# My Pension Expert

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### Could Your 50s Be The Perfect Time To Strengthen Your Financial Future?
Reaching your 50s can be a significant milestone.
For some, it's a time to reflect on achievements and look ahead to new opportunities. For others, it's when retirement begins to feel less like a distant concept and more like a future reality.
With retirement gradually moving closer, many people find themselves asking important questions about their finances, lifestyle, and long-term plans. 
Are current savings likely to support future goals? 
What kind of retirement is realistic? 
And are there any steps worth taking now?
While there is no single moment when financial confidence suddenly appears, your 50s can offer something valuable: the opportunity to take stock, gain clarity, and make informed decisions about the future.
Financial Confidence Doesn't Always Arrive With Age
It's easy to assume that financial confidence should naturally increase over time.
Yet research commissioned by My Pension Expert found that more than half (54%) of people aged 45 to 59 do not feel confident about their financial security for retirement.
Confidence is rarely determined by age alone. Instead, it often comes from understanding where you stand, knowing what options are available, and having a plan that reflects your goals.
For many people, uncertainty stems less from a lack of effort and more from a lack of clarity.
Without a clear understanding of pension arrangements, retirement income expectations, or future financial needs, it can be difficult to know whether you're on track.
Many people have a picture in mind of what retirement will look like, but it’s not always clear whether their current plans will support those expectations. In fact, research found that 27% of pensioners believe their retirement income is lower than they expected it would be when they were 50.
While nobody can predict the future with certainty, gaining a clearer understanding of your financial position today could help reduce the risk of unwanted surprises later on.
Why Your 50s Can Be A Valuable Financial Milestone
When you're younger, retirement can feel like something that will take care of itself in the future.
There are often more immediate priorities competing for attention, from building a career and raising a family to managing everyday finances and pursuing personal goals.
By the time people reach their 50s, however, retirement often begins to feel more tangible. Questions that once seemed far away start to become more relevant.
What kind of lifestyle would you like in retirement?
How long might your pension need to last?
Will your current plans support the future you want?
Having a clearer picture of what lies ahead can make it easier to make informed decisions about the years to come.
Why Taking Stock Can Be Valuable
Reaching your 50s can provide a natural opportunity to pause and review your long-term plans.
That doesn't necessarily mean making major changes.
Sometimes, it simply means understanding your current position more clearly.
Many people spend years contributing to pensions without regularly reviewing them. As retirement moves closer, understanding what you've built up, how it may support your future plans, and whether it aligns with your expectations can become increasingly valuable.
Reviewing existing pension arrangements, checking contribution levels, considering retirement goals, and understanding potential future income can all help build a more complete picture of what retirement might look like.
Even relatively small adjustments made today could have a meaningful impact over the years ahead.
Turning Uncertainty Into Understanding
One of the biggest barriers to financial confidence is not knowing where to start.
The research found that many people have never sought advice about their income in later life, while others admit they simply don't know who to ask or where to begin.
Yet understanding your options doesn't have to be overwhelming.
Professional financial advice can help bring clarity to complex decisions, explain pension arrangements clearly, and provide reassurance that your plans are aligned with your personal goals.
Rather than focusing on what you haven't done in the past, advice can help you focus on the opportunities available moving forward.
Looking Ahead With Greater Confidence
Turning 50 isn't simply a milestone birthday. For many people, it can be a valuable moment to reassess priorities, reflect on future goals, and gain a clearer understanding of their financial position.
If your financial confidence isn't quite where you'd like it to be, you're certainly not alone.
The good news is that confidence doesn't necessarily come from having all the answers. Often, it comes from taking the time to ask the right questions and understanding the options available to you.
For many people, the biggest challenge isn't making decisions. It's knowing where to start. Taking the time to understand your pension and retirement options today could help you make more informed decisions tomorrow and feel more confident about the future you're working towards.
By reviewing your plans, understanding your options, and seeking support when needed, your 50s could be the perfect time to strengthen your financial future and take the next steps towards the retirement you want.
Pension advice is tailored to your individual circumstances and can help you understand the options available to you before making any decisions about your retirement income.   
This is for general information and does not constitute personal financial advice. The value of pensions and the income they provide can vary and are not guaranteed. 
Data quoted in this email comes from the My Pension Expert report, ‘Thrifty at 50: A report into how Gen X are redefining midlife.’

### What Should You Do If Someone Contacts You About Your Pension?
Pensions are one of the most valuable assets many people will own, which is why they can attract attention from both legitimate organisations and those looking to take advantage of unsuspecting savers.
If you receive an unexpected call, email, text message, or social media message about your pension, it can be difficult to know how to respond. Some communications may appear professional and convincing, while others may raise immediate concerns. Either way, it’s important not to feel pressured into making a decision on the spot.
Taking a few simple steps before acting can help protect your retirement savings and give you greater confidence in any decisions you make.
Not Every Contact Is What It Seems
One of the most common warning signs is pressure.
You may be told that an opportunity is only available for a limited time, that immediate action is required, or that delaying could result in a missed financial benefit. While this can create a sense of urgency, major financial decisions rarely need to be made instantly. 
Your pension could support you for decades in retirement, so it’s worth taking the time to fully understand any proposal before proceeding.
A legitimate organisation should respect your decision to pause, review the information provided, and consider your options carefully.
Verify Who You’re Speaking To
Before sharing information or taking any further steps, it’s sensible to verify who has contacted you.
Rather than relying solely on the contact details provided in the message, consider conducting your own research. Look up the organisation independently, visit its official website, and use publicly available contact details to confirm the communication is genuine.
If someone claims to represent a company you’ve never dealt with before, take the time to understand why they are contacting you and what relationship, if any, they have to your pension arrangements.
A few minutes spent verifying information could help prevent unnecessary risks later.
Be Careful With Personal Information
Pension related communications may involve requests for personal or financial information. Before providing any details, it’s worth considering whether the request is necessary and whether you’re confident about who you’re dealing with. 
Information such as pension account details, National Insurance numbers, copies of identification documents, and financial information should always be handled with care. 
If you’re unsure why certain information is being requested, don’t be afraid to ask questions or seek clarification before sharing anything.
Questions Worth Asking First
Whenever you’re approached about your pension, asking the right questions can help you make more informed decisions. 
Some useful questions to consider include:
Why am I being contacted?
What is being recommended and why?
How could this affect my retirement plans?
Are there any fees or charges involved?
What are the potential risks?
Do I need to make a decision today?
Have I had enough time to fully understand my options?
Pension advice is tailored to your individual circumstances and can help you understand the options available to you before making any decisions about your retirement income.   
This is for general information and does not constitute personal financial advice. The value of pensions and the income they provide can vary and are not guaranteed. 

### Why Retirement Income Doesn’t Always Match Expectations
Retirement is often shaped by expectations built over decades and it isn’t always straightforward.
Career changes, family commitments, rising living costs and unexpected life events can all affect how much people are able to save throughout their working lives. It’s perhaps no surprise then that retirement doesn’t always look exactly as people expected.
Research commissioned by My Pension Expert found that insufficient pension savings or contributions during working life was the most common reason pensioners gave for receiving less retirement income than they had expected.
Looking Back: What Retirees Wish They Had Known
The report asked pensioners why their retirement income had not met the expectations they held in life.
The most common reason cited was insufficient pension savings or contributions during working years, identified by 27% of respondents. Economic factors including inflation and market conditions were mentioned by 24% while 21% said they had started saving too late.
Other reasons included periods of unemployment or part-time work (20%) and not fully understanding how much income would be needed in retirement (14%).
What these findings show is that retirement outcomes are rarely influenced by a single decision. Instead, they are often shaped by a combination of financial choices, life events and economic conditions over many years.  
Life Doesn’t Always Follow the Plan
Few people experience a perfectly predictable financial journey.
Career changes, raising a family, unexpected expenses, caring responsibilities and wider economic events can all influence how much people are able to save throughout their working lives.
The report itself highlights how financial pressures have evolved for today’s over-50s, with many balancing family commitments, mortgage repayments and retirement planning simultaneously. 
These competing priorities can make long-term planning difficult, even when retirement is still an important goal.
Why Retirement Planning Is About More Than a Number
One of the more interesting findings from the research is that 14% of pensioners whose income fell short of expectations said they had not fully understood how much money they would need in retirement.
This highlights an important point: retirement planning isn’t simply about building the largest pension pot possible.
It’s also about understanding what kind of lifestyle you hope to enjoy and how your pension may support those ambitions.
For one person, retirement might involve travelling more often. For another, it may mean helping family members, pursuing hobbies or simply having greater financial security and peace of mind.
Understanding your goals can make it easier to assess whether your current plans are aligned with the future you want.
Creating More Flexibility for The Future
While none of us can control inflation, market performance or every twist and turn that life may bring, there are steps that can help improve our understanding and confidence.
Reviewing your pension arrangements, understanding your retirement goals and regularly assessing your progress can all help provide greater clarity about where you stand today. 
The earlier these conversations take place, the more opportunity there may be to explore your options and make informed decisions about the future.
Turning Expectations into A Plan
Retirement income doesn’t always fall short because people do not plan. Often, it’s because life changes, circumstances evolve and financial needs turn out to be different from what was originally expected.
The good news is that understanding your position today may help reduce uncertainty later on.
At My Pension Expert, we help people navigate retirement planning with clear, straightforward guidance and regulated financial advice. Speaking with a pension expert could help you better understand your options, assess whether your current plans align with your retirement goals and build a clearer picture of the future you’re working towards.

### Today’s 50-Year-Olds Face Different Financial Pressures Than Previous Generations
Shouldn’t life feel more financially secure by the time you reach your 50s?
Many people certainly expected it would. In fact, more than half (54%) of people aged 50 and over say they believed this stage of life would be more financially secure than it has turned out to be.
The reality is that today’s 50-year-olds are often juggling financial commitments that earlier generations faced less often. From supporting children later in life to managing mortgage repayments and preparing for retirement, many find themselves balancing competing priorities at a time when they expected life to become simpler.
As retirement expectations continue to evolve, understanding how these pressures affect long-term financial planning has been more important. 
The Midlife Reality Looks Different Today
Reaching their 50s no longer means fewer financial responsibilities for a lot of people.
The research found that people aged 45 to 59 spend an average of 20% of their income on their children’s upkeep, compared to just 5% among Baby Boomers at the same stage of life. More than one in five Gen X households (22%) spend over 30% of their income on children, compared to only 45% of Baby Boomer households.
Many are also becoming parents later in life, meaning it is increasingly common to have children under the age of 16 while approaching or entering your 50s.
Alongside family commitments, housing costs continue to play a significant role. The report found that people who are currently 50 spend an average of 16% of their income on mortgage repayments.  
Taken individually, these commitments may seem manageable. Together, however, they can create competing demands on household finances at a stage of life when retirement planning is becoming increasingly important.
Why Financial Security Still Feels Out of Reach
It’s perhaps no surprise that many people feel caught between present-day responsibilities and future goals.
For earlier generations, the years leading up to retirement may have offered an opportunity to focus more heavily on long-term financial planning. Today’s 50-year-olds often face a more complex balancing act, managing family commitments, housing costs and everyday expenses while also thinking about the future. 
Retirement Planning Often Takes a Back Seat
When life is busy, retirement planning can easily become something to think about another day.
The report found that almost two-thirds (64%) of people turning 50 in the next five years have never sought advice about their income in later life.
That doesn’t necessarily mean retirement isn’t important to them. More often, it reflects the reality of competing priorities. Work, family responsibilities and day-to-day financial pressures can make it difficult to find the time or headspace to engage with long-term planning.
For some, retirement still feels distant. For others, the thought of reviewing pensions and retirement income can feel overwhelming. Yet delaying those conversations can make it harder to understand whether you’re on track for the retirement you want.
What Does This Mean for Retirement?
The financial pressures people experience in their 50s don’t automatically disappear when retirement begins.
That’s why understanding your pension and retirement options can be valuable long before you decide to stop working. 
Whether your goal is to travel more, support family members, pursue hobbies or simply enjoy greater financial freedom, your pension is likely to play an important role in helping fund those plans.
The sooner you understand how your pension fits into your wider financial picture, the more opportunity you may have to make informed decisions about the future.
Looking Beyond Today’s Commitments
Supporting children, paying a mortgage and managing everyday expenses can make retirement feel like something to think about later.
Yet for many people, their 50s can be an important opportunity to take stock of their long-term plans and assess whether their finances are aligned with their goals.
Understanding where you stand today doesn’t mean making immediate decisions. It simply means gaining clarity about your options and the future you’re working towards.
My Pension Expert can help people navigate retirement planning with clear, straightforward guidance and regulated financial advice. 
Speaking with a pension expert could help you better understand how your pension fits alongside your wider financial commitments and whether you’re on track for the retirement you want.

### Why Retirement Is Becoming A New Chapter Rather Than a Finish Line
For many people, retirement used to represent a time to slow down.
It was often viewed as the end of a career, the beginning of a quieter lifestyle, and a chance to take life at a more relaxed pace.
Today, however, retirement looks very different.
Research commissioned by My Pension Expert suggests that people approaching retirement are living fuller, more active lives than previous generations. From travelling and pursuing new hobbies to prioritising health and wellbeing, many are viewing retirement not as an ending, but as the start of an exciting new chapter.
The challenge is ensuring their finances are ready to support it.
Retirement Doesn’t Mean Slowing Down
The idea that retirement is all about putting your feet up is becoming increasingly outdated. 
Many people in their 50s are actively embracing new experiences and interests. In fact, more than one in four people in their 50s (28%) say they have picked up more hobbies as they’ve got older
For most popular hobbies include:
Reading (48%)
Cooking and baking (44%)
Gardening (40%)
Travelling (38%)
Sports and Fitness (29%)
These findings suggest that many people see later life as an opportunity to explore interests they may not have had time for during their working years.  
Retirement is becoming less about slowing down and more about having the freedom to spend time doing the things that matter most.
A Growing Focus On Health And Wellbeing
The report also highlights a growing emphasis on health among today’s over-50s.
Two-thirds of Gen X respondents say they prioritise their health more now than when they were younger, while four in five report adopting healthier diets. 
This reflects a broader shift in attitudes towards ageing. 
Rather than viewing retirement as a period of decline, many people are focusing on maintaining active, healthy lifestyles for as long as possible. Whether that’s regular exercise, healthier eating habits or simply making wellbeing a priority, retirement is increasingly being viewed as a stage of life to be enjoyed.  
More Time For Experiences
Experiences are also becoming a bigger priority.
The research found that 44% of people aged 45 to 59 travel multiple times every six months.
For some, retirement may create opportunities to travel more frequently, spend time with family, pursue personal goals or explore new interests.
However those ambitions often rely on having the financial flexibility to support them.
The retirement people aspire to today may look very different from previous generations, but achieving it still requires planning. 
The Retirement Gap Between Aspiration And Preparation
While many people have clear ideas about how they would like to spend their retirement, fewer feel confident about their financial readiness.
More than half (54%) of people aged 45 to 59 say they do not feel secure about their financial position heading into retirement. 
At the same time, nearly two-thirds (64%) of those turning 50 in the next five years have never sought advice about their income later in life.
This suggests that while many people are actively planning for the lifestyle they want, they may be less engaged with the financial planning needed to support it.  
The consequences can sometimes be felt later. The report found that 27% of pensioners believe their retirement income is lower than they expected when they were 50.
Building A Retirement Around Your Goals
Retirement means different things to different people. For some, it may be about travelling more. For others, it may be spending time with family, pursuing hobbies, starting a business, volunteering or simply enjoying greater flexibility and freedom.
Whatever your goals, understanding your pension and retirement options can help you make informed decisions about the future.
Speaking with a pension expert can help you better understand where you are today, the options available to you and how your retirement plans align with your long-term goals.
 Looking Ahead
Retirement is no longer simply the end of a working life. It can be an opportunity to focus on experiences, wellbeing, personal interests and new ambitions.
The sooner you begin engaging with your retirement planning, the more opportunity you may have to prepare for the future you want.
At My Pension Expert, we help people navigate retirement planning with clear, straightforward guidance and regulated financial advice. Whether retirement is just around the corner or still several years away, understanding your options today could help you feel more confident about tomorrow.

### Why It’s Never Too Late to Start Engaging with Your Pension
For many people, pensions sit firmly in the “I’ll deal with it later” category.
Between work, family commitments, mortgages, bills and everyday responsibilities, retirement planning can easily fall down the priority list. It often feels like something that can wait until next year, or when life becomes a little less busy.
The reality is that many people feel exactly the same way.
Research commissioned by My Pension Expert found that more than one in five people in their 50s (22%) admit they have never seriously considered their pension. Among those due to turn 50 within the next five years, almost two-thirds (64%) have never sought advice about their income in later life.
While pension avoidance is common, putting off retirement planning can make it harder to understand your options and feel confident about your future.
Why Do So Many People Avoid Pension Conversations?
For many, it’s not a lack of interest that gets in the way. It’s a combination of uncertainty, complexity and competing priorities. 
Pensions can feel complicated. Terms such as “drawdown”, “annuities” and “tax-free cash” can seem unfamiliar, particularly if you’ve never needed to engage with them before. Some people worry they’ll ask the wrong questions or won’t fully understand the answers.
For others, retirement simply feels too far away to think about. Even in your 50s, there may still be years of work ahead. It’s often easier to focus on immediate financial commitments such as supporting children, paying a mortgage or managing rising household costs.
There can also be an emotional aspect to pension planning. Some people worry that looking too closely at their retirement savings may reveal they’ve not saved enough or started planning later than they would have liked.
The Cost of Putting It Off
Avoiding pension conversations doesn’t make retirement decisions disappear. It simply means there is less time to understand the options available when the moment arrives.
The report found that 27% of pensioners say their retirement income is lower than they expected when they were 50. Among the reasons cited were insufficient pension contributions, starting to save too late and not fully understanding how much was needed for retirement.
Of course, everyone’s circumstances are different. However, these findings suggest that many people look back and wish they had spent more time engaging with their retirement planning earlier.
The good news is that taking the first step doesn’t have to mean making major changes overnight. Sometimes it simply means understanding where you stand today and what options may be available to you.
Pension Conversations Are Often Easier Than People Expect
One of the biggest misconceptions about pension advice is that it involves complex calculations, technical language and immediate decisions.
In reality, the first conversation is often much simpler.
It’s about understanding your circumstances, discussing your retirement goals and exploring the options available to you. Asking questions, seeking clarity and learning more about your pension can help turn uncertainty into confidence.
Whether retirement is ten years away or much closer, understanding your options can help you make more informed decisions about your future.
It’s Never Too Late to Start
Many people spend years putting off pension planning because they feel they should have started sooner.
The truth is that engaging with your pension today is likely to be more beneficial than continuing to avoid it tomorrow.
Whether you’re approaching 50, already in your 50s, or starting to think more seriously about retirement, taking time to understand your pension could help you feel more confident about the years ahead.
If you’ve been putting off pension conversations, you’re far from alone. Speaking with a pension expert could help you better understand your options; answer any questions you may have and provide clarity on the choices available to you.
At My Pension Expert, we help people navigate retirement planning with clear, straightforward guidance and regulated financial advice, helping them make informed decisions about their financial future.
Outcomes will vary and pensions are subject to change/risk.

### Many People Still Feel Uncertain About Their Pension Options
Despite years of pension reforms and greater access to information, many people still feel uncertain about their pension options. 
The latest findings from the Pensions Commission suggest that many savers are approaching retirement without a clear plan for accessing their pension. At a time when individuals have more choice than ever before, understanding those choices remains a challenge for many.
Retirement Planning Often Starts Later Than Expected 
For many people, saving for retirement and planning for retirement are two very different things.  
The Pension Commission found that while many people begin saving into a pension during their working life, retirement planning often doesn’t start until much later. In fact, 77% of defined contribution pension holders aged 40 to 75 who have not yet accessed their pension do not have a clear plan for how they intend to do so, while 21% are not even aware they will need to make a choice about how to access their pension. 
Without a plan, it can be difficult to assess whether your retirement income will support the lifestyle you want or understand which option may be available to you when the time comes.  
Understanding Pension Options Can Be Challenging
One of the reasons many people feel uncertain is that pension decisions can be complex. 
The report found that significant numbers of people approaching retirement are unfamiliar with some of the most common ways to access their pension savings. More than a quarter had never heard of income drawdown, while many were unfamiliar with other pension access options available to them.  
At the same time, retirement decisions often involve balancing competing priorities. Some people value flexibility and access to their savings, while others prioritise security and a predictable income. Understanding the advantages and considerations of different options can help people feel more confident about the choices they make.  
Pension terminology remains a challenge for many people. The report found 22% of people expecting to access their pension within two years had never heard of annuity, 27% had never heard of income drawdown, and 70% had never heard of the Uncrystallised Funds Pension Lump Sum (UFPLS) option.
Confidence Matters as Much as Knowledge
Confidence is another significant issue. More than half of adults (52%) say they are not confident making decisions about financial products and services. Only 56% of people could correctly match the name and description of an annuity. 
Knowing your options and feeling confident enough to choose between them are not always the same thing. 
The Pensions Commission found that many people lack confidence when making financial decisions, particularly when those decisions could affect their long-term retirement income. 
Retirement can bring important questions: 
How will you generate income? 
How much flexibility do you need? 
How long will your savings need to last? 
How might your needs change over time? 
These are significant decisions, and it’s understandable that many people feel uncertain when faced with them. 
Why Understanding Your Options Matters
The choices you make when accessing your pension can have a lasting impact on your retirement plans.  
While there is no single approach that is right for everyone, taking the time to understand your options can help you make decisions that reflect your circumstances, goals and priorities.  
The right choice for one person may not be the right choice for another. Factors such as your desired retirement lifestyle, other sources of income, health, family circumstances and attitude to risk can all influence the options that may be suitable for you.  
Taking The Next Step
The latest findings highlight an important challenge: many people are saving for retirement, but many still feel uncertain about what happens when it’s time to access their pension.  
If you’re approaching retirement and unsure about your pension options, speaking with a pension expert could help you better understand the choices available and how they may fit with your retirement plans. 
At My Pension Expert, we help people navigate complex retirement decisions with clear, straightforward guidance and regulated financial advice. Whether you’re considering drawdown, an annuity, or simply want to understand your options in more detail, taking advice could help you make more informed decisions about your future. 
Pension advice is tailored to your individual circumstances and can help you understand the options available to you before making any decisions about your retirement income.  
This is for general information and does not constitute personal financial advice. The value of pensions and the income they provide can vary and are not guaranteed. 

### Financial Advice vs Guidance: What's the Difference
When it comes to managing your pension and planning for retirement, you may come across both financial guidance and financial advice. While they can seem similar at first, they serve different purposes and can lead to very different outcomes.
This guide explains the difference between advice and guidance, how each works, and why understanding this distinction can be important when making decisions about your future. 
What is Financial Guidance?
Financial Guidance provides general information to help you understand your options. It is often free and widely available through websites, tools or public services. It can help you learn about different pension products, understand how they work and explore what you could consider based on general circumstances.
Because guidance is not personalised, it does not take into account your individual financial situation, long-term goals or retirement plans. As a result, it is typically designed to inform rather than recommend a specific course of action.
What is Financial Advice?
Financial advice involves a more detailed assessment of your personal financial situation. This includes reviewing your income, savings, pension arrangements and long-term objectives.
Based on this information, a regulated adviser can provide recommendations tailored to your circumstances. This may include how to structure your pension, when and how to access your savings, and how to plan for a sustainable retirement income.
In the UK, financial advice is regulated by the Financial Conduct Authority (FCA), which means advisers must meet specific standards and provide appropriate protections for clients.
The Key Difference
The main difference between guidance and advice lies in personalisation. Guidance explains what could be done in general terms, while advice focuses on what may be suitable for you based on your individual circumstances.
This distinction is important because two people following the same guidance could make similar decisions but experience very different outcomes in retirement. Factors such as pension size, lifestyle expectations, health, timing and other sources of income can all influence how effective a decision may be over time.
Why This Difference Matters
Retirement planning is not a one-size-fits-all process. Even small differences in decisions can have a lasting impact on the level of income you receive, how long your pension lasts and the balance between flexibility and financial security.
Without a clear understanding of how your choices apply to your own situation, it can be difficult to assess whether you are on track or whether adjustments may be needed.
Cost and Accessibility
Cost is often a key factor when deciding between guidance and advice. Because guidance is typically free, it can feel like a more accessible option, particularly in the early stages of planning.
However, financial advice is not limited to those with large pension pots. Many firms offer flexible approaches, and in some cases, fees only apply if you choose to act on the recommendations provided. As a result, the perceived cost of advice may not always reflect its potential value.
When Each May Be Useful
Guidance can be particularly helpful when you are building a general understanding of pensions or exploring your options for the first time. It provides a useful foundation and can help you become more familiar with key concepts.
Advice may become more relevant when decisions are more complex or have long-term consequences. This is often the case when approaching retirement, deciding how to access your pension or managing multiple pension arrangements. At this stage, understanding how your options apply specifically to you can make a meaningful difference.
Making Informed Decisions About Your Future
Both guidance and advice have a role to play in financial planning. Guidance can help you understand your options, while advice can help you apply those options in a way that reflects your individual circumstances.
Taking the time to review your pension and consider how your decisions may affect your future income can help you feel more confident about your long-term plans.
Speak to a Pension Expert
If you would like to understand how your pension options apply to your personal circumstances, speaking to a regulated adviser can help you make informed decisions with greater clarity.
At My Pension Expert, advice is tailored to your situation, helping you build a clearer picture of your retirement income and long-term plans.

### What Life at 50 Really Looks Like Today
Turning 50 has traditionally been associated with slowing down and preparing for retirement. However, new research suggests that today’s mid-lifers are living differently, with changing priorities, increased financial pressure and a growing disconnect between expectations and reality. 
We explore what life at 50 looks like based on recent research, and what it may mean for financial planning in later life. 
A Shift in Midlife Expectations
For many, turning 50 no longer marks the beginning of winding down. Instead, it reflects a stage of life that is still active, demanding and, in many cases, financially complex. 
People aged 50-54 report feeling, on average, just 43 years old, highlighting how perceptions of ageing are changing. Many are continuing to build careers, support families and pursue personal goals well into their 50s. 
However, behind this shift in mindset, there are signs of growing financial pressure. 
A Gap Between Expectations and Reality
The research highlights a disconnect between how people expected life at 50 to look and how it has actually turned out. 
1 in 3 people aged 50+ say they expected to be more financially secure 
Over half of Gen X say that financial security would improve their 50s 
Yet only 13% of those aged 50-59 feel like their life is already enjoyable enough 
This suggests that while lifestyles may feel younger, financial confidence is not keeping pace. 
Financial Pressure Is Increasing
Compared to previous generations, Gen X households are: 
Spending 20% of income on children, compared to 5% for Baby Boomers 
More likely to still have dependent children at 50 
Managing housing commitments, with the average person having owned 1.42 homes and spending 16% of income on mortgage repayments 
These factors contribute to a more complex financial picture, where retirement planning may not always be the immediate priority. 
Confidence in Retirement Planning Remains Low
Despite being closer to retirement, many people do not feel confident about their financial future. 
54% of people aged 45-59 say they do not feel secure about their financial position heading into retirement 
Only 3 in 10 believe they are on track to meet their retirement goals 
Over a third of people aged 45-49 feel financially concerned about turning 50 
The combination of low confidence and limited guidance may indicate that some people are not receiving the support or information they feel they need when planning for retirement. 
Why Are People Falling Behind?
The research identifies several common reasons for this lack of preparedness. 
27% cite insufficient savings or contributions
24% point to economic factors such as inflation
21% say they started saving too late
20% experienced periods of unemployment or reduced income
14% say they did not fully understand how much they would need
The research suggests that pension planning may not always be a priority amid competing financial demands. Around 1 in 5 people in their 50s admit they have never seriously considered their pension. 
A Lack of Clarity on Where to Start
Beyond financial constraints, there is also uncertainty around how to take action. 
Some individuals report not knowing who to ask or where to begin, while others assume they have already done enough. Among those who have previously received financial advice, only a small proportion have done so during their 50s. 
This can lead to missed opportunities to review pension arrangements, adjust contributions or plan how retirement income will be taken. 
More Active Lives, But Greater Complexity
The research also highlights broader lifestyle trends. 
Many people in midlife are prioritising health more than previous generations, taking up new hobbies and travelling more frequently, as well as remaining active in work or developing additional income streams. 
While this reflects a more dynamic approach to midlife, it can also make long-term financial planning more complex. 
Why Planning Becomes More Important at 50
As retirement approaches, the window to make meaningful financial changes begins to narrow. 
Decisions made during this stage can have a lasting impact on retirement income levels, how long savings may last and the balance between flexibility and financial security. 
Without a clear plan, it can be difficult to understand whether current savings and contributions are likely to support future needs. 
Taking the Next Step
The research suggests that many people are entering their 50s without a clear understanding of their financial position or retirement options. 
Taking time to review your pension, understand your potential income and explore your options can help provide clarity at an important stage of life. Speaking to a regulated adviser can help you: 
Review how your pension is invested and whether it remains aligned with your objectives 
Identify any gaps in your planning 
Explore options for taking income in retirement 
Make informed decisions based on your circumstances 
If you are approaching 50 or already in your 50s, this can be an important point to reassess your financial plans and consider whether you are on track for the retirement you want. 
Statistics quoted in this post are from the My Pension Expert report, Thrifty at 50: A report into how Gen X are redefining midlife. When investing, the value of investments can fall as well as rise and you may get back less than you invest.

### How to Complete Our Online Pension Process
Taking the first step with your pension can feel like a big decision. Understanding how the process works, what information you will need and what happens next can make it feel more manageable. 
This guide explains how to complete our online process, what to expect at each stage and how we support you throughout. 
Getting Started 
Our online process is designed to be simple and flexible, allowing you to begin at a time that suits you. 
To get started, you will usually be asked to provide some basic information, such as:  
Your name and contact details 
Your age or date of birth 
An overview of your pension arrangements (if known) 
This initial step helps us understand your situation and ensure that any follow-up is relevant to your needs. 
Providing Your Details 
As you move through the process, you may be asked to share additional information about your pension and financial circumstances. 
This can include:  
Details of any existing pension providers 
Approximate pension values 
Your retirement goals or plans 
You do not need to have every detail to begin. If you are unsure about certain information, this can usually be discussed later with one of our regulated advisers. 
What Happens After You Submit Your Information 
Once your details have been submitted, the next step is usually to arrange a conversation with a member of the team. 
This call can be scheduled at a time that works for you, so you know when to expect contact. During the conversation, we will confirm your details, explain your available options, answer any questions you may have and outline any next steps.  
There is no obligation to proceed, and you will have time to consider any information provided. If you do proceed, you will begin your advice journey with one of our regulated advisers. 
A Secure and Structured Process 
We understand that sharing personal and financial information online can feel sensitive. Our process is designed with this in mind. 
You can expect clear communication at each stage with pre-arranged calls, so you know to expect contact from us. We will perform verification checks to confirm who you are speaking with and there will be no pressure to make immediate decisions. 
If you are ever unsure about any part of the process, you can pause and contact us directly using official contact details. 
Do You Need Everything Before You Start? 
You do not need to have all your pension information ready before beginning. 
Many people start the process with only a general idea of their pension arrangements. Additional details can often be gathered later, either by you or with support from an adviser. 
Starting the process early can help you understand your options sooner, even if some information is still being confirmed. 
Taking the First Step 
Beginning your pension journey online is designed to be straightforward and flexible. Each step is intended to help you move forward at a pace that suits you, with support available when you need it. 
If you are ready to explore your pension options, you can begin the online process at a time that works for you.
Any decisions about your pension should be considered carefully, and the suitability of any options will depend on your individual circumstances.
If you complete your advice journey with My Pension Expert, your service will include regulated financial advice and charges apply.

### How We Work to Keep You Safe from Pension Scams
Pension scams can have serious and long-lasting consequences. Fraudsters often target people wo are approaching retirement or considering how to access their pension savings, using pressure, false promises or convincing-looking schemes to gain trust.
This guide explains common pension scam warning signs, how to protect yourself, and the steps My Pension Expert takes to help clients feel safe and confident when discussing their pension and how speaking to a regulated adviser can help you feel more confident in your decisions.
Why Pension Scams Are Dangerous
Pensions are often one of the largest savings pots a person will hold. This can make them a target for criminals offering schemes that appear legitimate but are designed to steal money or personal information.
The impact of a pension scam can be significant. Once money has been transferred, it can be difficult to recover. Some scams may also result in unexpected tax penalties, reduced retirement income or emotional distress.
This is why it is important to take time, ask questions and check who you are dealing with before making any pension decisions.
Common Types of Pension Scams
Pension scams can appear in different forms. Some of the most common include: 
Cold calls from people offering pension reviews or investment opportunities
Unsolicited emails that appear to come from legitimate companies
Fake investment schemes involving areas such as cryptocurrency or overseas property
Early access schemes promising access to pension savings before the legal minimum age
Pension transfer scams encouraging you to move money quickly
Phishing attempts designed to collect personal or banking information
Pension loan schemes offering cash in exchange for pension access
Scammers are often persuasive and may use professional-looking websites, documents or contact details to appear trustworthy.
Warning Signs to Look Out For
There are several warning signs that may suggest something is not right. These can include: 
Being contacted unexpectedly about your pension
Pressure to make a quick decision
Promises of unusually high or guaranteed returns
Requests for personal or bank details
Offers that sound too good to be true
Contact details that appear vague, mobile-only or difficult to verify
A ban on pension cold calling has been in place since January 2019. If someone contacts you unexpectedly about your pension, it is sensible to be cautious.
How My Pension Expert Helps Keep You Safe
At My Pension Expert, we understand that many people feel cautious when discussing their pension, especially with concerns around scams and financial fraud.
That is why we take steps to make our communication clear, secure and easy to verify.
Pre-Arranged Calls
Where possible, we can arrange calls with you at a specific time. This means you know when to expect contact from us and can feel more confident that the call is genuine.
If you receive an unexpected call and are unsure whether it is legitimate, you can pause the conversation and contact us directly using our official details.
Safe Words and Verification Checks
We may also use agreed verification methods, such as safe words, to help reassure you that you are speaking with the right person.
 These checks are designed to:
Help confirm the identity of the person contacting you
Give you extra reassurance during phone conversations
Reduce the risk of impersonation
Support a safer advice process
If something does not feel right, you should never feel pressured to continue the conversation.
Clear, Regulated Advice
Speaking with a regulated adviser should feel structured and transparent. You should expect clear explanations, time to ask questions and balanced information about both the benefits and risks of your options.
You should not be rushed into making decisions or encouraged to transfer money without fully understanding what this means for your pension.
Protecting Your Personal Information
We will only ask for information that is needed as part of the advice process. If you are ever unsure why certain details are required, you can ask for clarification.
Keeping your own records up to date and checking contact details carefully can also help reduce the risk of fraud. This is something a regulated adviser can help you review in more detail.
How to Protect Yourself
There are several steps you can take to protect yourself against pension scams:
Do not share personal or banking information unless you are confident who you are speaking with
Check that a firm is authorised by the Financial Conduct Authority
Take time before making decisions
Be cautious of high-pressure sales tactics
Report suspicious activity to Action Fraud or the FCA
Taking a cautious approach does not mean avoiding pension advice. It means making sure the advice you receive is genuine, regulated and appropriate for your circumstances.
Supporting Safer Pension Decisions
Pension decisions can affect your long-term financial security, so it is important to feel safe throughout the process.
By using pre-arranged calls, verification checks, safe words and clear advice processes, My Pension Expert aims to give clients confidence when discussing their pension options.
If you are worried about pension scams or unsure whether a communication is genuine, it is always sensible to stop, check and seek guidance before taking action.
If you’re unsure whether a conversation is legitimate, arranging a pre-booked call with a regulated adviser can provide reassurance.
Speaking to a Regulated Adviser
If you’re concerned about pension scams or unsure who to trust, speaking to a regulated adviser can help you understand your options in a safe and structured environment.
At My Pension Expert, calls can be arranged at a time that suits you, with clear verification steps in place so you can feel confident throughout the process.
Taking that step can help you move forward with greater clarity and reassurance.

