- Choose from a range of 14 funds, including our flagship With Profits Fund
- Easily transfer money in from other pensions
- Automatically reduce risk as you near retirement
- Start your pension pot from as little as £150 a month
On this page
Start your pension today
It's never too early to open your pension and the sooner you start saving, the longer you have to build your pot ready for retirement. With our Personal Pension Plan, you simply pay in with one-off or regular contributions, which we’ll then invest in your choice of funds.
With every contribution you make, you’ll benefit from at least 20% tax relief (subject to annual allowance). We’ll claim this for you and add it to your plan. If you’re a higher rate taxpayer, you may even benefit from more tax relief via your tax return.
The value of your pension pot can go up and down and its value, when you take benefits, might be less than you paid in.
Tax treatment can depend on individual circumstances and may change in the future.
How the personal pension plan works
You choose, we manage
By choosing from one or more of our fourteen funds, you’re in control of the level of risk you take with your money. Your Specialist Financial Adviser from Wesleyan Financial Services can discuss the fund options with you, ensuring you're fully informed before making your decision.
Our award-winning team of Fund Managers, named Investment Team of the Year at the Insurance Asset Risk Awards 2023, look after your investments as you get on with life.
Consolidate your pensions
You can move old pension pots (worth £10,000 or more) into a Wesleyan Personal Pension Plan - helping you to manage your benefits in one place.
A Specialist Financial Adviser from Wesleyan Financial Services can help you decide if this is the right move for you. With expert knowledge of pensions and retirement planning, they'll carry out a full analysis of your current pensions, to help you make a well-informed decision.
You can also learn more about pension consolidation in our comprehensive guide.
Pension options
When it’s time to collect your benefits, you have the option to take your benefits while you continue to work, wait until your retirement, or leave your pension pot untouched to give your benefits to a chosen loved one.
By choosing from one or more of our fourteen funds, you’re in control of the level of risk you take with your money. Your Specialist Financial Adviser from Wesleyan Financial Services can discuss the fund options with you, ensuring you're fully informed before making your decision.
Our award-winning team of Fund Managers, named Investment Team of the Year at the Insurance Asset Risk Awards 2023, look after your investments as you get on with life.
You can move old pension pots (worth £10,000 or more) into a Wesleyan Personal Pension Plan - helping you to manage your benefits in one place.
A Specialist Financial Adviser from Wesleyan Financial Services can help you decide if this is the right move for you. With expert knowledge of pensions and retirement planning, they'll carry out a full analysis of your current pensions, to help you make a well-informed decision.
You can also learn more about pension consolidation in our comprehensive guide.
What customers say about Wesleyan Financial Services…
94% of customers rate their Specialist Financial Adviser as very good or excellent
94% of customers agree that Wesleyan Financial Services makes them feel valued as a customer
94% of customers agree their Specialist Financial Adviser demonstrates knowledge of their profession
Reduce your risk with 'lifestyling'
If you’re looking to purchase an annuity with your pension pot, 'lifestyling' is an option that reduces the investment risk in the five-year period before you’re due to start taking benefits. It works by gradually switching the investments you’ve built up over the years (and any future contributions) to our lowest-risk fund as you get closer to your chosen benefit date.
The chart below demonstrates how this works:
| Years to selected benefit date | % of money invested in our moderate - high or higher risk / reward funds | % of money invested in our risk averse fund |
|---|---|---|
| 5 | 80% | 20% |
| 4 | 60% | 40% |
| 3 | 40% | 60% |
| 2 | 20% | 80% |
| 1 | 0% | 100% |
Just bear in mind that lifestyling isn’t a suitable option for everyone, so you can opt in or out at any time. For example, it may not be right for you if you want to take a flexi-access drawdown.
Once you’ve taken your tax-free cash, you may wish to grow your remaining investment in a moderate to high-risk fund. Lifestyling is designed to lower your risk, so wouldn’t help you meet your goals.
You could also miss out on future growth if financial markets produce strong returns.
Pension plan charges & important information
Initial charge
Where you receive advice from Wesleyan Financial Services, an Initial Advice Charge of 3% is deducted from each payment to pay for providing that advice.
Annual Management Charges (AMC)
The Annual Management Charge (AMC) is a proportion of your plan value that is taken each year. The charge varies depending on the funds you invest in, and is stated on the fund fact sheets. If you're opted in to Wesleyan Financial Services' Ongoing Advice Service (OAS), there is an extra annual charge of 0.5%, which we take monthly as an increase in AMC.
Market Value Reduction
If you switch out of the With Profits Pensions Fund, take an income or tax-free cash, or die, we may apply a Market Value Reduction (MVR). This is an adjustment which reduces how much you get back at certain times (for example, when share prices are generally low). You can find out more about this by speaking to your Specialist Financial Adviser from Wesleyan Financial Services.
Frequently asked questions
Yes, if your pension provider allows it, and the value of each pot you transfer is at least £10,000.
Speak to a Specialist Financial Adviser from Wesleyan Financial Services, and they'll help you understand if this is the right move for you.
Yes, you can move your money into one or more different funds of your choosing at any time. We can guide you through our range of funds and make any fund switches on your behalf.
You can make up to 12 fund switches in any 12-month period.
The amount you can contribute is restricted by your net relevant earnings or the appropriate annual allowance. If you have relevant UK earnings, you can contribute up to 100% of them or £60,000 (the annual allowance for 2024/25), whichever is the lower, and still receive tax relief. Contributions exceeding £60,000 will be subject to a tax charge.
If you have no relevant UK earnings, the maximum amount eligible for tax relief is £3,600 per year. Contributions above this amount will be subject to a tax charge.
Your relevant UK earnings is the income you get in a tax year from your employer (or through your trade if your self-employed), including bonuses, commission and benefits.
You can find out more about this and the Money Purchase Annual Allowance (MPAA) in our Key Features document.
There are multiple ways to take your pension.
You can use some or all of your pension pot to buy an annuity, with up to 25% of your pot available as tax-free cash. With an annuity, you will get a regular guaranteed income, normally until you die, though you can choose to have an annuity for just a couple of years. We’ve partnered with Retirement Line, to help find the right annuity for you. You can speak to your Specialist Financial Adviser from Wesleyan Financial Services to learn more.
If you have more than £30,000 in your pot, you can collect your pension through a flexi-access drawdown with Wesleyan. With this option, your pension stays invested while you draw a variable income from it. You continue to benefit from any investment growth on your remaining pot. Again, you can take up to 25% of your pension pot tax-free. You can also carry on making contributions, transfer in another pot, or even delay taking an income until you need it most.
For a flexible way to enjoy your personal pension, you can dip in and out of your pot as and when you like by taking cash lump sums. In doing so, you'll have the freedom to adjust the amount and timing of your cash lump sums to suit your changing income needs throughout retirement.
You may be interested in…
Guide to starting a pension
Discover your pension options and see how you can save for life after your career, with our guidance on state, workplace and personal pensions.
Consolidating pensions
In this guide, we talk you through everything you need to know about merging your pension pots - from how it works to the potential benefits.
A guide to annuities
Looking for a stable retirement income? Learn more about purchasing a guaranteed income for life, known as an annuity.