Lent: 40 days of saving
We are a few days into the 40 day Lent period leading up to Easter. Most people associate Lent with abstinence but originally Lent had nothing to do with fasting or giving things up. ‘Lent’ is from the Old English word ‘lencten’, which means spring.
Over time, the word Lent has come to mean the Christian tradition of fasting before Easter.
Lent was originally 36 days long but inflation seems to have increased it to 40 days. In fact, Lent starts on Ash Wednesday and lasts for 46 days up until Easter Sunday but Sundays are not included, which brings it down to 40 days!
So, if Lent is about spring, fasting, spiritual growth and doing good, what can you achieve in 40 days in respect of your pension?
- Spring clean your pension – if you have an old contract that had exit charges and you have reached the fabulous age of 55, benefit from the exit charge cap and spring your pension into a new style contract.
- Fasting money added to your pension – if you have stopped indulging in luxury/expensive items such as chocolate or coffee, use the savings to add to your pension fund.
- Spiritual growth – Since you started your pension plan, you may find that investment thinking has moved on so it could be worth reviewing where your pension pot is invested to make sure that it is still appropriate.
- Doing good – pensions are a great source for providing a retirement income and also ensuing that your nearest and dearest are looked after; which could be through the death benefits provided by your pension or by making a contribution into your partners, your children or your grandchildren’s pension.
Pensions should not be all about abstinence and doing without; they are a great way to save for your retirement income. If you need some help in making your money work harder, speak to The Pensions Advisory Service on 0300 123 1047.