### Understanding Your Pension Options
Deciding how to take your pension is one of the most important steps in retirement planning. While building your pension savings is a long-term process, turning those savings into an income requires careful thought.
There are several ways to access your pension, each offering a different balance of flexibility, security and control. Understanding these pension options can help you make more informed decisions about how your retirement income will work in practice.
This guide will explain three of the most common approaches: annuities, flexible access drawdown and pension consolidation.
What Are Your Pension Options?
When you reach retirement, your pension savings can usually be accessed in a number of ways. The most common options include:
Annuities, which provide a guaranteed income
Flexible Access Drawdown, which allows flexible withdrawals
Pension Consolidation, which brings multiple pensions together
Each option works differently and may suit different financial goals, lifestyles and attitudes to risk.
Annuities: A Guaranteed Income
An annuity converts some or all of your pension savings into a regular income. This income can be paid for life or for a fixed period, depending on the type of annuity chosen. 
One of the main reasons people consider annuity is the certainty it provides. Once in place, payments are made regularly, regardless of market conditions. This can help cover essential living costs and provide a stable financial foundation in retirement.
There are different types of annuities available, including:
Lifetime annuities, which pay income for life
Fixed-term annuities, which pay for a set period
Joint-life annuities, which can continue payments to a partner
Enhanced annuities, which may offer higher income based on health or lifestyle
While annuities offer security, they are typically not flexible once set up and cannot usually be changed. This means it’s important to consider your options carefully, as they may offer less value if your circumstances change or if death occurs earlier than expected. Income levels are also influenced by factors such as age, health and market conditions at the time of purchase.
Flexible Access Drawdown: Flexibility and Control
Flexible access drawdown allows you to keep your pension invested while taking income as needed. This approach offers flexibility, as you can choose how much to withdraw and when. 
For some people, this level of control is appealing, particularly if retirement plans are likely to change over time.
Key features of drawdown include:
The ability to adjust income levels
Continued investment of your pension savings
Potential for growth over time
However, because your pension remains invested, its value can rise and fall. Income is not guaranteed, and if withdrawals are not carefully managed, there is a risk that your pension funds could run out, particularly if too much is taken too soon.
Drawdown may suit those who are comfortable with investment risk and want to retain control over their income strategy.
Pension Consolidation: Bringing Everything Together
Over the course of a working life, it is common to build up multiple pension pots across different providers. Pension consolidation involves transferring these into a single plan.
For some, this can make pensions easier to manage and understand.
Potential benefits of consolidation include:
A clearer overview of your total pension savings
Reduced administrative complexity
The ability to review charges more easily
Access to a wider range of investment or income options
However, consolidation is not always the right choice. Pension transfers are not suitable for everyone, and some pensions include valuable or safeguarded benefits that could be lost if transferred. There may also be exit fees or differences in charges to consider, which is why it is important to review each pension carefully and consider seeking advice before making any changes.
For this reason, it is important to review each pension carefully before making any changes.
How Do These Options Compare?
Each of these approaches offers a different balance of certainty, flexibility and responsibility.
Annuities focus on stability and guaranteed income. Drawdown offers flexibility and potential for growth. Consolidation helps simplify how pensions are managed.
In many cases, people use a combination of these options. For example, an annuity might be used to cover essential expenses, while drawdown provides additional flexibility for discretionary spending.
Choosing the Right Approach for You
There is no single “best” option when it comes to taking your pension. The right approach depends on a range of factors, including:
Your income needs in retirement
Your attitude to investment risk
Whether flexibility or certainty is more important
The size and structure of your pension savings
Taking time to understand how each option works can help you feel more confident about the decisions you make.
Reviewing Your Options
As retirement approaches, it can be helpful to review how your pensions fit together and how they might be used to generate income.
This might involve understanding what each pension offers, considering whether consolidation could simplify your plans, and exploring how different income options could work together.
Small changes in how your pension is structured can have a meaningful impact over time. The tax treatment of pensions depends on your individual circumstances and may change in the future.
The value of pensions and investments can go down as well as up, and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future. Pension transfers are not suitable for everyone and should be considered carefully. 
This information is for general guidance only and does not constitute financial advice.

### Could Your Pension Help You Afford Retirement Living?
As retirement approaches, it’s not always income that causes concern. It’s outgoings. 
Rent or mortgage payments, multiple pension pots and uncertainty around what’s possible can make it difficult to see a clear path forward. Many people don’t realise there may be options available to them, which could significantly change their financial position. 
So the question becomes: are you making the most of your pension?
From Uncertainty to a Clear Plan 
Dave found himself in a similar position. He and his wife had built up several pension pots over the years, with some already consolidated and others still separate. While he had started taking steps to review his finances, he knew there was more to consider. Particularly when it came to improving their long-term income and reducing their housing costs. 
Like many, he hadn’t even realised that taking out a mortgage during his retirement was an option until he began exploring his choices more closely. 
After speaking with My Pension Expert, Dave was able to step back and look at the full picture. By consolidating his remaining pensions, he created a stronger, more manageable fund. From there, he used part of his pension as tax-free cash towards a mortgage deposit, while setting up a plan to provide a longer-term income. 
A Simpler, More Secure Outcome 
This approach gave Dave something he didn’t have before. Clarity.  
Instead of juggling multiple pension pots and uncertain options, he now had a structured plan that supported both his income and housing needs. Moving away from renting reduced his monthly outgoings by more than half, saving around £700 each month, and gave him far greater confidence in his financial future. 
What started as uncertainty became a clear and sustainable retirement strategy. 
Why It’s Worth Exploring Your Options 
One of the biggest challenges with retirement planning is knowing what’s available. Dave’s experience shows that even small changes like consolidating pensions or reviewing income options, can have a meaningful impact when they’re part of a well-considered plan.  
With the right guidance, it becomes much easier to understand how different options work together and what they could mean for your lifestyle in retirement. 
Speak to a Pension Expert 
If you have multiple pensions, are thinking about reducing your outgoings, or simply want a clearer plan for the future, it may be worth exploring your options. Outcomes depend on your personal circumstances and are not guaranteed. Dave’s story serves as an illustrative example only.  
Book a consultation with My Pension Expert today. 
Income is not guaranteed and will depend on factors such as investment performance, charges, economic conditions and the level of withdrawals you take. Taking too much too soon could reduce how long your pension lasts. 
Past performance is not a reliable guide to future returns. Tax treatment depends on your individual circumstances and may change in future. Charges will apply.  
Pension transfers are not suitable for everyone and should be considered carefully as outcomes will depend on your individual circumstances. 
With flexible access drawdown, your pension remains invested and its value can go down as well as up, meaning your capital is at risk. 
Eligibility restrictions could apply to Mortgage application, as well as affordability restraints, and there may be an impact on inheritance. A mortgage is secured against your home. Your home may be repossessed if you do not keep up repayments. 
Relevant limits apply to tax-free cash withdrawals. There may be tax implications as well as an impact on retirement income and pension sustainability following any tax-free withdrawals.   

### Basic State Pension: Eligibility, Amounts and Increases 
The basic state pension is still relevant for people who reached State Pension age before 6 April 2016. If you reached State Pension age on or after that date, you are usually covered by the new State Pension instead.  
This guide explains what the basic state pension is, who can get it, how it is calculated, how much it pays in 2026, and how it differs from the newer system. It also covers deferral, tax and how to claim.
What Is the Basic State Pension? 
Understanding the Basic State Pension is important because it works differently from the newer system. In some cases, it may include additional elements such as the Additional State Pension, which can increase the total amount you receive. 
The Additional State Pension is an extra amount built up on top of the Basic State Pension under the old system. It was based on your earnings and National Insurance contributions during your working life and was previously known as schemes such as SERPS (State Earnings-Related Pension Scheme) or the State Second Pension (S2P). Not everyone will have this, as it depends on your work history. 
Although no new claims are made under this system today, many people still receive the basic State Pension. This means it continues to play an important role in retirement income for many pensioners across the UK. 
Who Gets the Basic State Pension? 
Your eligibility is mainly based on your National Insurance record. To qualify, you need to have built up a certain number of qualifying years, either through paying National Insurance contributions or receiving credits. 
The minimum number of years needed to receive any basic State Pension depends on your date of birth and, under the old system, your sex. In general: 
Many people only need one qualifying year to receive some basic State Pension  
However, if you were born earlier, you may need around 10 or 11 qualifying years before any pension is paid  
Because the rules vary depending on when you were born, it is often worth checking your individual National Insurance record to confirm your entitlement. 
How this may affect your pension 
Many people assume everyone now gets the same State Pension, but that is not the case. If you are on the old system, your pension may include the basic State Pension and, in some cases, Additional State Pension on top. This means your income could differ from someone on the new State Pension, even if your work history appears similar. 
National Insurance credits and older records 
If you spent time out of work due to caring responsibilities, illness or other approved reasons, National Insurance credits may still have helped build your entitlement. 
Older records may also include Home Responsibilities Protection, which could reduce the number of qualifying years needed for a full pension. 
In practice, many people receiving the basic State Pension today are already retired. While the system no longer builds new entitlements, it still affects how current pension payments are calculated and paid.
How the Basic State Pension Is Calculated 
The basic state pension UK system works differently from the new State Pension. Your entitlement is based on your National Insurance record and the number of qualifying years you built up before reaching State Pension age.
Qualifying years needed for the full basic State Pension 
Category Qualifying years needed A man born between 1945 and 1951 30 years A man born before 1945 44 years A woman born between 1950 and 1953 30 years A woman born before 1950 39 years 
If you have fewer qualifying years than required for the full amount, you may still receive a reduced basic State Pension, provided you meet the minimum threshold. 
What counts as a qualifying year? 
A qualifying year is usually built by: 
Paying enough National Insurance through work 
Receiving National Insurance credits 
Paying voluntary National Insurance contributions 
Additional State Pension and contracted-out history 
Some people on the old system may also have built up an Additional State Pension. Others may have been contracted out, meaning they paid less into the State Pension system for a period while building pension rights in a workplace or private pension instead. 
Contracting out can affect the overall retirement income you receive, particularly as it may reduce the amount of Additional State Pension built up. The impact can vary depending on the type of scheme you were in and when you were contracted out. 
To better understand your position, it can be helpful to check your State Pension forecast and review your National Insurance record, to see how much State Pension you are likely to receive and identify any gaps in your record that may affect your entitlement.
How Much Is Basic State Pension? 
The table below shows the standard weekly rates for the Basic State Pension and how they have increased for the 2026/27 tax year.
Basic State Pension weekly amounts (2025/26 vs 2026/27) 
The table below shows the standard weekly rates for the Basic State Pension and what each category represents. 
Pension type What it means 2025/26 2026/27 Category A or B  (full rate) Based on your own National Insurance record (or combined with a spouse/civil partner) £176.45 £184.90 Category B  (lower rate) Based on a spouse or civil partner’s National Insurance record £105.70 £110.75 Category C or D Non-contributory pension, usually for people with a limited or no NI record £105.70 £110.75 
How this affects what you receive 
These categories reflect how your entitlement is calculated under the older Basic State Pension system. The amount you receive will depend on your National Insurance record and personal circumstances, so not everyone will receive the full rate shown above. 
Over-80 pension top-up 
If you are aged 80 or over and receive little or no basic State Pension, you may qualify for an Over 80 Pension. This can provide a minimum level of income, helping ensure some financial support later in life.
How the Basic State Pension Differs from the New State Pension 
The biggest difference is that the basic state pension applies to people in the UK who have reached State Pension age before 6 April 2016, while the new State Pension applies to most people reaching it on or after that date.  
Basic versus New State Pension 
Feature Basic State Pension New State Pension Who it applies to Men born before 6 Apr 1951; women born before 6 Apr 1953 People reaching State Pension age on or after 6 Apr 2016 Full amount rules 30, 39 or 44 years, depending on birth/date group 35 qualifying years Minimum years  Old-system thresholds vary 10 qualifying years Full weekly rate in 2026/27 £184.90 £241.30 
For people on the old system, this difference matters because the rules around inherited rights (where you may be able to receive part of a spouse or civil partner’s State Pension entitlement), Additional State Pension and deferral can be more complex than under the newer system. 
Deferring the Basic State Pension 
If you deferred your pension, this may explain why your current payments are higher than the standard basic State Pension. 
Although this option is no longer available for new decisions, understanding how it worked can help you make sense of your current income. 
While no new claims can be made under the Basic State Pension system, some people may still have deferred their pension in the past. 
Under the old rules, deferring increased your payments over time. For every five weeks you delayed, your pension increased by 1%, which equates to around 10.4% per year. 
In some cases, people who deferred for at least 12 months could choose between: 
A higher weekly pension - treated as regular income and taxed in the same way as the rest of your State Pension. This means it counts towards your total taxable income for the year. 
A lump sum - taxed at your marginal rate of income tax in the tax year you claim it. The rate applied is based on your other income at that time, rather than being spread over multiple years. 
If you deferred your pension, this may explain why your current payments are higher than the standard Basic State Pension or why you may have received a one-off payment. 
Although this option is no longer available for new decisions, understanding how it worked can help you make sense of your current income. 
Tax and the Basic State Pension 
The Basic State Pension is taxable, even though it is usually paid gross (without tax being deducted first). Whether you pay tax depends on your total income, including: 
Your State Pension  
Workplace or personal pensions  
Earnings or savings income  
If your total income is above your personal allowance, you may need to pay tax. In many cases, any tax due is not taken directly from your State Pension but is instead collected through PAYE on your workplace or personal pension. 
What this means for your overall income 
Your State Pension forms part of your overall retirement income, so it’s important to think about how everything works together. For example, taking large withdrawals from a private pension in one year could push you into a higher tax band. Because of this, many people choose to spread withdrawals over time rather than taking too much at once. 
Receiving the State Pension can also influence your eligibility for certain benefits. In some cases, a higher income may reduce eligibility for means-tested support such as Housing Benefit or Council Tax Support. However, in other situations, receiving the State Pension may help trigger entitlement to additional support, depending on your overall circumstances. 
Taking a little time to plan ahead can help you make the most of your income and reduce the risk of unexpected tax bills. 
How to Claim and What to Expect 
Most people receive a letter before they reach State Pension age explaining how to claim. If you don’t receive one, you can still apply online, by phone, or by post  
When and how you’ll be paid 
Once your claim is processed, payments are usually made every four weeks. The money is paid into your chosen bank or building society account. Your payment day depends on your National Insurance number. 
If you deferred your claim 
If you delayed your claim, you could start it whenever you’re ready using the same methods. This also applies if you’re living abroad. 
When your first payment arrives 
Your first payment is usually made shortly after your claim is processed, and often at the end of the first full week from your chosen start date. It may also include any backdated payments you’re entitled to. 
How to prepare for your claim 
To help everything run smoothly, it’s worth having your National Insurance number, your bank details and any relevant personal information. Checking everything carefully before submitting can help avoid delays. 
Frequently Asked Questions 
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future. 

### Pension Beneficiaries Explained: What You Need to Know
When thinking about pensions, it’s natural to focus on your own retirement. However, understanding pension beneficiaries is just as important, as your pension decisions can have a lasting impact on the people around you.
From partners and dependants to those you choose to nominate, knowing how pension beneficiaries work can help ensure your savings are passed on in line with your intentions.
What Are Pension Beneficiaries?
Pension beneficiaries are people you nominate to receive your pension savings when you pass away.
Most pension providers allow you to name one or more beneficiaries, helping guide how your pension is distributed. While your nomination helps guide your wishes, pension benefits are typically paid at the discretion of the scheme provider or trustees. This means your nomination is not legally binding, but it is taken into account when deciding who should receive your pension benefits
Taking time to understand who your beneficiaries are, and keeping those details up to date, can help avoid uncertainty later on.
Who Can Be a Pension Beneficiary?
In many cases, you can nominate a wide range of individuals as pension beneficiaries.
A spouse or partner
Children or dependents
Other family members
Someone outside your immediate family
Your choice of beneficiaries should reflect your personal circumstances and financial priorities. It’s also worth reviewing your nominations after major life events, such as marriage, divorce, or the birth of a child.
How Pension Beneficiaries Affect Your Loved Ones
Your pension can play an important role in supporting others financially, even after you’re gone.
Depending on your pension scheme, beneficiaries may receive:
A lump sum payment
Ongoing income, such as a spouse’s pension
Access to remaining pension funds through drawdown
Understanding how these options work can help you consider how your pension might support your loved ones in different scenarios.
Tax Considerations for Pension Beneficiaries
The way pension benefits are taxed can depend on your age at the time of death.
If death occurs before age 75, pension benefits can often be paid free of income tax, subject to scheme rules and current legislation
If death occurs after age 75, beneficiaries will typically pay income tax at their marginal rate on amounts withdrawn
Tax treatment can vary depending on individual circumstances and may change in line with future legislation, so it’s important to keep this under review.
Planning for Retirement as a Couple
For those in a relationship, pension planning is often a shared process.
Alongside naming beneficiaries, it can be helpful to consider:
How your combined pension income will support your lifestyle
Whether your retirement timelines align
What financial support would be available if one partner were no longer able to contribute
Taking a joined-up approach can help both partners feel more confident about their long-term plans.
Reviewing Your Pension Beneficiaries
Your circumstances can change over time, which means your pension beneficiaries may need to change too.
It may be worth reviewing your nominations if:
Your relationship status changes
You have children or new dependants
Your financial priorities shift
Keeping your beneficiary details up to date helps ensure your pension reflects your current wishes.
Considering Your Pension as Part of a Wider Plan
Pensions are often a key part of long-term financial planning, not just for retirement but also for supporting others.
Reviewing your pension alongside other assets, such as savings and investments, can help ensure everything works together in a way that aligns with your goals.
Even small updates, such as checking your beneficiaries or understanding your pension options more clearly, can make a meaningful difference over time. The way pension benefits are paid will depend on individual circumstances, and both rules and tax treatment may change in the future.
Pension rules and tax treatment depend on individual circumstances and may change in the future. The benefits available will depend on your pension provider and scheme rules. The value of pensions and investments can go down as well as up, and you may get back less than you invest. This article is for general information only and does not constitute financial advice .

### Tax on Pension Drawdown: What You’ll Pay and How to Plan
Understanding the tax on pension drawdown is an important part of planning how to take your retirement income. While pension flexibility gives you more control over how and when you access your money, it also means you need to think carefully about how withdrawals are taxed. 
This guide explains how much tax you pay on pension drawdown, how the system works in practice, and what you can do to avoid common pitfalls such as emergency tax. It also covers how to reclaim tax on pension drawdown and how to plan withdrawals more efficiently.
The 25% Tax-Free Amount and New Lump Sum Allowances 
One of the key features of defined contribution pensions is that you can take part of your pension tax-free. In most cases: 
You can take up to 25% of your pension pot tax-free  
The remaining 75% is usually taxed as income  
This applies whether you take money as a lump sum or through drawdown  
This is often referred to as your tax-free cash entitlement. 
New Lump Sum Allowances 
Recent changes to pension rules have introduced limits on how much tax-free cash you can take from your pension over your lifetime. This is usually £268,275 but may be higher if you hold a protected allowance and is therefore based on individual circumstances. 
These include: 
Lump Sum Allowance (LSA) – this is the total amount of tax-free cash you can usually take across all your pensions. This is usually £1,073,100 but may be higher if you hold a protected allowance and is therefore based on individual circumstances. 
Lump Sum and Death Benefit Allowance (LSDBA) – this applies to tax-free lump sums paid either during your lifetime or to beneficiaries after your death  
These allowances replaced the previous Lifetime Allowance system and are designed to limit the total amount of tax-free benefits that can be taken from pension savings. 
The exact limits that apply will depend on your individual circumstances, including whether you have already taken pension benefits or hold any form of protection. 
What This Means For Your Withdrawals 
Although taking 25% of your withdrawals tax-free is straightforward, the timing of your withdrawals can affect how much tax you pay overall. Spreading withdrawals across tax years may help manage your tax position.
How Pension Withdrawals Are Taxed Under PAYE 
Before looking at how pension withdrawals are taxed, it’s helpful to understand the main ways you can access your pension. When accessing a defined contribution pension, there are generally two main ways to take flexible income:
Flexi-Access Drawdown (FAD) 
Flexi-access drawdown allows you to move your pension into a drawdown account, where it remains invested. You can then take income from it as needed. 
You can take up to 25% tax-free cash when you first move funds into drawdown  
The remaining withdrawals are taxed as income under PAYE  
Your remaining pension stays invested, which means it can rise or fall in value  
This approach offers flexibility over how and when you take income, but it also requires ongoing management. 
Uncrystallised Funds Pension Lump Sum (UFPLS) 
An Uncrystallised Funds Pension Lump Sum (UFPLS) enables you to take money directly from your pension without moving it into a drawdown account. Each withdrawal is split into two parts: 
25% is tax-free  
75% is taxed as income through PAYE  
Unlike drawdown, UFPLS does not involve setting up a separate account, instead, each payment is treated as a one-off withdrawal from your pension pot.
What this means for tax on pension drawdown 
Both methods are subject to income tax on the taxable portion, but they work slightly differently in practice. 
Drawdown - you can control when and how much taxable income you take after accessing your tax-free cash  
UFPLS - each withdrawal automatically includes a taxable element  
Understanding the difference can help you decide which approach better suits your income needs and how you plan to manage tax on pension drawdown over time. 
How pension drawdown is taxed in practice 
Once you start taking income, whether through drawdown or UFPLS, the taxable portion of your pension withdrawals is usually taxed as income through PAYE and added to your total income for the year, which may include your State Pension, earnings, rental income or other pensions or savings.
How Tax on Pension Drawdown Works 
Income Band Income Threshold Tax Rate Personal allowance (up to threshold) Up to £12,570 0% Basic rate £12,571–£50,270 20% Higher rate £50,271–£150,000 40% Additional rate £150,001+ 45% 
If your withdrawals push your income into a higher band, you may pay more tax than expected.
How Much Tax Do You Pay on Pension Drawdown? 
The amount of tax you pay on pension drawdown depends on several factors, including: 
How much do you withdraw  
Your other sources of income  
Your tax code  
Because pension withdrawals are treated as income, even a single large withdrawal can have a noticeable impact on how much tax you pay. 
Emergency Tax on the First Withdrawal and How to Reclaim 
One of the most common issues people face is being charged an emergency tax on pension drawdown. 
Why Does This Happen 
Emergency tax on pension drawdown occurs when you first withdraw money from your pension. At this point, your provider may not yet have your correct tax code, so HMRC applies a temporary emergency tax code instead. 
This temporary code often assumes that the amount you withdraw will be paid regularly throughout the year, rather than as a one-off payment. As a result, the system may treat your withdrawal as if it were part of a much larger annual income. 
What This Means in Practice 
In practical terms, this can lead to more tax being deducted than you owe. You may receive a smaller payment than expected, particularly on your first withdrawal. 
This does not mean you are paying the wrong amount of tax overall; it simply means the correct position has not yet been applied. Any overpaid tax can usually be reclaimed or adjusted once HMRC updates your tax code or reviews your income. 
How to Avoid Emergency Tax on Pension Drawdown 
While emergency tax on pension drawdown cannot always be avoided, there are steps you can take to reduce the likelihood. 
Taking a smaller initial withdrawal can help ensure the correct tax code is applied more quickly.  
Speaking to your provider in advance if you plan to take a larger amount can help you understand how it may be taxed. 
Taking a more gradual and informed approach can help reduce the risk of an unexpected tax deduction on your first withdrawal. 
How To Reclaim Tax on Pension Drawdown 
If you do end up paying too much tax, it is usually possible to reclaim it from HMRC. 
The process depends on how much you have withdrawn and whether you have other sources of income. In most cases: 
You can use a P55 form if you have taken part of your pension and still have funds remaining  
A P53Z form may apply if you have taken your entire pension but still receive other income  
A P50Z form is typically used if you have taken your full pension and have no other income  
Once your claim is submitted, refunds are often processed within a few weeks, although this can vary depending on your circumstances. 
In some cases, any overpaid tax may also be corrected automatically through your tax code over time. However, submitting a reclaim can often speed up the process. 
Small Pots, Trivial Commutation and Tax 
Not all pension withdrawals are treated in the same way. 
Small Pots Rule 
Under the small pots rule, you may be able to take smaller pension savings as a lump sum. In most cases, 25% of the amount is tax-free, with the remaining 75% treated as taxable income.  
Trivial Commutation  
Trivial commutation is another option that enables you to take small pension values as cash if they fall below specific thresholds. This can provide a straightforward way to access smaller pension savings without setting up an ongoing drawdown. 
Things To Consider 
Although these options offer flexibility, they are still subject to income tax. Taking multiple small pots within the same tax year can increase your total income and potentially push you into a higher tax band. 
Money Purchase Annual Allowance (MPAA): What Triggers It 
Once you start taking flexible income from your pension, you may trigger the Money Purchase Annual Allowance (MPAA). The MPAA limits how much you can contribute to pensions in the future while still receiving tax relief, currently set at £10,000 per year. 
The MPAA may be triggered if you take income through a drawdown, take taxable lump sums, or flexibly access your pension. The MPAA is not triggered if you only take your tax-free cash or if you use your pension to buy an annuity. 
If the MPAA is triggered, your annual contribution limit is reduced significantly, which can affect your ability to build pension savings in the future. If you plan to continue contributing to your pension, this is an important factor to consider when deciding how to access your funds. 
Tax Planning Tips and Common Mistakes to Avoid 
Understanding tax on pension drawdown can help you avoid unnecessary costs and make more informed decisions. 
Key tax planning tips: 
Spread withdrawals over multiple tax years to stay within lower tax bands  
Combine pension withdrawals with other income sources carefully  
Consider taking tax-free cash gradually rather than all at once  
Review your tax code regularly to ensure the correct tax is applied 
Common mistakes to avoid: 
Taking large withdrawals without understanding the tax impact  
Ignoring emergency tax deductions may leave you with less than expected 
Failing to reclaim overpaid tax could mean missing money  
Triggering the MPAA without realising can reduce future pension contributions 
Overlooking how withdrawals affect benefits may impact eligibility for support 
What This Means for Your Retirement Income 
Even small decisions about when and how you take money from your pension can have a long-term impact. Taking a structured approach can help ensure your pension lasts longer and supports your overall financial goals.
Frequently Asked Questions 
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future. 

### National Insurance and Pensions: Contributions, Credits and Your Entitlement
National Insurance (NI) plays a central role in determining eligibility for the UK State Pension and certain other benefits. Many people also ask, ‘Do you pay National Insurance on a pension?’, particularly when planning how their retirement income will be taxed. 
This guide explains how National Insurance affects the State Pension, how many qualifying years are needed for a full pension, when voluntary contributions may be worth considering, and how to check or improve your NI record.
What Is National Insurance (NI)?
National Insurance is a system of contributions paid by workers, employers and the self-employed to fund certain state benefits. These include the State Pension, certain unemployment benefits and some maternity and bereavement benefits.
NI contributions are usually deducted automatically from earnings through the PAYE system. Self-employed individuals usually pay their contributions through the self-assessment tax system.
Types of National Insurance Contributions
There are several classes of National Insurance contributions, each applying to different types of workers and circumstances.
Class 1 contributions – Paid by employees and their employers through the PAYE payroll system. These contributions are automatically deducted from wages when earnings exceed certain thresholds and count toward benefits such as the State Pension.
Class 2 contributions – Paid by many self-employed individuals. These are usually a flat weekly amount and help build entitlement to the State Pension and certain other benefits.
Class 3 contributions – Voluntary contributions that people can choose to pay to fill gaps in their National Insurance record. They are often used by individuals who have missing qualifying years but want to increase their future State Pension entitlement.
Class 4 contributions – Paid by self-employed individuals based on their profits. These contributions are calculated as a percentage of earnings and are paid through the self-assessment tax system, although they do not directly count toward additional benefit entitlements beyond the State Pension record.
While National Insurance contributions are linked to earnings during working life, they mainly matter because they determine whether you qualify for certain state benefits later on, particularly the State Pension.
How NI Affects Your State Pension
Your National Insurance record is the main factor that determines whether you qualify for the new State Pension and how much you may receive. Many people also ask how many years of National Insurance are required for a full pension, as this determines whether you receive the full State Pension or a reduced amount.
The State Pension system works on a qualifying years basis. Each tax year in which you pay enough National Insurance contributions, or receive National Insurance credits, usually counts as a qualifying year toward your State Pension entitlement.
The number of qualifying years you have built up affects how much State Pension you may receive:
National Insurance RecordPotential State Pension OutcomeFewer than 10 qualifying yearsUsually no State Pension entitlementBetween 10 and 34 qualifying yearsA reduced State Pension may be payable35 qualifying years or moreUsually eligible for the full new State Pension
Because of this structure, maintaining a complete National Insurance record during your working life can play an important role in retirement planning. If there are gaps in your record, it may sometimes be possible to fill them through National Insurance credits or voluntary contributions.
Contacted-Out Pension Histories 
If you were in a workplace or private pension scheme that was "contracted out" of the Additional State Pension (before April 2016), your National Insurance contributions were usually lower during those periods. As a result, even with 35+ qualifying years, a deduction may apply to your new State Pension amount, meaning you might receive less than the full rate (currently £241.30 a week). The exact reduction depends on how long you were contracted out.
Qualifying Years and Your Record
A qualifying year is a tax year in which you have paid, or been credited with, enough National Insurance (NI) contributions to count toward your State Pension entitlement. Each qualifying year adds to your overall NI record and helps determine whether you receive the full State Pension or a reduced amount.
You can build qualifying years in several ways throughout your working life. Common ways include:
Employment earnings above the NI threshold – if you earn enough through employment, National Insurance contributions are usually deducted automatically through payroll.
Self-employment contributions – self-employed individuals may build qualifying years through Class 2 or Class 4 National Insurance contributions.
National Insurance credits – If you are unable to work due to certain circumstances, such as caring responsibilities or unemployment, you may receive credits that count toward your NI record. Not all credits are applied automatically, and some may need to be actively applied for or claimed. For full details on eligibility and how to apply, check the official guidance on GOV.UK.
Voluntary contributions – Class 3 voluntary contributions can sometimes be used to fill gaps in your National Insurance history.
In many cases, qualifying years are built automatically through employment. However, gaps in your National Insurance record can occur for a variety of reasons. For example, gaps may arise if you:
Work abroad for an extended period
Take time out of the workforce for family or personal reasons
Experience periods of unemployment
Earn below the National Insurance contribution threshold
Regularly reviewing your National Insurance record can help you understand how many qualifying years you have already built and whether any gaps may be worth filling. You can also consider options such as National Insurance credits or voluntary contributions, which may help strengthen your State Pension entitlement over the long term.
National Insurance Credits: Who Can Get Them
National Insurance credits are designed to protect your State Pension entitlement when you are unable to work or earn enough to pay NI contributions.
Credits effectively count as contributions, meaning qualifying years can be added to your record. You may be eligible for NI credits if you are:
Claiming certain benefits such as Jobseeker’s Allowance or Universal Credit
Receiving Child Benefit for a child under 12
Caring for a sick or disabled person
On statutory maternity, paternity or adoption leave
Participating in certain training schemes
These credits help ensure that time spent caring for family members or dealing with illness does not automatically reduce future State Pension entitlement.
Is It Worth Paying Class 3 Voluntary Contributions?
If your National Insurance record contains gaps, it may be possible to fill them by paying Class 3 voluntary contributions. This option is often considered by people who:
Took time out of work
Lived abroad for part of their career
Had periods of low earnings
Are approaching retirement with incomplete NI records
Voluntary contributions can increase State Pension entitlement, but whether they are worthwhile depends on individual circumstances.
In many cases, the cost of filling a missing year may be recovered through higher State Pension payments over time. However, this depends on factors such as age, expected retirement date and how many qualifying years you already have.
Because rules can be complex, reviewing your National Insurance record before making voluntary contributions is important.
How to Check and Fill Gaps in Your NI Record
You can check your National Insurance record online through the government’s Check Your State Pension Forecast service.
This allows you to:
See how many qualifying years you currently have
Identify gaps in your record
Estimate your future State Pension entitlement
If gaps exist, the service may indicate whether they can be filled by voluntary contributions. In some cases, people can go back several years to fill missing contributions, although time limits usually apply.
Checking your record regularly can help ensure there are no unexpected shortfalls when you reach State Pension age.
NI and Private Pensions: What Does and Doesn’t Change
Understanding how National Insurance interacts with different types of pension income can help clarify what happens financially once you reach retirement.
Do you pay National Insurance on a pension?
This is a common question when people start planning their retirement income. In most cases, you do not pay National Insurance on a pension once you reach State Pension age. National Insurance contributions usually stop at that point, meaning pension income is not normally subject to NI deductions.
This applies to most forms of pension income, including:
The State Pension
Workplace pensions
Personal pensions
Income taken through pension drawdown
Annuity income
While pension income may still be subject to income tax, National Insurance contributions usually stop once you reach State Pension age. This distinction is important, as many people assume that the same deductions apply to pension income as they did during their working life.
When to Seek Advice About NI and Your Pension
For many people, National Insurance contributions build up automatically during their working life. However, understanding how your National Insurance record affects your State Pension and how it interacts with other retirement income can become more important as you approach retirement.
You may wish to seek advice if:
You have gaps in your National Insurance record
You are considering paying voluntary Class 3 contributions
You have worked abroad
You have taken career breaks or periods of caring responsibility
You are approaching State Pension age and want to confirm your entitlement
My Pension Expert can help you review your National Insurance position alongside your wider retirement plans, including workplace pensions, personal pensions and other income sources. By understanding how these elements work together, you can make more informed decisions about contributions, retirement timing and long-term financial security.
Frequently Asked Questions
This article is for general information only and does not constitute financial advice. Pension rules and National Insurance regulations may change, and individual circumstances will affect outcomes. You should consider seeking independent financial advice before making decisions.

