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Managing a pension

Managing a pension

Take control of your financial future with expert advice on managing your pension effectively.

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Managing a pension

Retirement is often described as life's longest holiday. Check out our articles, tips and guides to make sure your retirement pot lasts the distance.

Take control of your financial future with expert advice on managing your pension effectively.

Get Help >
As featured in:
Managing a pension
Key steps to managing your pension
Preparing for Retirement: Drawing Your Pension
Common Pension Management Challenges
Managing a pension

Managing your pension isn’t just about checking your balance; it’s about ensuring your retirement savings align with your future goals. Whether you’re consolidating multiple pensions, reviewing investment options, or preparing for withdrawals, the right approach can significantly impact your financial security in retirement.

At Trusted Advisor, we help you make informed decisions about your pension at every stage of your life.

Key Steps to Managing Your Pension
1. Review and Understand Your Pension Schemes
Locate and consolidate pensions: Many people have pensions from multiple jobs. Tracking them down and consolidating them can simplify management and potentially reduce fees.
Understand your schemes: Is it a defined benefit (final salary) or a defined contribution pension? Knowing the difference is key to maximizing your savings. If you’d like to learn more about defined benefit pensions click here.
2. Maximize Your Pension Contributions
Tax benefits: Contributions to your pension attract tax relief. Higher and additional-rate taxpayers, in particular, can benefit significantly by reviewing how much they contribute annually.
Employer contributions: If you’re in a workplace pension, ensure you’re maximizing your employer’s contributions by contributing enough to meet their match.
3. Monitor Investment Performance
Review your fund choices:  Pension funds are typically invested in a mix of assets such as equities, bonds, and property. Regularly reviewing the performance and risk level of your investments ensures they align with your retirement goals.
Diversify:  Spread your investments across different asset classes to reduce risk while aiming for steady growth.
4. Adapt Your Pension Strategy Over Time
Life stages:  Your pension strategy should evolve as you age. Younger savers can afford to take on more investment risk, while those closer to retirement may prefer more stable investments.
Annual allowance checks: Stay within the annual allowance to avoid unexpected tax charges. Currently, the allowance is £60,000 (2024/25), but tapering may apply for high earners.
Get help managing your pension from a qualified & regulated financial adviser
Preparing for Retirement : Drawing Your Pension
Deciding When to Take Your Pension

Pensions can usually be accessed from the age of 55 (rising to 57 in 2028). However, withdrawing too early could reduce your income later in retirement.

Work with a financial adviser to determine the optimal timing based on your needs and life expectancy. You can scheduled a free consultation with an adviser here.

Options for Accessing Your Pension
Annuities:  Provide a guaranteed income for life, though rates depend on the market when you purchase.
Drawdown:  Keep your pension invested while withdrawing an income. This offers flexibility but comes with investment risk.
Lump sums:   Take up to 25% tax-free, but consider the tax implications of withdrawing additional amounts.

Use our free calculator to find out how much you need in your pension

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Pensions & Retirement

Retirement is often described as life's longest holiday. Check out our articles, tips and guides to make sure your retirement pot lasts the distance.

Check out our articles, tips and guidesto make sure your retirement pot lasts thedistance.

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Common Pension Management Challenges
1. Inflation Impact

Inflation can erode the value of your savings over time. Ensure your pension investments are keeping pace by regularly reviewing and adjusting your portfolio. You can see how much money you might need in your retirement fund using our retirement calculator.

2. Changing Pension Rules

The government often adjusts pension rules, such as the lifetime allowance and tax relief limits. Keep up-to-date to make the most of your savings. To learn about the recent changes from the 2024 autumn budget here.

3. Pension Scams

Be vigilant against pension scams. Never transfer your pension without consulting a trusted financial adviser.

Looking for alternatives?
If you’re not quite ready to speak to a financial adviser, we’ve got some greatcontent and tools to help you on your way.
Retirement calculator
Our Guide to Fast Forward Your Retirement
What is a SIPP?
Our Guide to the Lump Sum Allowance

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