There have been a number of changes to UK pensions within the last 5 years, from auto enrolled workplace pensions, leading to a rise in the number of people seeking free pension advice in Scotland.
A pension shouldn’t be viewed as something which will simply get you through retirement, it should be something which makes retiring exciting and possibly helps you retire early.
When thinking about your pension it’s important to also think about your retirement goals, the lifestyle you would like to have when you hung up your p45.
When you retire will you still want to holiday abroad? Will you drive a car? Will your home be paid off or will you still be paying a mortgage?
Factors like these are important because it will give an indication as to how large a pension pot you will require in order o receive enough money on a monthly basis. Sometimes a pension adviser may suggest speaking to a mortgage broker in order to secure a better deal which helps ensure your mortgage is repaid prior to retirement.
Setting you retirement goals and working towards a fulfilling retirement should be an exciting experience and one which is realistic. We would all love to drive a sports car and holiday around the world 6 months of the year, however this has to be a realistic possibility.
When setting your retirement you should dream big, you have worked all your life, put money aside and have deserved to relax in your golden years.
One of the biggest pensions changes in the last few years has been to allow savers to transfer their pension and take a 25% tax free lump sum.
This is only possible from 55 yrs of age and in some cases you will be required to get qualified, regulated pension advice.
Even if you don’t believe you are applicable to take your 25% tax free lump sum, it may still be beneficial to seek pension advice.
Getting Free Pension Advice
With the rise in demand for help , there are now routes to getting free pension advice in the United Kingdom
Just having a pension statement from your provider or in some cases just knowing who your provider is, a pension adviser will be able to assess your best options.
In some cases a person’s pension may already be very good and the advice could be to stay where they are, while for some it might be best to transfer your pension.