### Defined Contribution Pensions: What They Are and Your Options
Understanding how pensions work is a key part of long-term financial planning. For many people, retirement savings are built through defined contribution pension schemes, which place the responsibility for investment growth and income planning largely on the individual.
This guide explains what a defined contribution pension is, how it works, how contributions and tax relief operate, how investments grow, and key decisions you may need to make.
What Is a Defined Contribution Pension?
A defined contribution pension is a type of pension in which the amount you receive in retirement depends on how much has been paid in and how investments perform over time. Values can go up and down, and there is no guarantee of the income amount.
Unlike defined benefit pensions, which promise a guaranteed income based on salary and service length, a defined contribution pension plan builds up a pot of money. This pot grows through:
Contributions from you
Contributions from your employer (in workplace schemes)
Investment growth over time
At retirement, the value of the pension pot determines how much income you can take.
How Defined Contribution Pensions Work
Contributions are invested in funds that may include shares (equities), bonds, property, cash or lower-risk investments. The goal is to grow the value of the pension pot so that it can provide income in retirement.
Because investment performance affects the outcome, the eventual retirement income is not guaranteed.
Long-Term Investing and Compounding
Over a typical working life, contributions are usually made regularly through payroll deductions or personal payments into a pension plan. These contributions are then invested by the pension provider into one or more funds chosen either by the saver or through a default investment strategy.
Over time, the pension pot grows through both new contributions and investment returns. Because pensions are long-term investments, growth is often driven by compounding returns. This means that investment gains can themselves generate additional gains over time.
Starting contributions earlier in life can therefore have a significant impact on the eventual value of a pension pot.
Market Performance and Pension Outcomes
Investment markets can fluctuate. Pension values may rise during periods of strong market performance and fall during downturns.
For this reason, retirement outcomes depend not only on how much is contributed but also on how investments perform over several decades. Many pension providers offer diversified investment strategies designed to balance growth potential with risk management.
Defined Contribution vs Defined Benefit Pension Plan
Understanding the difference between defined contribution and defined benefit pension plans can help explain how retirement income is generated.
FeatureDefined Contribution PensionDefined Benefit PensionRetirement incomeDepends on pot size and investment returnsCalculated using salary and years of serviceInvestment riskUsually borne by the individualUsually borne by the employerFlexibilityOften more flexible at retirementUsually fixed incomePortabilityPots can often be transferredTransfers are more restricted
Defined contribution pensions are now the most common type of pension offered in the private sector.
How Contributions and Tax Relief Work (SIPP Explainer)
Contributions are the foundation of a defined contribution pension scheme. These payments are usually made regularly during your working life and benefit from valuable tax advantages.
Personal Contributions
When you contribute to a pension, the government adds tax relief. For example, for basic rate taxpayers, if you pay £80, the government adds £20, bringing the total contribution to £100. Higher-rate taxpayers may be able to claim additional tax relief through their tax return.
Annual Allowance
Most people can contribute up to £60,000 per year (or 100% of earnings if lower) across all pensions while still receiving tax relief, although rules may vary depending on circumstances.
Employer Contributions and Auto-Enrolment
Many defined contribution pensions are workplace schemes set up through the UK’s auto-enrolment system. Employers must automatically enrol eligible employees into a pension and contribute to it, while employees also make contributions from their earnings. Minimum contribution levels apply to help build retirement savings.
A typical minimum contribution structure under auto-enrolment works as follows:
Employees contribute at least 5% of qualifying earnings.
Employers contribute a minimum of 3% of qualifying earnings.
The total minimum contribution is therefore 8% of qualifying earnings.
Qualifying earnings usually fall within a specific earnings band set by the government each tax year. Some employers choose to contribute more than the minimum required as part of their employee benefits package.
Is a SIPP a Defined Contribution Pension Scheme?
Yes, a Self-Invested Personal Pension (SIPP) is a type of defined contribution pension scheme. SIPPs usually enable you to choose a wider range of investments, including:
Individual shares
Exchange-traded funds (ETFs)
Investment trusts
Commercial property (in some cases)
Because of this flexibility, SIPPs often appeal to people who want greater control over how their pension is invested. However, that flexibility also means more responsibility for investment decisions and can involve greater risks.
Investments, Growth and Charges
In defined contribution pension schemes, investment performance plays an important role in determining retirement outcomes.
Investment Growth
Over time, pension contributions are invested in a portfolio designed to grow the value of the pension pot. Long-term growth relies on:
Regular contributions
Compound investment returns
Diversified investment portfolios
Many pension providers offer default investment funds for individuals who prefer not to manage their investments actively. These funds often gradually reduce investment risk as retirement approaches.
Lifestyle Investment Strategies
Some pension providers also offer “lifestyle” or target-date investment strategies. These approaches automatically adjust the investment mix as retirement approaches.
Earlier in a saver’s career, the portfolio may contain a higher proportion of growth-focused assets such as equities. As retirement gets closer, the strategy may gradually shift toward more stable investments such as bonds or cash-like assets.
This approach aims to reduce the potential impact of market volatility close to retirement.
Fees and Charges
All defined contribution pension plans involve fees that affect long-term returns.
Common charges include:
Annual management fees
Fund management costs
Platform or administration charges
Transaction costs within funds
Even relatively small charges can have a noticeable impact on long-term growth, particularly over several decades.
For this reason, reviewing charges periodically can be an important part of pension planning.
Risks of DC Pensions vs Benefit Pensions
Defined contribution pensions offer flexibility but also carry certain risks compared with traditional defined benefit schemes.
Investment Risk
Because pension funds are invested, their value can rise and fall depending on market conditions. Poor investment performance, especially close to retirement, can affect the final pension pot.
Longevity Risk
Another key consideration is longevity risk. If you live longer than expected, your retirement income must last longer. Unlike defined benefit pensions, defined contribution pensions offer no guaranteed income for life unless you purchase an annuity. However, buying an annuity is generally an irreversible commitment, locking in the income level with limited flexibility to adapt to changing circumstances. With flexible access methods (such as drawdown), careful management is essential to avoid depleting the pot too quickly due to longevity, market volatility, or excessive withdrawals.
Contribution Risk
The final pension value depends heavily on how much is contributed. Lower contributions can significantly reduce retirement income. For this reason, regularly reviewing contributions and retirement projections can be important.
Tracking Down Old Pots and Consolidations
Many people accumulate multiple pensions over their working life, particularly if they change jobs frequently. These may include:
Previous workplace pensions
Personal pensions
Small pots from earlier employment
It can become difficult to track all pension savings over time. Using tools such as the government’s Pension Tracing Service can help locate older pension schemes.
Pension Consolidation
Some individuals choose to consolidate multiple pensions into a single arrangement to simplify management. Bringing pension pots together can make it easier to monitor performance, review charges, and plan retirement withdrawals.
However, consolidation should be approached carefully. Some older pension schemes may include valuable guarantees or protected benefits that could be lost if transferred.
Before combining pensions, it is worth carefully reviewing the features of each scheme and considering the differences in charges between plans.
Reviewing Contributions and Investment Choices
Defined contribution pensions benefit from periodic review to ensure they meet your retirement goals, financial circumstances and investment preferences. Adjusting how much you contribute and how your pension is invested can have a meaningful impact on your long-term retirement outcomes. Three key areas to review are:
Contribution Levels
Increasing pension contributions, even by a small amount, can make a significant difference due to compound growth. Reviewing contributions regularly can help ensure you are saving enough to support your expected retirement lifestyle, particularly as earnings increase or financial priorities change.
Investment Strategy
Your investment approach may evolve as you move through different stages of life. Younger investors often focus on growth-oriented investments that may carry higher risk but offer greater long-term potential. As retirement approaches, many people gradually shift toward more balanced or lower-risk investments to help protect the value of their pension pot.
Retirement Planning
As retirement approaches, it becomes increasingly important to consider how your pension pot will be used. Common options include:
Pension drawdown
Purchasing an annuity
Taking lump sums
Understanding these choices early can help you plan how your pension savings will translate into sustainable retirement income.
When considering how to access your pot, bear in mind that amounts withdrawn beyond the usual 25% tax-free portion are taxed as income. Large or poorly timed withdrawals may result in higher tax rates by moving you into a higher tax band, and future changes to tax legislation could also impact your options.
Frequently Asked Questions
This content is for general information only and does not constitute financial advice. Pension decisions depend on your individual circumstances, and you should consider seeking guidance or regulated advice before taking action.

### Pension Sharing and Divorce Settlements: How It Works and What to Expect
For many couples, pensions are among the largest assets accumulated during a marriage, sometimes even exceeding the value of the family home. Understanding how pensions are treated in divorce settlements is therefore an important part of protecting your long-term financial security.
This guide explains how pension sharing on divorce works, how pensions are valued during divorce, and what it may mean for retirement planning.
What Is Pension Sharing on Divorce
Pension sharing on divorce is a legal method for dividing a pension between two people when a marriage or civil partnership ends. This is carried out through a pension sharing order issued by the court.
A pension sharing order instructs the pension provider to transfer a specified percentage of one person’s pension to their former spouse or civil partner. This transferred portion becomes a separate pension arrangement in the receiving partner’s name.
How a Pension Sharing Order Works
Once a pension-sharing order after divorce is approved by the court, the pension provider must implement it. The process usually involves:
The court specifying the percentage of the pension to be shared
The pension provider calculating the value of the share
A new pension account being created for the receiving spouse
The transferred pension becoming the recipient’s independent asset
This means each person will have their own pension arrangements going forward. The receiving spouse can usually transfer the new pension to another scheme or keep it with the existing provider, depending on the scheme's rules.
Who Pays Pension Sharing Order Fees for Divorce?
Implementing a pension sharing order after divorce can involve administrative costs charged by the pension provider. These fees may cover the cost of calculating the transfer value and creating a new pension arrangement.
Who pays pension sharing order fees for divorce varies depending on the divorce settlement. In some cases, the fees are shared between both parties. In others, the cost may be deducted from the pension, with the remainder divided or assigned to one spouse as part of the financial agreement.
Because fees and administrative processes vary between pension providers, it is important to understand how the scheme involved handles pension sharing orders.
What Happens to Pensions in a Divorce
When a couple divorces, all marital assets are usually considered as part of the financial settlement. This can include property, savings, investments and pensions. While pensions are sometimes overlooked during divorce negotiations, they can represent a substantial portion of the overall finances.
Courts in England and Wales aim to achieve a fair division of assets between both parties. This does not always mean a 50/50 split, but it does mean pensions are typically considered when determining how assets should be divided.
Several types of pensions may be considered during divorce proceedings, including:
Workplace pensions
Personal pensions
Self-invested personal pensions (SIPPs)
Defined benefit (final salary) pensions
Defined contribution pensions
The court may consider both pensions accumulated during the marriage and, in some cases, pension benefits built up before the relationship began. The approach taken depends on individual circumstances, including the length of the marriage, each partner’s financial needs and their expected retirement position.
Because pension benefits are often long-term assets, decisions made during divorce can have lasting consequences for retirement income. This is why pensions are increasingly recognised as an important part of divorce settlements.
Other Ways to Divide Pensions
While pension sharing is one of the most common approaches used today, it is not the only way pensions can be considered in divorce settlements. Courts may also consider alternative methods depending on the circumstances.
Pension Offsetting
Pension offsetting involves balancing the value of a pension against other assets in the divorce settlement. For example, one spouse may keep their pension while the other receives a larger share of the property or savings. This approach avoids splitting the pension itself, but it requires careful valuation of all assets to ensure the settlement is fair.
Pension Attachment 
Pension attachment orders, sometimes referred to as ‘earmarking’, direct a portion of future pension income to a former spouse when the pension holder begins drawing benefits. Under this arrangement, payments are linked to the pension holder’s retirement decisions. Unlike pension sharing, the recipient does not receive an independent pension, and payments may stop if the pension holder dies.
How Pension Values Are Calculated
When pensions are considered in divorce proceedings, it is important to understand their value. The most common measure used is the Cash Equivalent Transfer Value (CETV). A CETV represents the estimated lump sum value of a pension if it were transferred to another scheme. Pension providers can issue a CETV statement showing the current estimated value of the pension.
Factors Affecting Pension Valuation
Several factors may influence how pensions are valued during divorce proceedings, including:
The type of pension scheme
The age of the pension holder
Contributions made during the marriage
Expected retirement income
Inflation assumptions and life expectancy
Defined contribution pensions are usually easier to value because the pension pot has a clear market value. Defined benefit pensions can be more complex because their value is based on future income rather than a fixed pot of money.
For this reason, specialist actuarial advice is sometimes used in larger or more complex divorce settlements.
How Is Pension Sharing Calculated in a Divorce?
The percentage awarded through a pension sharing order is determined by the court as part of the financial settlement. This percentage reflects what the court considers a fair division of assets. The calculation may consider:
The length of the marriage
Each spouse’s earning potential
The need to provide retirement income for both parties
Other assets included in the settlement
In many cases, the goal is to achieve a balanced financial outcome that considers both immediate needs and long-term retirement security.
State Pension and Divorce
The State Pension is treated differently from private pensions during divorce proceedings. The basic State Pension and the new State Pension generally cannot be shared directly through a pension sharing order.
However, the State Pension may still influence the overall financial settlement. In some cases, entitlement built up during the marriage may affect how other assets are divided.
Under certain circumstances, divorcees may also be able to benefit from their former spouse's National Insurance contributions under older State Pension rules.
Because the rules around State Pension and divorce can be complex, it may be beneficial to review your National Insurance record and pension forecasts to understand how they apply to your situation. 
Impact on Retirement Planning
Divorce can significantly alter retirement plans, particularly when pensions are divided between partners. A pension sharing order after divorce may reduce the value of the original pension holder’s retirement savings while providing the other spouse with a new pension arrangement.
For both individuals, this may mean reassessing retirement expectations and financial plans. Some of the potential effects include:
Changes to expected retirement income
The need to increase pension contributions
Adjustments to retirement age or lifestyle expectations
Reconsideration of investment strategy
Rebuilding retirement savings after divorce may take time, particularly if the separation occurs later in life. However, reviewing pension arrangements early can help you make informed decisions about future contributions and investment choices.
Understanding how pension sharing affects retirement planning can also help ensure both parties maintain financial independence in later life.
When to Seek Professional Advice
Pensions are often among the most complex assets involved in divorce settlements. Understanding how pension sharing orders work and how pensions are valued can be challenging without professional guidance.
You may wish to seek professional advice if:
A significant portion of your assets is held in pensions
You are unsure how pension sharing will affect your retirement income
You need help interpreting pension valuations
You want to understand the long-term implications of a divorce settlement
Financial advisers and pension specialists can help explain how pension sharing on divorce may affect your long-term financial position. Legal professionals and financial experts often work together during divorce proceedings to ensure pension arrangements are understood and handled correctly.
Seeking professional advice can help ensure decisions made during divorce settlements support both short-term financial needs and long-term retirement security.
Frequently Asked Questions
This content is for general information only and does not constitute legal or financial advice. Pension sharing on divorce is complex and depends on individual circumstances. You should seek advice from a qualified solicitor or financial adviser before making decisions, as pension legislation can change.

### How to Claim Your Pension: Steps, Timescales and What to Expect
Knowing how to claim your pension is an important step towards turning your savings into a reliable retirement income. Whether you are approaching State Pension age or planning to access a workplace or personal pension, understanding what happens next can make the process feel far more manageable.
This guide explains how to claim the State Pension, how to claim workplace and personal pensions, what information you will need, and the key timelines, tax considerations and common pitfalls to be aware of.
How to Claim the State Pension
Understanding how to claim the State Pension is essential, as it is not paid automatically. You need to make an active claim when you reach State Pension age.
How to claim State Pension online 
You can claim your State Pension through the official government website. To claim your state pension online, you will usually need:
Your National Insurance number
Your bank or building society account details
Information about your marriage, civil partnership or residency history if relevant
Claiming online is often the quickest and simplest option.
How to Claim State Pension by Phone or Post
If you do not wish to apply online, you can also claim by phone or by completing a paper form. This can be beneficial if you need help with the application or your situation is more complex, such as time spent living abroad
What happens after you apply
Once your claim is submitted, the Department for Work and Pensions will review your details and confirm when payments will begin. You may be asked for additional information, particularly if you have gaps in your National Insurance record.
When Can You Claim Your Pension?
For most people, the State Pension can be claimed once they reach State Pension age. While this is currently 66 in the UK, it is important to know that this is starting to change.
From April 2026, the State Pension age will gradually increase from 66 to 67, with the change fully in place by 2028. This means your exact State Pension age will depend on when you were born. For example, those born before 6 April 1960 will receive their State Pension at 66, while those born between April 1960 and March 1961 will have a State Pension age between 66 and 67. Anyone born from April 1961 onwards is expected to receive their State Pension at age 67.
Because of this, it’s important not to assume you will receive your State Pension at 66. You can check your personal State Pension age and how much you may receive using the government’s State Pension forecast service.
Workplace and personal pensions
Most defined contribution pensions, including workplace pensions and personal pensions such as SIPPs, can usually be accessed from age 55. This minimum age is due to rise to 57 from April 2028.
This means you may be able to access private pension savings before your State Pension starts, which is an important consideration when planning your wider retirement income.
Claiming at the right time
You do not always have to claim your pension as soon as you become eligible. Some people access private pensions earlier, while others choose to defer their State Pension or leave pension savings invested for longer.
The right timing depends on your circumstances, including whether you are still working, how much income you need and what other savings or pensions you have available.
When Can You Claim Your Pension?
In addition to the State Pension, many people want to understand how to claim workplace pension benefits or start taking income from a personal pension.
The first step is usually to contact your pension provider directly. They will explain your options and send you the relevant forms, retirement pack or online instructions. This may include:
Confirming your identity
Checking your pension value
Explaining your options for taking benefits
Outlining any charges or timescales involved
Pension withdrawal options explained
When claiming a workplace or personal pension, you will usually be able to choose between several options:
Taking up to 25% as tax-free cash
Moving into pension drawdown
Buying an annuity
Taking lump sums as needed
Each option works differently and can affect your income, flexibility and tax position.
Choosing the right way to take your pension income
Before deciding how to take your pension, consider how it fits with your other income, such as the State Pension, savings or earnings. Your provider may offer projections to help compare options, but it’s also important to think about how sustainable your income will be over time.
What Happens if You Have More Than One Pension?
If you have built up several pension pots over your working life, you may want to look at them together before taking benefits. Some people consider combining pensions to make them easier to manage, although it is important to check for exit fees or valuable guarantees before transferring anything.
How to claim pension tax relief
If you are still contributing to a pension before accessing it, you may benefit from tax relief. Knowing how to claim pension tax relief is particularly important for higher-rate or additional-rate taxpayers, who may need to reclaim extra relief through self-assessment.
How to claim pension credit
For people on lower incomes, it is also worth checking how to claim pension credit. Pension Credit can top up weekly income and may also help unlock other support, such as help with council tax or heating costs.
Comparing Your Pension Claim Options
When deciding how to access your pension, it can help to compare the main options:
OptionHow it worksFlexibilityIncome certaintyWhen it may suitStatePensionPaid by the government at State Pension ageLowHighForms the foundation of retirement incomePensiondrawdownPension stays invested and income is taken as neededHighVariableIf you want flexibility and ongoing controlAnnuityConverts pension savings into a guaranteed incomeLowHighIf you want a stable, predictable incomeLumpsumsTake cash directly from your pension potHighNoneIf you need access to funds or want one-off withdrawals
There is no single ‘best’ option for everyone. Many people choose a combination of approaches to help balance flexibility with longer-term security.
What Information and ID Will I Need to Make a Claim?
Whether you are claiming the State Pension or a private pension, you will need to provide certain information to support your application. Requirements usually include:
National Insurance number
Proof of identity (such as a passport or a driving licence)
Bank or building society account details
Details of your pension arrangements
Marital or civil partnership status (in some cases)
Having this information ready in advance can help ensure a smoother application process.
Timelines, First Payments and Delays
One of the most common concerns is how long it will take for payments to begin. After you submit your claim, it can take several weeks for your pension to be processed. State Pension claims and private pension claims may follow different timescales depending on the provider and whether extra information is required.
State Pension payments are usually made every four weeks in arrears. Workplace and personal pension payments may be made monthly, quarterly or as one-off payments depending on the option chosen.
Planning ahead
Many people choose to start the process a few months in advance, so their pension payments begin when they need them. This can be especially helpful if you are relying on pension income to replace employment income.
If your claim is processed late but submitted on time, payments may sometimes be backdated. Even so, delays can still create short-term cash flow issues, so planning is sensible. Common reasons for delays include:
Information is missing or incorrect
Identity checks take longer than expected
The pension arrangement is more complex
The claim was submitted later than planned
Additional documents are requested
Responding quickly to your provider or the DWP can help speed things up.
Deferring the State Pension: Pros and Cons
You do not have to claim your State Pension as soon as you reach State Pension age. You can choose to defer it.
Advantages of deferring
Your State Pension payments may increase the longer you defer
It can provide a higher income later in retirement
It may be beneficial if you are still working or have other income sources
Disadvantages of deferring
You will miss out on income in the short term
It may not always be financially beneficial, depending on your life expectancy and circumstances
Deciding whether to defer depends on your individual financial situation and retirement plans.
Tax Considerations When You Start Taking Benefits
Below are some important tax considerations you should consider before you make a claim.
State Pension and tax
The State Pension is taxable, but it is paid gross. This means tax is not deducted before it is paid to you. If your total income exceeds your personal allowance, tax may still be due.
Workplace and personal pensions
With most defined contribution pensions, up to 25% can usually be taken tax-free. The remaining amount is normally taxed as income.
Tax withdrawals
Taking a large amount in one tax year could push you into a higher tax band. For that reason, many people choose to spread withdrawals over time rather than taking too much at once.
Emergency tax
It is also common to be placed on an emergency tax code when you first take money from a private pension. This can mean more tax is deducted initially, although this is often corrected later.
Taking a bit of time to understand the tax side of things can help you avoid unpleasant surprises.
Avoiding Common Pitfalls and Scams
Claiming your pension is an important financial step, and it is worth approaching it carefully. Common pitfalls include:
Claiming without understanding your options
Taking too much income too quickly
Overlooking tax implications
Not checking entitlement to extra support such as Pension Credit
Failing to think about long-term income needs
Taking the time to understand your options can help you make more confident decisions and protect your long-term retirement income.
Keep your records up to date
It is also important to keep your details up to date with your pension providers. This includes your address, contact details and beneficiary nominations. Small administrative issues can sometimes cause bigger delays later.
Scams to watch out for
Pension scams can include unexpected calls, texts or emails, pressure to act quickly, promises of unusually high returns, or offers that seem too good to be true. If something doesn’t feel right, it’s best to pause, check the details carefully and seek guidance before taking any action.
Frequently Asked Questions

### 5 Things to Check when your Pension Statement Arrives
As the tax year comes to a close, many pension providers begin issuing annual pension statements. For many people, the document arrives, gets skimmed briefly and is then filed away without much thought.
But your pension statement is more than just a summary of the past year. It’s an opportunity to check your progress, spot potential issues and make adjustments that could strengthen your retirement plans.
If your pension statement has recently arrived, here are a few key things worth checking.
1. Your Current Pension Value
Your statement will show the total value of your pension pot at the time it was issued. This gives you a snapshot of your retirement savings so far. While market movements can cause short-term fluctuations, it’s useful to consider whether your pension is steadily growing over time.
2. Contributions Over the Past Year
Check how much has been paid into your pension over the last tax year. This should include contributions from you, your employer, and any government tax relief. Ensuring these figures look correct helps confirm that your pension is receiving the contributions you expect.
3. Your Projected Retirement Income
Many statements include an estimate of the annual income your pension could provide when you retire. Although this is only a projection, it can be a helpful guide when assessing whether your current savings are likely to support the lifestyle you hope to enjoy in retirement.
4. Investment Performance
Your pension savings are typically invested in funds designed to grow over time. Your statement may provide an overview of how these investments have performed during the year. Short-term ups and downs are normal, but it’s still worth checking whether your investment approach remains suitable for your retirement timeline.
5. Charges and Fees
Pension providers charge fees for managing your pension and investments. While these charges are often small, they can have an impact on your savings over time. Your annual statement should outline the costs associated with your pension plan, helping you understand how much you’re paying for the service. 
Signs Your Pension May Need Attention
While reviewing your pension statement, certain details may suggest it’s worth taking a closer look at your retirement planning.
For example:
Contributions appear lower than expected
Your projected retirement income has fallen significantly
Your pension pot hasn’t grown as much as you anticipated
Charges seem higher than you realised
These situations don’t necessarily mean something is wrong, but they may indicate it’s time to review your pension strategy more carefully.
What to Do If Something Doesn’t Look Right
If anything on your pension statement raises questions, it’s worth investigating further rather than ignoring it. You might consider:
Contacting your pension provider to clarify contributions or charges
Reviewing your investment choices to ensure they still suit your goals
Increasing contributions if your projected retirement income looks lower than expected
Tracking down pensions from previous employers to understand your full retirement picture
The value of pensions and investments can go down as well as up, and you may get back less than you invest. This information is for general guidance only and does not constitute financial advice.
Small adjustments made today can have a meaningful impact over the long term. 

### Tax Year Pension Planning Checklist: Start Strong, Stay Ahead
A new tax year has begun and with it comes a fresh opportunity for pension planning and to take control of your retirement plans.
While many people only think about pensions as the tax year draws to a close, proactive planning at the start of the year can make a significant difference. Acting early gives your money more time to grow, allows you to spread contributions, and avoids last-minute financial pressure.
If you want to stay ahead rather than react later, here’s your essential tax year pension planning checklist.
1. Review Your Current Pension Position
Before making any changes, start with clarity. Take out your latest pension statement and check:
Your current pension pot value
Total contributions over the last year
Employer contributions (if applicable)
Investment performance
Projected retirement income
Ask yourself: Are you on track for the retirement lifestyle you want? 
If your projected income falls short of expectations, the beginning of the tax year is the perfect time to make adjustments.
2. Check Your Annual Allowance
For most people, the annual pension allowance is up to £60,000 (subject to income limits and tapering rules). Planning early in the year allows you to:
Spread contributions monthly rather than making a lump sum in March
Avoid accidentally exceeding allowances
Make full use of available tax relief
If you’re a higher-rate or additional-rate taxpayer, pension contributions can be especially tax efficient.
3. Consider Increasing Contributions Now
Even small increases at the start of the tax year can have a powerful impact due to compounding. For example:
A modest monthly increase now has 12 months to grow
Employer-matched contributions (if available) boost your savings immediately
Tax relief enhances every pound you contribute
Rather than waiting until the end of the tax year to “top up”, building momentum early can feel more manageable and financially sustainable.
4. Revisit Your Investment Strategy
Markets move. Circumstances change. Risk tolerance evolves. The start of the tax year is an ideal time to review:
Your asset allocation
Risk level
Diversification across sectors and regions
Whether your investment strategy still aligns with your retirement timeline
If retirement is approaching, protecting wealth may become more important than pursuing aggressive growth. If retirement is decades away, you may still prioritise long-term growth opportunities.
5. Track Down Lost Pensions
Have you changed jobs over the years? Millions of pounds sit in forgotten workplace pensions across the UK. A new tax year is the perfect prompt to:
Locate old schemes
Update contact details
Consider whether consolidation could make your pensions easier to manage
Bringing pensions together can improve visibility and potentially reduce duplicated charges.
6. Review Your Retirement Timeline
Has anything changed?
Are you hoping to retire earlier?
Planning to phase into part-time work?
Considering flexible drawdown?
A new tax year is a natural checkpoint to reassess your retirement date and adjust contributions accordingly.
7. Don’t Forget Your State Pension Forecast
While private pensions are crucial, your State Pension forms a foundation of retirement income. Checking your forecast ensures:
Your National Insurance record is complete
You understand what income you’re likely to receive
You can identify gaps that may need addressing
This helps you calculate how much your private pensions need to generate.
Start This Tax Year Confidently With Pension Planning
The beginning of a new tax year isn’t just a reset. It’s an opportunity to take control before small gaps turn into bigger problems.
Pension planning early gives your contributions more time to grow, helps you manage allowances more efficiently, and reduces the risk of rushed decisions later in the year. Instead of reacting next March, you can move forward with clarity and purpose now.
The value of pensions and investments can go down as well as up, and you may get back less than you invest. Tax treatment depends on individual circumstances and may change in the future. This information is for general guidance only and does not constitute financial advice.
If you’re unsure whether you’re contributing enough, investing appropriately or making the most of available tax relief, speaking to a financial adviser can provide reassurance and direction.
At My Pension Expert, we help you review your existing pensions, maximise tax efficiency and build a forward-looking plan aligned with your retirement goals so you can approach this tax year with confidence not uncertainty.

