Gone are the days when most people knew they would retire on a comfortable pension, whatever their occupation. We are increasingly expected to take control of funding our own retirement. Yet this is a hugely complex area, with the rules on making contributions and how you can eventually draw your pension changing frequently.
In this section we look at the key issues to consider, according to where you are in life. We can explain what provision you already have and how you could supplement this, depending on your occupation. When you are about to retire, we can make recommendations so you can take advantages of the options open to you to enjoy a comfortable retirement.
Your employer will have to offer you a pension scheme that you both contribute to. You should join it at the earliest opportunity and if possible, take advice on supplementary methods of saving over the shorter term.
You should by now already be making regular contributions, into either a corporate pension scheme or your personal pension plan. Maintaining your payments will help ensure your pension fund stays on target.
Now is the time to make sure your pension plan is on target to provide you with the kind of lifestyle you are expecting when you retire. If it isn’t, what can you do to plug the shortfall?
If you have changed jobs and have money in a number of different pension funds, it could make sense to consolidate them into a single fund. You may need to take advice on whether this is suitable to you