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Summer Holiday Packing Essentials

It is that time of year when you are packing all the essentials for your summer holiday. We have Lauren List who sits on the train the week before jotting down “things to take” on her phone. There is Craig Case who packs everything so the only dilemma is making sure that he has a big enough case. And finally, Ben Backpack who stops packing when the rucksack is full; he can buy what he does not take or do without.

The biggest holiday of your life is when you give up work fully or partially. So we thought that we would write a list of the essentials.

  • Protection (sun cream) – as well as pensions providing an income in retirement, there is also an element of protection for others to benefit on your death. The rules and bureaucracy can be complicated (remember the Brewster case) so you need to check out what applies to you.
  • Shades (sunglasses) – some people should be running for shade before getting carried away with the size of their transfer value from their DB scheme. Before thinking about all the options that you have for taking cash, you must understand the benefits of what you have got in the defined benefit scheme to make an informed decision.
  • Lost (luggage label) – keeping in touch with all the pensions that you have are not easy especially if you took a “holiday” from SERPS in the 1990s with an appropriate personal pension plan. It only gets harder to find a lost pension so, as you lie on the beach, see if you can match a pension to every job that you've had.
  • Contribution (currency) – if you were offered a dollar for every dollar that you bought at the currency exchange, you would very happy. Employers sometimes offer a matching of your contribution when you pay above the minimum, which makes saving for your pension much easier.
  • Cap (sun hat) – the exit charge cap for those over age 55 was introduced in April 2017. It makes it a very worthwhile exercise to check your old contracts to see if it is worth moving to a new contract whilst benefiting from the lower exit charge.

Hopefully, this list helps Lauren check that she has covered everything, makes Craig focus on a short actionable list and encourages Ben to plan ahead.

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