### Inheritance Tax: How It Works and Ways to Reduce What You Pay
Inheritance tax can be one of the most complex and misunderstood parts of estate planning. While many estates do not pay inheritance tax, those that do can face significant charges if planning has not been considered in advance.
This guide explains UK inheritance tax, how it works, when inheritance tax is paid, how much it can cost, and the main allowances and exemptions that may apply. We also explore common ways people plan to reduce an inheritance tax bill and when professional advice may be helpful.
What Is Inheritance Tax?
Inheritance tax (IHT) is a tax that may be charged on the value of someone’s estate when they die. An estate typically includes property, savings, investments, personal belongings and, in some cases, gifts made during their lifetime.
In the UK inheritance tax system, tax is assessed on the total value of the estate after allowable deductions and exemptions have been applied. Not every estate pays inheritance tax, and many fall below the relevant thresholds.
Key points to consider:
Inheritance tax is usually charged at 40% on the value of the estate above the available allowance
Certain assets and transfers may be exempt or qualify for relief
The tax is normally paid by the estate before beneficiaries receive their inheritance
Understanding how inheritance tax works can help families plan more effectively and avoid unexpected tax bills.
When Do You Pay Inheritance Tax?
In most cases, inheritance tax becomes payable after someone dies but before the estate is fully distributed to beneficiaries. The responsibility for paying the tax sits with the executor or administrator handling the estate.
Key timings to be aware of include:
Inheritance tax is generally due within six months of the end of the month in which the person died
If payment is delayed beyond this point, interest may be charged by HMRC
Certain assets, such as property or some business interests, may allow inheritance tax to be paid in instalments, typically over up to ten years
Inheritance tax usually needs to be paid before probate is granted, which means planning how the tax will be funded is often an important part of estate administration.
How Much Is Inheritance Tax?
The standard rate of inheritance tax in the UK is 40% on the portion of an estate that exceeds the available inheritance tax thresholds and allowances. Any value below these allowances is not subject to inheritance tax.
Reduced rate option
If at least 10% of the net estate is left to charity, the inheritance tax rate applied to the remaining taxable estate may be reduced to 36%. This option is sometimes used as part of charitable or legacy planning.
It’s important to remember that inheritance tax is not charged on the full value of an estate, but only on the amount above the relevant allowances after exemptions and reliefs have been applied.
Inheritance Tax Thresholds and Allowances
The inheritance tax threshold, often referred to as the nil-rate band, is the amount of an estate that can usually be passed on before inheritance tax becomes payable. Understanding how the different allowances work together is key to assessing whether an estate is likely to face an inheritance tax charge.
Main inheritance tax allowances
AllowanceAmountNotesNil-rate band£325,000Applies to most estates and has remained frozen in recent yearsResidence nil-rate bandUp to £175,000Applies when a main home is passed to direct descendants, such as children or grandchildrenTransferable allowanceUp to £650,000+Unused nil-rate bands, including the nil-rate band and the residence nil-rate band, can usually be transferred to a surviving spouse or civil partner.
For married couples and civil partners, unused allowances from the first death can usually be transferred to the surviving partner. This means that, in some cases, a combined estate worth up to £1 million may be passed on before inheritance tax is due, provided the conditions for the residence nil-rate band are met.
How Inheritance Tax Applies to Property and the Family Home
Property is often the most valuable part of an estate and, as a result, plays a significant role in inheritance tax calculations. The value of any property owned at death is usually included in the estate, alongside savings, investments and other assets.
The residence nil-rate band
Inheritance tax allowances can increase where a main residence is left to direct descendants, such as children, grandchildren, stepchildren or adopted children. This additional allowance, known as the residence nil-rate band, is currently worth up to £175,000 per person on top of the standard nil-rate band.
However, this allowance is subject to specific conditions. It only applies to a qualifying main residence and may be reduced or lost entirely for estates with a total value above £2 million. Careful estate planning is often required where property values are high.
Downsizing considerations
If someone downsized, sold their home, or moved into care before death, a downsizing allowance may still apply. This can preserve some or all of the residence nil-rate band, provided assets of equivalent value are passed to direct descendants. The rules can be complex, so records of property sales and asset transfers are important.
Gifts and Inheritance Tax
Making gifts during your lifetime can be an effective way to reduce inheritance tax, but the rules governing gifts are strict and depend heavily on timing, value and who the gift is made to.
Potentially Exempt Transfers (PETs)
Most gifts made to individuals are classed as Potentially Exempt Transfers. These gifts are not immediately subject to inheritance tax, provided the person making the gift survives for at least seven years.
No inheritance tax is due if the giver lives for seven years after making the gift.
If death occurs within seven years, some or all of the gift may be added back into the estate.
The tax liability usually falls on the estate, although in some cases, recipients may be responsible for paying tax on gifts.
Annual and small gift allowances
Certain gifts are exempt from inheritance tax regardless of when death occurs. These include:
An annual gift allowance of £3,000, which can be carried forward one year if unused.
Small gifts of up to £250 per person per tax year.
Wedding or civil partnership gifts, subject to specific limits depending on the relationship.
Taper relief
If a gift becomes taxable because death occurs within seven years, taper relief may reduce the inheritance tax payable. The longer the time between the gift and death, the lower the tax charge may be, although taper relief applies only to the tax due, not the value of the gift itself.
Example: Property, gifts and inheritance tax
Sarah owns a home worth £450,000 and has savings and investments of £250,000, giving her a total estate value of £700,000. She is single and plans to leave her home and remaining assets to her two children. During her lifetime, Sarah also gifted £100,000 to her daughter six years before she died.
How the inheritance tax would be assessed:
Estate value at death: £700,000
Nil-rate band: £325,000
Residence nil-rate band (home left to direct descendants): £175,000
Total allowances: £500,000
This means £200,000 of her estate (£700,000 − £500,000) is potentially subject to inheritance tax.
The £100,000 gift made six years earlier is treated as a Potentially Exempt Transfer. Since Sarah did not survive the full seven years, the gift is added back into the inheritance tax calculation, though taper relief may reduce the tax due.
Inheritance tax is then charged at 40% on the taxable estate and any taxable part of the gift, after allowances and taper relief are applied.
Inheritance Tax and Pensions
Pensions are treated differently from many other assets for inheritance tax purposes, which can make them a valuable tool in estate planning. In most cases, pension savings do not form part of your estate for inheritance tax, allowing them to be passed on more efficiently to beneficiaries.
Key pension rules
Most defined contribution pensions sit outside the estate for inheritance tax
If death occurs before age 75, beneficiaries may receive pension funds tax-free
After age 75, beneficiaries usually pay income tax at their marginal rate
Because pensions often fall outside UK inheritance tax, they are often used strategically, with other assets spent first in retirement. However, nomination forms and beneficiary details should be kept up to date to ensure pension benefits are paid as intended.
Inheritance Tax in Scotland
While inheritance tax rules in Scotland broadly align with those in the rest of the UK, Scotland has its own legal system, which can affect how estates are administered and distributed.
Key Scottish considerations include:
Inheritance tax itself is set at the UK level, so rates and allowances are the same across the UK.
Scots law governs succession and the administration of estates, which differs from English law.
Legal rights may apply to spouses, civil partners and children, giving them entitlement to a share of the estate regardless of the terms of a will.
These differences can affect how assets are distributed and may override certain wishes expressed in a will. As a result, estates with Scottish connections often benefit from advice that takes both tax rules and local succession law into account.
Common Ways to Reduce an Inheritance Tax Bill
There is no guaranteed way to avoid inheritance tax entirely, but careful planning can help reduce the total amount paid. Many strategies focus on making use of allowances, exemptions and reliefs that already exist within the rules.
Common approaches include:
Making regular use of gift allowances during your lifetime
Leaving assets to a spouse or civil partner, which is usually inheritance tax-free
Using trusts in appropriate circumstances to control how assets are passed on
Passing on pension wealth efficiently, given its favourable tax treatment
Leaving at least 10% of the estate to charity to reduce the inheritance tax rate
Reviewing wills regularly to ensure they reflect current rules and personal circumstances
Each option has legal and tax implications, and some strategies involve giving up access to assets. This means planning should balance tax efficiency with your own financial security and long-term needs.
When to Get Professional Advice on Inheritance Tax Planning
Inheritance tax planning can be complex, particularly where estates involve property, business assets or significant pension wealth.
You may want advice if:
Your estate may exceed the inheritance tax threshold
You own property and other substantial assets
You want to make gifts without affecting your own financial security
Your family circumstances are complex
You want to integrate inheritance tax planning with retirement and pension planning
Professional advice can help ensure plans are effective, compliant and aligned with wider financial goals.
Frequently Asked Questions

### Winter Fuel Payment: Who Qualifies and How to Apply
The winter fuel payment is a government payment designed to help older people with the cost of heating their homes during the colder months. With energy prices and living costs remaining a concern for many households, understanding how the winter fuel payment works, who qualifies, and how much you could receive can form an important part of retirement income planning.
This guide explains what the winter fuel payment is, winter fuel payment eligibility, when it is paid, and what to do if your circumstances change.
What Is the Winter Fuel Payment?
The winter fuel payment (sometimes referred to as the winter fuel allowance) is an annual, tax-free payment provided by the UK government to help eligible older people pay their heating bills in winter.
It is not means-tested, which means it is not based on your income or savings. Instead, eligibility depends primarily on your age and circumstances during a specific qualifying period each year.
Purpose of the Winter Fuel Payment
The purpose of the winter fuel payment is to:
Help cover higher heating and energy costs in winter
Provide additional financial support during colder months
Reduce the risk of fuel poverty among older households
For many people, the winter fuel payment acts as a seasonal supplement rather than a replacement for regular income.
Who Is Eligible for the Winter Fuel Payment
Understanding winter fuel payment eligibility is essential, as not everyone over State Pension age will automatically qualify.
Age and residency requirements
In most cases, you may be eligible if you have reached State Pension age by the qualifying week and live in England or Wales. The qualifying week usually falls in September each year, and eligibility is assessed based on your circumstances at that time.
Do all pensioners get the Winter Fuel allowance?
While many pensioners do qualify for Winter Fuel Payments, eligibility depends on age, residency, and whether certain exclusions apply, for example, if you are an inpatient in hospital for the entire qualifying week.
How Much Is Winter Fuel Allowance
The amount you receive from the Winter Fuel Payment depends on your age, household circumstances and government guidance for the year. In recent winters, payments have generally ranged from around £100 to £300 per household, though the exact amount can vary.
Factors that can affect your payment include:
Whether you live alone or with someone else
Whether you or your partner is over a certain age
Whether anyone in the household receives certain benefits
In households where more than one person qualifies, the payment is usually shared among eligible individuals.
Temporary changes and uplifts
Payment levels can change from year to year, so it is worth checking the latest guidance, particularly for future periods such as the winter fuel payment 2026, as rates and rules may be reviewed by the government.
When the Winter Fuel Payment Is Paid
The winter fuel payment is usually paid automatically during the winter months, with most payments made between November and December each year.
If you are eligible and have received the payment before, it is typically paid directly into your bank account using the same details as your State Pension or other benefits. Some people may receive their payment by cheque instead.
The payment is made once per winter season and does not need to be repaid. As long as your circumstances remain the same, you should not need to take any action to receive it.
How to Claim the Winter Fuel Payment
Many people receive the Winter Fuel Payment automatically, but others may need to make a claim depending on their circumstances. Whether you need to apply usually depends on your age, benefit status, and whether you’ve received the payment before.
When You Need to Claim
The table below outlines common situations and whether a claim is usually required.
Your situationDo you need to claim?What this meansYou receive the State PensionNoThe payment is usually made automatically into your bank account.You have received the Winter Fuel Payment beforeNo (in most cases)Payments normally continue each year automatically unless your circumstances change.You do not receive the State PensionYesYou will usually need to submit a claim to receive the payment.You have never received the Winter Fuel Payment beforeYesA first-time claim is required, even if you meet the age criteria.You live abroad but have a genuine link to the UKPossiblySome people living in eligible countries may still qualify and need to claim.
How to make a claim
If you need to claim the Winter Fuel Payment, this can usually be done by phone or post. Claim forms are available from the relevant government department, and you’ll be asked to provide details such as your National Insurance number and bank information.
Important deadlines
Claims must be made before the annual deadline, which is typically in the spring following the winter period. Missing the deadline may mean you are unable to receive the payment for that year, even if you are eligible.
If you’re unsure whether you need to claim, it’s recommended to check early to avoid missing out.
Winter Fuel Payment for People Living Abroad
Some people living outside the UK may still be eligible for the winter fuel payment.
Eligibility Abroad
Live in an eligible European Economic Area (EEA) country or Switzerland (countries with warmer winter climates, such as Greece and Spain, are excluded)
Meet the relevant age and past UK residency conditions
Satisfy current government eligibility rules for overseas payments
Rules for people living abroad have changed in recent years and eligibility can be complex. If you live overseas, it is important to check current UK government guidance to confirm whether you qualify.
Winter Fuel Payment in Scotland
In Scotland, the Winter Fuel Payment is being replaced by the Pension Age Winter Heating Payment, which is administered by Social Security Scotland. While this payment serves a similar purpose, eligibility rules, payment names and administration may differ from those in England and Wales.
If you live in Scotland, it is particularly important to check the latest Scottish Government guidance to understand what support applies to you.
How the Winter Fuel Payment Affects Other Benefits
The winter fuel payment is designed to provide additional seasonal support and, in most cases, does not affect your entitlement to other benefits or retirement income. In general:
The winter fuel payment is tax-free
It does not count as income for most means-tested benefits
It does not reduce Pension Credit, Housing Benefit or Council Tax Support
Because it is treated as a separate, one-off payment, it can usually be received alongside other benefits without changing your overall entitlement.
Benefits it does not affect
The winter fuel payment is ignored when calculating eligibility for most income-related benefits, including Pension Credit, Housing Benefit, Council Tax Reduction and Income-related Employment and Support Allowance.
This means it can provide extra help with winter heating costs without reducing other support you already receive. However, benefit rules can change, so it is always sensible to check current guidance if you are unsure how different payments may affect it.
Common Reasons Payments Are Delayed or Missed
If you are eligible but do not receive your winter fuel payment when expected, there are several common reasons why this can happen. Payments may be delayed or missed for the following reasons:
Your address or bank details have changed and have not been updated
You have recently moved into or out of a care home
You live abroad, and your eligibility status has not been confirmed
You were required to make a claim, but missed the deadline
In some cases, delays can also occur due to administrative backlogs, particularly during periods of high demand.
What to do if your payment is late
If you have not received your winter fuel payment by January and believe you are eligible, it is usually recommended to contact the Winter Fuel Payment Centre. They can check your details, confirm your eligibility and advise on next steps.
What to Do If Your Circumstances Change
Changes in personal circumstances can affect whether you receive the winter fuel payment or how it is paid. You should inform the relevant department of the following:
You move house or change address
Your bank or building society details have changed
Your partner passes away, or your household changes
You move into long-term residential care
You leave or return to the UK
Reporting changes promptly helps ensure your payment is made correctly and reduces the risk of delays, overpayments or missed payments.
Why keeping details up to date matters
Even small changes can affect how payments are processed. Updating your details early allows for any necessary adjustments to be made before winter, helping to avoid issues during the payment period.
When to Get Help with Benefits and Retirement Income
Understanding how benefits such as the winter fuel payment fit into your wider retirement income can sometimes feel complicated, particularly if you receive multiple forms of support.
When guidance may be helpful
You may want to seek additional guidance if:
You are unsure whether you qualify for the winter fuel payment
Your payment is missing, delayed or incorrect
Benefits form a significant part of your retirement income
Your circumstances have recently changed
You are unsure how different benefits interact
Sources of support
Independent guidance services, official government support lines and regulated financial advisers can all help you understand your entitlements and plan more confidently. Getting the right information can help ensure you receive the support you are entitled to and avoid unnecessary stress.
Frequently Asked Questions

### Turning Pension Anxiety into Confidence
When people think about financial advice, they often focus on the end result. Retirement income, tax efficiency or long-term security. But behind every good outcome is careful decision-making, experience and a commitment to putting the client’s best interests first.
As Financial Adviser Manager at My Pension Expert, a large part of my role is supporting advisers when decisions aren’t straight forward.
Helping advisers make the right call
A recent example involved an adviser who felt a client was a perfect fit for Flexible Access Drawdown on paper. However, when we looked more closely at the client’s objectives, it became clear they wanted to achieve a specific level of secure income, had a low attitude to risk and valued certainty above flexibility.
By talking through my thought process and reviewing the client’s priorities in detail, it was clear that a different approach would better suit their needs. The advice was adjusted and the final outcome was a lifetime annuity that aligned far more closely with what the client actually wanted, not just what initially appeared suitable.
When anxiety turns into confidence
One of the most rewarding parts of my job is seeing anxiety turn into confidence, both for advisers and for clients. 
With advisers, this often comes down to experience and explanation. I recently spent time with a new starter who lacked confidence when it came to annuities. After sitting together and talking through when annuities are appropriate, what information is needed and how they fit into wider retirement planning, that uncertainty disappeared. They now have no issues discussing annuities with confidence.
I see the same shift with clients. Many feel nervous about unfamiliar options, such as Flexible Access Drawdown. Once I take the time to explain how it works, the benefits it can offer, and why it might suit their circumstances, that initial nervousness often gives way to confidence and reassurance.
When people think they don’t need advice
A common situation I see is when someone feels they simply need to set up a regular income for life, without fully understanding all of the options available to them. 
Many of our clients come from a generation where pensions were seen purely as a way to provide an income. But when income isn’t immediately needed, taking it without exploring alternatives can sometimes be tax inefficient. Once I explain how Flexible Access Drawdown works, many clients realise that a different approach could better support their longer-term plans.
Common Pension Questions I’m asked
Some questions come up time and time again in conversions with clients:
“Is my pension pot a good size compared to others?”
“Do I actually have enough to retire?”
“Can I take 25% of my pension tax-free every year?”
These are completely natural questions and they highlight why personalised advice matters far more than comparisons or assumptions.
What people shouldn’t overlook when planning for retirement
If there’s one thing I’d encourage people not to overlook, it’s taxation. Both in terms of income tax during retirement and inheritance tax.
Tax efficiency plays a huge role in how long money lasts and what can eventually be passed on. It’s an area that can make a significant difference if it’s considered early enough.
A common misconception about pension advice
One misconception I’d really like to challenge is the idea that financial advice isn’t good value for money.
Good advice isn’t about products, it’s about outcomes. Helping people make informed decisions, avoid unnecessary tax and feel confident about their future, can have a lasting impact.
Why people worry about speaking to an adviser
I often find that people worry financial advice will feel invasive or that advisers are acting in their own interests rather than the client’s.
That’s why transparency is so important. Taking the time to explain options clearly, answer questions openly and always act in the client’s best interests is central to how advice is delivered at My Pension Expert.
One simple step people can take this month
One practical step some people choose to take is speaking to their HR department about salary sacrifice and reviewing their pension contributions.
For those who have access to salary sacrifice, increasing contributions to a level they feel comfortable with can be a tax-efficient way to boost retirement savings although this won’t be suitable for everyone.
In my own words
I help people achieve their objectives in the most tax-efficient way possible, ensuring their best interests are always at the heart of every decision.

### Getting Started: Common First Questions About Pension Advice
When it comes to pensions and retirement planning, it’s completely normal to feel unsure about where to begin. Many people know they should be doing something, but aren’t quite sure what that something is or who they can trust to help.
We’ve answered some of the most common questions people ask us, on their first call with us, in plain English—so you can feel more confident in what comes next.
How do I know you’re a genuine company and not a scam?
With pension scams becoming more common, it’s sensible to be cautious. 
Any genuine financial advice firm in the UK must be authorised and regulated by the Financial Conduct Authority (FCA). My Pension Expert is FCA-authorised (579999), meaning we must follow strict regulatory standards designed to protect consumers and provide advice responsibly. You can check our details directly on the FCA Register for added reassurance.
We’re also independently reviewed on Trustpilot, where real clients share their experiences of working with us. 
Transparency and trust are essential when it comes to your finances, and we actively encourage people to check our credentials before engaging with us.
What do you think I should do?
This is one of the most common questions we hear, and the honest answer is that there’s no one-size-fits-all solution.
Everyone’s situation is different. Your age, pension value, other savings, lifestyle goals, and plans for retirement all play a role in determining the right approach. That’s why our advisers take the time to understand you before making any recommendations.
Our role is to explain your options clearly, talk through the pros and cons, and help make informed decisions that feel right for your circumstances.
How much is this going to cost me?
Cost is an important consideration, and many people worry about it before seeking advice. 
Any fees are always explained clearly and upfront, so you understand exactly what you’re paying for and why. There are no hidden charges, and you’ll never be committed to anything without first agreeing to it.
Good financial advice isn’t about selling products. It’s about helping you make informed decisions with confidence and understanding the cost is part of that process.
I’m not very confident with technology. Will you handle everything for me?
Absolutely. You don’t need to be tech-savvy to get advice.
We guide you through each step and handle the technical and administrative aspects on your behalf wherever possible. Whether that’s paperwork, provider communication or explaining things in simple terms. Our role is to make the process easier, not more stressful.
If you prefer phone calls to online forms or need extra time to go through information, that’s perfectly fine. Our advice is always delivered at a pace that suits you.
Taking the first step doesn’t have to be difficult
Starting conversations about pensions can feel daunting, especially if you’ve put it off for a while or don’t feel confident with financial matters. But asking questions is the first step toward clarity.
At My Pension Expert, we believe financial advice should feel supportive, straightforward and personal—not overwhelming. We’re here to help you understand your options, answer your questions honestly and give you the confidence to move forward. Whatever that next step looks like for you.
If you’re unsure where to begin, getting clear answers to your first questions can make all the difference.

### Pension Review: Be Ready To Book Your Call
Booking a call with a financial adviser is an important first step towards feeling confident about your retirement plans. Whether you’re reviewing an existing pension, exploring your options or simply looking for clarity, a conversation can make a big difference.
To make sure your call is as focused and valuable as possible, there are a few details that can be helpful to have to hand. Don’t worry! This isn’t about having everything perfectly organised or knowing all the answers. It’s simply about giving us enough context to understand your situation and tailor the conversation to you.
Why Preparation Matters
Every retirement plan is personal. The more we understand about your current position, the more meaningful and relevant your conversation with our advisers can be.
Having some information ready helps us spend less time gathering background details and more time discussing what really matters:
Your goals for retirement
The lifestyle you want to achieve
The options available to you
Whether your current plans are on track
If you don’t have everything listed below, that’s absolutely fine. Our role is to guide you through the process step by step.
Pension Policy Information
We may ask for details of your existing pension arrangements, such as:
The current value of your pension fund
The type of pension you hold (for example, workplace or personal pension)
Any policy or plan numbers you have available
This information helps us understand how your pension is structured, how it’s performing, and whether there may be opportunities to improve efficiency, flexibility, or long-term outcomes.
If you have multiple pension pots, even a rough overview is useful. Many people accumulate pensions from different employers over time, and bringing these into focus is often one of the first steps towards clearer planning.
Medical Information (Where Relevant)
In some cases, we may ask about your health or medical history. This is not something we request lightly, and it’s always handled sensitively.
Medical information can be relevant when exploring whether you may qualify for an enhanced Lifetime Allowance quote. In certain circumstances, this could have a significant impact on the income you’re able to receive in retirement.
If this applies to you, your adviser will explain why the information is needed and how it may benefit your planning.
Spouse or Partner Details
Retirement planning rarely affects just one person. If you have a spouse or partner, it’s important to consider how your plans support them as well.
We may ask for basic details so we can:
Understand shared financial responsibilities
Consider survivor benefits or income planning
Ensure your retirement strategy reflects your wider family goals
This helps us build a plan that not only works for you but also protects the people who matter most.
Monthly Expenditure
Understanding your regular outgoings is a key part of assessing whether your retirement goals are affordable and sustainable.
We may ask about:
Everyday living costs
Household bills
Lifestyle spending
Any ongoing financial commitments
This isn’t about scrutiny or judgement. It’s about ensuring that your retirement income can realistically support the lifestyle you want, both now and in the years ahead.
Even estimates are helpful. Your adviser can work with you to refine the details over time.
Don’t Worry If You’re Unsure
It’s very common for people to feel uncertain about some of this information. You may not know exact figures, or you may need time to track things down after your call.
That’s completely normal.
Our advisers are here to guide you, explain what’s needed, and help you make sense of it all. The initial conversation is about understanding where you are now and identifying the next best steps, not about having everything finalised.
Ready to Start the Conversation?
Preparing a few key details in advance can help you get the most out of your call, but the most important thing is simply getting started. If you’re ready to take the next step towards clarity and confidence in your retirement planning, book your call today and let’s start the conversation.

### Pension Transfers: When You Should Consider Switching
For many, pensions represent one of the biggest financial assets they'll ever hold. Yet, despite their key importance, millions of savers are unsure if they're in the right scheme, or if switching could better serve their retirement goals. If you've ever wondered about pension transfers and if you should consider switching, this guide is for you.
What is a Pension Transfer?
A pension transfer simply means moving your retirement savings from one pension provider or scheme to another. This could be from a workplace pension to a personal pension, from an older pension plan to a more modern, flexible one, or even consolidating several small pots into a single scheme.
While a pension transfer may sometimes bring significant benefits, it's not always the right decision for everyone. Understanding when you should consider switching is vital to protecting your retirement income so you can feel confident and move forward with clarity.
Reasons to Consider a Pension Transfer
So, under what circumstances might a pension transfer make sense? Here are some of the most common initiatives:
High Fees and Charges - Older pension schemes often come with higher management fees. If you're paying more than necessary, those costs can eat away at your savings funds over time. Transferring to a scheme with reduced fees can mean more of your money goes towards growing your pot.
Better Investment Options - Some pensions limit the range of funds or investment strategies available. If you want more choice, for example ethical or ESG investments (Environmental, Social, Governance), a transfer into a more flexible plan could give you increased control.
Consolidating Multiple Pensions - It's common to accumulate several smaller pots from different jobs you've had. Transferring them into a single scheme makes managing your retirement savings simpler, helping you keep track of performance and could lower admin fees.
Improved flexibility at Retirement - Modern pensions often allow more flexible options for accessing your money, such as drawdown. If your current scheme doesn't offer this, transferring could give you greater choice when you retire.
Provider Performance and Service - Sometimes, people switch simply because their pension provider doesn't offer clear communication, online access, or top customer service. Peace of mind matters when it comes to your financial future.
When Not to Pension Transfer
Whilst there are strong reasons to transfer, it's equally important to know when not to. For example:
Final Salary (Defined Benefit) Pensions - These often provide guaranteed income for life and valuable inflation protection. Transferring out usually means giving up those guarantees.
Exit Fees - Some older pensions impose penalties for transferring. Always check the small print before considering switching.
Loss of Benefits - Certain schemes may include perks like life cover or spouse benefits that could be lost if you transfer. This is why it's essential to seek financial advice before making any decisions.
How My Pension Expert Can Help
At My Pension Expert, we specialise in guiding people through the complex world of retirement planning. If you're considering pension transfers, our team of regulated financial advisers can review your existing pensions in detail, analysing the fees, features, and benefits of your current schemes. We'll then compare these with a tailored selection of options to determine whether another solution could offer better value, greater flexibility, or improved performance.
From there, we provide a clear, tailored recommendation based on your unique circumstances, retirement goals, and risk tolerance. If a transfer is the right choice, we'll handle the process on your behalf, from managing the paperwork to liaising with providers, meaning the transition is as smooth as possible. And because retirement is a journey, not a one-off decision, we also offer ongoing support to help your plan on track as your needs and circumstances evolve.
Choosing whether to transfer a pension is one of the most important financial decisions you'll ever make. That's why thousands of people across the UK have turned to My Pension Expert for support. As regulated financial advisers, we put your interest first, so you understand all your options and can make informed financial decisions.
Pension Transfers: The Key Takeaway
The question of pension transfers and whether you should consider switching has no one-size-fits-all answer. For some, moving to a lower-cost, more flexible scheme may unlock real benefits. For others, staying put is the safer, smarter choice.
What matters is making a decision you're sure of, and by speaking to our experts, you'll gain a clear picture of whether a pension transfer could enhance your retirement or if your current plan is already working hard for you.
If you're unsure or have any questions, we're on hand to help and guide you towards the most suitable path for your future.

### The Role of Pension Reviews
Why They're Essential for Your Retirement Planning
When preparing for retirement, many people focus on starting a pension, setting up contributions, choosing a scheme, and then letting it run in the background. Whilst that sounds ideal and by the book, these crucial steps can become unstable if you miss one equally important aspect: regular pension reviews.
A pension is not as simple as set and forget. Your financial circumstances, your goals, and even the economy, naturally, will fluctuate over time. Without committing to regular pension reviews, you could miss opportunities to grow your retirement fund, reduce unnecessary risk, or make strategic adjustments to suit your ever-evolving needs.
At My Pension Expert, we believe that regular pension reviews are not just beneficial, they're essential.
What is a Pension Review?
A pension review is a thorough evaluation of your existing pension arrangements to ensure they're still the best fit for your retirement goals. This could involve:
Assessing the performance of your pension investments
Checking the charges and fees you're paying
Ensuring your pension matches your risk capacity
Reviewing whether you're on track to meet your desired retirement income
Considering legislative or tax changes that might impact your pension
Our financial advisers carry out in-depth pension reviews that don't just analyse your current plan; they map it against your future aspirations. We use clear, jargon-free explanations so you understand exactly what's working and what could be improved.
Why Is The Role of a Pension Review So Important?
You Circumstances Change - Life is unpredictable. You may get a new job, start a family, move house, or go through a change in your relationships. Each event can affect your contributions and long-term goals. We'll work with you to adjust your pension plan to reflect these life milestones, ensuring it's still aligned with your needs.
The Market Changes - Investment markets can be difficult to navigate when there are frequent changes. Your pension may need rebalancing to protect your savings or take advantage of growth opportunities. Our advisers monitor market conditions and can suggest suitable adjustments so your pension stays relevant.
Pension Rules Change - The Government regularly updates its pension legislation, tax allowances, and withdrawal rules. Without pension reviews, you could miss valuable benefits. At My Pension Expert, we keep up with every policy shift and ensure you're taking full advantage of current rules, from tax relief to new access options.
Charges Can Eat Into Your Pension - High fees can seriously chip away at long-term pension growth. We'll help you by checking for hidden charges, and, if appropriate, recommend more cost-effective solutions without compromising quality or performance.
The Role of Pension Reviews Comes With Many Benefits, But What Are They?
A pension review goes beyond just box-ticking; it's a key opportunity to take charge of your financial future so that you can enjoy the retirement you deserve.
The first significant benefit is simply clarity. Without a pension review, it's easy to lose track of how your pension pot is performing, especially if you have multiple pots with different employers. The purpose of a pension review is to bring everything into focus, helping you see the current value of your pot, the income it's likely to generate, and how that compares to your retirement goals and vision. This transparency makes it much easier to plan with confidence.
Additionally, pension reviews provide control, enabling you to identify and resolve issues promptly. Hidden charges, underperforming funds, or a portfolio that no longer aligns with your risk appetite can quietly erode your savings. A review helps you to catch these issues before they cause lasting damage.
Our financial advisers work with you to make informed adjustments, whether that's reducing fees, switching over any investments or consolidating multiple pension pots into a single, easier to manage pot. It's important to seek advice from our expert team before you make any adjustments, so that you are aware of the risks involved, and you don't miss out on any valuable benefits.
It's crucial for us here at My Pension Expert to support you with retirement planning that leaves you feeling confident about your pension for the years to come. Moving towards retirement can feel daunting and uncertain. Still, the role of pension reviews, if carried out regularly, can help you know exactly where you stand and what you can realistically expect in your retirement. We'll provide realistic insights based on your contributions, investment growth, and chosen retirement date, so you can make informed decisions about your life without second-guessing your financial future.
Markets change, new investment products emerge, and tax rules are updated. A pension review allows you to capitalise on these opportunities. You may discover more suitable investment options, tax-efficient ways to boost your contributions, or better-performing funds that align with your goals. We explore the whole market to find the best options for you from multiple providers.
It's More Than Just a Report
At My Pension Expert, we see pension reviews as the starting point of a strategic plan, not just the end of a conversation. That’s why we:
Explain everything clearly
Weigh up every option
Handle the complex stuff
Provide ongoing support
With the right review and expert guidance, your pension can go from being a hope for the future to a reliable source of retirement income. Our dedicated team is here to help your finances remain strong and continue growing year after year.
A pension review might seem straightforward, but its impact can be significant. It ensures your pension is working for you, not the other way around. With clarity, control, and confidence, you can face retirement knowing your future is secure.

### ISA Allowance Explained: What You Need to Know
Individual Savings Accounts (ISAs) remain one of the UK's most popular ways to save and invest tax-efficiently. Each tax year, the government sets a limit on how much you can pay into ISAs, known as the ISA allowance. Understanding this allowance and how to use it effectively can make a big difference to your savings over the long term.
In this guide, we'll break down the ISA allowance in simple terms, explain how it works across different ISA types, and explore how you can make the most of it for your financial future.
What Is the ISA Allowance?
The ISA allowance is the maximum amount of money you can save or invest in ISAs within a single tax year. For the 2025/26 tax year, the ISA allowance is £20,000.
The allowance is reset each tax year, which runs from 6th April to 5th April the following year. Importantly, if you don't use your allowance within that period, you lose it; it cannot be carried forward.
For example, if you can only save £10,000 into ISAs per year, you can't roll over the remaining £10,000 to next year's allowance.
How Can You Use Your ISA Allowance?
One of the biggest advantages of the ISA allowance is flexibility. You can spread your £20,000 allowance across different types of ISAs or put it all into one. The main types of ISAs include:
Cash ISA - A savings account where you don’t pay tax on the interest earned. From April 2027, the annual allowance for individuals under 65 will reduce to £12,000.
Stocks and Shares ISA - Lets you invest in funds, shares and bonds, with no tax on gains or dividends.
Innovative Finance ISA - Focused on peer-to-peer lending, offering potentially higher returns but greater risk. Lifetime ISA (LISA) - Available for those aged 18-39, with contributions up to £4,000 per year. The government adds a 25% bonus (Up to £1,000 annually), but funds can only be used to buy a first home or for retirement from the age of 60.
Junior ISA (JISA) - Designed for children under 18, with an allowance of up to £9,000 per year. This is separate from the adult ISA allowance.
For example, you could split your allowance by putting £10,000 in a Cash ISA, £5,000 in a Stocks and Shares ISA, and £5,000 in a Lifetime ISA (if eligible).
Why Is the ISA Allowance Important?
The ISA allowance protects your savings and investments from tax. Usually, interest, dividends, or capital gains might be subject to tax once they exceed certain thresholds. But with ISAs:
Cash ISAs protect your savings interest.
Stocks and Shares ISAs shield investment growth and dividends.
Lifetime ISAs add a government bonus on top of your savings.
Over time, consistently using your ISA allowance can build up a sizeable tax-free pot. For example, if you invested the full £20,000 allowance every year for 10 years, you could shield £200,000 (plus any growth) from tax.
Common ISA Allowance Rules to Remember
To make the most of your ISA Allowance, keep these key rules in mind:
The £20,000 annual limit applies across all ISAs combined (excluding Junior ISAs).
You can only pay into one Cash ISA and one Stocks and Shares ISA per tax year, but you can hold multiple ISAs from previous years.
Withdrawals don't free up your allowance again unless you're using a flexible ISA, which allows you to take money out and put it back in during the same tax year without reducing your allowance.
Lifetime ISAs have their own £4,000 contribution limit within the overall £20,000 limit.
Making the Most of Your ISA Allowance
Maximising your ISA allowance each year is one of the most effective ways to grow your wealth tax-efficiently. For some, that means keeping savings safe in a Cash ISA. For others, it could mean investing in a Stocks and Shares ISA for long-term growth. Many individuals combine both to strike a balance between security and growth.
It's also worth planning ahead. For example, if you're approaching retirement, you might consider using ISAs alongside pensions to create a flexible and tax-efficient income strategy.
Having your ISA allowance explained makes it easier to see why this annual limit is such a valuable tool for savers and investors. By understanding the rules and making full use of your allowance, you can protect your money from unnecessary tax and give your financial future a real boost.
Whether you're just starting out with ISAs or looking to refine your retirement planning, using your ISA's annual allowance wisely can make a big difference over time.

### Celebrating Second Chances and Long-Term Care
A fulfilling future doesn’t always follow a straight line. For people, careers evolve, priorities shift, and retirement marks the start of something new. The same is true for racehorses whose lives beyond the track can be just as rewarding as their racing careers.
That belief sits at the heart of Retraining of Racehorses (RoR). A charity dedicated to supporting former racehorses as they transition into successful second careers. That’s why My Pension Expert is proud to sponsor the RoR Horse of the Year Award at the 2026 RoR Awards.
Reflecting on life beyond the racetrack
Each year, the RoR Awards celebrate the remarkable versatility of former racehorses and the strong partnerships they form with the people who support them. These awards shine a light on horses who have not only adapted to new disciplines but have thrived in them. Demonstrating just how much potential exists beyond the finish line.
This year’s awards showcased a wide range of inspiring stories. Each one demonstrating that with the right support, former racehorses can enjoy secure, active and rewarding lives well beyond their racing days. These stories serve as a powerful reminder that success isn’t only measured by past performance, but by long-term wellbeing and future potential.
Recognising outstanding second careers and partnerships
The awards culminated in the presentation of two standout honours, each recognising excellence built on care, trust and long-term commitment.
The My Pension Expert RoR Horse of the Year was awarded to Sugar Rush and Daisy Adamson, recognising exceptional versatility and achievement in a second career beyond racing.
The Sir Peter O’Sullevan Charitable Trust RoR Partnership of the Year Award was awarded to Gemma Potts and Optimal Spirit, celebrating an inspiring bond between horse and rider, where connection and understanding matter as much as results.
While each award recognises individual success, they collectively highlight a much broader message: when long-term care is prioritised, positive outcomes follow.
Why long-term thinking matters
At My Pension Expert long-term planning sits at the core of everything we do. Just as thoughtful financial planning helps people move confidently into retirement, RoR’s work ensures former racehorses receive the training, guidance and protection they need to enjoy the years ahead.
Supporting RoR reflects a shared belief that transitions, whether financial or physical, deserve careful planning, ongoing support and a commitment to wellbeing over the long term. It’s about recognising that what happens next matters just as much as what has come before.
A shared commitment to care and responsibility
Since its establishment in 2000, Retraining of Racehorses has played a vital role in setting standards, educating owners and promoting the versatility of former racehorses across equestrian disciplines. Its work continues to give owners confidence and horses the opportunity to flourish long after their racing careers have ended.
By supporting the RoR Horse of the Year Award, My Pension Expert is proud to stand alongside an organisation that places care, responsibility, and future-focused thinking at the heart of its mission.
Celebrating second chances is not about looking back, it’s about recognising the value of long-term care and the positive impact it can have on lives. Both human and equine, well into the future.

