Pension webinars

Pension planning? Isn’t that something you can worry about later?

The fact is that tomorrow comes around sooner than you think, so by saving more now it could lead to you having a better chance of you enjoying the future you want.

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…

For a single person, the current full State Pension for the 2021/22 tax year is £179.60 per week. You need to have made 35 years National Insurance contributions to get this. Wouldn’t want to live on that? Maybe not. So, what other money would you have to live on?

Think about any money you’re saving in a bank or building society account, or an ISA. Factor that in.

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

The benefit 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 will cost you £80 from your take home pay.

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 changes now.

You need to remember that your pension money 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.

If you want to join or make changes to your workplace pension just get in touch with your employer.

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.

Tax and state benefits shown are for the 2021/22 tax year. They depend on your individual circumstances and may change. This presentation should not be regarded as giving any form of financial or investment advice. You should not make your decision on the basis of this recording alone. If you have any doubts whether the product is suitable for your needs, you should contact a financial adviser for advice.

When you get around to thinking about your finances, what sort of things spring to mind?

A mortgage or car loan? Looking after the family? Paying the bills? Probably not pensions, though.

But the fact is that tomorrow comes around sooner than most of us think…

So where do you begin?

First, find out what you already have, and what you could have when you retire. Your annual pension statement can help here.

There’s the State Pension, of course……

For a single person, the current full State Pension for the 2021/22 tax year is £179.60 per week. You need to have made 35 years National Insurance contributions to get this. Wouldn’t want to live on that? Maybe not. So, what other money would you have to live on?

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

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

The benefit 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 will cost you £80 from your post-tax pay. This tax relief is limited to the amount you earn in the tax year, or the level of the Annual Allowance whichever is lower.

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 changes now.

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 money 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 join or make changes to your workplace pension just get in touch with your employer.

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.

Tax and state benefits shown are for the 2021/22 tax year. They depend on your individual circumstances and may change. This presentation should not be regarded as giving any form of financial or investment advice. You should not make your decision on the basis of this recording alone. If you have any doubts whether the product is suitable for your needs, you should contact a financial adviser for advice. 

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.

 

Chances are, your workplace pension pot will also play a big part in planning the kind of future you’d want for yourself.

 

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.

 

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?

 

Think about any money you’re saving in a bank or building society account, or an ISA. Factor that in.

 

Before you make a decision on how to take money from your pension pot, 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/pensionsand-retirement/taking-your-pension/find-a-retirement-adviser

 

You can access MoneyHelper online at http://www.moneyhelper.org.uk or by phone on 0800 011 3797.

 

Tax and state benefits shown are for the 2023-2024 tax year. They depend on your individual circumstances and may change in the future. This presentation should not be regarded as giving any form of financial or investment advice. You should not base your decision on the basis of this recording alone. The value of your pension can go down as well as up and you could get back less than the amount paid in.