Plan now for a comfortable retirement
Today is Pension Awareness Day and Citizens Advice Exeter is encouraging people to plan earlier for a comfortable retirement.
The leading local advice charity says that many people find pensions confusing and can be put off by complex language and paperwork, leaving their retirement plans to the last minute.
Previous research from national Citizens Advice shows that one in four people with a defined contribution pension feel they don’t understand their pension plan.
The research also finds people aren’t checking their pension, with just under a quarter of people not knowing how much was in their pension pot and almost one in six people checking their pension value less than every two years.
The charity reports cases where people did not know the value of their pot or the number of pensions they had. In some instances, people have found lost pensions and increased their savings for retirement.
Following last year’s pension freedoms, people who are 55 and over now have more options on how to take money from their defined contribution pension.
The changes mean that for the first time people have the option to buy an annuity (a guaranteed income), take an adjustable income, cash in a lump sum or a mixture of these options.
Citizens Advice Exeter delivers face to face appointments as part of the Pension Wise guidance service, where people 50 and over with defined contribution pensions can get free and impartial information about their options. More information is available from: www.pensionwise.gov.uk
Steve Barriball, Chief Executive of Citizens Advice Exeter said:
“Pension Awareness Day is a great reminder that it’s never too early to start thinking about your retirement finances.
“Many people don’t engage with their pension until it’s time to make a decision about their retirement. While retiring from work may seem far away we’re encouraging people to start making plans for their retirement savings.
“The pension freedoms mean there are more options than ever before and our Pension Wise team can help get you on the right track to a financially secure retirement.”
To book a face to face or telephone Pension Wise appointment, call 0800 138 8292. Alternatively, appointments can be booked by visiting the Citizens Advice Exeter office in Dix’s Field.
