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Pensions Advice & Retirement Planning
in Dundee & Tayside
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Understanding Your Pension
There isn’t just “one type” of pension. What you can do and what you should do depends on the type of scheme you have.
Common pension types include:
• Defined Contribution (DC) pensions
These build up a pot of money based on contributions and investment growth.
• Defined Benefit (DB) pensions (Final Salary/Career Average)
These promise a set income in retirement, usually based on salary and years of service.
• Workplace pensions
Auto-enrolment schemes provided by employers.
• Personal pensions
Arranged individually, separate from an employer.
• SIPPs (Self-Invested Personal Pensions)
Allow wider investment choice, but require careful oversight.
Each works differently and decisions can have long-term consequences.
Pension Planning Before Retirement
- When you realistically want to retire
- Whether your current pensions are on track
- Contribution levels and tax efficiency
- Investment risk levels
- Consolidating pensions (where appropriate)
- How much income you might need in retirement
- Whether you should access pensions early or leave them invested
Good planning doesn’t start the year you retire. It should start years earlier.
Retirement planning is about balance flexibility now versus security later.
Pension Transfers & Defined Benefit Schemes
Defined benefit (final salary) pensions can be extremely valuable because they provide a guaranteed income. Transferring out of a DB scheme is a major financial decision and is not suitable for most people.
By law, if your DB pension transfer value is above a certain level, you must take FCA-regulated advice before transferring.
A regulated adviser will assess:
• The guaranteed income you would be giving up
• Your attitude to risk
• Your health and life expectancy
• Your family circumstances
• The transfer value offered
• Long-term sustainability
Transferring a defined benefit pension is a serious decision that should only be made after full regulated advice and suitability assessment.
Pension Planning + Legal Planning
Pensions connect directly to your wider planning:
• Who receives your pension if you die?
• Is your will aligned with your pension nominations?
• Do you have a Power of Attorney in place?
• How does your pension sit alongside other assets?
• What happens if your health changes?
MML Law can support the legal framework around your pension planning while regulated advice handles the financial recommendations.
Joined-up planning reduces risk and confusion later.
Should I transfer my defined benefit pension?
In most cases, defined benefit pensions are valuable because they provide guaranteed income. Transferring out is not suitable for most people and requires FCA-regulated advice. A regulated adviser will assess your specific circumstances.
Can I combine multiple pensions?
In some cases, consolidating pensions can simplify management and reduce costs. However, guarantees and benefits can be lost. A regulated adviser will review suitability before any recommendation.
Pension Annuities vs Drawdown
When you retire, there are usually two broad routes:
• Annuity
Provides a guaranteed income for life (or a set term). Offers certainty but less flexibility.
• Drawdown
Keeps your pension invested while you withdraw income. Offers flexibility but carries investment risk.
The right option depends on your goals, risk tolerance and need for certainty.
There is no universal “best option”.
Why MML ?
• We help you understand your current position in plain English
• We introduce you to Ali Tod at Scott Fyffe Wealth Management Ltd for FCA-regulated pension advice
• You get proper suitability assessments not guesswork
• Your pension planning can sit alongside your legal planning with MML Law
• You deal with local professionals not a national call centre
When can I access my pension?
Most pensions can be accessed from age 55 (rising to 57 in 2028), but early access affects long-term income. A regulated adviser can explain options and consequences.
Is my pension enough to retire?
That depends on your lifestyle expectations, other assets and income needs. Retirement planning looks at the full picture, not just the pension pot.