Pension booster

Setting goals for retirement

Those who set tangible goals for the future could be £30,000 better off in retirement, according to new research.

The Set the Right Goals study from Zurich UK found that those that set specific goals for when they are aged 65 or over are more likely to save, putting aside approximately 7% of their salary into their pension compared to 5% for those without. Continue reading…


Forgotten pensions

Out of sight, out of mind

The extent to which pension policies are being forgotten has been revealed in research from Aviva. A survey of almost ten thousand people who hold a pension has revealed that just under one in eight (13%) admitted they have at least one pension that they had forgotten about[1]. This is equal to more than 2.5 million pension policies currently sitting in the back of people’s minds[2]. Continue reading…


Gender savings gap widens

Report findings suggest this trend is set to continue

Half of women (52%) are now saving adequately for their retirement compared to 60% of men, according to the latest Scottish Widows Women & Retirement Report. But while this maintains the record high levels achieved in 2015, the gap between men and women has widened since 2014 when 50% of women were saving adequately compared with 55% of men. Continue reading…


Freedom to choose

Using your pension money

Have you considered all the potential costs of retiring? Some people find their expenses fall once their working life ends, but it’s important not that assume that all your expenses will go down – some may increase, such as heating and leisure costs. Continue reading…


Why now is the time to review your pension

Taking an active interest in your retirement savings

Millions of savers currently spend very little time reviewing their pensions, with more than a quarter of savers (28%) admitting to never reviewing their retirement savings, while almost a fifth (19%) of those with a pension said they review it less than once every five years[1] according to figures released by Aviva. Continue reading…


Retirement freedoms

What are the income options for your pension?

Deciding what to do with your pension savings is an important step we will all have to take. Following changes introduced in April 2015, you now have more choice and flexibility than ever before over how and when you can take money from your pension pot. These changes give you freedom over how you can use your pension pot(s) if you’re 55 or over and have a pension based on how much has been paid into your pot (a defined contribution scheme). Continue reading…


Managing your retirement savings

Consolidating your separate pensions into one single pension wrapper

If you’ve accumulated numerous workplace pensions over the years from different employers, it can be difficult to keep track of how they are performing. The process of bringing all your pensions together is called ‘consolidation’. It is often referred to as a transfer. If you have more than one pension pot, you might want to consider consolidating all of your pots into one for simplicity. You may also benefit from lower charges by doing this. Continue reading…


Are you fit to retire?

Getting your pension in shape to enjoy the kind of lifestyle you want in later life

‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out. There are many ways to assess your likely income in retirement and work out how much you need to put away now to enjoy the kind of lifestyle you want in later life. Continue reading…


Pension freedoms: one year on

What are the key reasons for shifting retirement patterns?

New pension rules which give you far greater flexibility over what you can do with your pension pot came into force on 6 April 2015, but according to Aviva’s latest Working Lives report a third of people aged over 50 who are employed in the private sector are now planning to retire later than they previously hoped. Continue reading…