax rules around contributions, tax-free cash and drawdown have changed significantly in recent years. And with the State Pension covering only part of most people’s retirement income, understanding your own pension is more important than ever.
It is common to be unsure about:
- Whether you are saving enough for the retirement you want
- How to access your pension in the most tax-efficient way
- Whether your pension is invested appropriately for your age and risk tolerance
- What happens to your pension if you die, or if you are self-employed with no workplace scheme
- Whether to consolidate old pensions into one plan
Guidance vs. Regulated Advice
Free guidance services like Pension Wise and MoneyHelper are a good starting point and can explain your general options. However, they cannot tell you what to do with your specific pension. Regulated financial advice goes further: it looks at your full circumstances and gives you a personal recommendation that a qualified adviser, regulated by the Financial Conduct Authority, is accountable for. That distinction matters, particularly for larger decisions like pension transfers or setting up retirement income.
What Is Regulated Pension Advice?
Regulated pension advice is a personal recommendation from a qualified financial adviser, based on your income, other savings, family circumstances, health and long-term goals. It is not a generic calculator or a one-size-fits-all guide. It is a plan built around you, from someone who is regulated by the Financial Conduct Authority and accountable for the recommendation they give.
Why Clients Seek Pension Advice
Understanding How Much You Need to Retire
Making Sense of Pension Tax Rules
Deciding How and When to Access Your Pension
Reviewing Your Investment Strategy
Bringing Everything Together
Who Pension Advice Is For
You may benefit from pension advice if you:
- Are approaching retirement and unsure which options suit you
- Are self-employed and have no workplace pension in place
- Hold pensions from several different employers
- Have recently inherited a pension or received a lump sum
- Want a second opinion on an existing pension or financial plan
- Simply want reassurance that you are making the right decisions
We work with clients at every stage, whether you are starting to plan seriously for the first time or reviewing decisions you have already made.
How the Pension Advice Process Works
Initial Consultation
A relaxed, no-obligation conversation where we learn about your circumstances, your goals and what you want your retirement to look like. There is no cost for this first meeting.
Understanding Your Pensions
We gather details of your existing pensions, including workplace schemes, personal pensions and the State Pension, and explain what you hold in clear, straightforward language.
Your Personalised Recommendation
We assess your options against your goals and attitude to risk, and provide a clear recommendation, explained in full before you make any decision.
Ongoing Review and Support
Pensions and personal circumstances change over time. We stay in touch to review your plan and make sure it continues to reflect your goals.
Explore Other Services
Pension advice is often the starting point for a broader conversation about retirement and financial planning. Find out more about the services that complement it.
Retirement Planning
Build a clear strategy for the retirement you want, including how and when you access your pension savings.
Investment and Savings
Make your money work harder with a structured investment approach aligned to your goals and attitude to risk.
Pension Consolidation
Bring multiple pension pots together into a single, clearer plan.
Frequently Asked Questions About Pension Consolidation
Government-backed guidance services such as Pension Wise are free, but they cannot recommend what to do with your specific pension. Regulated financial advice, including an initial consultation with Bower Wealth, is offered at our expense. Any ongoing advice fees will always be agreed and confirmed with you in writing first.
You can get free general guidance from Pension Wise or MoneyHelper, or regulated, personalised advice from a qualified financial adviser such as Bower Wealth. We recommend starting with a free initial consultation to understand which route suits your circumstances.
If you hold a defined benefit pension worth more than £30,000, you are required by law to take regulated financial advice before transferring it. For other pension types, advice is not compulsory but is strongly recommended, particularly for larger or more complex decisions.
Yes. Many self-employed clients have no workplace pension in place and benefit from advice on setting up and contributing to a personal pension in a tax-efficient way.
Personal pension advice fees are generally not tax-deductible for individuals, though rules can differ for advice arranged through a business. Your adviser can clarify what applies to your situation.
Before undertaking any work on your behalf, we will always inform you in writing of the cost. You will then be free to decide whether you wish to instruct us. Our fee structure will be dependent on the complexity of your situation and the work you wish us to undertake. Initial meetings are offered at our expense and without obligation. Please ask for a copy of our Client Agreement which contains details of our typical fees.
Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a guide to the future. The value of current tax benefits is subject to change.