Will you be surprised by your pension income?
Recent research carried out by Aviva has found some interesting trends regarding whether people's retirement income was higher or lower than they expected.
In 2010, 75% of people surveyed said that they were getting about what they expected from their pension, with around 21% getting more than they expected, and 13% getting less. By January 2014, 66% got about what they had expected, with around 23% getting more and 21% getting less.
If you don't know how much you might get from your pension schemes, why not find out? Some schemes will automatically send you a statement each year, to give you some idea of what you might get. If you haven't had a statement for a while, you could contact your scheme and ask for one. Make sure that you keep all your pension paperwork together in a safe place - you may need it one day to prove that you have a pension entitlement.
If you move house, remember to tell all your pension providers. People often lose track of their pension pots when they move, so make sure that this doesn't happen to you.
Once you have your pension statements, you may be able to tell whether your retirement savings are on track, or whether you need to start paying extra contributions. Our mission is to make pensions accessible to everyone, so if there is anything you do not understand, please contact us and we will explain it to you. To discuss any pension-related issue: