According to St James’s Place research, over 24 million people in the UK have never seen a financial adviser[1] so we understand that planning for your retirement can feel overwhelming, with countless options and regulations to navigate. However, taking control of your pension planning early can make all the difference in securing your financial future, as according to the International Longevity Centre (ILC)[2] Financial advice can make people, on average, nearly £48,000 better off in pensions and financial assets compared to those who don’t take advice.
At CHW Wealth Management, we understand the importance of tailored pension advice to help you achieve your retirement goals and will always work in their best interests.
Understanding Your Options
A key first step is understanding the different types of pension schemes available. There are workplace pensions, personal pensions, and state pensions. Many employers now offer auto-enrolment workplace pensions, which are a good starting point. These contributions, coupled with employer matches and tax relief, build up over time to provide a significant retirement pot.
However, personal pensions, such as Self-Invested Personal Pensions (SIPPs), offer greater flexibility. You can choose from a wide range of investments and manage your contributions more actively. SIPPs are particularly useful if you are self-employed.
There are also a variety of options when it comes to accessing your pensions whether that be Annuity, Drawdown, Uncrystallised Fund Pension Lump Sum, by working with CHW during the accumulation phase of your retirement, we will also be there to help you during the decumulation phase and help you navigate these options and to access your pension in the best and most tax efficient way.
The Role of Tax Efficiency
Making the most of tax relief is a crucial aspect of pension planning. The government offers tax incentives to encourage saving for retirement, including tax-free contributions up to your annual allowance. By strategically utilising this allowance and understanding how lifetime limits affect your plan, you can help maximise your long-term savings.
At retirement it is always best to get advice to ensure you are taking your pension benefits in the most tax efficient way.
Avoiding Common Pitfalls
One common mistake is not reviewing your pension regularly. Economic changes, inflation, and shifts in your personal circumstances can all affect your pension strategy. Regular reviews with a financial adviser ensure your pension investments remain aligned with your goals.
Another pitfall is failing to diversify your investment portfolio. Overreliance on one asset class, such as equities, increases risk. A well-balanced portfolio with a mix of asset classes helps to protect your pension savings against market volatility.
At CHW we are appointed representatives of St James’s Place and as such we use their comprehensive range of solutions as well as their experience and expertise.In addition to the experience and expertise provided by St. James’s Place, products and services from other providers have been carefully selected to complement and enhance the range of St. James’s Place products that we will be able to offer you. We believe the providers represent the ‘best of breed’ in their respective categories and are capable of delivering the high standards you would expect.
The Benefits of Professional Advice
Seeking expert advice can help you avoid these pitfalls. Our advisers at CHW Wealth Management provide personalised strategies that reflect your unique circumstances. Whether you are approaching retirement or just starting your career, we offer clear, actionable advice to help you build the future you want. As mentioned above, people who have an adviser on average are nearly £48,000 better than those who do not have an adviser.
CHW director Gary Beesley says: “The world of finance and in particular pensions can be very complex. However, our role as advisers is quite simple, to advise and help our clients understand complex information in a way that they understand. This then means I have given my clients the tools to make informed decisions so that they can feel confident and comfortable about their futures.”
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is dependent on individual circumstances.
SIPPs will not be suitable for everybody and generally only those who are fairly experienced at actively managing their investment should consider this type of investment. The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances. The value of a SIPP can fall as well as rise. You may get back less than the amount invested.
For further information about us or If you feel you would benefit from talking to one of our experts please visit www.chwwealth.co.uk [chwwealth.co.uk] or email gary.beesley@sjpp.co.uk’
CHW Wealth Management Limited is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website https://www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.
SJP approved 11/02/2025.
[1] The Real Life Advice Report was commissioned by St. James’s Place. Opinium surveyed 12,000 UK adults in two polls between May and August 2024. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population.
[2] ILC, what it’s worth revisiting the value of financial advice, November 2019, based on 2014/2016 calculations. Receiving professional financial advice between 2001 and 2006 resulted in a total boost to wealth (in pensions and financial assets) of £47,706 in 2014/2016.’
