Make 2026 the year to achieve Retirement

The past year's headlines painted a stark picture: countless UK adults face uncertain financial futures as they approach retirement. With economic pressures mounting and recent Autumn Budget changes taking effect, professional financial advice has shifted from being a luxury to a necessity.

The encouraging news? Regardless of where you are in your retirement journey—whether you're planning to stop work entirely or transition to a more flexible arrangement—it's never too late to establish a solid retirement plan.

Plan Your Retirement Lifestyle

Start by envisioning your ideal retirement. Will you be travelling, volunteering, pursuing new hobbies, or working part-time?

Create a realistic retirement budget that reflects both your anticipated pension income and expenses. Factor in essential costs like mortgage payments and household bills alongside discretionary spending such as holidays. Remember that retirement can span several decades, so your pension savings must stretch accordingly, including contingencies for healthcare costs.

Review Your Pension Savings

Gather current statements for every workplace pension and personal pension you hold. These reveal crucial information about your pension pot value, charges, and investment strategy.

Track down any forgotten pensions from earlier in your career using the free GOV.UK Pension Tracing Service. Professional financial advice can help you understand what you've accumulated and identify any shortfalls.

Check your State Pension entitlement through GOV.UK to determine your payment amount and eligibility date. The full new State Pension currently requires 35 qualifying years of National Insurance contributions. If your NI record shows gaps, voluntary contributions might increase your State Pension amount—but act promptly as deadlines apply.

Maximise Your Retirement Savings

Ensure you're capturing the full value of employer pension contributions through your workplace pension scheme, maximising valuable tax relief benefits.

Review your pension investments carefully. Pension funds invest for long-term growth, potentially delivering stronger returns than savings accounts. As retirement approaches, reassess whether your investment strategy matches your risk tolerance and retirement goals.

Focus on eliminating high-interest debts—particularly credit cards and loans—before retiring. Clearing your mortgage can significantly increase your available retirement income.

Seek Professional Financial Advice

An authorised financial adviser delivers personalised retirement planning tailored to your circumstances. Independent financial advisers assess products across the whole market, assisting with tax efficiency, pension withdrawal strategies, and keeping your retirement plans on track.

Those aged 50 and above with defined contribution pensions qualify for free, impartial pension guidance through Pension Wise from MoneyHelper.

Stay alert to pension scams. Unsolicited pension cold calls are illegal. The FCA's ScamSmart service allows you to verify whether a company is legitimate.

Prepare for Your Next Chapter

Retirement represents a significant life transition. Consider how you'll structure your time and maintain social connections to create a fulfilling post-work life.

Keep your legal affairs current by reviewing your will and confirming that your pension beneficiary nominations reflect your wishes.

Janice Dallas is a Financial Planner at AC Wealth, based at our office in Glasgow.

A summary of key factors that impacted Employee Benefits in 2025

Rising National Insurance Costs

Employer National Insurance Contributions increased from 13.8% to 15% from April 6, 2025, adding approximately £900 annually per employee on a median salary. While rising costs are never welcome, this prompted many businesses to review their benefits strategies.

Salary Sacrifice Schemes

43% of employers introduced salary sacrifice schemes in response to the Autumn 2024 budget changes. These schemes offer NI savings for both employers and employees on benefits like pensions, bicycles, electric vehicles, and additional holiday leave. However, there is a significant upcoming change: from 2029, NI relief on pension salary sacrifice will be capped at £2,000 annually per person, with 74% of current users remaining unaffected.

Mental Health Support

Mental health support ranked top on the list of expected employee needs in 2025, with 31% of employers anticipating an increase in demand. Other growing areas include financial well-being (19%), general fitness (18%), and male mental health (17%).

Sickness Absence Crisis

An astonishing 3,000 people per day are being signed off as too sick to work, with mental health and musculoskeletal issues being the main reasons. This creates high costs for employers in both absence and replacement.

Strategic Challenges

Rising benefit costs are the top issue (64%) influencing UK employers' benefit strategies in 2025, up from 57% in 2023. To address this, 57% plan to reallocate spend in the next three years, while 67% are looking to expand benefit choice.

Employers are facing soaring PMI costs due to medical inflation and increased NHS wait times. A key issue is that employees aren't being properly signposted to prepaid benefits such as Employee Assistance Programmes (EAPs), which could provide free counselling sessions instead of triggering PMI claims.

AI-Powered Benefits Platforms

AI technology is emerging to help employees navigate benefits more effectively and to provide employers with predictive insights about potential health issues before they escalate, enabling preventative interventions.

Compliance & Legislative Changes

EU Pay Transparency Directive Impact

Although the UK left the EU, many UK businesses will be impacted by this directive, which requires organisations to close gaps not just in pay but also in employee benefits. This necessitates total reward statements that quantify the value of all benefits provided.