### Planning Your Retirement Lifestyle, Not Just A Pension Plan
When most people think about retirement, their first thought is often their pension. And while pensions are a vital part of ensuring financial security, they're just one piece of the puzzle. Retirement is not only about money, but it's also about how you want to spend your time, where you want to live, and what kind of life you'd like to enjoy. That's why it's important to plan your retirement lifestyle, not just your pension plan.
What Is a Retirement Lifestyle?
Your retirement lifestyle is the day-to-day reality of your later years. It covers everything from where you live to how you spend your free time to the goals you set for yourself after leaving work. For some, that might mean downsizing to a quieter home and spending more time with family. For others, it could mean travelling the world, starting a small business, or pursuing hobbies that were impossible during a busy working life.
By defining your retirement lifestyle first, you can then build a financial plan that supports it, rather than simply saving and hoping for the best.
Why Focusing on Lifestyle Matters
Too often, retirement planning focuses purely on numbers: how much you've saved, how much you'll need, and whether your investments are performing. While these are important, they don't tell you whether your money will support the kind of life you want to live.
Thinking about your retirement lifestyle helps you:
Set meaningful goals - such as where you want to live, how often you'd like to travel or what hobbies you'd like to pursue.
Avoid shortfalls - by identifying lifestyle choices that could require more financial resources than you first thought.
Prioritise your spending - making sure your money goes towards what really matters to you.
Achieve balance - blending security with enjoyment so you're not just surviving, but thriving, in retirement.
Elements of a Retirement Lifestyle Plan
When thinking about your future, it helps to break your retirement lifestyle into key areas:
Living Arrangements
Will you stay in your current home, downsize, or relocate to another part of the country, or even abroad? Housing decisions can have a significant impact on both lifestyle and finances.
Travel and Leisure
Do you want to travel extensively, enjoy regular holidays, or stick closer to home? Understanding your travel ambitions early ensures that you can budget for them effectively.
Hobbies and Interests
Retirement can be the perfect time to take up new activities, such as gardening, golf, or volunteering. Planning for these costs makes them sustainable in the long run.
Health and Well-being
Your retirement lifestyle should also include how you'll maintain your physical and mental well-being. Gym memberships, healthy eating or even future care costs can all play a part.
Family and Community
For many, being close to children and grandchildren is central to their lifestyle. Others may prioritise social groups or community involvement. Where you live and how you spend your time should reflect these values.
Linking Lifestyle to Your Pension Plan
Once you have a clear picture of your desired lifestyle, the next step is to ensure your pension and savings can support it. This might mean:
Reviewing your current pension pots to see if they align with your goals.
Exploring drawdown or annuity options to create the right balance of flexibility and security.
Considering other sources of income, such as investments or property.
Factoring in inflation, taxes, and long-term care costs, so your lifestyle remains affordable throughout retirement.
How My Pension Expert Can Help
At My Pension Expert, we understand that retirement isn't just about numbers, it's about people's lives, ambitions and dreams. Our advisers take the time to understand the retirement lifestyle you are looking to achieve and then build a personalised financial plan to make it possible.
We don't just provide a snapshot of your pensions. We provide you with clear, actionable advice, explain all sides of your options, and support you through the changes you decide to make. Whether that means securing a guaranteed income with an annuity, maintaining flexibility through drawdown, or a combination of both, we'll ensure your pension plan aligns with the retirement lifestyle you're working towards.
Your pension is the engine that drives your retirement, but it's your retirement lifestyle that gives it meaning. By thinking beyond the numbers and focusing on the life you want to lead, you can make your financial planning more effective and purposeful. Retirement is your chance to live life on your own terms, and with the proper preparation, you can make that vision a reality.
If you're unsure where to begin, contact us for guidance on your next steps toward financial advice.

### Understanding Your Pension Statement
There are a few documents that are as important as your pension statement when it comes to retirement planning. Whether it's workplace pension, a personal pension, or the State Pension forecast, this statement gives you a snapshot of where you stand financially and what you can expect in the future. Yet, for many people, the information can feel overwhelming, full of numbers and jargon that are hard to interpret.
In this guide, we'll break down what a pension statement really means, why it matters, and how to use it to make informed decisions about retirement planning.
What Is a Pension Statement?
A pension statement is a summary of your pension savings, contributions, and projected retirement income. Most workplace pension providers and personal pension schemes issue one at least once a year, while you can request a State Pension forecast at any time.
It's essentially your progress report: showing you how much you've saved, how your investments are performing, and what your future retirement income might look like if you continue contributing at the same rate.
Why Your Pension Statement Matters
Your pension statement isn't just a formality; it's a vital tool for understanding whether you're on track for the retirement lifestyle you want. Without reviewing it, you might miss:
Hidden fees or charges reducing your pot.
Missed contributions or employer payments.
A shortfall in your projected retirement income.
Opportunities to increase your contributions or adjust investments.
In short, your pension statement is your roadmap. Ignoring it could mean discovering too late that you haven't saved enough.
Key Sections to Look Out For On Your Pension Statement
When reviewing your pension statement, here are the main areas to focus on:
Personal Details - Check your name, National Insurance number, and employer information. Errors here could cause issues later, particularly when claiming your pension.
Contributions - Your statement should show how much you've contributed, how much your employer has contributed and any tax relief added by the government. This gives a clear picture of how much money is going into your pension each month.
Current Value of Your Pot - This figure shows the total amount you've saved so far. Remember, the value may fluctuate depending on how your investments perform.
Investment Performance - Your pension statement should include details of how your pension funds are performing. Understanding this section is crucial, as it shows whether your money is growing effectively.
Projected Retirement Income - Perhaps the most important part. An estimate of how much annual income you could receive if you continue saving at the same rate until retirement. Compare this with your retirement goals to see if you're on track.
If these terms appear on your pension statement, don't ignore them. Understanding the difference can have a big impact on your retirement choices.
Common Confusions in a Pension Statement
Many people find their pension statement confusing because of technical terms. Here are a few you might see:
Defined Benefit vs Defined Contribution - A defined benefit pension guarantees a fixed income, while a defined contribution pension depends on contributions and investment performance.
Annuity - A product that provides a guaranteed income for life using your pension pot.
Drawdown - A flexible way to withdraw money directly from your pension while keeping the rest invested.
How to Use Your Pension Statement Effectively
Simply receiving your pension statement isn't enough - you need to act on it. Here are some steps to take:
Compare with Your Retirement Goals - Does the projected income match your desired lifestyle?
Increase Contributions if Needed - Even a small boost can make a big difference over time.
Check for Lost Pensions - If you've had multiple jobs, use your statements to track down old workplace pensions.
Review Investment Choices - Ensure your pension is invested in funds that match your risk tolerance and goals.
Seek Professional Advice - A financial advisor can help you interpret your statement and create a personalised retirement strategy.
Final Thoughts
Your pension statement may not be the most exciting document you'll ever read, but it's one of the most important. By taking the time to understand it, you gain valuable insight into your financial future, spot potential shortfalls, and identify opportunities to strengthen your retirement plan.
Think of it as more than a statement, it's your annual reminder to stay in control of your retirement journey. The sooner you get comfortable with your pension statement, the more confident you'll feel about achieving the retirement you deserve.

### What Happens to My UK Pension If I Move Abroad?
In today's increasingly global world, many people consider moving abroad for work, lifestyle, or retirement. But if you've built up savings in a UK pension, one of the first questions you may ask is, what happens to my UK pension if I move abroad?
The good news is that leaving the UK doesn't mean losing your pension. However, the way you access it, and the tax you may pay, can vary depending on where you move and the type of pension you hold. Let's explore the key points you need to know.
Workplace and Personal Pensions
If you have a workplace pension or a personal pension, you don't have to transfer it just because you're leaving the UK. Your pension pot will remain invested with your provider until you decide to access it, usually from the age of 55 (rising to 57 in 2028).
You can still draw income from these pensions while living abroad. Many providers will pay directly into your overseas bank account, though some may only pay into a UK bank account. If that's the case, you'll need to arrange transfers to your new country.
The State Pension
The UK State Pension is also payable if you live abroad, but there are some important conditions. You will receive your pension if you've built up enough qualifying National Insurance contributions. However, whether your State Pension increases each year depends on where you live.
If you move to a country within the European Economic Area (EEA), Switzerland, or a country with a reciprocal social security agreement with the UK, you'll continue to receive annual increases.
If you move elsewhere, your State Pension will be "frozen" at the rate your first receive it, meaning it won't rise in line with UK inflation. Over time, this can significantly reduce your spending power.
Tax Considerations
One of the most important things to consider when moving abroad is how your pension will be taxed.
In many cases, tax depends on where you are a resident for tax purposes. For example, if you move to Spain and become a tax resident there, your pension is usually taxed under Spanish rules, not UK rules. However, in some cases, the UK may also claim tax on your pension income which could lead to the risk of being taxed twice.
To help prevent this, the UK has signed double taxation agreements (DTAs) with many countries. These agreements determine which country has the primary right to tax your pension, and in some cases, allow you to offset tax paid in one country again tax due in the other. The details vary depending on the country, so it's essential to check how your destination is covered.
It's also worth remembering that different types of pensions may be treated differently. For example, workplace or private pensions are often taxed differently from government pensions or the UK State Pension. Local rules may also affect whether lump sums are taxable.
Currency is another important factor. If your pension is paid in sterling but your living costs are in another currency, exchange rate fluctuations could affect the actual income you receive. Some choose to have their payments converted directly into their local currency to reduce this risk, though fees can apply.
Given how complex tax residency rules can be, getting professional advice before moving is vital to avoid unexpected bills.
Transferring Pensions Abroad
For some people. transferring a UK pension overseas may seem appealing, particularly if you plan to settle permanently outside the UK. This is possible through a Qualifying Recognised Overseas Pension Scheme (QROPS).
A QROPS is a pension scheme based overseas that meets criteria set by HMRC. Transferring into one can offer certain benefits such as:
Holding your pension in the same currency you'll spend in, reducing exchange rate risks.
Potentially simplifying your finances if you intend to stay abroad long-term.
Offering more flexible investment choices, depending on the scheme.
However, a QROPS is not always the best option. Transfers can involve significant charges, and moving money out of the UK can trigger an overseas transfer charge, depending on your residency and where the scheme is based. In addition, QROPS may not always provide the same protections as UK-regulated pensions, and benefits can differ widely from one scheme to another.
It's also important to note that once your pension is transferred abroad, it cannot usually be transferred back into a UK scheme. This makes the decision a permanent and potentially irreversible step.
Because of these risks, the Financial Conduct Authority (FCA) strongly recommends seeking independent financial advice before considering a transfer. In many circumstances, keeping your pension in the UK and drawing it down while abroad may be the safer and more cost-effective option.
How My Pension Expert Can Help
Deciding what to do with your UK pension when moving abroad can be overwhelming, from understanding tax rules to weighing the benefits of a transfer. At My Pension Expert, our financial advisers specialise in helping people make informed choices.
We don't just explain the rules, we provide clear, personalised recommendations based on your goals, whether that's leaving your pension in the UK, accessing it tax-efficiently from overseas or exploring the pros and cons or a QROPS transfer. Most importantly, we support you through the entire process, giving you the confidence that your pension is working for you, wherever in the world you decide to call home.

### How the Pension Triple Lock Affects Your Retirement Income
When it comes to retirement planning in the UK, one term that frequently appears is the pension triple lock. This policy directly affects the annual increase in the State Pension, and in turn, impacts the income that millions of retirees rely on. But what exactly is the pension triple lock, how does it work, and what does it mean for your financial future?
What is the Pension Triple Lock?
The pension triple lock is a government guarantee introduced in 2010 to ensure that the State Pension keeps pace with living standards. Each year, the State Pension rises in line with the highest of three measures:
Inflation - Measured by the Consumer Prices Index, or CPI
Average Earnings Growth - How much wages have increased across the country
2.5% - A guaranteed minimum rise
By using the highest of the three options, the pension triple lock protects retirees from their State Pension losing value in real terms, even during times of high inflation or sluggish wage growth.
Why Does It Matter for Retirees?
For many people, the State Pension forms the foundation of their retirement income. While private or workplace pensions can provide additional financial support, the State Pension is often the most reliable, inflation-protected income stream.
Without the triple lock, retirees could see their income fall behind the rising cost of living. For example, if inflation were running at 6% but the State Pension only rose by 2%, pensioners would lose spending power year after year. Over time, this gap could make a huge difference in quality of life.
The Pension Triple Lock in Action
Let's look at how the pension triple lock has worked in practice:
In 2023, high inflation resulted in the State Pension increasing by over 10%, marking the largest rise in history.
In 2024, average wage growth outpaced inflation, resulting in an 8.5% increase in the State Pension.
In 2025, the State Pension increase of 5.4% was announced and will take effect from the new tax year in April 2026, reflecting more stable inflation and wage growth.
These examples show how the mechanism ensures pensions rise fairly, regardless of whether the economy is booming or struggling.
How Does It Affect Your Retirement Income?
 The main effect of the triple lock is predictability and protection. It ensures that the State Pension keeps pace with the cost of living, giving retirees confidence that their core income will not be eroded by inflation.
For example, the full new State Pension started at £155.65 per week when it was introduced in April 2016.
Today, in 2025/26, someone receiving the full amount would get £230.25 per week. This substantial £74.60 weekly increase shows how the Triple Lock works in practice, providing a vital boost to help cover essential retirement costs.
Challenges and Criticism
Despite its popularity, the pension triple lock isn't without controversy. Critics argue that:
It's expensive for the government, especially during periods of high inflation.
It could become unsustainable as the UK population ages and more people draw the State Pension.
It risks creating intergenerational inequality, where younger taxpayers foot the bill for generous pension increases.
On the other hand, supporters believe it is essential to prevent pension poverty and ensure dignity in retirement.
Planning Beyond the State Pension
While the pension triple lock helps safeguard your State Pension, it shouldn't be your only source of retirement income. The State Pension, even with regular increases, may not be enough to cover all your needs. That's why building up additional savings, through workplace pensions, private pensions, ISAs, and other investments, is crucial.
At My Pension Expert, we encourage individuals to view the State Pension as a foundation, not the full picture. The triple lock provides peace of mind, but personal planning allows you to achieve the retirement lifestyle you want and deserve.
Final Thoughts
The pension triple lock is one of the most important policies for UK retirees, ensuring the State Pension rises in line with economic conditions. By guaranteeing annual increases, it protects millions of pensioners from losing out to inflation and secures a degree of financial stability.
However, relying solely on the State Pension, even with the triple lock in place, may not be enough for a comfortable retirement. Combining the State Pension with private or workplace savings is the best way to ensure you can enjoy your later years with confidence and independence.
In short, the pension triple lock matters, but your personal retirement strategy matters even more.

### ISA vs Pensions: Which Is Best for Your Retirement Savings?
Saving for retirement is one of the most important financial decisions you'll ever make, and two of the most popular tools available are ISAs (Individual Savings Accounts) and Pensions. Both offer tax advantages, investment opportunities, and the chance to grow your money over time. But while they share some similarities, they work in very different ways. Choosing between them, or deciding how to balance both, can have a significant impact on your financial future.
Let's explore the question of ISAs vs. pensions and how each plays a role in building a secure and flexible retirement plan.
What Is a Pension?
A pension is a long-term savings plan specifically designed to provide income in retirement. Contributions to a pension benefit from tax relief, meaning the government tops up what you pay in. For example, if you contribute £80, the government adds £20, making a total of £100 in your pension pot (assuming basic tax relief).
If you're employed, you'll also benefit from your employer's contributions through workplace pensions, which can significantly boost your retirement savings.
The key features of pensions are:
Tax Relief - The government tops up contributions.
Employer Contributions - If you're in a workplace pension, your employer is also required to make contributions.
Locked-In Savings - Money is generally inaccessible until you're at least 55 (rising to 57 in 2028).
Retirement Options - At retirement, you can usually take up to 25% of your pension tax-free, with the remainder used to provide an income through drawdown or an annuity.
What Is an ISA?
An ISA is a flexible savings and investment account that allows you to grow your money free from income tax and capital gains tax. There are different types of ISAs, but the two most relevant for retirement planning are:
Cash ISA - Savings with tax-free interest, usually offering lower returns.
Stocks & Shares ISA - Allows you to invest in shares, funds, or bonds, with all gains sheltered from tax.
Each year, you can invest up to the ISA allowance (£20,000 for 2023/24), and you can access your money whenever you like.
The main features of ISAs are:
Tax-Free Growth - No tax on interest, dividends, or capital gains.
Flexibility - Withdraw funds at any time, with no penalties.
No Employer Contributions - Unlike pensions, ISAs don't come with "free money" from your employer.
Annual Limit - Restricted to £20,000 per tax year.
ISA vs Pensions: The Key Differences
When comparing ISAs vs Pensions, several distinctions stand out:
Tax Treatment
Pensions offer tax relief on the way in (boosting contributions), but withdrawals (beyond the 25% tax-free lump sum) are taxable as income.
ISAs don't give tax relief upfront, but withdrawals are completely tax-free.
Access To Funds
Pensions are locked away until you reach retirement age.
ISAs can be accessed at any time, offering more flexibility.
Employer Contributions
Pensions benefit from employer contributions, which can significantly accelerate your savings.
ISAs are entirely funded by you
Allowances and Limits
The annual pension allowance is currently up to £60,000 (depending on income), offering scope for higher contributions
ISAs are capped at £20,000 per tax year.
Which Is Better for Retirement Planning?
The truth is that when it comes to ISA vs. pension, neither is universally better; it depends on your goals. If you want maximum tax efficiency and long-term growth, pensions are often the stronger option, especially if your employer is contributing. The upfront tax relief and compounding over time can make pensions a powerful financial tool. If you want flexibility and easy access to your money, ISAs provide freedom. They're helpful for medium-term goals, bridging the gap before pension age, or topping up income in retirement without additional tax.
For most individuals, a combination works best. Using pensions to lock in long-term retirement savings, while building ISA savings for flexibility and tax-free withdrawals, provides the best of both worlds.
Building a Balanced Retirement Strategy
Relying solely on one option may leave you exposed. For example:
Only using pensions might limit access to funds if you want to retire before 55/57.
Only using ISAs means missing out on employer contributions and upfront tax relief.
By combining both, you can:
Secure long-term growth and guaranteed contributions through pensions.
Maintain flexibility and a tax-free income source through ISAs.
Create a diversified retirement income strategy that adapts to changing circumstances.
How My Pension Expert Can Help
Deciding between an ISA and a pension, or balancing both, can feel daunting. That's where the team at My Pension Expert can help. Our independent financial advisers take the time to understand your goals, whether that's retiring early, maximising income, or leaving a legacy for loved ones.
We'll review your existing pensions, savings, and ISAs to create a tailored retirement strategy that combines security, flexibility, and efficiency. We don't just explain your options; we provide clear, personalised advice, helping you make informed decisions and guiding you through any changes you choose to make.
The debate of ISAs vs Pensions isn't about picking a winner; it's about understanding how each can serve your retirement goals. With the right plan in place, you'll have confidence that your retirement savings are working as hard as you do, and that your future lifestyle is secure.

### How to Create a Reliable Investment Strategy
A strong financial future doesn't happen by chance; it's built on a well-thought-out plan. Whether you're saving for retirement, building long-term wealth, or seeking to maximise your existing savings, having a reliable investment strategy is crucial. However, with numerous options available, ranging from stocks and shares to pensions and ISAs, knowing where to begin can feel overwhelming.
The good news? With the proper guidance and support, you can build a strategy that's secure, flexible, and aligned with your long-term goals.
Step 1: Define Your Goals
A reliable investment strategy starts with clear goals. Are you investing in retirement, buying a home, or providing for your family in the future? Each objective may require a different balance of risk and reward.
For example:
If you're decades away from retirement, you may be comfortable taking on higher risk in pursuit of long-term growth.
If retirement is just a few years away, you might prefer lower-risk options that protect the wealth you've built.
Having well-defined goals gives your investment strategy a clear direction.
Step 2: Understand Your Risk Appetite
Every investment carries some degree of risk. A reliable investment strategy strikes a balance between the potential for growth and the possibility of loss, and this balance varies from person to person.
Consider:
Low risk - Cash savings, government bonds, or cautious funds.
Medium risk - Balanced portfolios with a mix of equities and bonds.
High risk - Shares, emerging markets, or specialist funds with higher growth potential.
The right approach fits your personal comfort level and financial timeline.
Step 3: Diversify Your Investments
"Don't put all your eggs in one basket" is a cliché for a reason. Diversification (spreading your investments across different assets and sectors) reduces the impact of poor performance in one area. For instance, combining equities, bonds, property, and cash savings can create a portfolio that balances growth potential with stability. Diversification is a cornerstone of any reliable investment strategy.
Step 4: Keep Tax Efficiency in Mind
Taxes can eat into your investment returns, but thoughtful planning helps you keep more of your funds working for you. Making use of ISAs and pensions allows you to benefit from tax reliefs, tax-free growth and making the most of tax-free withdrawals (with certain limits).
A reliable strategy considers not just where to invest, but also how to do so in the most tax-efficient way possible.
Step 5: Review and Adjust Regularly
Markets change, personal circumstances evolve, and even your goals may shift over time. A reliable investment strategy isn't set in stone; it needs regular reviews to stay on track.Rebalancing your portfolio and adjusting risk exposure keeps your plan relevant and practical.
How My Pension Expert Can Help
Creating a reliable investment strategy is more than just selecting funds or accounts; it's essential to have a plan in place that supports your lifestyle, both now and in retirement. That's where My Pension Expert can make a difference.
Our independent financial advisers work with you too:
Clarify your goals and understand what you want your money to achieve, whether it's early retirement, financial security or leaving a legacy.
Assess your risk appetite and explore what level of risk feels right for you and match it to suitable investment options.
Optimise tax efficiency and review ISAs, pensions and other savings vehicles so your funds are invested in the best way possible.
Provide actionable advice and explain the details and guide you through the changes you choose to make.
Support you in the long run with regular reviews and adjustments to your plan so your strategy evolves with you.
A reliable investment strategy isn't about chasing quick wins; it’s about creating a sustainable plan that aligns with your goals, your comfort with risk, and your future lifestyle. By setting clear objectives, diversifying your investments, staying tax-efficient, and regularly reviewing your strategy, you can build long-term security.
And with the support of My Pension Expert, you don’t have to navigate these decisions alone. With clear, personalised advice and ongoing support, we’ll help you make smarter choices today that give you confidence in tomorrow.

### How Does My Pension Expert Create a Personalised Retirement Strategy?
When it comes to planning for the future, no two individuals are the same. Your career path, savings habits, lifestyle ambitions and family circumstances are unique, so your retirement plan should be too. Retirement is far from just having a pension; it's about knowing how to use it wisely to support the life you want to live. That's where a clear retirement strategy comes in. A plan is more than numbers on a page; it's a personalised roadmap that considers your financial situation, lifestyle goals, and future aspirations.
At My Pension Expert, we believe in personalised solutions, not one-size-fits-all approaches. Instead, we work with you to create a tailored plan that not only supports your needs but also the retirement lifestyle you're looking for.
But how do we do it? Let's take a closer look.
Understanding What a Retirement Strategy Really Means
A retirement strategy isn't just about deciding when to stop working. It's the roadmap that guides you on how you'll use your pension savings and other assets to support the lifestyle you want in retirement. For some, the priority might be a guaranteed income to cover essential bills. For others, it may be flexibility to draw money for travel, hobbies and helping family. A well-crafted retirement strategy balances these needs, ensuring your money lasts as long as you do while supporting your envisioned future.
Step 1: Getting to Know You
The first step we take at My Pension Expert is to understand you as an individual. We'll ask questions like:
What age do you hope to retire?
What kind of retirement lifestyle do you want - quiet and relaxed, or adventurous and filled with travel?
Do you want to leave an inheritance to loved ones?
How comfortable are you with investment risk?
These conversations help us get to the heart of what matters most to you. A retirement strategy should be built on your personal priorities, not just financial formulas.
Step 2: Reviewing Your Current Pensions and Savings
Once we understand your goals, we'll take a detailed look at your pension pots, workplace schemes, and any private pensions you hold. Many people have multiple pensions from different jobs, making it overwhelming to keep track.
We'll review:
How your pensions are performing
Whether charges could be eating into your savings.
What options are available for accessing your money?
By analysing your pensions alongside other savings and investments, we can see how well-positioned you are for the retirement lifestyle you've described.
Step 3: Exploring Your Options
A strong retirement strategy requires considering all the available routes for turning your pension savings into income. My Pension Expert advisors will explain options such as:
Annuities - providing a guaranteed income for life, which can give you security and peace of mind.
Pension Drawdown - offering flexibility to withdraw funds when needed, while keeping the rest invested.
Blended Solutions - combining annuities and drawdown to balance certainty with flexibility.
We'll walk you through the pros and cons of each, so you can make an informed choice that suits your retirement vision.
Step 4: Tax and Efficiency Planning
A personalised retirement strategy isn't just about income; it's also about making sure your funds are used efficiently. My Pension Expert will help you understand:
How to structure withdrawals to minimise unnecessary tax.
Whether you're making the most of available allowances.
The impact of leaving pensions as part of an inheritance plan.
These details can make a significant difference to how far your money goes over the long term.
Step 5: Ongoing Support
Retirement isn't a one-off event; it's a stage of life that can last decades. Your needs and circumstances may change along the way, whether due to health issues, family events, or simply a change in plans. That's why My Pension Expert offers ongoing support, so your retirement strategy can adapt with you.
Why Choose My Pension Expert?
What makes us different is that we don't just provide information, we provide regulated, independent financial advice that is personalised to you. You'll receive clear, actionable recommendations, explained in easy terms. And if you decide to make changes, we'll guide you through the process step by step.
Our goal is straightforward: to give you confidence in your retirement strategy, knowing that your pension savings are working optimally to support your goals and plans.
Your pension is one of the most important assets you'll ever own. But without a clear plan, it can be challenging to know whether it's enough to deliver the life you've dreamed of. A strategy tailored to you, created with My Pension Expert, can provide clarity, control and confidence, ensuring you're not just retiring, but retiring on your own terms.

### Can I Retire Early?
What You Need to Know Before Making the Leap
For many people, the idea of retiring early is the ultimate dream. More time to travel, pursue hobbies or relax after years of hard work can be a perfect reward. But the big question is: can I retire early? The answer isn't always straightforward. Retiring before the traditional state pension age can be possible, but it requires careful planning, financial discipline and a clear understanding of all your pension options. In this article, we'll explore what 'early retirement' means and the challenges you might face, as well as how My Pension Expert can help you assess whether it's achievable.
What Does 'Early Retirement' Mean?
In the UK, the State Pension age is currently 66 and is set to rise further. Retiring 'early' means stopping work and relying on your savings, pensions, or investments before reaching that age.Some people aim to retire in their late 50s, while others dream of leaving work earlier. But whether early retirement is realistic for you depends on several factors
The size of your pension pots
Other sources of income (e.g. ISAs, property, investments
Your desired retirement lifestyle and expense
Your health and life expectancy
Your appetite for risk and flexibilit
The Challenges of Early Retirement
While retiring early can be attractive, it comes with its own set of challenges
Longer retirement to fundIf you retire at 55 instead of 66, you'll need to fund an extra 11 years without income from the State Pension, which can mean stretching your savings further.
Limited access to pensionsCurrently, you can access private pensions from age 55 (rising to 57 in 2028). Retiring earlier than this would mean solely relying on other savings and investments.
Inflation and rising costsThe cost of living is unpredictable. Retiring early means your money has to work harder for longer to keep pace with rising expenses.
Healthcare considerationsHealthcare and insurance costs may rise as you age, especially if an employer's benefits package no longer covers you. In summary, the challenges of retiring early shouldn't put you off, but they highlight the importance of planning. With the right strategy, you can anticipate these obstacles, build in safeguards, and still enjoy the freedom that early retirement can bring.
Can I Retire Early? Key Considerations to Keep in Mind
If you're wondering, "Can I retire early?", here are some critical steps to take:
Calculate your retirement needsWork out how much income you'll need to cover your lifestyle. Factor in essentials like housing, food, and bills, as well as leisure activities, travel, or helping family members.
Review of your pension potsAdd up all your workplace and private pensions. Estimate the income they could generate if you accessed them early, and how long they would last you.
Explore alternative income sourcesConsider ISAs, savings accounts, rental income, or other investments. These could help bridge the gap until your pensions or State Pensions become available.
Check the tax implicationsDrawing down your pension early could push you into a higher tax bracket. Understanding the tax rules around pension withdrawals is vital.
Plan for flexibilityYou don't have to retire fully straight away. Some people choose semi-retirement, working part-time to supplement their income until they feel financially secure enough to stop completely.
Deciding whether you can retire early isn't just about numbers; it's about peace of mind. At My Pension Expert, we provide independent financial advice to help you understand your options and make informed decisions.When you come to us, the first step is a comprehensive pension review. Our advisers will analyse your existing pensions in detail, assessing whether early retirement is financially realistic for you. This includes looking at the value of your pots, projected income, and how these align with your goals and lifestyle aspirations.From there, we'll create a tailored retirement strategy. Some people might benefit from income drawdown to provide flexibility, while others may benefit from annuities that offer long-term security. We'll also consider phased retirement options if you'd prefer to reduce your working hours gradually instead of stopping altogether.Tax efficiency is another crucial part of the process. Drawing down pensions early can have complex tax implications, and we'll guide you through the rules to help keep as much of your hard-earned savings as possible. Our advice is always delivered in clear, jargon-free language, so you'll feel confident about every decision.And our support doesn't end there. Retirement planning isn't just a one-off event; it's a continuous process. As your circumstances or the financial market changes, the team here at My Pension Expert will review your plan and make adjustments where needed, ensuring your retirement remains sustainable and secure for the years ahead.
The Bottom Line
Can you retire early? The answer depends on your unique circumstances, but with proper planning, it can be achievable. The key is reviewing your pensions and savings, setting realistic goals, and seeking professional advice.At My Pension Expert, we've helped thousands of people answer this question. Whether you're dreaming of retiring at 55, 60, or even earlier, we'll work with you to create a retirement strategy that's practical, sustainable and tailored to you.Early retirement isn't just about leaving work; it's about making sure you have the financial freedom to enjoy the next chapter of your life. If you've ever asked yourself, "Can I retire early?" Now is the time to find out. With the right advice and planning, your dream retirement could be closer than you think

### Balancing Retirement Savings When One Partner Earns More
When planning for the future, every couple faces unique challenges. One of the most common is figuring out how to balance retirement savings when one partner earns more than the other. Different salaries often mean different contribution levels, and without a plan, this can lead to uneven retirement pots and potential financial stress in later life.Fortunately, there are strategies couples can use to ensure both partners enjoy financial security in retirement, no matter who brings home the bigger pay cheque.
Why Unequal Earnings Create Challenges
Couples rarely earn identical incomes. One partner may have a higher-paying career, while the other may work part-time, take time out for childcare, or even choose a less lucrative but fulfilling job.When one partner earns less, they may find it harder to make meaningful contributions to their retirement savings. Over decades, this imbalance can leave one with a large pension pot and the other with little to fall back on. If the higher-earner assumes their pension will cover both partners, there may still be risks, particularly if circumstances change through illness, separation, or bereavement.
Step One: View Retirement as a Shared Goal
The first step is to stop thinking of pensions as individual assets and instead view them as part of a shared retirement plan. Couples who openly discuss their financial goals are better equipped to make fair, long-term decisions.
This means setting joint targets like: what kind of lifestyle do you both want in retirement? Do you hope travel, downsize your home, or support children and grandchildren? There discussions create a clear picture of how much combined income you'll need and how to divide responsibility for building it.
Step Two: Maximise Employer Contributions
If the higher-earning partner has access to generous workplace pension contributions, it can make sense for them to prioritise that scheme. Employer contributions are effectively "free money" and can significantly boost total retirement savings.
However, it's also important not to neglect the lower-earner's pension. Even small contributions made regularly can grow over time, thanks to compound interest and tax relief. If the budget allows, the higher earner could also help fund additional contributions to their partner’s pension to maintain balance
Step Three: Take Advantage of Tax Relief
UK pension rules offer valuable benefits that can help balance savings between partners. For instance:
Personal Pensions - Even non-taxpayers can contribute up to £2,880 per year into a pension and still receive 20% tax relief, bringing the total to £3,600.
Salary Sacrifice Schemes – The higher earner may benefit from tax and National Insurance savings by contributing a larger portion of their salary to their pension.
By making the most of these allowances, couples can ensure that both partners' retirement savings grow efficiently, regardless of income differences.
Step Four: Don't Forget ISAs and Other Investments
While pensions are crucial, they're not the only way to build wealth for the future. ISAs, investment portfolios, and property can all play a role in equalising long-term financial security. Unlike pensions, ISAs allow tax-free withdrawals at any time, which can provide flexibility if one partner needs access to funds before retirement.By diversifying savings vehicles, couples reduce the risk of relying too heavily on one partner's pension. This makes overall retirement savings more resilient.
Step Five: Plan for Life Changes
Life is unpredictable. Redundancy, career changes, illness, or even divorce can significantly impact financial security. Couples with unequal earnings should plan for these possibilities by:
Reviewing pension contributions annually.
Keeping some savings accessible for emergencies.
Discussing how assets might be divided if circumstances change
Building flexibility into your plan ensures that both partners remain protected, even if life doesn't go as expected.
Step Six: Seek Professional Advice
Balancing pensions and retirement savings isn't always straightforward, especially when tax rules and allowances come into play. A regulated financial adviser can help couples:
Identify the most efficient savings strategy.
Ensure both partners are on track for their desired retirement lifestyle.
Provide peace of mind that no one is left behind financially.
Professional advice is particularly valuable for couples with a significant earnings gap, as the right strategy can make a major difference in long-term wealth.
Every couple's situation is unique, but one thing is certain: a comfortable retirement requires teamwork. When one partner earns more, it's easy for retirement savings to become unbalanced. By treating retirement as a shared goal, making use of tax benefits, diversifying savings, and reviewing progress regularly, couples can ensure both partners enjoy equal financial security.
Remember, the goal isn’t just to build wealth, it’s to create peace of mind — knowing that you’ll both have the means to enjoy the retirement you’ve worked so hard for.

