You are here: Home - Retirement - Retirement planning - News -

New Year’s resolutions for your pension

0
Written by: Martin Tilley
22/12/2017
As thoughts turn to the New Year, there are certain pension admin tasks you need to consider and complete in the first three months of 2018.

Track pensions

Take the time to collate all your pensions and ask for current values. You may need to track down lost pensions. I have lived in my property for ten years and I still receive pension statements from the previous owner. It’s vital you tell pension providers where you are.

Pension investment

Check to see where your funds are actually invested. Do they still meet your attitude towards risk?

Stock markets have risen the past 12 months so it’s best to check. You may have had 20% of your pension in high risk growth funds that have performed well and now constitute 30% of your pension. Consider re-balancing by switching your funds around to reduce the high risk/growth element back down to 20%. However, you may need to take advice.

Obtain projections

Are your pension funds on track to provide you with the level of income you will need in retirement? There are a number of online projection tools you can use.

Don’t bury your head in the sand thinking retirement is many years away. Taking action to top up contributions now could make more of a difference than if you leave it for a few more years. You can also get a projection of your state benefit entitlement via the Money Advice Service.

Assess contribution levels

The maximum annual allowance is £40,000 per year but it is less for those drawing pension drawdown or for earnings where the total income will exceed £150,000.

The latter have a tapered annual allowance which depends upon your income so if you’re likely to be near or over this limit, assess your likely total income well before 5 April 2018 so you know what can be contributed. Don’t contribute if you have or might need Fixed Protection against the lifetime allowance.

Form of nomination

Otherwise known as an ‘expression of wish’ form. These guide the pension provider/trustees as to where you’d like any benefits paid in the event of your death. These forms are often completed when the pension is originally taken out, but people’s circumstances change and these forms should be updated regularly. Ask your pension provider for new forms and be sure to complete them.

Martin Tilley is director of technical services at Dentons Pensions Management

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

Should you go private rather than make an insurance claim?

If you’ve experienced a minor bump with another driver, you may be tempted to settle the costs privately witho...

Help, my neighbour has damaged my property. What are my rights?

Buying and maintaining a property is expensive so if a water leak from your neighbour damages your home, what...

Fixed rate savings: monthly or annual interest?

If you’re looking to lock your savings in a fixed rate product, you may need to decide between monthly or annu...

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
will writing
Inheritance tax receipts jump 15% in a year

The government has collected £3.7bn in inheritance tax since April this year, up 14.6% on last year.

Close