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Star Wars Day: The light and the dark side of pensions

Today is the celebration of the cult classic Star Wars; celebrating the world famous sci-fi films created by George Lucas many moons ago (yes you Star Wars super fan you’re right, that’s no moon….). While Star Wars might feel like it’s in a galaxy far far away from pensions, we wanted to show how some of the more memorable lines from the films can help you think about pensions!

There is lots of confusion about whether saving into a pension is the best way to make the most of your money. In the words of Darth Vader, “I FIND YOUR LACK OF FAITH DISTURBING.” In simple terms, a pension scheme is just a type of savings plan to help you save money for later life but with favourable tax treatment compared to other forms of savings. If you’re in a workplace pension scheme, your employer also pays in too (no brainer there!). When the time comes for you to start enjoying your pension, there could be several options available to you about how you access your money. Have faith, saving into a pension is the best way to plan for later life.  

One of the more perceptive characters in Star Wars is probably Admiral Akbar, he’s pretty wise to most things and his infamous line “IT’S A TRAP!” is something to keep in the back of your mind particularly when you get an offer about your pension that sounds too good to be true. Offers or promises of guaranteed rates of return is something you should be wary of. Remember, markets can go up and down! Scammers are clever and can use a variety of traps to lure you in, but you can find out how to spot a trap and protect yourself from scammers by reading our pension scams content and spotlight guide.

Unfortunately, we can’t all be Jedi Masters bestowed with the force. Fortunately, when it comes to pensions, our Pension Specialists are here to help assist, guide and equip you with all of the tools and questions you need to be able to confidently action your pension needs, no matter how big or small.  Remember, pensions don’t need to be complicated and you deserve to understand everything about your arrangement, it’s your money!  

So start looking at, talking about and acting on your pension this May the 4th. From all of us here at TPAS,  may the force be with you.

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