Building adequate pension provision should be a priority. Whether you have no provision and need advice on setting up your first pension or you are looking for a review of pension plans already in place, we can assist.
Our financial advisers conduct a thorough in-depth review of your existing pensions and provide a well-reasoned recommendation, either to stay where you are or change the investment strategy to better suit your goals and attitude to risk.
As important as accumulating money for your retirement, is accessing this money once you reach retirement age. Broom Consultants Ltd. dedicated pension drawdown department will provide and regularly review the solution that best suits your circumstances and needs.

Checking your Pensions
If you believe you have some existing pensions but do not have any details of these, please click the link below to use the pension tracing service. This is a free to use service that is set up and run by the government.
State Pension
If you are wondering what your state pension could be at retirement, please click the link below and follow the steps on the government website.
Pension Glossary
Common pension terminology explained:
Annuities
An annuity is a type of insurance policy which provides a guaranteed level of income until you die based on a lump sum paid with the proceeds of your pension fund. This income gives you reassurance that your income won’t fall allowing you to plan your future finances.
There are different types of annuity scheme which pay out with differing regularity. The annuity amount may stay fixed or you may choose an escalating income which progressively pays more over the period of the annuity. Factors such as poor health and an unhealthy lifestyle when taking out an annuity may increase the income amount paid.
Making the right decisions at retirement is crucial to maximise the impact of the wealth you have built up. Once an annuity is purchased it can’t be changed so it’s important to choose the right plan.
Defined benefit pension scheme
Defined benefit pension schemes are setup by an employer to provide employees with an income during retirement. The pension amount will depend on the time served in the scheme, earnings before retirement and the particulars of the scheme itself.
Drawdown
Income drawdown is where your pension fund remains invested and you take lump sums and/or regular income directly from it, instead of using the fund to buy an annuity from an insurance company.
Executive pension plans (EPP)
Executive pension plans (EPP) are tax-efficient company pension schemes normally used by directors and senior employees. Operating an EPP allows investment into a wide choice of areas which include commercial property and shares providing potential benefits to the associated company.
An EPP gives control over investment, the contributions made and the date of retirement.
Workplace pensions / Group personal pension schemes
A group personal pension scheme (GPP) is a collection of individual pension plans setup by an employer for employees.
Since 2012, employers have been required to automatically enrol eligible workers into a workplace pension scheme. Each time payroll is run, a percentage of earnings are put into a pension scheme normally with contributions from the employer and employee.
Find out more on the Brooms Payroll and Pension Solutions website.
Money purchase pension schemes
A money purchase pension scheme is a pension plan employers and employees make contributions into. The pension payable will depend on the amount of money paid into the scheme by both the employee and employer, the performance of invested funds and the annuity rate determining the payment of the pension.
Personal pension plans
A personal pension is a tax efficient long-term investment. You can contribute a regular sum or make one off payments to build up a sum of money for retirement.
Self invested personal pension (SIPP)
A self-invested personal pension (SIPP) is a personal pension plan with a more flexible approach to the investments made. It works largely the same as a standard personal pension except rather than investment choices being made by the plan operator, the plan holder has the freedom to choose what they invest in and control their investment strategy.
Small self administered scheme (SSAS)
A small self administered scheme (SSAS) is a company pension scheme setup for a small number of directors or key staff members. The trustees of the scheme can choose to invest in a wide range of investments which are best suited to the trust membership. This can allow strategic and tax-efficient decisions to be taken.
The value of your investment or pension can fall as well as rise and you may not get back the original amount invested.
The levels, bases, and reliefs from taxation are subject to the individual circumstances of the investor and may be subject to future change.