If this is your first foray into the world of pensions, this article may be a useful guide to help you on your way. Firstly, I suggest you read the articles in the order they appear below:
The UK State Pension - 5 useful facts you need to know. This is a great starting point to ensure you are on track to get the full state pension, especially if you have some job gaps in your work history.
Evaluate your current position and plan for your future. This is some useful background reading
Take control of your previous pensions. Many people will have pension provision from previous employment or personal pensions. This article may help you to think about your options with these schemes and useful links to help.
Pension Freedoms. This article discusses the major changes to defined contribution schemes (the vast majority of UK pensions) that were introduced in 2015 and how these freedoms will affect you in the future.
Workplace Pensions – Are you missing out on free cash?. Often overlooked by many but if you are currently contributing to a workplace pension scheme you may be missing out on more free cash
A brief overview on Self-Invested Personal Pensions. SIPP’s have grown in popularity since the pension freedoms and can be a very useful vehicle to receive any previous pensions you may have in order to amalgamate them into a single plan - this puts you in control of your investment choices in a simple to manage plan
If this all sounds complicated don’t worry, help is at hand so please read my article here Getting Pensions Advice.
By following these suggested steps, I hope it will prompt you to take action, so you are both in control and have a greater understanding of the options available to you in order to maximise your retirement income.
Until next time