September featured “Pensions Awareness Week” which we hope you celebrated with us! As much as pensions have become an essential part of planning, sometimes not everyone takes full advantage…
Not paying attention. One in six people have NEVER reviewed their pensions savings – and 24% review them less than once a year. (Research by the People’s Partnership)
State pension good news. There was an increase in yearly average pay (inc. bonuses) hitting 8.5% (data from Office for National Statistics) which could see the state pension rise by £900 next April to over £11,500. Bad news…we will need more than this in retirement!
Gender imbalance is improving. Figures show that the difference between the expectations for women’s pensions compared to men’s are reducing. But as childcare expectations and later life caring roles often mean women’s earning capacity is less, broader planning to ensure adequate provision is important.
To find out more about how you can be more pension aware contact one of our team today.