Key Takeaways for SMEs

For smaller businesses, the main opportunities lie in implementing salary sacrifice schemes to offset rising NI costs, prioritising mental health and wellbeing support to reduce sickness absence, and using digital benefits platforms to automate administration and provide better employee communication about available support. With absences particularly impactful for SMEs, the focus should be on preventative health measures and ensuring employees know how to access existing benefits effectively, rather than necessarily adding expensive new offerings.

Our team can provide a benefits audit for your business to check you have in place the most cost-effective and tax-efficient arrangements in place for your employees and your business. Start the new year in the right direction with our support.

More reports and background on the information in this article can be found in Employee Benefits UK website here.

Please be aware that our offices will be closed from 12 noon on Wednesday, 24th December and will open on Monday, 5th January.

We would like to wish you all a happy and healthy Christmas and New Year, and we look forward to working with you in 2026.

The Autumn Budget 2025 was delivered on 26 November 2025 by Chancellor Rachel Reeves, with some key points to note, listed below.

• The individual savings account (ISA) subscription limit remains £20,000. But from April 2027, savers under age 65 must invest at least £8,000 of the annual ISA allowance into qualifying investments such as shares and authorised funds, rather than in cash.
• From 6 April 2029, the amount that an employee may contribute to a pension through salary sacrifice without paying national insurance contributions (NICs) will be capped at £2,000 a year.
• VCT income tax relief will decrease to 20% from 2026/2027.
• A new usage-based Electric Vehicle Excise Duty (eVED) will be introduced from April 2028, establishing a charge per mile for electric cars. Average EV drivers are expected to pay around £240 a year initially and plug-in hybrid cars will attract a reduced rate.
• Fuel duty will increase in stages by 1p per litre on 1 September 2026, a further 2p on 1 December 2026 and a final 2p on 1 March 2027.

As ever, the Budget publications contained a wide range of detailed proposals with much to digest and not all changes apply if you are a resident in Scotland. Below are the details regarding income and dividend tax; however, the Scottish Budget will be released on the 13^th January 2026 and will confirm bandings and rates for Scottish residents:

• The personal allowance and the existing income-tax thresholds remain fixed at their current cash values for a further three years to 2030/31.
• Tax rates on savings income, dividends and property income will increase by 2 percentage points from 2026/27, except for the additional rate on dividends, which will stay at 39.35%.

As ever, the Budget publications contained a wide range of detailed proposals and much to digest.

Our Budget summary highlights the key aspects likely to affect you and can be accessed here. This content is based on information at the time of publication and should not be taken as advice.

If you have any questions about how these changes might affect your financial plans, please get in touch with our team.

Aberdein Considine Wealth (AC Wealth) are pleased to announce a key strategic promotion within its Employee Benefits team, reinforcing the firm's commitment to delivering exceptional support to small and medium-sized businesses across Aberdeenshire and Scotland.

The appointment reflects AC Wealth's continued growth in the business sector as one of the leading independent financial planning firms, with an increase in demand for the service in delivering modern, comprehensive employee benefits solutions to employers.

Katie Mearns, who has been promoted to Head of Employee Benefits, will continue to expand the firm's employee benefits offering to current and new clients, having been part of the team as an experienced employee benefits consultant since 2022. Katie will take over the main responsibilities of the division from Director Peter Mutch, who will continue to support the team and service offering on a part-time basis.

In her new role, Katie will lead the development of the employee benefits services with her expertise in designing tailored employee benefit packages and supporting companies in navigating the complexities of workplace pensions, group protection and healthcare benefits with tailored, comprehensive employee benefits offerings that benefit businesses and their employees.

“I’m delighted to step into this role at such an exciting time for AC Wealth. Employee benefits play a vital role in helping businesses attract and retain talent, and I look forward to building on the strong foundations already in place to support more employers across Scotland with solutions that genuinely make a difference to their people.”

The promotion comes as the firm celebrates 15 years of delivering an employee benefits service, which has helped business owners manage their employee benefits while navigating changing legislation and rising costs.

"This promotion recognises the expertise, talent and dedication of Katie and our Employee Benefits team to our business clients, and marks a key transition in our offering, further to the development of these services in the last 15 years, led by Director, Peter Mutch. We look forward to supporting our clients and Katie in her new role for the next 15 years and beyond," said Jen Paice, CEO at AC Wealth.

AC Wealth's Employee Benefits team consists of 7 employees; Joyce Duguid, Abbie Murray, Melanie Mathieson, Michal Biesek, Allison Rust, Katie Mearns & Peter Mutch, who provide support and advice on workplace pensions, group risk benefits, health and wellbeing and employee communication.

