Pension planning can be a minefield for those who aren’t familiar with complicated finance jargon and the complex rules that go with it. So start simple: get to grips with these simple tips then move onto the big stuff.

  1. Pension Wise

Visit the pension portal on the UK government website if you’re a complete novice. You can check how much money is in your pension pot, learn more about different pension types and find out how to make your money last. This website covers the basics and gives helpful advice on the State Pension, but if you’re dealing with large sums of money, it might be worth seeking the help of a financial advisor.

  1. Ask the experts

To make pension planning easier, enlist the guidance of a financial planner who can help you invest and save your money in ways that ensure you receive the maximum benefit when you retire. Chartered Wealth Management is tailored to an individual’s needs by working with existing plans and savings to help ensure your hard earned money is easily accessible when you need it most. Look for a comprehensive programme that includes an advisor and account manager, so you feel supported the entire way.

  1. Start saving early

Start paying into your pension early to feel the benefit when you’re older. Investing in your future as soon as you start working can make all the difference when you want to retire. Start with small payments that you’ll never miss, and you’ll be surprised how quickly it adds up.

  1. Know when you can access your pension

Sadly you’re not handed over a big pot of money when you retire: you have to be over 55 before you can even touch it. However, new pension rules mean you now have more freedom to access it, which unfortunately increases the likelihood of scams. Ignore companies who say you can access your cash before you’re 55 – they are fraudsters whose tricks can cost you thousands. Check out the ‘Pension Liberation’ guide from the ‘Money Saving Expert’ to find out more.

  1. Be wise with new pension freedoms

From April 2015 over 55’s became able to access their pensions when and how they wanted; they no longer had to use retirement funds to buy annuities.
Nevertheless, annuities remain one of the best options for those who struggle to keep on top of their finances. They are provided by insurance companies and are available in a variety of formats. Do your research before you commit to anything and make sure you get a good rate. Visit the Pensions Advisory Service for a full breakdown of information.

  1. Pay rise = pay more into your pension

While you may be tempted to spend the extra earnings you get from a pay rise, it would be more sensible to invest this extra money into your pension. If your current wage allows you to live comfortably, then be sensible with the extra cash and invest it in your future.

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