BAFTA Favourites: Paddington 2
BAFTA nominated Paddington 2 has certainly caught the public imagination. We are all familiar with the story of Paddington turning up lost in a train station suitcase stuffed with his possessions in hand that was told in the first Paddington film. In the second film, Paddington wishes to buy an antique pop-up book as a birthday present for his 100-year-old Aunt Lucy. The book costs a lot of money so Paddington saves for the book by doing a series of odd jobs to earn money. Unfortunately, the book is then stolen.
We can learn a lot from both films.
Firstly lost bears and lost pension pots have a lot in common, in that they are just waiting for you to take them home. It was estimated in 2016 by DWP that there are pots to the value of £400 million that remain unclaimed and that with the average person having 11 jobs over their lifetime, keeping track of pensions may become harder. The Pension Tracing Service helps people find their lost pension pots and we have more information on other things you can try to reunite you with your pension.
Paddington’s suitcase full of his possession is a great illustration of what many financial advisers call the “plastic bag” issue. There are many of us out there that instead of opening our pension statements from different providers just place the unopened envelopes in a box file or a plastic bag – putting off dealing with the contents to another day. An easy first step could be opening up those letters and putting them into some order. Once you’ve don’t that first step give TPAS a call and we can then give you guidance on what it all means.
Like Paddington’s Aunt in the sequel, more of us are reaching the age 100. In fact, according to the Office of National Statistics, babies born in 2016 have a 1 in 3 chance of reaching 100 and 40-year-olds today have a 1 in 10 chance. We have to start thinking about what the 100-year life means? Will we have to work longer than expected? Will we be financially comfortable in later life? Will we be able to afford long-term care if necessary?
Like Paddington, many of us have specific savings goals, but those of us who save into a pension also benefit from tax relief to help us meet those goals. We have more information on saving into a pension in our Spotlight.
Unfortunately, as there are those prepared to steal antique pop-up books there also those that are prepared to steal your hard earnt savings/pension pots. Here at TPAS, we warn people about the dangers that pension and investment scammer pose. It is always important to seek impartial guidance from TPAS and advice from a regulated financial adviser when looking for help on your pensions. If you think you have been contacted by a scammer, please contact TPAS on 0300 123 1047.
Paddington is very much a marmalade today sort of bear but he also isn’t forgetting about marmalade tomorrow. Can you say the same?