Pension Awareness Day
- AuthorMark Winterton
Pension Awareness Day aims to highlight the importance of pension savings. The pensions industry comes together to help the public and employers understand pensions and how to achieve the retirement they want.
Pension Day will help focus your mind and what retirement may look like. We have summarised some key points you may want to consider:
Check your pensions or pension
How much do you have in your pension pots and what do your forecasts look like. What does your statement tell you?
Is my pension performing?
You have invested into your pension over the long term and assessing performance is important, as it may well impact on your lifestyle in retirement.
How your money is invested?
You may have not reviewed how your pension is invested. Pension providers will usually have a number of fund options to choose from. Does your fund choice still match your attitude to risk and what other funds are there now available since you invested.
When are you to retire?
If you didn’t tell your pension provider when you would like to retire, the provider will set a date for you and use this when forecasting your retirement. Your retirement date could be a lot different to your providers and therefore your forecast statement, could be showing a retirement figure which may need reviewing.
Speak to your employer about your pension
Most employees will now benefit from employers contributing to their pension, however many employers may offer additional incentives. You may be able to increase your contributions which can help create a more secure retirement.
Any 'lost' pensions
Moving home or changing jobs can mean you losing track of your pension. The Associate of British Insurers estimate there were 1.6 million 'lost' pensions in 2020 with a total value of £19.4 billion.
Even a small pension pot can help with your retirement. The government pension tracing service - https://www.gov.uk/find-pension-contact-details can help you find lost pensions.
If you want support with your pension our in house Independent Financial Advisors can help you with all aspects of financial planning including pensions, investments and inheritance tax planning. If you need any financial advice, please contact the Chattertons’ Wealth Management team at your nearest office
Happy Pension Awareness Day!