• If you leave things to chance, knowing what your financial situation is and how much your pension will be worth when you decide to no longer work full time can feel a little like fortune-telling. Who wants to rely on a crystal ball to know what life will be like when that your regular pay cheque doesn’t come in anymore? This is certainly not a situation that you want to find yourself in when you decide to retire. But what options are out there for you? Well, pensions plans are the most obvious vehicle which you would contribute into throughout your working life, in order to build up a big enough nest egg to help support you and your family in your older years.

    The majority of us put off planning for those days, but really the sooner you start planning your pension, the more money you will have when you do retire, so it does pay to start your planning as soon as you can. If you do have a full-time job, you are very likely to be building up funds toward a basic the State Pension. But relying on these this sources of income might not be enough money to allow you to sustain the lifestyle you are accustomed to when you retire.

    All pension plans are long-term investments that come with special tax rules. You can invest in your pension plan(s) throughout your career and structure payments around your lifestyle, many increase savings when they have the most disposable income. Following new government rules in 2015 you can access your ‘Defined Contribution’ or ‘Money Purchase’ pension from the age of 55, in whatever way you want. The biggest change was that people aged 55 and over can withdraw the whole of their pension as one lump sum. It has been proposed that the minimum pension age will rise to age 57 in 2028 to keep it in line with the state pension age which is set to rise to 67 in the same year. There are two main types of pensions:

    Defined Benefit
     pensions – mostly for people who work in public sector or large companies, these can be either career-averaged, or final salary related.

    Defined Contribution pensions schemes – includes workplace, personal and stakeholder pension schemes.

    The easiest way to ensure that you have a sufficient plan is to contact a financial advisor. If your employer offers workplace pension schemes, it’s a good idea to look into that option first. All employers with five or more employees have to provide some pension scheme. But if you don’t have access to an employer plan, then starting your own is the next option. You can research your choices, but a financial advisor can help you do this.

    So don’t leave your financial future up to a fortune teller. Take the matter into your own hands and build the pension savings that you deserve and know that your financial future will be taken care of. It’s worth it!

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Contact us

You can also request contact details from the Pension Tracing Service by phone or by post.

The Pension Tracing Service
Telephone: 0800 1223 170
From outside the UK: +44 (0) 1782 389134
Monday to Friday, 9:30 am to 5:00 pm

The Pension Tracing Service
The Lantern
High Street
EX34 9QB

Copyright 2020 by Pension Tracing Service ® ​

The Pension Tracing Service ® is a trading style of the Millennial Wealth Ltd. We are authorised and regulated by the Financial Conduct Authority. FCA number 914746. Unit 11Flag Business Exchange Peterborough Cambridgeshire PE1 5TX. The registered company number is 11557299​

This service is not affiliated with the Department of Work and Pensions or any government body. The Pension Tracing Service does not offer financial advice to our clients. However we can allocate you an Authorised and Regulated Pension Specialist.

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