Attitudes to pensions
*Research from Metlife’s Real Pension Freedom Scorecard report (2017)
43% of people are worried about running out of money in retirement*
36% of people are worried about being scammed in relation to their 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?
According to research*, 43% of people are worried about running out of money in 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.
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.
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.