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Personal Pension Advice in Wakefield

At Olive Tree Wealth Management Ltd, we offer personal pension advice. We have been providing clear, jargon-free advice for over 35 years.

Our services include stakeholder pension, personal pension, nesting, auto enrolment, and SSAS in West Yorkshire, including Wakefield, York, Harrogate, Pontefract, Knottingley, Normanton, and Castleford. When it comes to planning for your future, we're here to help you make the right choices.

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Personal Pension Plans

A personal pension plan helps you save money for retirement and is available to any United Kingdom resident who is between the ages of 16 and 75 (Children under 16 cannot start a plan in their own right but a Legal Guardian can start one on their behalf). You, in conjunction with your adviser, choose the pension provider and make the arrangements for paying the contributions to the plan.

You can start a personal pension even if you have a workplace pension or if you’re self-employed and don’t have a workplace pension. You don’t have to be working to take out a Personal Pension Plan and you can also provide a Personal Pension Plan for your spouse/partner or your child/children.

When you contribute to a Personal Pension plan, your money is invested by the pension provider (usually an insurance company) to build up a fund/pension pot over a number of years.

Our Services

Stakeholder Pension

A stakeholder pension is a type of pension plan designed to be simple and low-cost. It's a good option if you're self-employed or your employer doesn't offer a pension scheme. With a stakeholder pension, you can start and stop payments whenever you like.

Personal Pension

A personal pension is a type of defined contribution pension. You choose how much you want to pay in and how you want to invest your money. The value of your pension pot can go up or down, based on how your investments perform.

Nest Pensions

Nest pensions help you save for your retirement. It involves putting a small portion of your wages into a pension pot. Your employer also adds money to the pot, and you get tax relief from the government.

Auto Enrolment

Auto enrolment is a government initiative to help more people save for their retirement. It means that employers have to automatically enrol their eligible workers into a workplace pension scheme.


SSAS stands for Small Self-Administered Scheme. It's a type of workplace pension that gives business owners and directors more control over their pension investments.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

The Financial Conduct Authority does not regulate Auto Enrolment or SSAS pensions.

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How do pension providers handle Income Tax for basic rate taxpayers and higher rate taxpayers?

If you’re a basic rate taxpayer, your pension provider will claim back Income Tax at the basic 20 per cent rate on your behalf on the contributions you make and add it to your pension pot. Higher-rate taxpayers claim the additional rebate through their tax returns.

What is the current annual allowance for pension contributions and what happens if you exceed it?

The Annual allowance (AA) is the most you or your employer can save into your pension pots before you must pay tax, The current total is £60,000 per tax year (6 April to 5 April). If you contribute more than that you will pay a tax charge.

At what age can you withdraw 25% of your pension fund tax-free, and what is the tax treatment for subsequent withdrawals?

Most schemes allow you to withdraw 25% of your fund tax-free from age 55 (57 from April 2028). Subsequent withdrawals are subject to income tax.

The size of your pension pot will depend on:

  • The amount of money you paid into the plan

  • The performance of the plan’s investments

  • Charges payable under the plan

  • Advice charges (where applicable)

At what age can you typically start withdrawing benefits from personal pension schemes, and is it possible to do so while still working?

Although most personal pension schemes specify an age when you can start withdrawing benefits from your personal pension (usually between 60 and 65) you are allowed to do that from age 55 if you wish. You don’t have to stop work to draw benefits from your plan.

What are the tax implications for beneficiaries inheriting a pension fund if the owner dies before or after the age of 75?

If you die before the age of 75 and haven’t purchased an annuity, your beneficiaries can inherit the entire pension fund as a lump sum or draw an income from it completely free of tax. If you’re over 75 years of age when you die, there will be a tax to pay on any withdrawals made by the recipient of your fund.

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"They reviewed my old work pension, and the whole thing was hassle-free."

- Tom via Yell

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Ready to take control of your retirement with a personal pension?

We specialise in helping clients secure their financial future through our range of pension services including Stakeholder Pension, Nesting, Auto Enrolment, and SSAS. Contact us today to start planning for a comfortable retirement.

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