The 15th of September Marks Pension Awareness Day, Let BSN Help You
September 5, 2017
September 5, 2017
The 15th of September marks pension awareness day. The UK is facing a challenge. More and more of the population are choosing to not save for their retirement, which can potentially be detrimental. Pensions are often looked over as a blasé task, especially with the opt out rather than the opt in system introduced in many businesses. The vast majority of people would much rather have a few hundred pounds left over at the end of every month, and is there any wonder why when living costs are constantly rising?
What Are The Changes?
As we’re sure you are aware, 2017 has been quite a year for changes in pension schemes, which have left people enraged and no longer saving. Of course, we recommend you don’t stop saving and risk falling into pension poverty, but what exactly are the changes?
1. Workers in their late 30’s and early 40’s will see their retirement age rise to 68.
This has angered many careers people across Britain and it is not surprising when you’re planning your life after work to then be told you’re going to have to delay it by a further 5 years. It automatically reduces job satisfaction and leaves many people questioning, ‘what’s the point?’
2. Each person affected may lose up to £9,800
Due to this rise in retirement age, more than 7 million of us will lose up to £9,800 in order to save the government £74 billion. Recent research showed that increases in life expectancy are slowing which suggests there’s no evidence for the change.
What Does This Mean for You?
Due to these changes, it will greatly affect you as well as the accessibility of your pension. However, this is just the surface, it will affect everyone differently as everyone’s plan is unique to them and essentially, pensions are a very complex and layered subject.
How Can We Help?
Ask yourself these questions:
1. Which pension wrapper do you currently have and why?
2. What is the risk exposure to your holdings?
3. Do you have the correct retirement age set?
4. Is your pension managed, if so, by whom?
5. Do you know what your options are at retirement?
If you are unable to answer all of these questions, then it may be worth seeking the advice of one our expert pension advisors.
If you would like more information on pensions or any other services Bespoke Support Network can provide, get in touch today to see how we can help.