Is your pension planning on track?


3rd April 2017


We’d all like to look forward to a comfortable retirement. However, we all lead increasingly busy lives and this often means that tasks like reviewing pension arrangements can take a back seat. Sadly, many people don’t realise until they come to retire that they don’t have sufficient money saved to enjoy life to the full.

With the onus on all of us to provide for our later years, it pays to make time to check up on how much you’ll have to live on in retirement. If there’s likely to be a shortfall in your savings, the earlier you spot it, the easier it should be to fix.

The state pension has recently undergone changes, so you might want to request a state pension statement so that you know what your entitlement is likely to be. You may also have other savings, investments, property, or pensions you have built up in past employment, all of which could be used to provide an income in retirement.


If you find yourself facing a likely shortfall, there are various things you can do to address it. The longer you have before retirement, the more time you’ll have to boost your pension pot. If you’re employed and haven’t joined your workplace scheme, you should think about doing so. By 2018, all employers will have to provide a pension that they, as well as you, contribute to unless you opt out. If you’re already a member of a scheme, you could consider increasing your contributions to improve your pension outlook.

In addition, you can set up your own personal pension plan. This could, for example, be a stakeholder plan or a Self-Invested Personal Pension (SIPP).

More and more people are realising that it’s never too late to act on their retirement planning, or too early to put their pension arrangements on track. If it’s been a while since you assessed your pension plans, why not contact us for a review?

A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.

The information within the article is for information purposes only and does not constitute individual advice.