### Do You Get Tax Relief on Employer Pension Contributions?
When planning for your later years, it's essential to understand how your pension contributions are treated by the tax system. One of the most frequently asked questions is, "Do you get tax relief on employer pension contributions?"
The short answer is yes, but the way it all works may be more complicated than you realise.
In this article, we'll discuss how employer pension contributions are taxed, what reliefs are available to you, and how this can benefit your long-term retirement planning.
Understanding Employer Pension Contributions
Before diving into the world of tax relief, it's important to clarify, what employer pension contributions are. These are payments made by your employer directly into your pension pot, separate from your own contributions.
In the UK, most workplace pensions are set up as either defined contributions (DC) or defined benefit (DB) schemes. In both cases, employer contributions play a vital role in building your retirement fund, and they come with generous tax advantages.
So, Do You Get Tax Relief on Employer Pension Contributions?
The key question, "Do you get tax relief on employer pension contributions?", is particularly relevant for employees seeking to maximise their retirement income.
Strictly speaking, you don't personally receive tax relief on contributionsfrom your employer, because these contributions are made prior to tax.However, they still provide a major tax benefit.
Employer contributions are not considered part of your taxable income. Thatmeans:
You don't pay Income Tax or National Insurance on them.
Your employer can deduct contributions from their corporation tax, making it advantageous for businesses to contribute generously.
So while the tax relief doesn't come directly to you in the same way as with personal contributions, you do benefit as the money goes into your pension tax-free.
How Do Employer Contributions Compare to Personal Pension Contributions?
When you pay into a personal pension or workplace pension yourself, the government provides tax relief in the form of a top-up. For example:
Basic-rate taxpayers receive 20% tax relief automatically.
Higher and additional-rate taxpayers can claim up to 40-45% via self-assessment.
When asking "Do you get tax relief on employer pension contributions? it's more accurate to say that the contributions themselves arealready tax-efficient rather than receiving separate relief.
Your employer's contributions are not taxed as income. So even though you don't 'claim' tax relief in the traditional sense, you benefitfrom receiving a boost to your pension that hasn't been overruled by tax or National Insurance.
Annual Allowance and Tax Limits
While employer contributions are tax-efficient, they are still subject to the Annual Allowance - the total amount that can be contributed to your pension each tax year without incurring a tax charge.
As of the 2025/26 tax year, the standard Annual Allowance is £60,000, although this may be lower if you earn a very high income (due to tapered Annual Allowance). This allowance includes:
Your own contributions
Your employer's contributions
Any third-party payments into your pension
So, while employer contributions are tax-efficient, if they push your total contributions above the Annual Allowance, you could face an Annual Allowance Charge.
This is another reason why understanding the question, "Do you get tax relief on employer pension contributions?", is important as tax implications can still arise if thresholds are exceeded.
What About Salary Sacrifice Arrangements?
Some employers will offer a salary sacrifice scheme, where you agree to reduce your salary in exchange for an equivalent employer pension contribution.
This arrangement provides additional tax benefits such as both you and your employer saving on National Insurance contributions and your reduced salary means that you will fall into a lower tax bracket or become eligible for certain benefits. Again, while you aren't receiving direct tax relief in your payslip, you're gaining a tax-efficient benefit through increased employer contributions.
So, to revisit the original question, “Do you get tax relief on employer pension contributions?”, the answer is nuanced.
While you don’t receive personal tax relief in the same way as you would on your own contributions, employer contributions are not subject to tax, and they don’t count as taxable income. That makes them an incredibly valuable and tax-efficient way to grow your pension. Understanding how employer contributions interact with tax rules can help you plan more effectively for retirement and ensure you’re making the most of every opportunity available.
Need Help Planning Your Pension?
At My Pension Expert, our independent financial advisers can guide you through your pension options and help you make the most of employer contributions and tax-efficient opportunities. Speak to us today and take a confident step towards a more secure retirement.

### Common Pension Mistakes and How To Avoid Them
Planning for retirement is one of the most crucial financial steps you'll ever take. Yet, many people falling into avoidable traps that could end up costing them thousands, or even jeopardise their future altogether. We'll explore common pension mistakes and how to avoid them, so you can build a more secure future, allowing you to move forward with confidence.
1. Not Starting Early Enough
One of the most common pension mistakes is simply waiting too long to begin saving. Naturally, the earlier you start, the more time your money has to grow via compound interest.
How to Avoid It:
Start contributing to your pension as early as possible - even small amounts add up over time. Use workplace, pensions, personal, or self-invested personal pensions to get started. If you're over 40 and feeling behind, it's never too late but it may require you to contribute larger amounts in order to catch up.
2. Underestimating How Much You'll Need
Many people assume that the State Pension will cover the majority of their retirement needs. In reality, it often falls far short of providing a comfortable, well-deserved lifestyle.
How to Avoid It:
Use a pension calculator to figure out a rough estimate of your future income needs. Factor in inflation, potential healthcare costs, and your desired retirement lifestyle. Then, review your current pension savings to see if you're on track. Our experts are on hand to help you so that you can live more securely.
3. Ignoring Employer Contributions
Another one of the most common pension mistakes is failing to take true advantage of employer contributions. Some employers offer contribution matches but only on the premise that you increase your own contributions.
How to Avoid It:
Check your employer's pension scheme and see if they'll match higher contributions. If you're not contributing enough to get the maximum match, you're leaving free money on the table.
4. Opting Out of Auto-Enrolment
Some employees opt out of auto-enrolment to increase their current take-home pay. While that might seem helpful in the short term, it's a costly mistake in the long run.
How to Avoid It:
Think carefully and weigh up your options before opting out. Auto-enrolment provides employer contributions and tax relief, boosting your pension savings significantly. If you're struggling financially, speak with an independent financial adviser before making any lasting decisions.
5. Failing to Review Your Pension Regularly
Your pension isn't one of those things you can set up and forget. Many people forget to check their pension performance, fund choices, or fees - one of the most frequent and avoidable pension mistakes.
If you are unsure how to assess any of these points below, our financial advisers can help ensure you're on the road to a secure retirement.
How to Avoid It
Review your pension at least once a year. Making sure to check:
Fund performance
Fees and Charges
Risk level
Retirement age settings
6. Losing Track of Old Pensions
With today's job market, many people change employers multiple times throughout their careers, resulting in older workplace pensions often being forgotten or lost.
How to Avoid It:
Keep an updated record of every pension scheme you've contributed to. You can then use the Government's Pension Tracing Service to find your lost pensions. Consolidating old pensions into one pot can also simplify management, but always compare fees and key benefits so you don't end up losing out.
7. Not Understanding Investment Risk
Another common pension mistake is choosing pension funds without fully understanding the risks associated. Some savers unknowingly enter and invest in either overly conservative or overly aggressive funds.
How to Avoid It:
Evaluate and assess your risk tolerance and investment goals. If you're decades off from retiring, you might afford more risks but as you approach retirement, shifting to a more stable set of investments could help protect your hard-earned savings.
8. Withdrawing Too Much, Too Soon
Thanks to our pension freedoms, over-55s can access their pension pots flexibly. But withdrawing too much early on is one of the most damaging pension mistakes as it can lead to high tax charges and reduce your long-term retirement income.
How to Avoid It:
Create a sustainable withdrawal strategy. Work with our experts to explore drawdowns, annuities and other tax-efficient ways to take income from your pension without premature withdrawals and draining your accounts.
9. Ignoring Tax Implications
Many people are unaware of the tax rules when it comes to pensions. Mistakes here can lead to unexpected tax bills, especially for high earners or those exceeding the Annual Allowance.
How to Avoid It:
Understand how tax relief, annual allowances, and pension withdrawals are taxed. Seek professional support and advice if your contributions are nearing the limit, or if you have complex finances.
10. Not Seeking Professional Advice
DIY pension planning is a highly risky business, especially if your circumstances are complicated. Avoiding professional support and guidance is a mistake that could lead you to poor investment choices or tax inefficiencies.
How to Avoid It:
Consult a regulated financial adviser, such as our team at My Pension Expert. We help individuals across the UK make informed, confident decisions about their pensions and retirement goals.
Avoiding these common pension mistakes can make a dramatic difference in your retirement income. From starting early to regularly reviewing your plans and breaking down your options, a few proactive steps today could lead to a much more secure future.
My Pension Expert is here to help you plan smarter and retire better.

### The Pension Protection Fund
Planning for retirement involves more than just saving money, it's also about ensuring those savings are protected. For many people with defined benefit pension schemes, there's a lingering question, what happens if the employer involved in the scheme can no longer pay out? That's where the Pension Protection Fund (PPF) comes in.
In this article, we explain what the Pension Protection Fund is, how it works and why it could be crucial to your retirement plans.
Understanding the Pension Protection Fund
The Pension Protection Fund (PPF) is a UK-based public corporation that was established in 2005 under the Pensions Act 2004. Its primary purpose is to compensate individuals of the defined benefit pension schemes when the employer can no longer meet its obligations. This could be due to a number of reasons, such as administration or financial difficulties.
A defined benefit scheme is a type of workplace pension that guarantees a fixed income for life when you enter retirement. The amount you receive is typically based on your final salary or career average and the years you've worked for the employer. The schemes are generous as they offer a predictable, stable income throughout your retirement years. However, they are costly, which explains why many employers have opted out in return for defined contribution schemes.
Because of their long-term promises, defined benefit schemes can pose a risk to members if the sponsoring employer fails. If a company goes under and can't meet its pension commitments, the Pension Protection Fund is a vital safety net for its members.
"Our purpose is to protect people's futures, providing security in retirement for our members and millions of people throughout the UK who belong to defined benefit (DB) pension schemes."The Pension Protection Fund (PPF)
How Does the Pension Protection Fund Work?
When a company that sponsors a defined benefit pension scheme becomes insolvent and can no longer support the pension, the Pension Protection Fund (PPF) may step in to protect the scheme’s members. But how exactly does the PPF manage to pay out compensation?
When does the money from?
A Levy on Pension Schemes - Every year, eligible defined benefit pension schemes in the UK pay a levy (type of annual fee).
Recoveries from Insolvent Employers - If an employer goes bust and owes money to the scheme, the Pension Protection Fund works to recover funds via legal and financial processes.
Investment Returns - The PPF manages billions in assets and invests them strategically to generate income.
Transferred Assets - When a pension scheme enters the PPF any money or investments it still holds are passed to the PPF and are managed as part of their portfolio.
What happens when a pension scheme enters the PPF?
Once a pension scheme is referred to the Pension Protection Fund, a detailed assessment process begins. The PPF checks whether the scheme has enough money to pay at least what the PPF would provide in compensation. If not, the scheme officially enters the PPF.
At which:
The Pension Protection Fund takes over responsibility for paying pensions to members
Members receive compensation in place of their original scheme benefits
In the majority of cases, receiving a percentage of their expected pension up to a cap
You will be continually informed and the transition will be as seamless as possible to reduce stress and maintain clarity throughout.
What Compensation Does the PPF Provide?
The compensation offered to you by the fund depends on your status at the time the scheme enters:
Retired members who are already receiving a pension will typically get 100% of their pension
Non-retired members typically receive 90%, subject to a cap
*It’s worth noting that while the PPF ensures a substantial portion of your pension is protected, it may not replicate the full benefits originally promised by your scheme.
Who is Eligible?
Not all pension schemes are eligible for the Pension Protection Fund. It only covers defined benefit schemes registered in the UK and not backed by a solvent employer. Defined contribution pensions, more common in modern workplace pension arrangements, are not covered by the PPF. Instead, these are typically protected by the Financial Services Compensation Scheme (FSCS).
Why the Pension Protection Fund Matters
With the shifting landscape of pensions and increasing employer insolvencies, the Pension Protection Fund plays a critical role in maintaining confidence in the UK's pension system. It provides peace of mind to millions of workers and retirees, knowing their pensions are safeguarded even in worst-case scenarios.
For those approaching retirement, understanding how the Pension Protection Fund works, and whether your scheme is covered, can form an essential part of your financial planning.
While no one likes to think about what might happen if their employer goes bust, being informed about the Pension Protection Fund can help you make better decisions for your retirement. Whether you're already receiving a defined benefit pension or still working and building one up, the PPF could be an essential backstop for your future income.
If you’re unsure about the security of your pension, or whether your scheme would be covered by the Pension Protection Fund, our team of independent financial advisers can help. At My Pension Expert, we’ll guide you through your options, explain how protections like the PPF work, and support you in building a clear plan for the future.
With the right advice, you can feel confident that your retirement income is protected – whatever happens.

### How to Increase Your Retirement Fund Without Breaking The Bank
Smart, sustainable strategies to boost your pension pot
When it comes to planning for retirement, many people worry that building a large enough pension pot to support a comfortable later life means making big sacrifices. But the good news is, you don't need a six-figure salary or to make drastic lifestyle changes in order to secure a 'better' retirement. The key lies in showing how to increase your retirement fund without breaking the bank.
Whether you're just getting started or nearing retirement, there are cost-effective strategies you can use today that will meaningfully affect your future income.
1. Start With Small, RegularContributions
You don't need to invest hundreds of pounds monthly to grow your pension pot. Even small, consistent contributions can add up significantly, especially thanks to compound interest and tax relief.
For example, if you contribute £50 per month to a private pension, the government will typically top it up with an extra £12.50 in basic-rate tax relief. That means you're investing £62.50 while only parting with £50.
If you're wondering how to increase your retirement fund without breaking the bank, this is one of the simplest ways to do so without putting pressure on your finances. It's a great place to start.
2. Make Use of Workplace Pensions
Many employees don't realise they could be overlooking valuable contributions from their employer. If you're part of a workplace pension scheme, your employer is legally obliged to contribute a minimum amount. However, some employers offer to match higher contributions up to a certain percentage.
By slightly increasing your own payments, you could unlock additional contributions from your employer at no significant extra cost. This employer match is one of the most efficient answers to increasing your retirement fund without breaking the bank.
3. Reallocate Smaller Savings
Take a closer look at your monthly spending. Could you cut back on unused subscriptions, switch utility providers, or reduce nonessential purchases? Redirecting even a portion of those savings into your pension can build your fund without dramatically impacting your lifestyle. Even something as simple as making your own coffee instead of buying it daily could save you £60+ a month, money that could be working harder in your pension pot.
Consider using budgeting apps to help you identify your spending patterns. Many tools automatically categorise your expenses and highlight areas where you can trim costs. Once you identify small savings, set up a standing order to move that money into your monthly pension, turning passive savings into active investments. This is another excellent, simple step in learning how to increase your retirement fund without breaking the bank.
4. Delay Accessing Your Retirement Fund
If possible, consider delaying when you start drawing from your pension. The longer your money stays invested, the more time it has to grow. Delaying retirement by even a year or two can significantly increase your overall pension income and reduce the risk of running out of money in your later years.
This strategy is highly effective for those seeking ways to increase their retirement fund without breaking the bank since it relies solely on time rather than money.
5. Consolidate Old Pensions
If you've worked in several jobs across your career, it's highly likely that you will have accumulated multiple smaller pension pots. Consolidating them into one scheme can simplify management, reduce fees, and help you keep better track of your investments. 
Be cautious, as some older pensions may offer valuable benefits like guaranteed annuity rates that you may lose. It's always best to speak with a regulated, independent financial adviser to make the right call.
Sometimes, consolidation offers access to better-performing funds or more flexible retirement options. A single, well-managed pension can be easier to optimise. It may give you more control over your investment strategy, both of which can be valuable when thinking about how to increase your retirement fund without breaking the bank.
6. Take Advantage of Government Resources
The government offers several free tools, like the State Pension forecast and pension calculators, to help you plan better. These tools can show you where you currently stand and how much you might need to save to meet your retirement goals. Understanding your full financial picture is an essential part of learning how to increase your retirement fund without breaking the bank.
Learning how to increase your retirement funding without breaking the bank isn't about making drastic changes. It's about being strategic, making minor, smart adjustments that can pay off significantly over time. Whether it's boosting contributions by a few pounds, maximising your employer benefits, or consolidating pension pots, there are plenty of ways to strengthen your retirement position without straining your finances.
At My Pension Expert, our independent financial advisers help you maximise your pension savings. Whether you're exploring small ways to boost your pension fund or considering bigger decisions like consolidation, we'll provide tailored guidance to suit your circumstances. Speak to us today and take a confident step towards building a retirement plan that helps you enjoy the future you deserve.

### The Most Commonly Asked Pension Questions
When it comes to retirement planning, it's natural to have questions. After all, your pension is likely to be one of the most important financial assets you'll rely on in later life.
At My Pension Expert, we speak to thousands of UK individuals each year who want to understand their retirement options better. So, what are people's most pressing concerns?
In this article, we'll explore the most commonly asked pension questions and provide clear, helpful answers to guide you through the retirement planning process.
1. When Can I Access My Pension?
One of the most asked pension questions is: When can I start drawing my pension?
The minimum age to access most private pensions in the UK is 55, rising to 57 in 2028. However, the State Pension age is separate and depends on your date of birth. It is currently 66 for most people and is set to rise further in future years. If you plan to retire early, you may need alternative income sources or consider a phased retirement strategy. Knowing your pension's specific rules is essential to avoid surprises when the time comes.
2. How Much Will I Get From My Pension?
This is one of the most asked pension questions your retirement standard. However, there's no one-size-fits-all answer, the amount you'll receive depends on several interrelated factors.
There are two main types of pensions in the UK:
Defined Contribution (DC) pensions: The amount you get depends on how much you (and your employer) have contributed, how the investments have performed, and how you choose to take the money (e.g. lump sum, drawdown, or annuity).
Defined Benefit (DB) pensions: These are typically workplace pensions that pay a guaranteed income based on your salary and years of service. They're often called 'final salary' or 'career average' pensions and tend to offer more predictability than defined contribution schemes.
Each type calculates your retirement income differently, so it's essential to understand and know which one you have or if you have a combination of both in some cases. To get a precise estimate of your future pension income, consider using the Government online pension calculator or requesting a pension statement from your provider.
3. Should I Take A Lump Sum?
Another one of the most commonly asked pension questions is how to best use one's pension pot, especially for those approaching retirement who are considering how to do so. The idea of taking a large lump sum of tax-free cash is appealing, but it's key to understand the implications before finalising your decision.
In most defined-contribution pensions, you are able to take up to 25% of your pension pot tax-free. This is known as the Pension Commencement Lump Sum (PCLS). The remaining 75% can be used to provide an income as a drawdown, anannuity, or a combination of both.
Why do people take a lump sum?
There are many reasons people choose to access their pension lump sum:
Paying off debts such as mortgages, loans or credit cards
Making a large purchase such as a new car, home improvements or a holiday
Helping family members with things like university fees or house deposits
Because this decision can have far-reaching consequences, many people benefit from professional advice. A regulated financial adviser can help you:
Assess whether a lump sum aligns with your retirement goals 
Understand the tax implications of different withdrawal strategies 
Explore alternatives, such as partial drawdown or flexible access 
Plan for sustainable income and long-term financial security 
Taking a lump sum is a hugely popular options and it can be incredibly useful, but it's not always the best move for everyone. It's important to balance immediate needs with your long-term requirements. That's why this remains one of the most asked pension questions and one of the most important ones to get right.
4. What's The Difference Between an Annuity and a Drawdown?
This is one of the most asked pension questions, as both options offer different retirement outcomes. An annuity provides a guaranteed income for life or a set period. You buy it with part or all of your pension pot and, in return, receive regular, predictable payments. It is ideal for those who want financial security without managing investments.
On the other hand, a drawdown allows you to keep your pension invested while withdrawing money when needed. It offers increased flexibility and growth potential but carries the risk of market losses and running out of cash if the withdrawals are too high. It suits those who want control and are comfortable with some level of risk.
Some retirees combine both options, using an annuity to cover essential bills and drawing down for extra spending. Since choosing the right choice can affect your income for decades, it's no surprise that this remains one of the most asked pension questions and a key reason many seek independent financial advice.
5. Will My Pension Be Taxed?
Yes, and this is another of the most asked pension questions. Generally, 25% of your pension pot can be taken as tax-free. The remaining 75% is taxed as income based on your personal tax band. If you withdraw large sums, you could push yourself into a higher tax bracket. It's essential to plan withdrawals carefully to avoid unnecessary tax.
You may also be entitled to your full personal allowance, which can reduce your tax liability further. Speaking with a financial advisor can help you withdraw funds in a tax-efficient way.
It's also worth noting that different pension access strategies can result in different tax outcomes. For instance, taking smaller, regular withdrawals rather than a large lump sum may help you stay within a lower tax band and preserve more of your pension pot. If you continue to work or receive other income, it's especially important to consider the timing and amount of your pension withdrawals.
In some cases, retirees unintentionally pay more tax than necessary simply because they haven't optimised the order or structure of their pension income. Tax planning is a key part of an effective retirement strategy. Our Experts are on hand to help you run through all your options so you can retire as seamlessly as possible.
6. What Happens to My Pension When I Die?
This is a key question about pensions, particularly for those considering legacy planning.
When it comes to passing on your pension, one of the most significant advantages of a drawdown pension is the flexibility and potential tax benefits it offers to your beneficiaries. Suppose you pass away while still having funds in your drawdown account. In that case, you can pass on your remaining pension pot to your loved one tax-efficiently, ensuring that your hard-earned savings will benefit your family even after you’re gone.
Another option available to your beneficiaries is converting the pension pot into an annuity. An annuity provides a regular income for the recipient, offering a steady stream of financial security for their retirement. This option can be particularly beneficial if your beneficiaries seek guaranteed income over the long term.
With a defined contribution pension, whatever funds remain in your pot can usually be passed on to a beneficiary. If you die before age 75, it's typically tax-free, after 75, it may be subject to Income Tax when your beneficiary withdraws it. Defined benefit pensions may offer a reduced ongoing income to a spouse or dependent. Ensuring you've nominated beneficiaries and reviewed your plan regularly is essential for passion on your pension effectively.
7. Should I Combine My Pensions?
Many people who've worked multiple jobs find they have several small pension pots, leading to this also being one of the most commonly asked pension questions. Combining pensions, also called pension consolidation, can simplify management, reduce fees, and make it easier to track your retirement savings.
However, some older pensions may come with valuable benefits such as guaranteed annuity rates, which you'd lose if transferred. It's essential to weigh convenience against potential loss of benefits and seek advice before making changes to ensure it's the right decision for your financial future.
8. Does My Pension Keep Up with Inflation?
Inflation is a real concern for retirees, and this question ranks high among the most asked pension questions.
Defined benefit pensions often include inflation protection, ensuring your income rises yearly. With defined contribution pensions, it depends on how you access your money. If you buy an inflation-linked annuity, your income will rise with the cost of living. If you choose a drawdown, you must manage withdrawals carefully to ensure your income keeps pace with inflation. Failing to plan for inflation can seriously chip away your spending power over time.
9. Can I Contribute to My Pension After Retirement?
Many individuals approaching retirement wonder if they can continue contributing to their pension pot once they start drawing from it. This is another of the most asked pension questions, as people often want to boost their retirement savings after they stop working.
The good news is that you can still contribute to your pension after retirement, provided you're under 75. However, some restrictions exist, such as needing relevant earnings, meaning you must earn income from employment or self-employment. The government also sets an annual contribution limit, typically £60,000 for the 2025/26 tax year for most people, but it can be lower if you've already accessed your pension pot.
Contributing to your pension can effectively increase your retirement income while benefiting from tax relief. But it's essential to review the rules and seek advice before making any contributions to ensure you make the best decision for your long-term financial plan.
10. How Do I Protect My Pension from Scams?
With pension scams becoming increasingly prevalent, it's no surprise that the most commonly asked pension questions often revolve around how to protect your savings from fraudsters. Scammers may allow you to access your pension early or invest it in high-risk schemes, frequently promising unrealistically high returns.
To protect your pension, always be cautious of unsolicited offers, especially those that seem too good to be true. Be wary of companies or individuals who encourage you to transfer your pension to a different scheme or offer early accessibility. If in doubt, always check the legitimacy of any pension advice or investment opportunity with a regulated financial advisor. Staying vigilant and seeking expert advice can help ensure your retirement pension remains safe and secure.

### Does My Private Pension Increase With Inflation?
When planning for retirement, one key question is "Does my private pension increase with inflation?" It's a valid concern as inflation can significantly reduce the spending power of your retirement income over time. A pension that seems adequate today may fall short in the years to come if it doesn't keep pace with the rising living costs.
With the average retirement lasting around 20-30 years, even slight annual inflation can threaten financial security. Understanding how your pension could be affected by inflation can help you make informed financial decisions and protect your lifestyle in retirement.
Understanding Inflation and Your Retirement Income
Inflation refers to the gradual increase in the price of goods and services over time. While 2-3% annual inflation may not seem like much at first glance, it can significantly reduce the purchasing power of your pension pot across a 20-30-year retirement. For example, something that costs you £1,000 today could cost over £1,800 in 25 years with just 2.5% annual inflation.
So, does your private pension increase with inflation to help you keep up with these rising costs?
Types of Private Pensions and Their Inflation Protection
Private pensions within the UK primarily fall into two main categories - defined benefit and defined contribution pensions. How each pension type responds to inflation varies:
Defined Benefit Pensions:
A defined benefit (DB) pension, or a final salary or career average pension, typically includes some form of inflation protection. These schemes promise a guaranteed income for life based on your salary and years of service. Most DB pensions increase annually, often in line with the Consumer Prices Index (CPI) or a similar inflation measure. However, there are usually caps, commonly around 2.5% to 5% on how much your pension income can rise per year. While this doesn't guarantee full inflation protection, it does offer a valuable buffer against the cost-of-living increases.
Defined Contribution Pensions:
With a defined contribution (DC) pension, your retirement income depends on the size of your pension pot and how you choose to withdraw it. This type of pension won't automatically increase with inflation. You do have a few options, however. If you're using flexible-access drawdown, you can increase your withdrawals over time, but this risks emptying your pot too quickly if you're not careful.
Alternatively, if you have chosen an annuity, you can opt for an inflation-linked annuity, which increases your payments in line with inflation.
Pros and Cons of Inflation-Linked Annuities
If you're wondering, "Does my private pension increase with inflation automatically?", and you hold a defined benefit contribution pension, the answer is no - unless you choose an inflation-linked annuity.
Inflation-linked annuities can provide peace of mind; however, they tend to start with a lower annual income. This means you'll need to consider whether you're willing to trade off a higher starting income for future protection against inflation.For example, a 65-year-old might receive £7,000 annually from a level annuity but only £5,500 from an inflation-linked one. Over time, the latter may catch up and eventually provide a higher payout, only if you live long enough
Can You Adjust a Private Pension Later?
One common question at My Pension Expert is whether it's possible to adjust your private pension strategy later in retirement. In some cases, yes. If you're in a drawdown, you retain the flexibility to adjust your income and investment approach. However, if you've bought an annuity, your income terms are typically fixed unless you've built in inflation protection from the outset.
Therefore, it's vital to seek independent, regulated financial advice before making irreversible decisions. A tailored strategy can help ensure your retirement income not only meets your needs today but also continues to support you well into the future.
How My Pension Expert Can Help
At My Pension Expert, we specialise in helping people approaching or in retirement make the most of their pension savings. If you're unsure whether your private pension increases with inflation, or how best to protect your income from the rising cost of living, we provide support and expert, tailored guidance suited to your circumstances and future goals.
Our team of regulated advisers can help you understand your options, including inflation-linked annuities, drawdown strategies, and investment planning tailored to inflationary environments.
So, does my private pension increase with inflation? The answer depends on the type of pension you have and the choices you make.
While some pensions, like defined benefit schemes, offer built-in inflation protection, others require proactive planning to ensure your income keeps pace with rising prices. Understanding your retirement and exploring inflation-proofing strategies is essential for long-term financial security. Speak to one of our experts at My Pension Expert to ensure your retirement income stays as resilient as possible in the face of inflation.

### State Pension vs Personal Pension
What's the Difference, and Why Does It Matter?
When planning for retirement, one of the most important decisions you'll make is securing a reliable income for your later years. For many people in the UK, this means understanding the balance between two key sources: the State Pension vs the Personal Pension. While the state pension provides a guaranteed income from the government, it's often not enough on its own to support a comfortable lifestyle.
That's where personal pensions come in, offering flexibility, tax benefits, and the opportunity to grow your retirement pot through regular contributions and investment returns. But how do these two types of pensions really compare? And how can you make the most of both to build a financially secure retirement?
What is a State Pension?
The UK State Pension is a regular payment from the government that you can claim once you reach State Pension age. You can find out your State Pension age by using the calculator on GOV.UK.
To qualify, you need at least 10 qualifying years of National Insurance contributions. To receive the full new State Pension (as of 2025), you need 35 qualifying years. The current full weekly amount is £230.25 per week.
The State Pension works by pooling National Insurance contributions paid by workers and employers into a central government fund. This money is then used to pay pensions to eligible retirees each week. While State Pension provides a basic income, it may not be enough to support a comfortable retirement, especially with the rising cost of living. This is where understanding the difference between State Pension vs Personal Pension becomes crucial.
What is a Personal Pension?
A personal pension is a retirement savings plan that you arrange yourself or through your employer. There are two main types:
Workplace pensions – Offered by employers, often with matched contributions.
Personal pensions – Set up by individuals, with options to choose your investment strategy.
Personal pensions work by regularly contributing money into a pension pot, which is then invested in assets such as stocks, bonds, or funds. Over time, these investments aim to grow, and at retirement, you can access your pot in a way that suits your financial needs.
One major advantage of a personal pension is that you're in control. You can decide how much to contribute, how it's invested, and when and how you access it. Contributions are also tax-efficient, often boosting your savings considerably. When comparing State Pension vs Personal Pension, the personal pension allows much more flexibility and control over your future retirement income.
Why Relying on the State Pension Alone May Not Be Enough
While the State Pension offers a valuable foundation, it's unlikely to support a lifestyle many consider comfortable. Research shows that the minimum retirement living standard is around £12,800 a year for a single person - already more than the full State Pension provides.
That's why a personal pension can be crucial. It gives you the flexibility to top up your retirement income and lets you make choices based on your goals. Whether that's travel, helping family, or simply peace of mind. When comparing a state pension to a personal pension, the personal pension offers far more flexibility, allowing you to live the retirement you envision.
Final Thoughts
An innovative retirement plan often involves combining both State and Personal pensions. By understanding your entitlements and starting to contribute early to a personal pension, you can build a more robust and personalised retirement income.
When it comes to the State pension vs the personal pension, it's not a question of one or the other; it's about how they can work together. The State Pension lays the groundwork, but a personal pension empowers you to shape a retirement you can be proud of.
At My Pension Expert, we help you make sense of your pension options. Whether you're approaching retirement or just getting started, our FCA-regulated advisers can review your current plans, discuss your goals, and help you build a pension strategy that suits your needs.
Ready to take control of your future? Speak to an adviser at My Pension Expert and take the next step towards financial freedom in retirement.

