Chestnut Financial Services Limited

10 Newark Road, Bassingham, LN5 9HA

Call Us: 01522 788887

Email Us:

Chestnut Financial Services Limited

10 Newark Road, Bassingham, LN5 9HA

Call Us: 01522 788887

Email Us:


Financial Services Limited

10 Newark Road,



Call Us: 01522 788887

Email Us:

Our Pension Advice Service

Thinking About Retirement?

Most people just don’t save enough to achieve the level of retirement income they need. Despite pension schemes providing annual statements to their known members (they can't send them to members that have lost track of their pensions), many people don't check them or review their retirement planning decisions, just when the old state arrangements have never been weaker to support our older generations.

The state system is simply insufficient to support most people's aim of a comfortable retirement. We aim to help you decide how much extra money you need to save, and where to invest it, having understood what your retirement objectives are.

We appreciate our clients each have different needs concerning lump sums, guaranteed income (from annuities), and variable income. So there are different ways of taking retirement benefits and the products that facilitate them. We also consider the other products and investments our clients hold and how these could be used to meet financial goals.

If clients need an annuity but are suffering from specific conditions we will always look out for higher annuity rates and therefore increased income payments.

Pave the road to the stress-free, secure retirement you deserve with step-by-step advice. Tell us a little bit about your personal circumstances. This will be the starting point for your personal plan to get you to your goals. We can then review your savings and investments - you might be surprised how much you are paying in fees. A review of your pensions will make sure you are aware of any valuable benefits

Your personal financial plan will show you how to:

  • Make the most of your tax allowances.
  • Find the best investments for your objectives.
  • Draw income to pay for special goals.
  • Balance your financial priorities.
  • Make the most of your savings in retirement.

We help you grow your nest egg by reducing taxes and fees you are paying. All of our recommendations are unbiased.

Pension Pot Consolidation

Accessing Lump Sums and Income

We understand that making decisions about retirement can be confusing - so there's nothing better than knowing that great independent retirement advice is available in the comfort of your own home.

Each pension company should send you a statement once a year that tells you how much your pot is worth, or there may be an option to check this on their website.

Be aware of scams as you are nearing pension age. Fraudsters are more likely to approach you with so-called "advice" about withdrawing and investing your pot, and make false claims.

You have the freedom to choose how you use each of your pension pots, based on what best suits your needs. Each option comes with its own set of rules, fees, benefits, risks, and tax issues. Deciding on what to do can be complicated – there are many factors to consider and financial terms to understand.

That's where great independent financial advice can make a massive difference. We want to discuss your lifestyle, partner or family situation, your age & long-term health, your current and future care needs, and any other sources of income, to give you the most meaningful advice!

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Taking Cash Lump Sums

Although you could close your pot, taking the whole amount as cash in one go, you would have nothing left from the pot to give you an income for the rest of your life.

You could also treat your pot like a bank account and make several withdrawals when you need to.

Some things you should bear in mind before taking out a cash withdrawal or a lump sum:

  • Not all providers can handle cash withdrawals - you will need to transfer to other products.
  • There may be charges for each withdrawal.
  • Only 25% of each withdrawal (or of your lump sum) is tax-free – the remaining amount is taxable.

We see our role in providing retirement advice in making sure you understand what you need and the consequences of various decisions.

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Taking Income

Relatively recent changes in pension legislation mean you have a wide range of options for an income in retirement.

If you’d prefer to receive a regular income for life after your stated retired age, then using your pension fund to purchase an annuity could be right for you. Alternatively, you could decide to keep your pension invested and take a regular income from your pot as and when you need it – this is called income drawdown.

Our aim is to help you develop the most tax-efficient option to get the most for your financial security in retirement.

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Pension Pot Consolidation

We regularly meet clients who have a number of active and/or dormant plans already. We can help you make sense of these plans and determine if the funds are delivering on your expectations.

They are often not set up to match your objectives, often don't have the right mix of investments, and in many instances are more expensive than what else is available by consolidating them.

We may also be able to save you money by arranging for your pots to be put into one easy-to-manage, lower-cost solution - and if it's not in your interests we will tell you!

Clients looking to consolidate their plans should be looking for help before doing so as we can evaluate the benefits and drawbacks of doing so and ensuring you understand the best course of action.

We can take into consideration drawdown options, flexibility, and the charging structures which apply. We can then look into the investment solutions the new plan offers depending on your specific needs and retirement goals.

Retirement Advice Directory

We are pleased to be listed on the Government's Retirement Adviser Directory, run by the Money Advice Service, provided by the Money and Pension Service, an arm's length government body sponsored by the Department for Work and Pensions. It is committed to ensuring people throughout the UK have guidance and access to the information they need to make effective financial decisions over their lifetime.

Topping-Up The State Pension

The State Pension changed on 6 April 2016. If you reach State Pension age on or after that date you’ll get the new State Pension under the new rules. The new rules are designed to be simpler than the old system, but there are some complicated changeover arrangements that you need to know about if you’ve already made contributions under the old system.

The new rules are based on your National Insurance record alone. For the tax year 2020-21, the full new State Pension is £175.20 per week. To be eligible for the full amount you’ll need to have a 35-year National Insurance contribution record. However, even if you’ve got 35 years of qualifying National Insurance contributions, you’ll still need to contribute until you reach your State Pension age.

You might get more than the full amount if you have built up entitlement to the Additional State Pension under the old system or less if you were ‘contracted out’ of it.

Many people do not qualify for the full amount, but it is possible to find out how much your pension will be worth from the government website ‘check your state pension’.

Early retirees should check their National Insurance (NI) record to see whether they have any gaps in qualifying years towards their State Pension and their eligibility to pay voluntary contributions or even defer it - options which can add considerably to your State Pension.

The value of pension and investments and the income they produce can fall as well as rise.

Pensions are a long term investment. You may get back less than you put in.

Pensions can be and are subject to tax and regulatory change; therefore the tax treatment of pension benefits can and may change in the future.

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Please Get In Touch

We always look forward to speaking with our clients.

You can telephone our office on 01522 788887.

Or you can email us - our address is

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The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

Chestnut Financial Services Limited. Registered in England no 9918363. Registered office: 10 Newark Road, Bassingham, LN5 9HA. Authorised and regulated by the Financial Conduct Authority No. 840940