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Pensions
Whether you’re on track to retire early or retirement still feels like a million miles away, we understand that everyone feels slightly differently about their pension. The good news is we’re here to help.
Attitudes to pensions
*Research from Pensions and Lifetime Savings Association's Retirement Living Standards
51% of people focus on their current needs and wants at the expense of providing for the future*
16% of people can give a figure of how much they need to save*
Turn your attention to your pension
1. When was the last time you reviewed your pension?
Whilst it’s not always top of the to-do list, it’s important to keep track of what’s in your pension pot.
2. Will you receive your full state pension when you retire?
Did you know that in order to receive the full state pension, you will need to have made National Insurance contributions for over 35 qualifying years? It might be worth checking to see if you meet this criteria - this may help with your retirement planning.
3. Are your pension savings enough to support your desired lifestyle during retirement?
With people living and working longer, there is an increasing expectation of choice and flexibility in later life – have you got a plan in place to make your money last? Are you aware of all your options? Could you take a 25% tax free lump sum? Could you purchase an annuity or place your funds in a drawdown facility?
4. Are you contributing the maximum pension amount with your employer? Are you currently saving enough?
It’s never too late to increase your pension contributions to fully maximise your income during retirement.
5. Is your pension tidy and in one place or have you got pension pots with different employers?
Not a problem if you have, but it may be worth getting organised and understanding what funds you have got, where and if they would benefit from all being in one place.
Speak to trusted advisers
Whether you need to arrange a new pension or review your existing ones, our trusted partners, Concept Financial Services#, can help you find your way around the pension regulations, which can often be complex and time consuming. They offer professional, bespoke advice, tailoring your individual retirement planning objectives with the most suitable solutions.
There are many different types of pensions schemes from personal pensions, company schemes and final salary schemes to Self-Invested Personal Pensions. Concept are on-hand to provide expert advice on the benefits and drawbacks of each, so you can make an informed choice and decide the right one for you.
If you are interested in a no-obligation discussion with one of Concept’s friendly advisers, please complete the enquiry form below.
#Financial advice is provided by Concept Financial Services, a trade name of Delphic Financial Planning Ltd, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority.
Please note: By submitting this form, you are confirming you have read and understood our Privacy Policy and provide consent for your details to be passed to our trusted third party, Concept Financial Services, who will be in contact with you soon after your submission.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested. Past performance is not an indicator of future performance and should not be relied upon. HM Revenue & Customs practices and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
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