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Welcome to ATM Orchard

Experts in the Pensions Market


selective focus of glass jar with 'pension' lettering and senior couple using laptop on background

Pensions are designed to enable you to save sufficient money during your working life to provide an income stream for you to live comfortably after you have retired.

There are many different ‘tools’ used to save for retirement, the taxation and investment elements of pensions can appear baffling. We specialise in explaining, recommending and monitoring pensions for you. Below are the most common sources of pension income to provide for your retirement.

Single Tier State Pension

The new State Pension is a regular payment from the government that you can claim if you have reached State Pension Age (SPA) on or after 6 April 2016. Other arrangements applied prior to that date.

You’ll be able to get the new State Pension if you are eligible and:

a man born on or after 6 April 1951
a woman born on or after 6 April 1953
If you reached State Pension age before 6 April 2016, you’d get the State Pension under the Basic State Pension and Additional State benefits headers as shown below.

The full new State Pension is £175.20 per week (2020-21). Your National Insurance record is used to calculate your new State Pension. You’ll usually need 10 qualifying years to get any new State Pension, 35 qualifying years for the full amount.

The amount you get can be higher or lower depending on your National Insurance record.

The basic State Pension applies to people whose State Pension Age falls before 6th April 2016, for people who have paid sufficient National Insurance Contributions while at work or have been credited with enough contributions. **


Additional State Pension (as above) – referred to as the State Second Pension (S2P) but before 6 April 2002, it was known as the State Earnings Related Pension Scheme (SERPS). From 6 April 2002, S2P was reformed to provide a more generous additional State Pension for low and moderate earners, carers and people with a long-term illness or disability and is based upon earnings on which standard rate Class 1 National Insurance Contributions are paid or treated as having been paid. Additional State Pension is not available in respect of self-employed income.

From April 2016, both the basic State Pension and Additional State Pension were combined to offer a simple single tier flat rate pension. **

An occupational pension (through an employer’s pension scheme) – This could be a final salary scheme (referred to as defined benefit) or a money purchase scheme (usually referred to as defined contribution). Pensions deriving from final salary schemes are usually based on your years of service and final salary multiplied by an accrual rate, commonly 60ths. The benefits from a money purchase scheme are based on the amount of contributions paid in and how well the investments in the scheme perform.

Personal pensions schemes (including stakeholder schemes) – these are also money purchase schemes and are open to everyone and especially useful if you are self-employed, just for topping up existing arrangements. From October 2012, all employers now have to offer their employees, who meet certain criteria, automatic enrolment into a workplace pension.

Retirement Options – there are now a vast array of different products that may be used at retirement to provide benefits, from the traditional form of annuity that provides a regular income stream to Flexi-access Drawdown which enables lump sums of benefits to be taken either as a one-off payment or over a given number of years. Given the complexity and choice all individuals now have, it is important to seek independent financial advice before making any decisions.

State Pensions may not produce the same level of income that you will have been accustomed to whilst working. It’s important to start thinking early about how best to build up an additional retirement fund. You’re never too young to start a pension – the longer you delay, the more you will have to pay in to build up a decent fund in later life.

** For those who have reached State Pension Age on or after 6th April 2016, these no longer apply.

How can we help

Why use a Pension Advisor

By working with a pension advisor, you can benefit from expert guidance, personalised advice, and proactive support throughout their retirement journey. Whether you’re just starting to save for retirement or nearing retirement age, a knowledgeable advisor can help you make the most of your pension savings and enjoy a financially secure and fulfilling retirement.

We can help individuals maximize their retirement savings by providing personalized advice tailored to their financial goals, risk tolerance, and retirement timeline. Advisors can assess your current pension arrangements, recommend suitable investment strategies, and explore opportunities to optimize contributions, ensuring you’re on track to achieve a comfortable retirement lifestyle.

Pension rules and regulations in the UK can be complex and ever-changing, making it challenging for individuals to navigate the pension landscape effectively. We stay up-to-date with the latest legislative changes and can help you understand how these developments may impact your pension planning. Whether it’s changes to contribution limits, tax relief, or pension freedoms, we can provide clear explanations and guidance to help you make informed decisions about your pension.

Retirement planning is not just about accumulating a sufficient pension pot; it’s also about planning for your desired retirement lifestyle and goals. We can work with you to identify your retirement aspirations, whether it’s traveling the world, pursuing hobbies, or supporting family members. By understanding your lifestyle preferences and financial objectives, we can create a tailored retirement plan that aligns with your aspirations, ensuring you can enjoy the retirement you’ve envisioned.

When it comes time to retire, optimizing your pension income becomes crucial for maintaining financial security and stability. A pension advisor can help you navigate the various retirement income options available, such as annuities, drawdown, and lump sum withdrawals, and determine the most suitable strategy based on your circumstances. Whether you’re looking for a guaranteed income for life or prefer more flexibility and control over your pension savings, an advisor can guide you through the decision-making process and help you make choices that support your retirement goals.

For Pension Advice Call Now to Speak to One of Our Expert Team Members 01229 770001​


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.

01229 770001
ATM Orchard Investments The Orchard, Kingsland Road, Millom, Cumbria, LA18 5BP

Lakenwest Ltd trading as: ATM Orchard Investments is registered in England and Wales no. 6330196. Registered office, The Orchard, Kingsland Road, Millom, Cumbria, LA18 5BP.

Lakenwest Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 472648.

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A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at or by contacting them on 0800 0234 567.

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