Pensions & retirement
It’s not the end of the road – it’s the start of a new chapter
Planning for retirement means more than just saving money. From choosing the right pensions to protecting your wealth and providing for your family, there are key decisions that shape your future quality of life.
At Lumin, we help you navigate every step with clear, independent advice on everything from State and private pensions to ISAs, tax planning, and inheritance strategies.
“Our mission is to help you feel financially confident for retirement”
Jason Coppard
Chartered Financial Planning Manager
Some key financial decisions during your retirement journey
Plan ahead
(timing of retirement)
Organise assets to fund spending needs
Use of tax-free pension cash; affordability of gifting
Investments: Risk profile and tax aspects
Tax-efficient income withdrawal strategy
Estate planning
Before retirement
Plan ahead
(timing of retirement)
Investments: Risk profile and tax aspects
At retirement
Organise assets to fund spending needs
Tax-efficient income withdrawal strategy
After retirement
Use of tax-free pension cash; affordability of gifting
Estate planning
Your pension may no longer be protected from IHT
Regional seminars
Come meet our Financial Consultants in person to learn more about the upcoming changes to IHT taking effect from April 2027. Our regional seminars are designed to help you understand what the government changes mean for you and how to plan ahead tax-efficiently.
In a constantly evolving tax landscape, protecting your legacy has never been more important.
Retirement planning
Key considerations
State Pension
How much State Pension do I get?The State Pension is an important element of retirement planning. It provides a guaranteed income and increases every year. There are three important considerations:
- Knowing your State Pension entitlement
- Identifying any gaps in your NIC record
- Deferring the State Pension
The new State Pension is determined by the number of qualifying National Insurance Contribution (NIC) years, with 35 qualifying years now required to receive the full amount. It’s easy to check your current entitlement, and to see if you have any gaps in your contributions to date.
It is also possible to defer the State Pension and receive a higher income at a later date in return. Your personal circumstances will dictate if a deferral or ‘top up’ contributions make sense for you. The Lumin experts are here to help you.
Pensions
Should you unite your old pensions?Most people will have several jobs during their career, and each new employer is likely to come with a new pension plan. Leaving old pensions behind makes planning tricky, and may cost you money compared to having all your pensions ‘under one roof’.
Some important questions to consider:
- Do you know the value of your pensions today, and how much they may be worth in the future?
- How much are you paying in fees across all your pensions?
- Are your pensions well diversified and aligned with your current risk profile?
It is essential to check each pension carefully to understand all the benefits and whether consolidation makes sense for you. Speak to a Lumin expert to find out if you could be better off by combining your pensions.
Pensions & taxes
Are you paying 60% income tax?Many believe that 45% is the highest income tax rate in the UK. In fact, high earners losing their tax-free personal allowance will pay 60% tax on part of their income. Pension contributions can avoid this and cut your tax bill.
Your personal allowance is lost if your adjusted income is over £100,000. This is your total income after pension contributions and Gift Aid (charity) donations. By making a pension contribution you can regain some, or all, of your £12,570 personal allowance.
Could a lump sum pension contribution reduce your tax bill? The pension experts at Lumin provide comprehensive and transparent advice to guide you through this.
Pensions and IHT
How will pensions be affected by upcoming IHT changes?From 6 April 2027 the rules change: most unused pension funds and lump-sum death benefits will be treated as part of your estate for Inheritance Tax (IHT) purposes.
As a result, if your total estate, including any pension pot that hadn’t been drawn down, exceeds the IHT threshold (currently £325,000, or higher with the residence nil-rate band), IHT could become payable. Note that some exceptions remain. For example, “death-in-service” lump sums from a registered pension scheme are excluded from IHT under these new rules.
Because of this change, pensions may now fall into the IHT net for many individuals who previously assumed they were exempt, so it’s wise to review estate plans and beneficiary nominations accordingly.
Pensions
Can I afford to retire early?This is a common question from those reaching retirement age and there’s no simple one-size-fits-all answer given that everybody’s financial circumstances are different. The answer comes down to whether you can support your desired retirement lifestyle with the money you have accumulated. That’s where cash flow modelling can help.
Our team of Financial Consultants can help you forecast your income, model spending, factor in investment growth and any tax implications. Doing so, they can uncover opportunities to strengthen your financial position.
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