With people living longer than ever, it is essential to ensure that you have the necessary arrangements in place to provide the retirement you dream of. For many, perhaps retirement will not be what they imagined – potentially still paying a mortgage, not having the funds available to do those things they had planned to do.

HL Consulting will help you to make sure you have the necessary plans in place (to start a pension), to work towards the retirement you envisaged. We have a fantastic range of products and funds to choose from and as Chartered Financial Planners you can be sure of receiving the best advice. Take your first step on the journey to a better retirement by contacting us today.


A pension is money you’ll use to live on when you retire. Most people get a State Pension from the government, which covers basic needs but often does not provide that dream retirement. Your retirement will hopefully be around 30 years, so your pension planning needs to provide funds to allow a good standard of living during that time.
How much you’ll need to put away for your pension depends on:

  • What you can afford to save
  • How many working years you have to save
  • What your needs and desires will be when you retire

Pension Planning

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Pension Planning checklist

Think about the lifestyle you want when you retire and the commitments you’re likely to have. Your needs may change as you go through life so review what you’re saving regularly to make sure you’ll still be able to have the lifestyle you’re planning.

When planning how much pension you’ll need during your retirement you will need to consider things such as:

  • The cost of your home. If you own your home, your mortgage is often one of your biggest expenses. If you can pay it off before you retire, your outgoings may drop considerably. You can work out how many years it has to run. If you rent your home, you’ll still have to pay rent when you retire.
  • Your fuel bills. Gas and electric bills may be higher if you’re at home more and as you get older. Make sure you budget a bit extra and find out if there’s any help you can get such as a Winter Fuel Payment or energy efficiency measures for your home.
  • Paying your debts. Try to plan for any borrowing to be paid off before you retire.
  • Your expenses. Some expenses may be lower or disappear when you stop working. For example, you might be able to spend less on clothes, travelling expenses or lunches.
  • The lifestyle you want to enjoy. What kinds of things will you have to pay for? Will you need more or less money for holidays? How much money will you need for hobbies or other activities?
  • Your partner’s expenses. If your pension is also supporting a partner or someone else, remember to take their expenses into account as well.
  • What other income you’ll have. For example, from other savings and investments.
  • How the benefits system could change, particularly if your retirement is a long way off. If things change during your working life, remember to review your pension plan.
  • Your State Pension age. This is the age at which you’ll be able to claim State Pension.

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