Hetty Hughes
Manager, Long Term Savings Policy, Association of British Insurers
Whether it’s in the near or distant future, asking the right questions can help you understand your pension and what your retirement might look like.
To mark Pension Awareness Day and the launch of the second Pension Attention campaign next week, we’ve rounded up our top must-asks to achieve your later life goals.
Have you saved enough for retirement?
This is the question most of us ask ourselves when thinking about retirement. But to answer that question, you also need to consider what kind of lifestyle you want. Once you know that, you can figure out if you have enough money tucked away. Consider using the Government’s Mid-Life MOT online tool, which helps with financial planning and health guidance and assesses what your skills mean for your career and future.
What help is available online?
Visit moneyhelper.org.uk for a wealth of information on the pension market and how your pension works; free impartial guidance on options to take money from your pension; what circumstances, like divorce, could mean for your pension; helpful advice on managing debt and finances.
A financial adviser can help you plan for retirement
by giving you advice on pensions, insurance
products and other investments.
Have you spoken to your pension provider?
From understanding how much you have in your pension and where it’s invested to tracking down missing pots and identifying the options available to you, your pension provider can help. Contact them to find out more about your pension savings. If you’re not sure who your provider is, ask your current employer. For an old workplace pension, you can track those down using the Government’s service or the ABI’s Register of Consolidations.
Have you asked an adviser for further help?
A financial adviser can help you plan for retirement by giving you advice on pensions, insurance products and other investments. They can offer bespoke, impartial advice — looking at the best options to suit your needs.
Have you thought about power of attorney?
Did you know that even if you’re married or in a civil partnership, without this document, they cannot manage your pension if you lose the capacity to make decisions? Visit gov.uk/power-of-attorney to learn more.
Why is staying healthy important?
Not only do you want to have a happy and healthy retirement but it’s worth remembering that the longer you can work, the more you can save into your pension. To understand what unexpected illness or injury could mean for your income, the ABI’s online tool ‘Percy the Protection Calculator’ provides helpful estimates of financial benefits you could be entitled to if you’re unable to work.