Are you over 50 and starting to look towards retirement? The pensions age changed this month (October) to 66 for anyone born between October 6^th, 1954, and April 5^th, 1960.

If you were born after that, it will climb again to either 67 or 68, depending on your age and may rise again in future.

Whether you’ve just celebrated your 50^th birthday – or you’re heading towards retirement – now is a good time to review your pension prospects.

Whether you’ve just celebrated your 50^th birthday – or you’re heading towards retirement – now is a good time to review your pension prospects.

Here Senior Wealth Management Consultant with Sovereign Wealth, Sheena Doherty, makes some suggestions to help get you started:

1 – Check your State Pension

It’s easy to obtain a view of your State Pension entitlement and when you can draw it.  You can also view your National Insurance record and whether it needs improvement, by way of voluntary contributions or by claiming NI credits.

Check this out online at www.gov.uk/check-state-pension [gov.uk] 

2. Track down lost pensions

Are you certain that you know about all your pension pots? 

Tracking down a lost pension can be as simple as making sure any providers have a current address for you.  If you’ve moved in the last few years – but not notified them – then send them your new contact details and ask for a statement.

If you’re searching for a previous workplace pension, the first port of call is obviously your previous employers. However they may not be trading any more or you can’t find them.   The best advice is to use the Government-backed Pension Tracing Service – either online at https://www.gov.uk/find-pension-contact-details [gov.uk] or by calling 0800 731 0193.

3.  Can you afford to pay in more?

Do you want to pay in more or would surplus cash be better invested elsewhere?

The current pandemic has obviously impacted stock markets and you may be unsure where and how to invest.  Sheena can discuss and explain various options. 

If you’ve been furloughed your pension contributions will have reduced.   Bear this in mind when reviewing future contributions. 

4.  Check investments

This is where a review can be really beneficial. Checking if your pension fund is properly invested and diversified is crucial – particularly in these difficult times.  

It is crucial that asset allocations are reviewed regularly, along with your attitude to risk.

As a financial adviser, Sheena can help you rebalance your investment portfolio and help your financial plan to stay on course towards achieving it goals. 

5.  Who benefits in the event of your death?

 Most pension schemes allow anyone to inherit your pensions – not just your spouse or partner. There is no limit to the number of beneficiaries.

You can do this by filling out an “Expression of Wish Form”.  Review regularly and update as soon as practical if your beneficiaries have changed.

*Sheena Doherty can help you take stock of your existing pension savings and help you to start closing any gaps.  Please get in touch today.

Tel: 01422 893531

The value of a St. James’s Place investment will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. An investment in equities does not provide the security of capital associated with a deposit account with a bank or building society.