### How To Choose a Financial Adviser
Managing your finances is challenging, and selecting the right financial adviser can be one of your most important decisions. Whether planning for retirement, navigating complex tax issues, or simply wanting to secure your loved one's financial future, a knowledgeable and trusted adviser can make all the difference. But with so many options available, how do you choose the right one?
In this guide, we'll walk you through the key considerations for selecting a financial adviser and how My Pension Expert can assist you in finding the right expert for your unique financial goals.
1. Understand Your Financial Needs
The first step in choosing a financial adviser is understanding the type of advice and services you need. Are you looking for an expert to help you with retirement planning, tax strategy or how to make the most of your savings? Financial advisers specialise in different areas, so it's essential to understand exactly what kind of expertise you require.
Retirement PlanningIf you're nearing retirement or are already retired, you might need an adviser who specialises in pensions, retirement accounts and strategies to maximise your income in retirement.
Investment ManagementIf you are seeking someone to guide you in selecting and diversifying your portfolio, an adviser with a strong background in investment management might be the best fit.
Tax StrategyFor those looking to minimise tax burdens, a financial planner with expertise in this area could be invaluable. It’s also worth speaking to an accountant to ensure you're covering all angles, particularly if your financial situation is complex.
At My Pension Expert, we specialise in helping individuals understand and navigate pensions and retirement planning. Our expert advisers are skilled at creating tailored strategies to maximise your pension and retirement income, ensuring you're ready for the next stage of your financial life. Understanding how to choose a financial adviser who specialises in retirement and pensions is crucial to securing your financial future.
2. Check Their Qualifications
Once you've gathered a clear idea of what you need, it's time to check your potential adviser’s qualifications and credentials. Our advisers all hold key certifications such as:
DipFA – Diploma for Financial Advisers
The DipFA is a widely recognised qualification for financial advisers in the UK. It equips advisers with the essential knowledge and skills to advise on personal financial matters, including savings, investments, pensions, and financial protection products.
DipPFS – Diploma in Financial Planning
The DipPFS is another respected qualification for advisers, covering areas such as financial planning, pensions and retirement planning, investment analysis, and taxation.
Both DipFA and DipPFS are Level 4 qualifications that allow advisers to provide regulated financial advice. They are awarded by different professional bodies but are equally recognised across the industry. Importantly, both can also serve as a pathway to achieving Chartered status.
How These Qualifications Impact Clients:
Trust and ExpertiseBoth qualifications show that an adviser has met industry standards of knowledge and competence, giving you peace of mind when choosing who to work with.
Regulated AdviceAdvisers holding either qualification are authorised to give regulated financial advice in areas such as pensions and investments, helping you make informed decisions.
Ongoing Professional DevelopmentBoth require advisers to keep their knowledge up to date through continuous professional development, ensuring they stay aligned with industry changes and regulations.
Additionally, ensure that the adviser is registered with the relevant regulatory authorities, such as the Financial Conduct Authority (FCA) in the UK. You can also review their records online to see if they have any disciplinary history or complaints. At My Pension Expert, we ensure that all our advisers are fully qualified, regulated, and adhere to the highest ethical standards, so you can trust that you're in expert hands.
3. Evaluate The Fee Structure
Financial advisers charge for their services in various ways, and understanding how an adviser is compensated is crucial to ensure transparency and avoid potential conflicts. At My Pension Expert, we offer transparent and competitive fee structures. Our advisers work with you to develop a strategy tailored to your needs, with no hidden fees or commissions. Our focus is on your best interests - maximising your pension benefits and retirement planning, and fees are only ever applied once you’ve received and accepted our recommendations. We believe that understanding how to choose a financial adviser also means understanding their fee structure upfront.
To find out more about our fees and charges, visit our guide or speak to our friendly team today.
4. Consider Experience and Reputation
Experience matters when it comes to financial advice. A top adviser will better understand the market, economy, and economic strategies. It's also essential to research their reputation and records. You can do this by:
Reading ReviewsCheck online reviews or seek testimonials from current clients.
Initial MeetingsSet up a meeting prior to seeking advice to ask about experience, services and how they have helped others/what they can do for you in your situation.
ReferralsAsk family, friends, or colleagues for recommendations. Word of mouth can often lead you to the most reliable professionals.
My Pension Expert is proud of our excellent reputation in the industry, helping millions across the UK who trust us for expert pension and retirement advice. Our team is highly experienced, with years of helping clients navigate the complexities of financial and retirement planning.
5. Trust Your Instincts
Finally, trust your gut. You'll be sharing some of your most personal financial information with your adviser, so it's crucial that you feel most comfortable and confident in their abilities. Make sure it's not a pension scam, and during any initial meetings, ask yourself:
Do they listen to your needs and concerns?
Are they clear and transparent in their communication?
Do they offer personalised advice or just provide generic solutions?
My Pension Expert prioritises building long-term relationships based on trust and transparency. We take the time to understand your individual needs and circumstances, offering tailored advice that aligns with your personal and financial goals. Choosing a financial adviser who puts your interests first is essential for your financial peace of mind.
How My Pension Expert Can Help
Choosing the right financial adviser is a critical step in securing your financial future. By understanding your needs, evaluating qualifications, checking fees, researching their reputation, and trusting your instincts, you can make an informed decision on choosing a financial adviser.
The process can be overwhelming, but with My Pension Expert by your side, our team is here to help you make informed, confident choices about your financial future. We specialise in retirement and pension planning, ensuring you receive personalised advice and strategies that suit your needs. Our qualified, FCA-regulated advisers are here to guide you through every step of the process.
Get in touch with us today to schedule a no-obligation consultation and start your journey toward a secure financial future.

### Retirement Planning for Couples
Retirement planning can often feel like a challenge to be faced alone. But what happens when two people are planning a retirement together? Whether you're married, in a long-term partnership, or simply planning for a future with your significant other, retirement is a shared goal that deserves a tailored approach.
While individual pension pots and retirement plans are essential, understanding how to combine them is crucial, and how making joint decisions can significantly impact your future quality of life. That’s why couples' retirement planning requires more coordination and collaboration than individual planning.
At My Pension Expert, we understand that couples face unique challenges regarding retirement planning. In this article, we'll guide you through some of the key steps to ensure that both you and your partner have a secure and happy retirement.
The Importance of Open Communication
The foundation of any good retirement planning for couples starts with open, honest communication. Discussing pensions may not always seem like the most exciting topic, but it's crucial that both partners are on the same page. It’s important to talk about your individual expectations and long-term goals. 
Do you both want to retire at the same age? Are you planning to travel, downsize your home, or support children or grandchildren?
Start by sharing details about your pensions:
What type of pension each person has e.g. private or workplace pensions etc.
The value of your respective pension pots
Your retirement goals and expectations
Any debts such as outstanding loans or mortgages
Desired retirement age and lifestyle
A clear understanding of each other's financial situations will help set realistic expectations and highlight any areas that need attention. If one partner has a larger pension pot, or perhaps one person has a pension from a former employer that's been overlooked, you can address these gaps early on. 
By having these discussions upfront, you can avoid surprises later and ensure you're both on track to achieve your shared retirement goals. Even if your goals differ slightly, compromise and planning can help align your paths.
Evaluating Combined Retirement Savings
Once you've had an open discussion about your individuals savings and pensions, the next step is to evaluate your combined retirement savings. 
Understanding how your pensions will work together is critical in retirement planning for couples. 
It's key you both grasp how much each other has saved and how these savings will be accessed to provide clarity on what to expect moving forward.
If both partners have separate pension pots, the next step is determining how they will be drawn once you both retire. Some key thingsto consider include:
When each pension becomes available - The age at which each pension pot can be accessed might be different, which couldimpact your combined income
The potential for pension gaps - If one partner has a significantly larger pension pot, the other may need to adjust their savingsrates to fill in any gaps
Income needs - Getting to grips with how much you'll need saved in order to live comfortably in retirement will help guide your pension drawdown strategies. If you are unsure or require further advice on the right strategy for you and your partner, contact us today for a free, no-obligation consultation.
By laying out all your resources and seeing the bigger picture of your full combined pensions, you can ensure both partners are in the best financial position.
Maximising Pension Benefits
Pensions are often the cornerstone of financial security in retirement, and for many couples, they represent the most significant long-term asset. 
When it comes to retirement planning for couples, understanding how to maximise pension benefits is crucial. A coordinated approach can help ensure both partners enjoy a comfortable and sustainable income throughout retirement.
Here are some essential strategies that couples can use to optimise their pension outcomes:
Staggered Retirement - Not all couples retire at the same time, and that can actually be a strategic advantage. When retirement planning for couples, staggering retirement dates allows one partner to continue earning while the other begins to withdraw from their pension, reducing immediate financial pressure on the household and increasing eventual pension value.
Tax Efficiency - One of the significant benefits is the opportunity to optimise tax outcomes. Each individual has a personal allowance that can be used tax-free. By balancing them, you can avoid pushing one partner into a higher bracket and maximise the use of each allowance.
Pension Sharing - In cases of divorce or separation, retirement planning for couples becomes even more complex. Understanding how these orders affect future income is vital, particularly if one partner has been financially dependent on the other or has less pension savings due to career breaks. Professional advice is key to making informed decisions in these scenarios.
Managing Risk Profile as A Team
Managed risk is another important factor when planning retirement as a couple. Each person may have different risk tolerances when it comes to investing, and so organising these risk profiles is a key step for a secure and happy future.
One half of the partnership may prefer a more conservative approach, focusing on preserving and spreading costs, while the other may be comfortable with higher-risk investments for higher returns. It is subject to the individual, and knowing your collective risk tolerance can help you decide the best way to allocate your pension investments.
It's wise to seek independent financial advice if you struggle to navigate your plans and how to go about them.
Be Flexible
Effective retirement planning for couples requires adaptability. Life events, changing markets, or personal health issues can alter your retirement path.
Make time to review your plan regularly. Annual or biannual financial reviews allow couples to adjust spending, goals, and income strategies as needed.
Being flexible also means preparing for the unexpected, such as early retirement or changing family dynamics.
At My Pension Expert, our independent financial advisers understand the nuances of retirement planning for couples. 
We'll help you build a personalised plan that aligns with both partners' goals, assets, and needs, creating a life beyond work so that you can confidently enjoy your future.

### Types of Pensions in the UK
Planning for retirement can feel overwhelming. Jargon, strategies and pension types are everywhere and it can feel confusing where to even begin. There are so many options currently available and whether you are employed, self-employed, or thinking ahead, planning your financial future. Knowing how pensions work and which types may benefit you is important.
In this article, we break down the main types of pensions in the UK and explain how they work, who they are suitable for and how they can support your retirement dreams. In the UK, pensions are broadly categorised into three types: State Pension, Workplace Pensions, and Personal Pensions, each serving different purposes.
1. State Pensions
Among the types of pensions in the UK, you may well have heard of State Pension, particularly if you are nearing retirement age. Many are still unsure about what it really means for their future and how the Government provides income support to retirees.
The State Pension is a key source of regular, stable income for millions of individuals retiring across the UK. The amount you'll receive depends on your National Insurance (NI) contributions across your working life. The 'years' are built on your earnings, and credits can make an impact. These credits are accumulated in situations such as raising children or looking after loved ones. 
It's as simple as this - the more contributions, the closer you get to the full amount you can receive. The baseline is that you need a minimum of 10 years of NI contributions to receive anything; if you have less than 35 years, your pension is reduced in line with how many qualifying years you have accumulated.
Many are unsure how many years they have built up, but you can use the Government's online tools to check your eligibility. This is a crucial step in understanding your entitlement to pensions in the UK. When you reach the qualifying age, shortly before your birthday, you'll receive a letter from HMRC on how to start your claim.
Basic State Pension:
Need at least 30 qualifying years of NI contributions
Basic rate amount is fixed
As of 2025, the rate is £176.45 per week 
The rate you receive is dependent on your years
New State Pension:
If you have less than 35 years, the rate is reduced
Need at least 35 qualifying years of NI contributions
Rate is more flexible and can fluctuate due to inflation
As of 2025, the rate is £230.25 per week
2. Workplace Pensions
Another major category in the types of pensions in the UK is the Workplace Pension. Workplace pensions are pension schemes set up by employers, enabling their employees to build a savings pot for retirement. They are crucial in the UK's long-term retirement system. Since 2012, all UK employers are required by law to automatically enrol employees that meet the eligibility requirements:
You're 22+
You earn £10,000+ per year
You work in the UK
You can then choose to opt out if you wish. If you are not automatically enrolled, you can speak to your employer about pension contributions. Both you and your employer contribute a percentage, and the Government may top it up with tax relief, ensuring your savings grow efficiently. It is also possible to increase your own contributions if you wish. This system makes Workplace Pensions one of the most beneficial types of pensions in the UK for regular savers.
Since April 2019, the contributions stand at:
Employer minimum - 3% 
Employee - 5% (incl. tax relief)
Total minimum - 8%
Many questions are often raised when switching jobs, but don't worry; you won't lose your pension if you change jobs, and a new pot will be created. Down the line, you can use our service to consolidate your pots or easier management - be aware that you may lose some key benefits if you combine your pots. Seek financial advice and get guidance on how these decisions could impact your benefits.
There are two types of Workplace pensions:
A defined contribution pension plan - Where both you and your employer contribute and save for your future
A defined benefit scheme - Where your employer promises to pay you a set income once you retire
3. Personal Pensions
Another type of pension in the UK is the Personal Pension, which is becoming increasingly popular and is arranged by you. The total amount of pension income you receive when you hit retirement age depends on your contributions over the years.
Employers sometimes offer personal and workplace pensions; however, this isselective, and some may not provide these benefits. It is not a requirement for employers to pay into personal pensions.
Once you have chosen your provider, your money will be invested. There are a fewfactors which will impact your income:
Contribution amounts
Investment performance and duration - dependent on the market
How you choose to receive your income
It's crucial you carry out thorough research when selecting your pension provider as many offer different benefits, and they must be registered with the FCA (Financial Conduct Authority). This is to ensure your provider is safe and legal.
You have three options on how you wish to receive your retirement income when you reach pension age:
Take it as cash – Withdraw up to 25% tax-free; the rest is taxed as income.You can take the whole pot in one go (known as UFPLS) or withdraw smaller pots under the small pots rule. These options offer flexibility but may reduce your pot quickly and lead to higher tax charges. More on tax-free cash.
Use flexible-access drawdown – Take income as and when you need it. Your pension stays invested, offering potential growth. But your income isn’t guaranteed, and poor investment performance could reduce your pot over time. More on drawdown.
Arrange an annuity – Turn your pension into a guaranteed income. Choose either a lifetime annuity (pays income for life) or a fixed-term annuity (pays income for a set period). It's a secure option, but usually can't be changed once set up. More on annuities.
When it comes to pensions, you have multiple options, and it’s never too late to explore them. Getting ahead with your retirement planning offers confidence, security, and peace of mind for the future. Our FCA-regulated independent financial advisers are here to help assess your situation and create a pension strategy tailored to your goals.
There’s no one-size-fits-all answer. Each option has its own benefits and risks. That’s why it’s so important to base your decisions on your personal circumstances, not just what others are doing. Don’t worry if you’re unsure where to start. Many people feel the same.
Important: Pension options carry different risks. What's right for one person might not suit another. Always get regulated advice before making decisions. Speak to our experts to understand your best path forward and take the next step towards a retirement to be proud of.

### Personal Pension vs Workplace Pension
Personal vs Workplace Pension: What's the difference and which suits you best?
When planning for retirement, one of the key decisions you'll face is choosing the right type of pension, or understanding how different pensions work together. For many, the choice comes down to a personal versus a workplace pension. While both offer valuable ways to save for the future, they serve different roles and have distinct benefits.
At My Pension Expert, we're here to help you break down the differences between personal and workplace pensions and find the pension strategy that supports your ideal retirement lifestyle.
What is a Personal Pension?
A personal pension is one you set up and manage yourself, rather than through an employer. This option gives you far greater control over your pension savings, including where and how your money is invested.
One of the most popular forms is the Self-Invested Personal Pension (SIPP). It lets you choose from various investments, including shares, funds, and commercial property. This flexibility makes personal pensions ideal for self-employed individuals, freelancers, or anyone who wants to supplement their existing workplace scheme.
You receive tax relief on contributions, just like with a workplace pension. While workplace pensions usually include employer contributions as standard, a personal pension generally relies on your own payments and investment performance, although employers can contribute if agreed.
What is a Workplace Pension?
A workplace pension is arranged through your employer. If you're eligible, you're likely automatically enrolled into the scheme, and contributions are made from your salary. Better yet, your employer also contributes, a valuable advantage that boosts your savings over time.
There are two main types of workplace pension schemes:
Defined Contribution (DC):You and your employer contribute to your pension pot, which is then invested for your retirement income depending on investment performance.
Defined Benefit (DB):Less common today, these schemes offer a guaranteed income in retirement, based on your salary and yearsof service.
Workplace pensions are easy to set up (your employer does it for you), and contributions are automatically deducted from your pay. The downside? You often have limited control over the provider and investment choices.
Can You Have Both?
Yes, and for many people, a personal and workplace pension is the most effective way to build a substantial retirement income. Your workplace pension can serve as the foundation, providing consistent contributions from you and your employer. Meanwhile, a personal pension gives you the flexibility to invest more or tailor your strategy as your financial goals evolve.
For example, you might use a private pension to:
Boost contributions beyond workplace limits
Save during career gaps or self-employment
Gain greater control over your retirement investments
Access a more flexible income drawdown strategy later in life
Which is Right for You?
There's no universal answer. The best pension setup depends on your circumstances, goals, and career path. If you're employed and eligible, it's wise to take full advantage of your workplace scheme - especially the employer contributions. But that doesn't mean personal pensions should be overlooked.
If you're self-employed, a personal pension may be your only option. Or, if you've built up multiple pension pots from different employers, consolidating them into a single personal pension can help you take control and reduce fees.
How My Pension Expert Can Help
Understanding the differences between a personal pension vs a workplace pension is just the start. Our team at My Pension Expert is here to help you make sense of your current situation, review your options, and develop a pension strategy that supports your retirement goals.
We can help you:
Review and consolidate your pension pots, whether personal pension or workplace pension 
Understand your projected retirement income from both personal pensions and workplace pensions 
Explore flexible drawdown options for both pension types
Make the most of tax relief for both personal and workplace pensions
Personal and workplace pensions play essential roles in a well-rounded retirement plan. It's not always about choosing one over the other, but about understanding how they can work together to give you both security and flexibility.
Whether you’re employed, self-employed, or somewhere in between, understanding how both pension types can work together is key to a confident retirement.
Speak with our team today for personalised pension advice and a clearer path to the retirement you deserve.

### Do I Pay National Insurance After 66?
Understanding Your Obligations in Retirement
One of the many questions people ask as they approach retirement is: "Do I pay National Insurance after 66?" With retirement planning involving a range of financial considerations, from pensions to taxes, it's crucial to understand how your obligations change once you reach State Pension age.
The short answer is: In most cases, no, you don't pay National Insurance (NI) after you reach State Pension age. But like many things in personal finance, there are some important exceptions and considerations to keep in mind.
What is National Insurance?
National Insurance is a tax paid by workers and employers to fund essential public services like the NHS, unemployment benefits, and the State Pension itself. Your National Insurance record determines how much State Pension you're entitled to receive once you reach retirement age. There are different classes of National Insurance contributions (NICs), but most employees and self-employed individuals pay Class 1 or Class 2/4 during their working life.
What Happens at State Pension Age?
Once you reach State Pension age, currently 66 for both men and women in the UK, you typically stop paying National Insurance contributions, even if you continue to work. So, do you pay National Insurance after 66? The answer is usually no, but this applies to: 
Class 1 contributions – Paid by employees through PAYE
Class 2 and 4 contributions – Paid by self-employed workers via self-assessment
Note: the State Pension age is set to rise to 67 in 2028.
So if you're still earning a salary or running your own business after 66, you may still pay income tax, but you will no longer pay National Insurance on those earnings. This change can mean a small but meaningful increase in take-home pay for those choosing to remain in work past State Pension age.
What You Need to Do
If you're employed and turning 66, your employer will usually stop deducting NI automatically once your birthday is recorded with HMRC. However, it's also a good idea to:
Check your payslip to ensure NI deductions stop when expected
Contact HMRC if contributions continue after you've reached State Pension age
Claim back any overpayments
If you're self-employed, you should note your age on your next Self-Assessment tax return so that HMRC can adjust your NI liability accordingly.
Exceptions to be aware of
In general, you don't need to pay NI after reaching State Pension age, but there are a few niche scenarios where you might still pay National Insurance after 66:
If you're below State Pension age: Even if you've retired early, you still owe NI on income until you reach the qualifying age.
Voluntary contributions: Some people choose to continue paying Class 3 voluntary NI contributions to fill gaps in their record, particularly if they haven't yet built up 35 qualifying years required for the full State Pension.
Why This Matters for Retirement Planning
Understanding your NI status is more than just a technical detail, it can affect your overall retirement income. If you work after 66, the fact that you no longer pay National Insurance could improve your take-home pay. At the same time, checking your NI record before retirement is a smart move to ensure you're eligible for the full State Pension.
If you’re wondering, “Do I pay National Insurance after 66?”, understanding how the answer affects your personal finances is crucial. The extra money you save by not paying NI could go toward other aspects of your retirement planning, such as paying into a pension or covering living expenses.
At My Pension Expert, we help individuals approaching retirement make sense of their financial landscape, from NI and tax to choosing the right pension strategy. Whether you're considering working longer, accessing your pension early, or consolidating your retirement savings, our independent financial advisers guide you.
Final Thoughts
So, do you pay National Insurance after 66? For most, the answer is no, and that's good news for your retirement income. However, it's still important to be proactive. Review your NI record, speak to a financial adviser, and ensure you're getting the most out of your retirement years.
If you're unsure where you stand or want to explore ways to boost your retirement funds, get in touch with us today. We're here to help you make confident, informed decisions about your financial future.

### Pension Jargon Explained
Making Retirement Planning Simple
When it comes to pensions, the language can feel confusing and it's hard to know where to start. From 'defined contribution' to 'drawdown' and 'annuities', the world of retirement planning is packed with complex terms that often leave people scratching their heads.
But understanding your pension shouldn't require a dictionary. Whether you're nearing retirement or just starting to think about your future, getting to grips with the basics can help you make smarter, more confident decisions. This guide aims to break down pension jargon clearly, so you don't get lost in the details.
1. Defined Contribution vs Defined Benefit
Let's start with the two main types of pensions:
Defined Contribution pensions are based on how much you (and sometimes your employer) pay in, and how your investments perform. You build up a pot of money over time and decide how to use it when you retire.
Defined Benefit pensions, often known as final salary pensions, offer a guaranteed income for life. This income is usually based on your salary and how long you've worked for your employer.
In simple terms, Defined Contribution pensions are like a savings pot. Defined Benefit pensions are more like a lifelong salary in retirement. Understanding these key terms is part of the pension jargon explained process.
2. Tax-Free Lump Sum
One of the most commonly asked questions is "Can I take my money out of my pension tax-free?" The answer is yes, in most cases you can take up to 25% of your pension pot tax-free. The rest is taxed as income when you start withdrawing.
This is known as your Pension Commencement Lump Sum (PCLS). You can take it all at once or in smaller amounts. It's often used to pay off debts, make home improvements, or help family with big expenses. The concept of tax-free lump sum is an important piece of pension jargon explained, especially when considering how to access your funds.
3. Drawdown
Pension drawdown allows you to leave your pension pot invested and take money out when you need it. It gives flexibility, but you need to manage your withdrawals carefully - take too much too soon and you risk running out of funds later.
You'll still pay income tax on anything beyond the 25% tax-free portion. The term drawdown is central to understanding how to access your retirement savings in a flexible way, and that’s exactly why breaking down pension jargon is so valuable.
4. Annuity
An annuity is an insurance product that turns your savings into a guaranteed income for life (or for a fixed term). It's a way of ensuring you never run out of money, no matter how long you live.
There are different types, including:
Lifetime annuity - income for life
Fixed-term annuity - income for a set number of years
Enhanced annuity - offers higher income if you have a certain health or conditions
The variety of annuity options available can feel overwhelming but building knowledge on pension jargon can help you feel more confident and in control of your financial decisions.
5. State Pension
The State Pension is a regular payment from the government once you reach retirement age. You receive a letter from HMRC just before your qualifying birthday with a reference number and instructions on how to make your claim.
You usually need at least 10 years of National Insurance contributions to receive anything. To get a better rate, you'll need 35 years. As of 2025, the Basic State Pension is £176.45 per week and the New State Pension is £230.25 per week.
For more information, visit our guide on State Pension. This is one area of pension jargon explained that is essential for planning your retirement income.
6. Automatic Enrolment
This is a government initiative where employers must automatically enrol eligible workers into a workplace pension scheme. You and your employer both contribute, and it’s one of the easiest ways to start saving for retirement.
Understanding automatic enrolment is key to making the most of workplace pension schemes. It’s another piece of pension jargon that helps ensure you don't miss out on a valuable retirement saving opportunity.
Why This All Matters
Pensions are one of the most valuable assets many people will ever have, yet the jargon surrounding them can be off-putting. That’s why at My Pension Expert, we believe in cutting through the confusion.
Whether you’re wondering if drawdown or an annuity is right for you, or trying to understand your tax-free options, our advisors are here to explain everything clearly, with no complicated jargon or pressure.
Pension planning is about more than just the numbers; it’s about making informed decisions for a secure future. Our service ensures that you're never left in the dark regarding your retirement.
Need help making sense of your pension options? Speak to a friendly adviser today and get clear, jargon-free guidance.

### Finding Purpose in Retirement
For many, retirement is seen as the finish line after decades of hard work. But in reality, it's just the beginning of a brand-new chapter, one filled with potential, freedom and the opportunity to rediscover your purpose. Finding purpose in retirement is about more than filling your days; it’s about creating a life that brings meaning, joy, and fulfilment.
At My Pension Expert, we understand that retirement is about more than just finances. While securing your income is essential, equally important is finding purpose in retirement. Purpose doesn't retire just because you do.
Redefining Purpose After Work
During our working years, it's common for our sense of identity and purpose to be closely tied to our careers. Colleagues, daily routines, and professional goals give structure and meaning to our lives. So when that routine changes, many retirees find themselves wondering, "What now?" 
That question is exactly where the journey begins. Finding purpose in retirement is about tapping into the parts of yourself that may have taken a backseat during your working years. This transition can be unsettling at first, but it also opens the door to new passions, relationships, and experiences that may have once been pushed aside. Finding purpose in retirement offers a rare gift: time. Time to explore long-held interests, invest in your well-being, and reconnect with what truly matters.
Exploring New Avenues
Finding purpose in retirement doesn't always mean embarking on grand adventures or dramatic lifestyle changes. Sometimes, finding purpose in retirement is about smaller, everyday choices that bring fulfilment. Maybe you’ve always wanted to paint, write, or learn an instrument. Perhaps you’ve dreamed of travelling or starting a garden. Or maybe it’s about strengthening your family bonds and becoming more present in the lives of loved ones.
For others, finding purpose in retirement may come from learning new skills, or even starting a small business. The point is, there's no one-size-fits-all answer. What matters most is that your retirement lifestyle aligns with your personal values and goals.
The Role of Financial Freedom
Let’s be honest, finding purpose in retirement becomes a lot easier when you’re not worried about money. True freedom to pursue your passions starts with financial confidence. When your pension and retirement income are structured to meet your needs, it's much easier to shift your focus from worry to enjoyment.
That's where we come in. At My Pension Expert, we're here to help you make informed decisions about your pension options so that you can retire with clarity and peace of mind. Because when your finances are secure, it's easier to say "yes" to the opportunities that bring you joy and purpose. In short, financial stability plays a key role in finding purpose in retirement.
Because at the end of the day, finding purpose in retirement is about living freely, knowing your finances are working for you, not against you.
Building a Lifestyle That Reflects You
Retirement isn't a one-off event, it's a lifestyle. One that can be just as dynamic and inspiring as any other stage of life. Whether it's nurturing relationships, focusing on health and wellbeing, or leaving a legacy that matters, finding purpose in retirement can, and should, evolve with you.
It's never too late to discover what makes you happy and with the right guidance, planning, and mindset, retirement can be a deeply rewarding chapter filled with meaning. If you're ready to take the next step towards building a purposeful retirement, our team at My Pension Expert is here to help. Whether it’s day one of retirement or year ten, it’s never too late to redefine what fulfilment means to you, with a future one you're excited to live.
So, are you ready to begin finding purpose in retirement? We can work together to make this the most inspiring chapter yet.
Ready to shape a retirement filled with purpose and peace of mind? Speak to a retirement expert today.

### Do I Get Taxed On My Pension?
If you're approaching retirement, you might be asking, "Do I get taxed on my pension?" It's a crucial question and the answer could significantly affect your income. Understanding the tax rules around pensions can help you make better decisions about your finances.
Whilst pensions are designed to be a tax-efficient way to save for later life, that doesn't mean all your pension income is tax-free. The way you access your pension can impact how much you pay, and some key decisions like when and how you take a tax-free lump sum can make a big difference.
This guide explains everything you need to know, including how much of your pension you can access tax-free, what counts as taxable income and how to make smart, informed decisions to minimise your tax bill.
What is a Pension Tax-Free Lump Sum?
When accessing a defined contribution pension, most are entitled to take up to 25% of their pension pot as a tax-free lump sum. This is sometimes referred to as the Pension Commencement Lump Sum (PCLS). For many, this is one of the most attractive benefits of pensions savings.
For example, with a pension pot of £200,000, you could withdraw £50,000 tax-free, either in one go or spread across multiple withdrawals, depending on your circumstances. The remaining 75% of your pot is still accessible, but it will be taxed as income under standard UK tax rules.
If you’re wondering “Do I get taxed on my pension?” – the answer is yes, for the portion of your pension that exceeds the 25% tax-free lump sum.
Is Pension Income Taxable?
After taxing your 25% tax-free amount, the rest of your pension is considered taxable income. This means it's added to your total income for the year and taxed according to the applicable tax bands.
If you have other sources of income, such as the State Pension, part-time work, or rental income, these will be added to your pension withdrawals to calculate your total tax liability.
Here are the current income tax thresholds:
BandTaxable IncomeTax RatePersonal AllowanceUp to £12,5700%Basic Rate£12,571 to £50,27020%Higher Rate£50,271 to £125,14040%Additional RateOver £125,14045%
If you withdraw large amounts from your pension in a single year, this could push you into a higher tax band, meaning more of your income could be taxed at a higher rate.
For example, let's say you have an £120,000 pension pot:
You take £30,000 tax-free
You withdraw £20,000 in taxable income
You also receive a State Pension worth £11,500
Your total taxable income for the year is £31,500. After your £12,570 personal allowance, you'll be taxed at 20% on the remaining £18,930, which results in £3,786 in tax.
So, do you get taxed on your pension? Yes. If you withdraw more than your tax-free lump sum, the rest is taxable and contributes to your overall income for the year.
Taking this in one go can feel like a hit, but by spreading your withdrawals over several years, you may stay within lower tax bands and reduce your liability. Many assume they won't owe much tax in later years, but taking larger lump sums could trigger you to pay more tax than necessary or reduce any means-tested benefits. Our expert team can help you plan your withdrawals to stay in control throughout your retirement.
Tips to Reduce Pension Tax
You can't completely avoid tax, but with careful planning, you can manage it more efficiently by:
Taking your 25% tax-free lump sum wisely - consider phasing it to support income or one-off needs
Using ISAs to draw additional tax-free income
Structuring pension withdrawals to stay in lower tax brackets
Considering how your State Pension and other income sources affect your total tax position
Working with an FCA-Regulated independent financial adviser
If you’re asking “Do I get taxed on my pension?”, the key is understanding your allowances, being aware of how much you’re withdrawing, and considering the timing of your income.
Understanding how pensions are taxed can help you keep more of your hard-earned money in retirement. The key is to know your allowances, be aware of how much you're withdrawing and considering the timing of your income.
At My Pension Expert, we help people make smarter decisions with their pensions every day. From understanding how much you can take tax-free, to building a long-term, tax-efficient retirement plan, we're here to guide and support you every step of the way.
Want to understand how to make the most of your pension income? Speak to an expert today and start planning a tax-efficient retirement.

### Why the New Pensions Commission Must Focus on Clarity and Fairness for Consumers
The relaunch of the Pensions Commission marks an important moment for retirement policy in the UK. It’s a rare chance to step back, take stock of the progress made, and design long-term improvements to help more people retire with confidence and financial security.
There’s already much to build on. The Pension Commission’s previous success of introducing auto-enrolment has enabled millions to effortlessly save for retirement. And the results of this achievement should not be underestimated.
Now, the newly announced Commission will examine how to strengthen the UK’s retirement system, including reviewing contribution adequacy and long-term sustainability. Yet, as we look ahead, it’s clear that simply raising contribution levels alone won’t be enough to improve outcomes for savers.
The complex and changing landscape of pensions
To truly move the dial, reform must be accompanied by support that helps people understand their options, take action with confidence, and feel in control of their financial futures. That means creating a system that is not only robust in policy terms but also rooted in accessibility, transparency, and trust.
Today, many savers are either trying to navigate a complex system, or pushing pensions in to the back of their mind, with limited understanding of what their pension can realistically deliver. That’s why clear, accessible communication must sit at the heart of any new proposals. Guidance and financial education should be integrated at every stage, not just when you approach retirement.
Take, for instance, the ongoing discussions around the State Pension age. Raising it further may make sense on paper, but the human impact must be carefully considered. Not everyone can simply work for longer, and many people, particularly those on lower incomes, rely more heavily on the State Pension for financial security. Without the right support, reforms risk disproportionately affecting those already struggling to save enough.
That’s why access to personalised, affordable financial advice must be a core part of any long-term pension reform. If the Government expects individuals to take greater responsibility for their retirement income, it must give them the tools to do so.
The importance of communication and engagement
We see a similar issue around pension tax relief. It is an incredibly generous policy yet successive governments have toyed with changes for some time. However, any tweak to the existing policy could add complexity without delivering real benefit. Instead of tinkering at the edges, the focus should be on sustainable changes that will benefit all savers. This means clear, timely communication and accessible support. In doing so, policymakers can empower people to make informed decisions and achieve financial certainty later in life.
This is where regulated financial advice must be repositioned from a last resort to an enabler. Advice should be seen as a tool to empower savers to plan long-term, adapt to policy changes, and make their money work harder for them. Right now, under one in ten people seek pensions advice, telling us that not enough people are engaging with their pension1. That statistic must change urgently.
Without intervention, this lack of engagement will continue to undermine even the most well-intentioned reforms. Improving access to financial education and advice must be seen as a pillar of reform, not a footnote.
An opportunity for positive change
Encouragingly, recent legislative moves, such as the new Pension Schemes Bill, signal a growing commitment to long-term reform. If aligned with the Commission’s wider ambitions, these changes could improve adequacy, enhance transparency, and rebuild trust among savers. That trust is essential, particularly as individuals are asked to shoulder more responsibility for their retirement outcomes.
The Pensions Commission now has an opportunity to deliver real and lasting change. But to do so, it must build a system that works for savers, not against them. Ultimately, the Government’s ambition to “put more money in people’s pockets” will only be realised if reforms are bold, coordinated, and protect savers. That means focusing on adequacy and inclusion, empowering people to make informed decisions, and ensuring no one is left behind.
While we wait
For anyone unsure about their own retirement options, speaking with a regulated adviser such as our team at My Pension Expert can be a valuable first step toward greater clarity and control. Advice could be a great opportunity not to just give your pension a boost, but to act as a gateway to better understanding through simplified language. You could get the reassurance that your pension is working hard for you- even if it, admittedly, has been pushed in to the background before, it’s never too late.
A recent FCA survey found that only 8.6% of people received financial advice on investments, pensions or retirement planning in the previous 12 months. 
As we await changes and the outcome of the Pension Commision’s review, in 2027, this could be a great opportunity to get ahead and take control of your financial future.

