Planning your pension in the new world of work

14th May 2019

Not long ago, work meant a 9-to-5 role, probably spent with the same employer and ending abruptly when you reached retirement age. Things are very different today. People tend to move jobs more frequently and many more of us are self-employed, thanks to the rise of the gig economy. Those past State Pension age are much more likely to still be in employment, perhaps choosing to work less hours or even embark on a new career. Equally, the change in pension rules that came into effect in 2015 means that if you want to retire at 55, you can do so. Thanks also to strides in modern medicine, many can look forward to a retirement that could last a good few decades.

Taking control of your future

Whatever your stage of working life, we believe it’s never been as important as it is now, to take professional advice about your pension. To enjoy a comfortable retirement, especially if you plan to retire early, you need to have saved enough to make this a reality. The tax breaks available on pension contributions (subject to the Annual and Lifetime Allowances) act as a clear incentive to save as much as you can comfortably afford.

Know your numbers

Reviewing your pension arrangements with us will help keep your plans on track, as will drawing up a budget of your likely income needs in retirement. Getting a State Pension forecast makes sense too.

Plans to match your needs

Pension plans come in various forms to suit the needs of different types of worker, from the basic State Pension to Self-Invested Personal Pensions (SIPPs), personal or private pensions, and workplace pensions schemes, to name but a few.

So, whether you’re self-employed, an employee, work part-time, run your own business or have accumulated pension pots with past employers, we can offer you advice. After all, your retirement should be a time to enjoy life, not a time spent worrying about money.

The information contained in this article does not constitute advice, please contact a financial adviser for advice based on your individual needs and circumstances.