Is your pension clock ticking?

12th March 2019

Hands up if you’ve ever left something to the last minute? Our research1 previously revealed that many Brits put off many life admin tasks every single day, often meaning they are worse off financially. One in five men and women put off paying a bill, and a third receive a financial penalty for doing so. 41% don’t bother to shop around for cheaper gas and electricity providers meaning they are vulnerable to price hikes and being tied in to poor deals. And 27% put off budgeting their money all together1.

Now what about if you put off thinking about your pension for another day, or another year? Possibly until it is too late for you to be able to make the difference you need for a comfortable future…

It’s quite scary to think that 81%2 of people have not given much thought about how much they should be paying into a pension. And 53% of those who do have a pension have not reviewed what its worth in the last 12 months. That feels like a ticking time bomb which could reveal a nasty surprise when you come to retire.

The eleventh hour…

We understand that life gets stupidly busy, and it’s the pressing things in the here and now that demand our attention. Nonetheless, it’s worrying that 45% of over 55’s have given little to no thought about their retirement plans, and that only improves by 10% when people reach State Pension age3.

Leaving your retirement planning to the eleventh hour could mean you have less time to save for your future, and you could miss out on many years of additional contributions, tax-relief and compound interest. All of which could add some serious growth to the value of your pension pot.

The time is now

You’re already one step ahead. When you asked Portafina to review your pension our boffins looked to see whether your savings are in tip top condition, or whether they could be doing better.

Your pension suitability report that we recently sent you details exactly why we think you could be better of switching to the provider we have recommended. Before it’s too late.

Tick tock, pension clock…

We aim to ensure that the advice we give our clients along with any recommendation is based on as up-to-date information as possible.

You still have a couple of weeks to decide if you want to follow our advice or not. After that we will close the files we have on you.

Of course, we will be very happy to help you at any point in the future. Just bear in mind that we would need to start the process again from the beginning.

1Survey of 2,000 UK adults by Portafina in March 2018.
2FCA Data Bulletin, March 2018.
3FCA Data Bulletin, March 2018. State Pension Age, 65. 35% of 65+ year olds have given little to no thought about planning for retirement.
4Survey of 2,003 employed UK adults by Portafina in February 2019.

The details provided in this article are for general information only and are in no way deemed to be financial advice. All of the material is correct as of the publication date, but could be out-of-date by the time you read the article.
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