The recent coronavirus epidemic has many people wondering how it will impact their final salary (also known as Defined Benefit) pension. Provided your former/current employer manages to stay in business – your pension should be safe*, which is great news.
Public sector schemes, such as those for teachers, nurses or civil servants are also protected because most are funded by taxation. Because of this, they remain unaffected by movements in the stock market or companies going bust.
On the other hand, if you work in the private sector then your Final Salary pension is backed by a fund purposely allocated to pay your pension, along with your colleagues. That fund is controlled by a group of trustees who make decisions such as how best to invest it, along with how it should be managed.
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Analysis of HMRC data* highlighted the fact that pensioners are continuing to save for their future and to increase their retirement funds in later life. The latest HMRC statistics reveal that the average value of an ISA held by someone aged over 65 now stands at £47,000. This an increase of £4,500 compared to the previous year. The extra money is being used alongside their personal pension when extra expenses come around.
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When considering a pension transfer, there may be a thousand questions running through your mind that you want to ask a pension advisor. As experts in pension transfers, we manage and transfer pensions daily for hundreds of clients. With our Pension Transfer Gold Standard award by the Personal Finance Society, we are ideally placed to answer any queries or concerns.
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If you are counting down the days, weeks, months and years until your retirement day, you may want to reconsider taking early retirement. Working into your 70’s can bring many benefits to you personally. Mental and potentially physical happiness, as well as extra income you can invest in your pension.
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You might have arranged a loan, set up a mortgage, or even set up your own business without any help from a financial adviser. It’s tempting to take that approach to pensions – after all, retirement planning is a personal decision. However, for many people, using the services of a pension adviser can be not only helpful in a pension transfer, but also save money.
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