Managing your pensions
What with your state pension, workplace pension and any other pensions you’ve had over the years, it’s no surprise that it can be hard to keep track.
If you have any questions about pensions, a chat with one of our pension advisers
can help you to get the most from your savings. You can also use the handy pension planner and retirement calculator tools to work out how much your pension is worth, and how much your pension income could be.
If you’d rather do your own research, the Pensions Advisory Service
has a wealth of information, split into sections.
Citizens Advice has a whole section devoted to pensions and pension products
, while the government also has a website section dedicated to pensions, Pension Wise
, where you can research all the options you have when it comes to your pension pot.
If you’re a mother and you’re concerned about how this will affect your pension, there’s plenty of guidance on Mummy Money Matters.
Although the websites above offer advice about your workplace pension as well, there are sites dedicated to clarifying the information. LV= has teamed up with The People’s Pension
to offer additional guidance and advice; the site also contains loads of downloadable resources for employees and employers alike.
The government has also published several resources for both employees and employers
, including case studies, myth-busting articles and a workplace pension guide.
Alternatively, you can go straight to the source: NEST, the National Employment Savings Trust
, which is the government’s auto-enrolment workplace pension provider.
If you’re concerned about your pension, or believe that your employer isn’t providing you with the correct workplace pension, there are services that can help.
The Pensions Regulator
is the government’s resource for anyone involved in pensions, from individuals to business advisers. It’s full of information to help you protect your pension pot. But if you do have to take legal action, then the Pensions Ombudsman
is there to help.
For financial concerns outside your pension, the Financial Conduct Authority
is the organisation to turn to.
Tools and apps
For those who prefer a hands-on approach to retirement planning, there are great interactive tools to be found online:
- calculate your pension requirements with the Money Advice Service’s pension calculator
- you may need to calculate how long your retirement will last for the tool above. But don’t fear – there’s a site for that
- to find out when you’ll reach state pension age, you can use this tool, also from the government
- if you’re tracking down a lost pension, then you can find the contact details of pension providers here
There are also a few useful apps to help you manage your money, such as Mint
, which you can sign up to for free.
Financial news and guidance
If you want to look further than just your pensions, there are some great guidance websites that deal with personal finance. The Money Advice Service
has detailed descriptions of numerous financial products, from pensions to mortgages, so you can get the most out of your money.
goes one step further, describing the financial loopholes and tools available that can help you save money on purchases, products and accounts.
If it’s breaking news you’re after, look no further than This is Money
, a news site that covers everything in the world of finance. Select the ‘pensions’ tab on the top for pensions-specific news stories.
For a more personal overview of pension matters, follow Ros Altmann on Twitter @rosaltmann
Enjoying your retirement
And what about when you’ve retired? The University of the Third Age (U3A) gives people in later life the opportunity to learn new skills, attend courses and meet up for events. It’s a great way to spend some of the extra time you have after retirement, but you can also join before you leave work.
There are dozens of U3A groups around the UK, but you can set up your own if there’s nothing on offer near enough to you.