Tell me moreInvestment options
- Tax efficient investments
- Investments for everyone
- Investments for children
- Retirement planning
Expert advice
Existing Customers
Help and guides
Planning for retirement
Keeping you on course for a brighter future
If you already have some retirement plans in place, you’ve made a good start. But don’t let them go out of date. You need to take stock now and again. A regular review will keep you on course for a brighter future.
Everybody’s situation changes – their retirement plans have to change with them. As your income grows, your job changes and family life develops, you start to develop a new picture of yourself in retirement. Time to review your plans.
You might carry out a review yourself. If you want some help, our financial planning advisers will be happy to review your plans with you.
When you set up your retirement plans, your circumstances and aspirations may have been different from what they are today. If they are, perhaps it’s time to take another look.
Your company pension
Maybe you’ve changed jobs and become a member of a company pension scheme. That may affect your plans, and your options.
But if your new employer doesn’t have a company scheme, you probably need to save more yourself. Have you worked out how much pension you need to plan for or asked your new employer if they’ll contribute to your personal plan?
Your contribution levels
How do your pension contributions compare to your earnings today? They might have been realistic when you started your plans but they could be unrealistic today. Think about increasing your retirement contributions at the same rate as your income increases. That way your retirement fund stands a better chance of keeping pace with price rises.
Your responsibilities
Your family situation might have changed. You could be married with children or have other dependants who may rely on you financially. Is it enough for them? How will they cope financially if something happens to you? If you’re divorced now, your former partner may be entitled to part of your accumulated pension fund. What steps have you taken to compensate for that loss?
Your State pension
The amount of basic state pension you receive depends on the number of years’ National Insurance Contributions you make while you’re working. Depending on your earnings, you might also be eligible for an additional state pension. You can get more information on your entitlement from the Directgov website.
Company pension scheme benefits
You should receive an annual statement of the benefits you’re entitled to under a company pension scheme. If you’re no longer a company scheme member, do you have a note of any benefits you have with existing schemes? Normally, you can transfer benefits from company schemes to your own pension plan, however you should always take financial advice before you do this.
Your current personal or stakeholder pensions
Are your pension contributions still realistic compared to your earnings and your investments performing as well as you hoped?
Your other investments
Are you using your full ISA allowance and keeping an eye on the performance of your other investments.
Pensions
Starting a pension plan is easy. Forgetting to review it is just as simple. Don’t fall into that trap. The key is to review it regularly making sure the amount you pay into your plan keeps pace with inflation and rises in your earnings.
Savings and investments
When you have a lump sum to invest or a regular amount to save every month, you should try to make the most of the savings and investment opportunities available.
Protection
Protection plans such as critical illness cover and income protection could help to ensure your retirement plans stay on course if you can’t work.
Financial planning review
For a confidential, no obligation review of your current financial situation.