National Marriage Week: Pension Anniversaries
1st Anniversary (Paper) – You may not even realise that you are in a pension scheme. You may have been automatically enrolled into the workplace pension – yes, no Paper work to complete. This is the good news but your pension paperwork is probably being sent to your work email. Remember, it is your pension so probably best to change it to your home email.
10th Anniversary (Tin) – By the time that you reach your 10th year of working, you have probably collected enough pensions to fill a very big Tin with all of the paperwork. It is really important to keep tabs on all these pensions – it’s is your money! Make sure that the schemes know where you are to contact you.
20th Anniversary (China) – Good health is precious and can break as easily as China. Pension benefits may also help you if you have ill health. The pension scheme may provide you with a pension early if you are unwell and cannot work.
25th Anniversary (Silver) – For those people that are not in a defined benefit pension scheme, you will need to take responsibility for ensuring that you have sufficient retirement income for your Silver years. After working for 25 years, this is a good time to check how your retirement savings are doing.
30th Anniversary (Pearl) – The iridescence of a Pearl is caused by the overlapping of successive layers, which breaks up light falling on the surface. The most valuable pearls are built up from many layers. A pearl is just like a pension, built up from years of deposits and the earlier you start, the more valuable the pot.
50th Anniversary (Gold) – For those in “Gold-plated” defined benefit schemes, think very carefully before transferring out. Your benefits are protected by the valuable safety net of the Pension Protection Fund.
90th Anniversary (Stone) – ….and with the increase in life expectancy, some people will reach their 90th wedding anniversary, the challenge is to make sure that you still have sufficient retirement income.