Business Growth & Development in Financial Planning Today Magazine

Business Growth and Strategy Summary

Jen Paice took part in a Q&A article in Financial Planning Today magazine, where some of the leading financial services leaders were asked their opinion on the key challenges and opportunities within the profession today.

Jen Paice joined Aberdein Considine Wealth in 2022 with the remit to transform it from a transactional advisory firm into a comprehensive financial planning service. Here are the key highlights:

Current Position and Development

The firm has grown into one of Scotland's largest independent financial planning businesses, although relatively unknown for this specialist service, outside its current clients. Since 2022, the leadership team has been strengthened with key appointments, including a Training & Competence Supervisor, Paraplanning Manager, Compliance Director, and Head of Marketing.

Growth Strategy

The company is pursuing organic growth with no immediate acquisition plans, targeting 20% growth over the next three years. Their approach combines:

• Traditional face-to-face, available on the high
• Latest technology for improved efficiency
• Expansion of the service offering within Scotland's central belt
• Enhanced digital transformation over the next five years

Key Business Drivers

1. Sustainable Value: Delivering personalised, holistic financial planning and reinvesting returns into the team and clients
2. Innovation: Monitoring industry trends and embracing technology to maintain a competitive advantage
3. Strategic Opportunities: Identifying partnerships and emerging client needs
4. Long-term Relationships: continue to develop the service through a combination of knowledgeable advisers with exceptional service and technology

Industry Outlook

The article identifies significant opportunities driven by demographic shifts (growing demand from a retiring population, intergenerational wealth transfers) and younger generations engaging with financial planning earlier. Technology, apps, and AI are viewed as enablers rather than replacements—tools that will enhance delivery models through hybrid offerings combining human expertise with intelligent automation, while maintaining the trust and personal service that clients value.

The latest copy of this magazine can be viewed here.

Forthcoming changes to pensions will impact many.

Planning for retirement and understanding upcoming pension changes

In this latest article in The Herald, Financial Planner, Janice Dallas explains how forthcoming pension changes will significantly reshape retirement planning strategies for many.

It more important than ever to seek advice. From the state pension, accessing pension pots or the new implications for many for Inheritance Tax and the transfer of wealth. Future retirees are facing a critical decision point. This article explores the key factors behind the changes, and how you can navigate the risks ahead.

Key Changes:

• From April 2027, unused pension funds will be included in estates for Inheritance Tax (IHT) purposes
• This change is expected to affect 8% of estates (up from 4.62% currently)
• The state pension age is under review, with plans to raise it to 68 by 2046

Inheritance Tax Context:

• Current nil rate band: £325,000 can be left tax-free
• Rising property prices mean more estates are exceeding IHT thresholds
• Including pension values could push more estates over the tax-free limit

Potential Impact:

• People may consider spending their pensions during their lifetime rather than leaving them as inheritance
• It may become more tax-efficient to draw from pension pots earlier in retirement
• Advice varies depending on individual circumstances

Key Recommendations:

• Don't make hasty decisions about pensions and inheritance
• Seek professional advice given the complexity
• Start planning early for best results
• Have conversations with family about retirement and estate planning
• Options exist even if you feel you've started planning late

With significant pension and IHT changes approaching, it's important to review your retirement and estate plans carefully with professional guidance.

The full article can be viewed online here.

Aberdein Considine Wealth set up for successful next chapter with appointment of shareholders

Aberdein Considine’s Wealth Division is pleased to announce its successful transition to a limited company, Aberdein Considine Wealth Ltd, trading as AC Wealth. This exciting development sees long standing financial planners Russell Anderson, Alan Davidson and Sam Goult appointed as shareholders and paving the way for future growth as one of Scotland’s largest financial planning firms.

“This is an exciting next step for the firm and will benefit our clients and team, developing our financial advice offering of the highest quality that is synonymous with the Aberdein Considine brand,” commented CEO Jen Paice.

AC Wealth is now a separate legal entity to Aberdein Considine LLP, with both firms maintaining a close working relationship based within the same offices and Aberdein Considine LLP retaining a majority interest. Going forward, clients of the financial planning firm will continue to benefit from the legal, propertyproperty, and mortgage expertise of the leading law firm.

The Financial Conduct Authority has formally approved AC Wealth as an independent business and the firm’s team of 13 Financial Planners and 23 staff will transfer over to AC Wealth. These changes to the business will enhance the service available to AC Wealth’s valued corporate and private clients, who will continue to receive a fully comprehensive financial planning service, of the highest quality, they have come to trust and rely on. ​ ​

Future plans for growing financial planning

Looking ahead, the firm has high ambitions to develop its financial planning service to more clients across Scotland, continuing with its client centric approach, as AC Wealth CEO Jen Paice explains:

“For some time now, and in line with our client centric approach, our financial advice service has been transitioning from a traditional product-centric advice model, towards holistic financial planning, with a focus on clients’ broader financial goals and building lasting relationships with them, whether they require financial modelling, or advice on pensions, investments, estate planning or inheritance tax planning.

