Highlights from Pension Awareness Week 2021
Summing up the week that shone the light on the importance of Pension Saving.
It’s been a whole month since the annual Pension Awareness Week 21, and we’re summing up the highlights of the key information you might have missed.
Launched back in 2014, the Pension Awareness week aims to educate and raise awareness of Pension Saving for everyone. It encourages conversations and gets people thinking about their later life planning.
In addition, many organisations publish research that coincides with Pension Awareness Week, helping to highlight and bridge the gap between the current climate and what’s needed for the future.
Key 2021 Report Findings
This year, Scottish Widows reported a “record high in ‘adequate savings’, 61% of those aged over 30 are saving adequately, the highest since we began the survey in 2005 (despite the pandemic).”
The report goes on to find that “We face a plateau in long-term savings - The overall increase in those saving adequately since 2020 has been small, just 1%.” Representing the impact still felt from the pandemic.
Moreover, a report published by Wealthify found that “people are “confused” or “overwhelmed” by pensions...only 14% of those surveyed said that they feel “organised”, and only 11% felt “in control” of their future retirement fund.”
Furthermore, the report details, “the majority (58%) of UK adults do not feel confident setting up a personal pension... 33% are worried about making the wrong choice.” These reports show that despite a good saving culture, many individuals feel lost when making future financial plans. We believe more education and guidance is needed to help empower people to take control of their savings, for retirement and life.
Key Awareness Points To Take From Pension Awareness Week
There’s no wrong timing It is never too late or too early to start planning for the financial future you want. With the 2017 introduction of auto-enrolment into pensions, you could already be making a head start. However, if you’re thinking about whether it’s the right time, it’s always best to make an effective plan whether independently, or with financial advice.
Understand your options Many different pension income options will determine how and when you take your money, and these are different for everyone. Understanding what options are available to your personal circumstances, your type of pension and pension pots can help your future financial planning in the long and short term. It can also help you to understand when you could retire.
Pension Tax Rules With various tax rules and allowances surrounding pensions. We recommend the best way to keep on top of what is available to you is to undertake a review of your tax situation once a year. Here, you can see if you’re making the best of them to align with your future saving goals.
Pension & Savings Advice with Schofield Money Ltd
So, whether you’ve just started saving, wish to ensure your retirement plans are on track, or you’re managing your pension income, our experts at Schofield Money can help.
We can review your existing pension and savings plans and tell you about ISAs and IHT planning. We’ll check that you’re on track to meet your retirement goals and let you know if you need to take further action.
Call us now on 01423 368000 or email us on email@example.com
The value of any investment with Schofield Money will be directly linked to the value of the funds chosen. These may fall as well as rise, you may get back less than the amount invested. The bases and levels of taxation, and the reliefs from taxation can change at any time. They are usually dependent on individual circumstances.