Welcome to the Consumers' Association Retirement Savings Plan

Pension planning?

That’s something you can worry about later?

The fact is that tomorrow comes around sooner than you think

The fact is that tomorrow comes around sooner than you think

So by saving money now it could lead to you having a better chance of you enjoying the future you want

So by saving money now it could lead to you having a better chance of you enjoying the future you want

This is the current weekly state pension for a single person. You need to have 35 years National Insurance Contributions to get this much, which is the full amount. Wouldn’t want to live on that? Maybe not.

So, what other money could you have to live on?

So, where do I begin?

First, find out what you have already have, and what you could have when you retire.

There’s the state pension, of course….

Think about any money you’re saving in a bank or building society account,

or an ISA. Factor that in.

You need to remember that your pension savings is invested to try and help it grow- and, as with any investment, the value can go down as well as up and you may get back less than has been paid in

Next, if you have a workplace pension, check how much is being paid in each month.

Alongside contributions from your employer, one of the benefits of a workplace pension is that you will normally be eligible for tax relief from the government on your personal contributions.

So if you’re a basic rate tax payer, every £100 which goes into your pension savings will cost you £80*

*If your payments are made through a salary sacrifice arrangement

with your employer you’ll also benefit from National Insurance savings.

Next, think about what you’re going to need when you’ve finished working. To help with retirement planning visit our website.

You’ll find videos, calculators and online tools.

Our Shape my future tool can help you get an idea what your future could look like, and what you can do to make a changes now.

If you want to make changes to your workplace pension you can do this through your MyWorkplace account.

So, in summary, find out what you’ve already got: plan how much you might need- and then take action.

Remember, if you really want to make a difference to your future,

there’s no time like the present to act.

 

 

When you get around to thinking

about your finances, what sort of

things spring to mind?

A mortgage or a car loan? Looking after a family?

Paying the bills? Probably not pensions, though.

The fact is that tomorrow comes

around sooner than you think

The fact is that tomorrow comes

around sooner than you think

First, find out what you have already, and

what you could have when you retire. Your

annual pension statement can help here.

There’s the state pension, of course…

This is the current weekly state pension for a single person.

You need to have 35 years National Insurance Contributions to

get this much, which is the full amount. Would you want to live

on that? Maybe not.

So, what other money could you have to live on?

Think about any money you’re saving in a bank or an ISA.

Factor that in.

Next, if you have a workplace pension, check how much

is being paid in each month.

The benefit from a workplace pension is that you will normally

be eligible for tax relief from the government on your personal

contributions.

So if you’re a basic rate tax payer, every £100 which goes into your

pension savings will cost you £80*.

* If your payments are made through a salary sacrifice

arrangement with your employer you’ll also benefit from

National Insurance savings. Next, think about what you are going

to need when you’ve finished working.

Think about whether you can afford to save some extra money from

your salary. Putting aside just a little now could still make a big

difference later.

You need to remember that your pension savings is invested

to try and help it grow- and, as with any investment, the value

can go down as well as up and you may get back less than

you put in. That’s why it’s important to keep a close eye on

the value of your pension and other investments.

If you want to make changes to your workplace pension you can do

this through your MyWorkplace account.

So, in summary, find out what you’ve already got: plan how much

you might need- and then take action.

And remember, however busy you may be right now, it’s worth

taking time out to think about your future…while there’s still time

to make a difference to it!

To help with retirement planning visit our website.

You’ll find videos, calculators and online tools.

Our Shape my future tool can help you get

an idea what your future could look like, and

what you can do to make a changes now.

You’re getting closer to your

selected retirement age which

means more freedom to do the

things you enjoy.

To make the most of this new stage in your life

you need to give some thought to your options,

needs and goals. So, where do you begin?

First, find out what you already have, and what you

could have when you retire. There’s the state pension,

of course.

This is the current weekly State Pension for a single

person. You need to have 35 years National Insurance

contributions to get this much - which is the full amount.

Want to live on that? Maybe not, so what other money

could you have to live off.

Chances are, your workplace pension savings will

also play a big part in planning the kind of future

you’d want for yourself.

Think about any money you’re saving in a

bank or building society account, or an ISA.

Factor that in.

There are a number of ways to take your money,

such as: taking all the money as cash; taking

it as a guaranteed regular income, or perhaps taking

it as a more flexible income as and when you need to.

Before you make a decision on how to take money from

your pension savings, you need to get a clear idea of how much

you have there, and how it’s invested.

If you want more help thinking about pensions and retirement,

a good place to begin is MoneyHelper, the government-backed

free guidance service.

If you are over 50 you can use the Pension Wise service, from

MoneyHelper, online or by phone on 0800 138 3944. They offer a free

face to face or telephone guidance session

They won’t tell you what you should do, but they’ll provide you with

information to help you understand your options.

For more tailored advice, you should speak to a financial adviser. Bear

in mind they may charge a fee for this advice. If you don’t have an

adviser,

you can find an up-to-date list of regulated advisers at MoneyHelper

https://www.moneyhelper.org.uk/en/pensions-and-retirement/takingyour-

pension/find-a-retirement-adviser

You can access MoneyHelper online at

http://www.moneyhelper.org.uk or by phone on 0800 011 3797.