With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.

Julie Carter

How to Get the Most from Your Pension Plan

February 11, 2016

Everyone needs a plan when it comes to preparing for retirement, especially when considering the funds that will be accessible to you. With news of continuous pension reforms sweeping across Buxton and beyond, devising a plan that you can rely on, both now and in the future, minus the jargon is easier said than done. However our independent financial advisers are here to help you make the most of your pension pot.

What should I include in my plan?

Whilst everyone is entitled to some level of state support upon retirement, relying solely on your State Pension or Pension Credit entitlement is no longer an option. Your plan could include a selection of investments and savings, such as workplace pensions, stakeholder pensions and defined contribution schemes. Whilst seeking independent financial advice to determine which investment route is right for you, planning ahead to reduce risk as retirement approaches should be the staple of every pension plan.

How can I top up my fund?

Whether you are planning to fund life after retirement via a State Pension, personal pension or both, it is important to understand that there are steps that can be taken to boost your income. Your pension pot can be enlarged by increasing your contributions in the years prior to retirement or you can delay drawdown to give you more time to add to your funds.

Why should I review and how often?

Unbelievably many individuals delay their pension reviews until 3, 5 or even 10 years after the initial product has been taken out, but with legislation changing every tax year, conducting an annual review of your pension product has become the way to get the most from a pension plan. Thanks to regular reviews, you can access the most cost effective options available and contribute more to your retirement fund.

We offer a free 90 minute consultation so you can start planning ahead or reviewing your existing pension products. Simply contact us today on 01298 212444 or info@slaterfinancial.co.uk for further information.

*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*