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Ten Steps to a Better Retirement

The Pensions Advisory Service has published an article in the Mail on Sunday explaining how to maximise retirement savings.

We all hope to stop work one day and enjoy retirement.  A good pension is one big step towards that, but there are a number of things that you need to think about in order to achieve this.

1. You are never too young to save for your retirement

The earlier you start, the easier it is as your pension savings will have time to grow.

2. Knowledge is king and being part of it feels royal

Over the next few years, all employers will automatically put their employees into a pension. Ask your employer when they will start.

3. Are you missing out?

Not joining your workplace pension scheme is the same as giving up some of your pay. You may be missing valuable contributions from your employer and you don't pay tax on your pension contribution.

4. How much will be enough for you?

Think about what you want to do in your retirement. How much money will you need?

5. Make sure you know what's in it for you

Not all pension schemes are the same, so check that you understand yours and your benefits.

6. If in doubt, check it out

Don't be worried, or put off by jargon. Ask questions and if in doubt call us on 0845 601 2923.

7. Sometimes things really are too good to be true

If something looks odd or wrong, query it. Beware of early-access schemes - you could be hit by a hefty tax bill and they are rarely in your best interests.

8. You may lose out if you lose touch

Stay in contact with your scheme and remember to tell them if you move house or your circumstances change.

9. Make sure you are getting everything you're entitled to

For help with planning your retirement and choosing an annuity, try our online planners at www.pensionsadvisoryservice.org.uk/online-planners If you're struggling, you may be entitled to some extra support. Contact the Pension Service or your local CAB.

10. Check out the rest to get the best

When approaching retirement, shop around for the best pension deal you can get for your money. If you have health problems, you may be able to get more for your money.

For free independent information and guidance about saving for retirement, or if you believe something has gone wrong with your pension, please call us on 0845 601 2923

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