Apr 23:15 George - Pensions

George Harrigan-Brown

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Have you forgotten about your pension?

Remember retirement creeps up on all of us eventually?

Let me try and get you in the mood to think “PENSION”.

If you are near retirement, you can unlock your pension early:

At 55 or over you can now release up to 25% of your total pension savings as a tax-free lump sum (from April 2015, the remainder at your tax rate – i.e., 20% for basic-rate taxpayers). “However unlocking a pension comes with a risk that you’ll have less money when you retire; so plan carefully.

Why not plan for a great retirement.

What retirement life style do you want? What will it cost?

Answering these two questions, will inform you of what percentage of your current savings you should be investing in in order to grow your pension pot, where you should be investing and for how long. This is crucial should you still desire to purchase designer garments for all those retirement parties that you will be attending.

Not sure where your pension is?

Be sure to use the free pension tracing service to ensure that you have not forgotten any frozen pensions from previous employers.

Try this:

Pension Tracing Service

Telephone: 0845 6002 537

From outside the UK: +44 (0) 191 215 4491

Textphone: 0845 3000 169

Monday to Friday, 8am to 6pm

Remember Pension scammers are at work

Some Tips on spotting pension scammers:

  • A cold call, text message,
  • Website pop-up,
  • Someone coming to the door offering a ‘free pension review’,
  • ‘One-off investment opportunity’
  • ‘Legal loophole’
  • A proposal to put the money in a single investment. In most circumstances, financial advisers will suggest diversification of assets.

Nothing stays the same

Keep track of your pension investment, as this will allow you to monitor performance and therefore decide on whether there is a need to move to a more rewarding investment scheme. Spread the risks by investing into a number of pension pots.

‘Don’t join a pension scheme and forget about it until you have reached retirement age.’