100 Days of Pensions
Today it seems 100 days is the standard indicator for how a President of the United States is settling into their new job. While my role at TPAS might not have much in common with the Commander in Chief, I thought it time to share with you what I’ve learnt from my first 100 days working in pensions.
Arriving at TPAS as a 24-year-old graduate, I understood what a pension was and why it’s important to have one, but not much beyond. As with many things in life, I only truly became interested in the details when it affected me directly. As part of a generation that is all too familiar with student loans and the need for careful budgeting, I’ll admit saving into a pension always seemed like something that was far from a priority. Even the most financially adroit of my friends only have their sights set as far as paying into a help to buy scheme in an effort to get on the property ladder. So when it came to it, I was relieved to find out I was being automatically enrolled into a scheme and excited to learn I was essentially being given ‘free money’ from a tax perspective.
By automatically enrolling young people into a pension, I feel like the tide of ignorance is beginning to turn. Pensions might not be as ‘edgy’ as working for a tech start-up that claims to be ‘disrupting’ the status quo, but at least everyone knows what it entails. At the risk of being mocked by my peers, I would even say pensions are becoming cool. I was recently asked at a party, of all places, about the best way to maximise pension savings through employer contributions. Young people are becoming curious about the tax benefits afforded by pensions.
With 100 days under my belt I may know the difference between a SIPP and a SASS, but as anyone who works in pensions knows there’s always more to learn. If you’re not fortunate enough to be surrounded by an army of pensions experts, you can call us on 0300 123 1047 or webchat at pensionsadvisoryservice.org.uk instead.