Focusing on wealth across the generations

There remains a high demand across the UK for independent financial advice. A recently published FCA survey ‘Financial Lives’ 2024 has indicated some significant gaps across the UK with regards to financial savings and planning for the future. Highlighting that in the 12 months to May 2024, only 9% of adults received regulated financial advice about investments, pensions or retirement planning.

“For anyone looking to ensure their financial plans are on track to accommodate the changing legislation and get clear advice on how to make the most of their wealth, there has never been a more important time to get advice, whether building up your wealth or passing on wealth to family and loved ones,” adds Jen Paice.

AC Wealth provides services for individuals, families, business owners and organisations through its financial planning and employee benefits teams based across Scotland, from its headquarters in ​​Aberdeen, Perth, Glasgow and Edinburgh.

For more details please contact Jill Lepre - communications@acwealth.co.uk

This article was first published on the AGCC blog

Last year’s Autumn Budget threw a curveball to employers across all sectors with big changes to National Insurance (NI). The changes announced by the Chancellor included an increase in employer National Insurance Contributions (NIC) from 13.8% to 15% and a significant reduction in the secondary threshold (the point at which employers begin paying NI) from £9,100 to £5,000. With the tax year-end just around the corner, many businesses are figuring out how these changes will affect their operations and budgets.

But there is some positive news. A key opportunity employers should seriously explore is using pension salary exchange (or salary sacrifice, as it’s sometimes known) arrangements. Under the traditional setup, employees contribute to pensions from their net earnings (after tax) but with salary exchange employees agree to take a lower gross salary in return for boosted pension contributions, which is handled by their employer. This swap means employees pay less Income Tax and NI, leaving both the employer and employee better off.

Why does this matter to businesses?

As a business owner, you’ll know that happy employees usually equal better performance. People who feel appreciated and financially secure tend to work harder, stay engaged, and even take fewer sick days.

Offering a competitive financial package goes a long way in encouraging that happiness. Rate of pay is normally, though not always, an employee’s main concern but don’t underestimate the importance of your workplace pension scheme as an attractive benefit.

If you haven’t already explored salary exchange for pensions, here are some reasons to take a closer look.

You can reduce your employees’ Income Tax and NI contributions

Salary exchange allows employees to trade a portion of their pay for a non-cash benefit, most commonly pension contributions.

By exchanging part of their salary, employees reduce their taxable income, which in turn lowers the amount of Income Tax and NI they pay. The exchanged amount is then contributed directly to their pension, helping them save more efficiently for retirement.

High earners could take home more despite ‘exchanging’ salary

Salary exchange benefits employees across all income levels but offers significant advantages for high earners.

For those paying higher rates of NI and Income Tax, the tax savings from exchanging part of their salary into a tax-efficient pension could outweigh the reduction in gross pay. This could even result in a higher take-home pay, providing an extra incentive for senior staff.

You also save on NI contributions

Salary exchange doesn’t just benefit employees, it can also save your business money.

When employees reduce their gross pay, your company’s NIC’s decrease too. Encouraging your team, especially high earners, to take advantage of salary exchange can unlock substantial savings.

For example, one of our new clients recently made salary exchange the default contribution method for their workplace pension scheme based on our advice. The result was the employer saving £29,256 annually in NICs on approximately £212,000 of employee gross contributions. And with the employer NIC rate increasing from 13.8% to 15%, those savings are projected to climb to £31,800 per year.

This is a clear example of how salary exchange arrangements can deliver significant financial benefits for businesses. What businesses choose to do with the savings is up to them, but some choose to pay some or all back to benefit their employees.

It can enhance recruitment and retention

The Covid pandemic has reshaped priorities for many employees, putting a greater focus on work-life balance, mental health, and financial security. Including salary exchange in your benefits package could make it more attractive and is a great way to show your commitment to supporting employees’ financial wellbeing.

This not only helps retain your current team but also makes your business more appealing to top talent. Happier and more financially secure employees tend to be more engaged and productive.

Some considerations

While salary exchange offers plenty of benefits, it’s worth being aware that it might not be ideal for all employees. For instance, a reduced salary might affect eligibility for means-tested benefits. Similarly, a lower salary could impact mortgage affordability assessments, though many lenders will be prepared to use the ‘pre-exchange salary’ when calculating the amount they are prepared to lend.

Clear and open communication will help your employees understand the benefits and any potential drawbacks of salary exchange, so they can make informed decisions about whether it’s right for them.

When done right, salary exchange can help you build a loyal, motivated and financially secure team, while also saving money for your business. It’s a win-win for everyone.