### The past, present and future of auto-enrolment
In the past week, it’s been near impossible to escape pension news – and we’re not just talking about our One Million More Campaign!
In fact, pensions have been hitting the political headlines, most notably when it comes to potential changes to auto-enrolment.
The majority of us have likely heard the term auto-enrolment before, be it at work, on the news or discussing it with friends. But sometimes it can be hard to nail down what it actually is and how it impacts you.
Luckily, your friends at My Pension Expert are here to help!
What is auto-enrolment?
Auto-enrolment is a UK government initiative that was introduced in 2012 to help more people save for retirement. Before it was launched, many workers didn’t have a pension outside of the State Pension, often because they hadn’t signed up for one themselves.
To solve this, auto-enrolment makes it a legal requirement for employers to automatically enrol eligible employees into a workplace pension scheme.
This means if you're over 22, earn above a certain amount, and work in the UK, you’re likely to be enrolled in a pension by your employer – without having to ask.
Under auto-enrolment, a minimum of 8% of your earnings (between £6,240 and £50,270 a year) must go into your pension.
This is usually made up of 5% from you (which includes tax relief from the government) and 3% from your employer. This money is put aside automatically each payday to help you build up savings for retirement.
The goal is to make saving for retirement easier and more accessible, so more people have money set aside for their future. The question is, has it succeeded?
Did it work?
Since the introduction of auto-enrolment 13 years ago, the percentage of eligible people saving for their retirement via the scheme has increased from 55% in 2012 to 88% in 2025.
These figures speak to the success of automatic enrolment and how the scheme’s ability to get more people saving has improved the prospect of retirement for millions across the country.A large reason for this is the fact that auto-enrolment has made saving so much easier than it used to be. 
So, people have been able to budget in ways that already had pension contributions automatically factored in- one less box that needed to be ticked.The simplicity of auto-enrolment becomes particularly important for younger people where retirement seems a long way away. 
Because getting on the career ladder and earning money can be understandably exciting where immediate desires can take priority; refreshing your wardrobe, the newest phone or a quick holiday- we all know the feeling.That said, auto-enrolment has not solved all pension-related problems. Whilst saving is now easier, many employees consider pensions to be automatically taken care of. 
Retirement planning isn’t just about saving. It’s regularly checking in on funds and making informed decisions with your money to set you up for a financially comfortable future.The passive saving of auto-enrolment runs the risk of people not really checking in with their finances or assessing how much more they need to save to achieve a financially secure retirement.
The future of auto-enrolment
The good news? The government is seeking to solve these issues. Recent headlines provide some optimism, including the government’s revival of the Pensions Commission and upcoming pension reforms.
There is an expectation that the commission will review the minimum pension contribution levels. While the report isn’t expected until 2027, if this was the case, it could mean that employees could start to contribute more. 
But this is no cause for concern; it’s important to remember that an increase in minimum contributions could be beneficial in the long run.That said, there’s action you can take now to make sure you’re on top of your workplace pension.  Taking the time to understand your pension can help you to understand where you are on your savings journey, and whether you need to take action.
What you can do
Taking a look at your pension- whether you receive regular written updates from your provider, or you use the government’s pension tracing service to track them down- could be a simple first step on a trajectory towards achieving those retirement goals.
And remember, if you’re not sure, you can always speak to an expert, like a helpful member of the team at My Pension Expert. 
The team can help you understand how much you currently have saved, your future goals, and the steps you can take to achieve them with a personalised recommendation. 
They’ll give you the peace of mind that you can remain on-track.
Auto-enrolment has undoubtedly been a game-changer when it comes to pension saving. However, it’s important to not to be too passive with these savings. 
Taking that step to understanding your workplace pension could be just what you need to transform your future finances and shape the retirement that you want.As more details about the future of auto-enrolment come out, My Pension Expert will be here to help you navigate and understand what any changes may mean for you.
Take control of your retirement today.
Auto-enrolment is a great start - but it’s just that, a start. Speak to a friendly expert at My Pension Expert to understand your pension savings, plan for the future, and make sure you’re on track for the retirement you deserve. Find out more about how we can help.

### Shaping Your Retirement Around Your Personal Objectives
Retirement means different things to different people. For some, it’s about spending more time with family or pursuing long-neglected hobbies. For others, it might mean volunteering, starting a new venture or even travelling around the world. Whatever your vision, the key to making it a reality lies in understanding your retirement objectives.
What Are Retirement Objectives and Why Do They Matter?
Retirement objectives are the personal goals and milestones you want to achieve once you stop working. These could include:
Maintaining your current lifestyle
Travelling more frequently
Downsizing your home
Supporting family members
Pursuing new hobbies or education
By identifying these goals early, you can build a financial strategy that supports them. It’s not just about how much you need to save it’s about how to make your money work in a way that aligns with your aspirations.
Making Objectives Part of Your Retirement Plan
Once you’ve clarified your goals, the next step is to understand how to reach them. This might involve:
Creating a savings plan tailored to your needs:
You could assess your income and essential outgoings to see where you could make savings. No matter how big or small these may be, saving for the future now could create a nice safety net, or even a contribution to one of your retirement goals. retirement goal.
Exploring different income options in retirement: 
Whether you are drawn to the predictability and routine of an annuity or the flexibility of a flexible access drawdown, it’s important to do some research and get to know your options. Remember, not one option works the same for everyone. It’s important that you seek financial advice before making a final decision.
You don’t have to figure it all out on your own. For example, support is always available in the form of an independent financial adviser, like the team at My Pension Expert. Our team of advisers work with you to understand your goals and how you want your retirement to look. Then, together, you can develop a plan that feels right for you. This way, you can make your pension work for you and setting you on track for the retirement you want.
Bringing It All Together
Understanding your retirement objectives is the first step towards building a future that’s truly your own. By identifying what matters most to you, you can create a plan that supports your goals, both big and small.
At My Pension Expert, we believe retirement should be about living life on your own terms. If you’re ready to start exploring your options and shaping your future around your personal objectives, we’re here to help you learn more about how to get started.

### Money Talks: Starting the Conversation That Matters
As Brits, one of the hardest, and perhaps most sensitive, topics for us talk about is probably our finances.In fact, research discovered that 34% of people say they rarely or never talk about financial matters. Some argued that discussions about finances aren’t “necessary at this time” suggesting a level of discomfort at broaching the topic. Meanwhile, others simply didn’t know how to start these conversations. But starting these discussions can really help both you and those around you in the long run. After all, 47% of people who do talk with their children about finances believe it enhances their understanding of the importance of saving and investing which can set them up for a future of financial confidence.At My Pension Expert, we’re passionate about helping people to kickstart conversations about financial planning – particularly when it comes to retirement planning. And the sooner we start breaking the taboo around talking about financial topics, the sooner we can start progressing to the financial future we want.So, it’s time to get Britain talking about their finances.
Start talking early
Now, they may not have the responsibility of a mortgage and can reap the benefits of a holiday without burning a hole in their pocket, but parents and grandparents speaking to their kids and grandkids about finances could be the most impactful way to break such an upheld taboo.Talking to them openly about topics such as budgeting their pocket money, making small savings, or even debt, could be all you need to plant a seed for better financial wellbeing.Nurturing a confident, calm and non-judgemental approach to finances sooner could mean that future generations can carry this forward and break the cycle of financial silence. And in doing so, they will be able to better plan for their financial futures.
Get the conversation started
Even if you weren’t actively encouraged to discuss money when you were younger, there is no reason why you can’t take steps to break the cycle of silence now. Having a chat with a friend or family member over coffee might not sound like much, but it can make a huge difference to your financial understanding.
For some, this may feel daunting – particularly if you’ve always kept your financial cards close to your chest. Luckily, we’ve got some tips to help you feel comfortable starting off that initial conversation:
Set up a safe space:If possible, a private space with little-to-no disturbances where everyone can feel relaxed is ideal. It could be as simple as a chat on the sofa with a cup of tea, or even in the garden- this way you might get to soak up some nice weather, too!
Talk about a financial goal: Whether you are saving up for a holiday, or even a new garden shed, sharing a small goal could be a great icebreaker to talking about your finances.
Feeling comfortable is key: Active listening without interruption, compassion and engagement could be some great tricks to a productive conversation. This way you are offering a safe, non-judgemental space where both you and your trusted person can feel comfortable.
Drawing the conversation to a close: It’s important to know your boundaries, or when to move the conversation forwards. Perhaps you are saving for a holiday- you could talk about the food or the culture. Focussing on non-financial aspects can be a smooth gateway to a new topic.
Speak to an adviser
While speaking to family and friends can be a fantastic first step to your journey, it’s also important to speak to a regulated adviser. When seeking tailored advice, you can be reassured that you are at the heart of the journey.Speaking with an independent financial adviser allows you to frame your financial position. You can think clearly about your current circumstances, where you want to be in the future and develop your financial objectives. This is a great starting point for a plan of action moving forward.Having discussions with a regulated adviser means that you have all the information you need to make an informed decision about your future, without hindering your current circumstances.
Break the taboo
Talking about finances can be difficult, but this doesn’t have to be the case.Whether it’s with the up-and-coming generations, a trusted friend or relative, or even an adviser, talking about finances is important for our wellbeing and productively planning what comes next.Now is the time for Britain to break the taboo and encourage one another to be open to talking about our finances. This way we can kickstart change and put finance into the spotlight so everybody can grow, together.
Ready to take the first step toward financial confidence?Start the conversation today - whether it’s with a loved one or a regulated adviser. At My Pension Expert, we’re here to help you navigate those first steps and build a future you can feel confident in.

### Family dynamics are changing. How does this affect how we prepare for retirement?
Over the past decade, there has been a significant shift in society’s idea of what ‘family’ has meant. One of the deciding factors in this shift has been people’s approach to having children. Research from the Office for National Statistics found that the average age of a first-time mother in the 2020s was 35; to compare, the average age of first-time mothers in the 1970s was just 26. And this age is projected to rise over the next decade.
So, what impact does this have for 50-year-olds today?My Pension Expert’s research analysis supports the ONS data, uncovering that 45–59-year-olds – also known as ‘midlifers’ - are having less children today than the previous generation (1.99 Gen X vs 2.17 Baby Boomer). And those who are having children, are having them later in life, with 32% of midlifers having a child under the age of 16. This compares to less than a quarter (<25%) of the Baby Boomer generation who had a child under 16, during their midlife years.Our research suggests that, while the number of people having children falls, people who are having children are choosing, more than ever, to have them later in life.As we look deeper, we highlight what this means for people’s finances, especially for those aged 50 and over.
Is the delay costing Gen X?
Everyday spending seems to continue to rise, and the dependence of children creates further financial pressures, especially for midlife parents who have retirement in sight.Today, Gen X parents are spending four times the amount of their income on their children when compared to Baby Boomer spending. In fact now, over one in five (22%) households are spending above 30% of their expenditure on their children, compared to just one in 25 (4%) of Baby Boomer households.And despite the additional financial commitment, Gen X must still secure their own financial futures.Parents also often set additional financial expectations for themselves when raising their child. Whether it’s supporting your child learning to drive, helping them through university or perhaps contributing to a deposit on their first house, a lot of these milestones present additional financial commitments.So, it can be easy to get caught up in the world of parenthood and not plan your retirement for what comes next, both for you and your child.But that’s where My Pension Expert’s ‘One Million More’ campaign can play a role.
Join the One Million More
The ‘One Million More’ campaign aims to help one million more Britons to seek advice by 2030.
Why does this matter? Because so many adults, including Gen X parents, could benefit from that additional boost of support to help them save for the future, in a way that suits them.Whilst the foundation of the campaign seeks to make people aware of how they can make informed decisions to help their money work as hard as possible, it also highlights how speaking to adviser can give you peace of mind and plan for the future with confidence.This means that all midlife parents can benefit from the work of the campaign and from seeking advice. Advice could be the tool you need to make sure your pension doesn’t fall by the wayside while parenthood takes the lead.

### Helping Your Parents Plan for Retirement
Whether it’s your parents, stepparents or other older loved ones, helping someone plan for retirement is one of the most meaningful ways to support their long-term confidence and security.
It’s not always an easy conversation to start. Money can feel personal and sometimes even off-limits. But with more people entering later life unsure how far their savings will stretch, opening the door to a simple, supportive conversation can make all the difference.
With just a few practical tools and a little encouragement, you can help someone you care about feel more prepared, more in control and better equipped for the years ahead.
Why this matters now
We’re living longer, fuller lives than ever. But that also means our retirement savings have to stretch further. According to the Pensions and Lifetime Savings Association, a comfortable retirement for a couple now costs around £60,600 per year. Yet many older savers fall short, especially those who’ve had career breaks, caring responsibilities or limited access to workplace pensions.
At the same time, nearly 1 in 4 UK adults have low financial resilience, meaning they could struggle to absorb financial shocks or support unexpected costs. Figures like these can feel overwhelming. But they also highlight just how valuable small, practical steps can be, especially when taken with a little guidance and support from family.
So, where can you start?
Five ways to help your parents feel retirement-ready
1. Start with a simple conversation
You don’t need to launch into a full financial review. Sometimes all it takes is a quick question over a cup of tea “Have you looked at your pension forecast recently?” or “Do you feel confident about what you’ve got in place?” The goal isn’t to solve everything, just to open up space for the conversation.
2. Help them track down old pensions
Many people in their 50s or 60s have worked for several employers, which means pension pots can be scattered across different providers. The government’s Pension Tracing Service is free and easy to use, helping people find and reconnect with forgotten savings.
3. Check their State Pension forecast
The State Pension forecast tool is another quick and valuable resource. It shows how much someone is likely to receive and when payments will begin. If there are gaps in their record, an independent financial adviser, like the team at My Pension Expert, can help them understand whether voluntary contributions are worth considering.
4. Explore options together
Just like shopping around for energy providers or insurance deals, reviewing pension arrangements can reveal better options. From looking at drawdown strategies to consolidating old pots, there are many ways to make existing savings go further.
Even small changes can benefit from compound growth, where returns are reinvested and continue to build over time. It’s a bit like planting a tree: the earlier you start, the more it grows. But even planting later still brings shade.
5. Encourage them to speak to an adviser
When it comes to exploring your options, whether accessing your pension pots or making up for any missed contributions, a short conversation with a financial adviser is vital. Speaking to an adviser can help to simplify a world full of confusing language, clarify the bigger picture, and have your family members' best interests at heart as they move towards retirement. It doesn’t have to be complex; even 15 minutes can make a meaningful difference.
And it’s never too late to start! So, always remember to support yourself towards retirement too!
Support that lasts a lifetime
Helping someone plan for retirement isn’t about stepping in or taking over. It’s about offering support at a time when guidance can go a long way.
Whether it’s pointing them to a government tool, helping to track down any forgotten old pensions, or simply encouraging them to get advice, small actions can bring reassurance and results.
If you’ve been thinking about having that conversation, there’s no need to wait. A small step today could help someone you care about feel more secure in the years to come.

### Megafunds, consolidation, and investment. What do UK pension reforms mean for you?
With all recent talk about the government’s pension reforms and new terms like ‘megafunds’ flying around, it’s easy to feel overwhelmed. Let’s cut through the jargon and look at what it all means for you.Recently, the government announced some notable pension reforms, which are set to be introduced through the Pension Schemes Bill. Some of the reforms concern multi-employer defined contribution (DC) pension schemes, most commonly offered via the workplace. Therefore, this news is important for a good part of the population.So, what does it all mean?
The megafund model
A megafund is a pension scheme which manages at least £25 billion in assets. Providers are expected to be managing this amount by 2030 or at least prove that they will be by 2035. Schemes that can’t prove their ability to reach this by the required dates, will no longer participate in auto-enrolment and are expected to wind up or consolidate their assets.Australia and Canada have both embraced the megafund model, with evidence showing that megafunds of this size allow for a broader range of investments to be made, especially in large scale infrastructure and promising small businesses.
Small Pot Consolidation
The government has also announced plans to consolidate (transfer) small pension pots. Pots with less than £1,000 each will be automatically combined into one pot. This helps to build a stronger investment portfolio and potentially higher returns.With consolidation, there is always the risk of losing the benefits associated with your pot. In the unique case of the government's automatic consolidation of small pots, seeking advice could be a valuable option. From discussing your small pot consolidation options to your right to opt-out, you can get ahead of the game and make an advised decision that’s in your best interest.
Why has the government introduced these reforms to the UK?
The government is attempting to achieve two outcomes simultaneously. On the one hand, it wants to achieve better returns for people’s pension pots, ensuring they are invested in schemes that offer potential for higher returns. From consolidation alone, the government claims that “the average earner could get a £6000 boost to their pension pots”. On the other hand, the government wants to unlock the value of the nation’s pension pots to boost the UK economy. Specifically, the reforms could secure “over £50 billion investment in UK infrastructure, new homes and fast-growing businesses”.
To set the scene, infrastructure investments require vast sums of money, but the returns at the end can be attractive. The nature of megafunds and their higher valued management of assets, works to make this a reality- seeking to help the economy and the nation’s savers at the same time
How you can play your part
The government seems to be working hard to ensure pension reforms that benefit both the nation and its people. But you are not completely powerless in this and taking a proactive approach to stay up to date with what these reforms could mean for your pension is vital.Take small pot consolidation, for example. You can start by using the Government’s free Pension Tracing Service. By entering a few of your details, you can find where these pots may be and which providers they are with- especially important if you have been down multiple career paths. You can then contact these providers for specific details and have your say in how your small pots are consolidated.Then, you can seek advice from an IFA, like the team at My Pension expert, who can help to ensure you are making decisions, including consolidation, that are in your best interest. Also, an adviser can help guide you through any changes and set you on the path that has the best chance for you to achieve your retirement goals.
Remember: pension reforms are evolving, but taking an active role in understanding your pension can help you stay in control.

### What does a spike in inflation mean for retirement saving?
After two months of modest declines, inflation has made an unwelcome return to the headlines. April’s figures show a sharp rise to 3.5% – the biggest monthly jump in more than a year – driven by increased household bills, national insurance changes, and wider economic headwinds.
These latest figures were largely anticipated. Rising water rates, council tax hikes, and a spike in energy costs had already led to April being dubbed “awful.” Yet for Britons, that doesn’t make the impact any easier to bear. With household budgets already stretched and many people already struggling to save, another inflation spike is a harsh reminder that economic recovery is far from complete.
How inflation affects your long-term savings
Put simply, your pension savings need to grow fast enough not just to increase, but to keep pace with rising costs. Rising inflation makes this challenge more complex.For savers, particularly those approaching retirement, it creates difficult questions. Should you change your contributions? Review your investment strategy? Delay retirement altogether?
While there’s no single right answer, what matters most is staying informed and not making any knee-jerk reactions. Regularly reviewing your pension plan, understanding how it’s performing, and seeking advice can give you some much-needed clarity when economic conditions change.
Why financial clarity matters more than ever
Volatility is inevitable, but confusion doesn’t have to be.
Moments like this underline the importance of taking stock. Reviewing your pension, understanding your risk profile, checking that your plan is still aligned with your goals, and seeking advice could be some of the simple tools you need to help keep you on course for the retirement you want.
And it’s times like these where access to financial education and independent advice can play a big role. When people feel empowered, and have the opportunity, to ask questions and understand their options, they’re more likely to make well-informed decisions that support their long-term financial wellbeing.
Working together to support savers
Businesses, employers, the Government and the wider industry, all have a role to play in making financial guidance more accessible. From improving workplace pension engagement to building trust in the advice market, a joined-up approach is key to helping savers feel supported, especially in unpredictable times.
But for now, individuals shouldn’t be left to shoulder the uncertainty alone.
If you’re unsure how inflation might affect your retirement plans, speaking to a qualified adviser, such as the team at My Pension Expert, could help to provide some clarity, discuss your circumstances and help you to better understand your options.
Clarity builds confidence, and with the right support, you can make decisions that work for you, whatever the economic climate.

### Clear the Clutter: How to Tidy Up Your Finances This Spring
With Spring in full bloom, millions of Britons will be starting their spring cleaning. Whether it’s dusting down your cupboards, finally giving the car a clean or de-cluttering the attic, a big spring clean can offer you peace of mind and a happy home. And that peace of mind could also be achieved when it comes to your finances. So, the team here at My Pension Expert have put together a few top recommendations to help spring clean your finances:
Declutter your bills
The perfect place to start could be checking those monthly statements, or even using a mobile app, to highlight any forgotten or unwanted subscriptions. A few pounds a month here and there can add up over time, especially when you have several different bills coming out at once. So, check those pesky subscriptions that might have slipped you by, cancel, and start growing those monthly savings.
Dust off pension(s)
Once your bills are decluttered, you could turn your attention to your pension. Over time, we can accumulate multiple pensions in multiple places, especially if you have had multiple jobs. So, where appropriate, you could explore the possibilities of moving some of your pensions into the same pot.Using the Government’s pensions tracking service, combined with independent financial advice, can make transferring your pensions easier than ever. This means that you can declutter your pensions, like you would declutter your garage, reorganising everything into one space for simplicity.However, pension consolidation isn’t for everyone, and it is worthwhile reaching out to a professional pensions adviser to avoid any pesky hidden fees or losing any worthwhile benefits.
Set clear financial goals
Setting clear financial goals means that you can be prepared for any unexpected events that may come your way.Simple and achievable goals are the best way forward – and from there you can begin to plan your journey towards achieving those goals. This could mean setting a budget for your retirement or building an emergency rainy day fund. Whatever it may be, budgeting and saving where you can, are powerful tools for helping with your financial peace of mind.
Organise your options
Checking up on your pension and how it’s looking can offer you clarity in preparation for your retirement. It could also help you to discover the options available to you to make your pension even healthier.Whether you explore how your pension can perform with annuities, drawdowns or consolidation, understanding the options available to you at retirement can help contribute to your peace of mind and help to make your pension work to benefit you. However, with any big pension check-up, seeking advice is always key.
Get advice
Throughout, we have covered ways that you can give your finances a spring clean. With most of our tips and recommendations, you should always consider seeking expert financial advice. Professional and regulated financial advice can help bring clarity and confidence, ensuring that you are making the most of your retirement savings.Independent financial advisers, like those at My Pension Expert, can offer an expert friend to help you with spring cleaning those finances. They can work to ensure that your savings match your goals and continue to offer you peace of mind even through those sporadic spring downpours.Giving your home an annual spring clean can help provide you with peace of mind and a calm space to complement the improving weather. Reorganising and decluttering your finances can only add to your peace of mind. So, let your spring finances match your fresh, spring-cleaned, home and relax, knowing everything is in order and working well for you this spring.

### My Pension Expert secures £25 million refinancing loan from OakNorth
My Pension Expert has today announced a £25 million refinancing deal with digital lender, OakNorth. The deal has allowed the business to pay down existing lender Beechbrook in full, while also providing an acquisition facility for future strategic M&A.
My Pension Expert, backed by Palatine Private Equity, is the UK’s leading at-retirement adviser and a certified B Corporation. Based in Doncaster, the business provides independent financial advice to consumers nationwide via telephone and video conferencing.
 Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
The refinancing is a significant step for My Pension Expert, enabling the business to build on its sustained growth. The deal underscores the strength of My Pension Expert’s business model and long-term vision.
The funding will support My Pension Expert’s targeted acquisition pipeline, with a clear focus on strategic M&A as a core driver of the business plan alongside a strong, sustainable organic growth plan. Acquisitions will play a key role in expanding market reach and building value through carefully chosen partnerships. My Pension Expert is well placed to scale sustainably while continuing to deliver for its customers and stakeholders.
This new funding package follows recent key appointments to the company’s strong management team to scale up its operations and fulfil its mission of increasing consumer access to independent financial advice. 
My Pension Expert was advised on the deal by the debt advisory team at Clearwater. Gateley provided legal support to the company, with financial due diligence provided by Cortus Advisory.
Andrew Megson, CEO of My Pension Expert, said: “We’re delighted to be partnering with OakNorth as we take this exciting next step in My Pension Expert’s growth journey. From the outset, the team there have demonstrated a deep understanding of our business and a clear belief in our long-term vision.
“Not only is this a vote of confidence, but it also gives us the financial flexibility to keep building momentum. It’s a really exciting time for the business; we’ve got big plans to grow – and grow fast. With such a strong leadership team in place, we’re well positioned to innovate, expand, and take My Pension Expert to the next level.”
Kieran Lawton, Senior Investment Director at Palatine, said: “This refinancing was possible due to the company’s strong trading performance plus the hugely successful acquisition and integration of Tenet&You last year. OakNorth’s support will help facilitate more M&A on top of MPE’s very strong underlying organic growth and we’re very much looking forward to working alongside them.”
Stewart Haworth, Director of Debt Finance at OakNorth, added: “My Pension Expert is an exceptional example of a digitally enabled, mission-driven business transforming access to retirement advice for underserved consumers. Their ability to scale efficiently while maintaining regulatory rigour and client satisfaction sets them apart in a traditionally fragmented market. With strong backing from Palatine and a proven leadership team, the business has already demonstrated impressive growth and integration capability, as seen in last year’s Tenet&You acquisition. We’re delighted to support their next phase of expansion and to partner with a firm that is making high-quality financial advice more accessible to thousands across the UK.”

### How ignoring your workplace pension could cost you in the long run
Auto-enrolment has been an incredibly successful tool for getting people to save for retirement. It’s simple, automatic, and helps employees begin building their pension pot without having to think too hard about it.
But that’s also where the challenge lies. With so much of the process happening behind the scenes, it’s easy for your workplace pension to become ‘out of sight, out of mind’. And while it may not feel urgent in the short term, not engaging with your pension could cause problems later down the line.
According to My Pension Expert’s own research, over a quarter (27%) of UK adults with a workplace pension haven’t checked it in the past year, or have never checked it at all. Meanwhile, only 44% feel confident they’ll enjoy a comfortable retirement based on their current pot and saving habits.
With the cost of retirement rising, it’s never been more important to take an active role in your long-term finances.
The hidden value of staying engaged
Auto-enrolment is designed to be effortless. Yet once you’re in the scheme, it’s easy to assume your pension will take care of itself. In reality, it works best when you give it the same care and attention as any other financial investment.
By regularly checking in, you can make the most of key benefits, like employer contributions, tax relief, and the long-term growth potential of your investments. Left unchecked, though, you could be missing out on key factors. And this, in turn, could make it more difficult to achieve your future financial goals.
Take market conditions, for example. Inflation rose to a 40-year high of 11.1% in October 2022 and has remained above the Bank of England’s 2% target ever since. That means your savings need to grow faster just to keep pace with everyday living costs.
More recently, global trade tensions have triggered market volatility. While pensions are built to ride out short-term ups and downs, these events still affect performance and highlight the importance of reviewing your pension strategy.
It’s not about reacting to headlines. But regular check-ins give you the chance to understand how your money is working, whether your contributions are on track, and if your investments are aligned with your goals. That knowledge can be empowering – and help you avoid making decisions based on impulse or guesswork.
Simple steps to strengthen your savings
The good news? Improving your pension engagement doesn’t mean overhauling your whole financial plan. A few small steps can go a long way.
Start with your contributions. Some workplace pension schemes will match any additional contributions you make. It’s worth checking how your scheme works and whether there’s an opportunity to boost your savings through matched contributions. You might also find that you have the capacity to contribute more than you currently do, which could make a big difference to your retirement fund over time.
Next, aim to review your pension regularly. Even a quick look at your balance, investment performance, and retirement strategy can help you feel more in control.
If you’re unsure where to start, support is available. Seeking independent financial advice can provide tailored guidance, helping you understand your options and make decisions that suit your circumstances.
Support that makes a difference
You don’t need to have all the answers straight away – but understanding your workplace pension, and checking in with it regularly, can go a long way toward building the future you want.
If you’re unsure where to start, help is available. Whether it’s asking your employer for more information, using online tools, or speaking to an independent financial adviser, such as our expert team at My Pension Expert, there’s support to guide you through the process.
Because when you feel informed about your workplace pension and financial plan overall, you feel more in control, and that confidence can make all the difference in shaping a retirement that works for you.

### How can you avoid the Pension Easter Egg Hunt?
Easter egg hunts are an annual tradition enjoyed by all ages, whether you like to admit it or not, particularly when chocolate is involved. But when it comes to hunting down your pensions, this can be a different matter.Hunting for pensions can be stressful, especially if you know you’ve amassed multiples throughout your career. Last year, research showed that £31.1 billion* was lying in unclaimed, inactive, or lost pension pots. So, keeping track of your pensions could be the tool you need for the best retirement. But knowing where to start, how to find them, and then what to do with them can be, understandably, a confusing venture.So, is losing track of – and the subsequent hunt for – your pensions, inevitable? At My Pension Expert, we don’t believe so….
Starting the hunt for your pensions
The usual starting place for your pension hunt is the Government’s ‘Pension Tracing Service’. This free service helps you find the contact details for the pension providers of your past workplace(s). All you need is the name of your former company.This service won’t tell you specific details about your pension pot(s), for example, how much you have in each one. However, it will point you in the right direction of the pension providers you can contact. Then, you can work to find out how much you have in there and any other specifics you may be interested in.The government’s ‘Pensions Dashboard’ will simplify the hunt for your pensions. This will be a great tool, giving you access to all your pension information, including your state pension, all in one place. Despite facing some delays, the dashboard will launch in October 2026. However, searching for your pension will require more manual effort. Alternatively, you could give advisers the authority to track down your pensions, but this will come at a cost.
You’ve found your pensions! So, what now?
Once you’ve found your pensions, you can now decide what you want to do with them. Though, remember, you can’t access your money until you reach the age of 55.For some, transferring your pensions into one place might be a good option. Doing so could help to simplify your pension strategy as well as reducing charges, such as service fees. It could also open yourself up to other investments helping to make your pension work for you.On the other hand, there can be drawbacks to consolidating your pension. For example, you could be exposed you to exit fees, which may outweigh the benefits of transferring. Further, some pension plans may have unique benefits, such as tax-free cash or guaranteed annuity rates.Deciding whether or not to move your pensions doesn’t need to be a solo job. Help is always available in the form of advice!
Seek advice
Seeking advice will help you assess which options best suit your current financial circumstances and future goals.In some cases, an independent financial adviser, like those at My Pension Expert, may recommend moving one or more of your pensions to the same place. In other cases, they may not. Their recommendation will be tailored to your current circumstances and future objectives. Life can get in the way of keeping on top of all your workplace pensions. The key is to remember that tools are available to help you make sense of your pension and seek advice where possible. Doing so can help you make informed decisions about your pension and set you on the right path to the financial future you want.

### How will the US tariffs affect your UK pension?
Global markets have faced dramatic volatility over the past week, in reaction to “Trump’s Tariffs”. In fact, it has dominated almost every headline, worldwide and undoubtedly unnerved many UK consumers.While Trump has back-tracked slightly by announcing a 90-day delay on the implementation of the original tariffs, all countries (excluding China who sit at 145%) still face tariffs of 10%. However, the tariff value for the UK remains the same as originally decided (10%).But what does this all mean for you? We’re here to cut through the noise and explain what these tariffs mean for you and your future financial plans.
Making sense of new the US tariffs
So, what are the tariffs that the US is imposing? Tariffs are taxes charged on goods bought from other countries. Previously, tariffs were used to generate extra income for governments. However, more recently, they have been a tool to encourage people to buy domestic goods rather than foreign goods. Competition is created here by increasing the prices of foreign goods via tariffs placed on their import.This means that any UK goods exported to the US, will now face an extra 10% tariff. Therefore, US customers importing UK goods, may look elsewhere to purchase the same product for a cheaper price.Tariffs themselves are not unusual, however, the sudden announcement of worldwide tariffs by the US caused a great deal of market uncertainty and, consequently, volatility. And these fluctuations could impact the value of people’s investments or pensions.
How will your pension be affected?
But what does this mean for you and your pension?
With most pensions and investments being directly impacted by market performance, there is always the prior expectation that the markets will fluctuate. However, pensions are an investment for the long-term and the bigger risk lies in any immediate reaction to these fluctuations.Times like these can be unnerving- and undoubtedly so, but it’s vital to remain calm and to not make any major changes to the current state of your pension. Making a reactive change to your investment allocation or withdrawing a significant amount from your fund, right now, could ultimately lock in permanent losses and this could mean that your fund could run out of money faster than you expected it to.This, seemingly chaotic time, doesn’t have to be a critical factor in your pension and investment reward. But, if anything, what these events prove is that over time, as often happens, the markets will inevitably settle. So, it is recommended to hold off making any major decisions right now and waiting for those markets to recover.Historically, we have seen volatile markets impact us in the same way, but from past events, we can be rest assured that the markets will bounce back.
Help is on hand
If you are concerned, the best thing to do would be to speak to an adviser, like the team at My Pension Expert. Our team of advisers will consider not only the wider economic environment, but your personal needs and future goals, too.In some cases, your adviser may recommend that you hold off making any changes until markets settle. In other cases, they may propose a review of your investment plan or your withdrawal strategy. Whatever recommendation you receive, it will be tailored to your circumstances and future goals. In doing so, you can be rest assured that you will remain on track to the financial future you want.Periods of volatility, like these, can be unnerving. The most important thing to do is remain calm and remember to use all the resources available to you. Utilising independent financial advice, like those offered from My Pension Expert, can be your (not so) secret financial weapon in unnerving times like these. Advice can help to restore confidence within your financial planning and continue you on your journey to a comfortable retirement.

### My Pension Expert teams up with Retraining of Racehorses!
We are incredibly excited to announce that we have partnered with Retraining of Racehorses (RoR) – a fantastic charity that helps former racehorses settle into retirement and enjoy new careers such as showjumping or cross country.
My Pension Expert will be the headline supporter for the upcoming My Pension Expert RoR Racing to Cricket 2025.  This premier fundraising event will take place on Sunday, 7 September 2025, at the picturesque Wormsley Estate in Buckinghamshire.
Celebrating its fifth year, RoR Racing to Cricket has become a cornerstone in RoR's fundraising calendar, blending sport, networking, and philanthropy. The event features an eight-a-side knockout cricket tournament with teams from renowned racing yards, including Nicky Henderson’s Seven Barrows, Jack Channon, Ben Pauling, and Warren Greatrex, competing for the coveted RoR Racing to Cricket trophy! 
What’s more, this year’s My Pension Expert RoR Racing to Cricket 2025 will be extra special as RoR celebrates its 25th anniversary.
Given that we are based in Doncaster – a city steeped in racing history – the welfare of racehorses, both on and off the racetrack, is a matter extremely close to our heart. This is why we’re thrilled to be able to support RoR and their ongoing efforts to ensure a secure and fulfilling future for all former racehorses.

### Understanding Your Pension: What You Need to Know
Life happens. Between work, family, and everything in between, it’s easy for pensions to slip to the bottom of the priority list. But then, a letter from your provider arrives, packed with numbers, projections, and terms that aren’t always straightforward. What does it all mean?
Understanding your pension doesn’t have to be complicated. Let’s break it down so you know exactly what you're looking at and how to maximise your retirement savings.
The Key Information You Need
Your pension provider regularly updates you on the state of your pension, but what are they actually telling you? Here are the key elements you need to understand:
• Pension Balance – This is the total amount saved in your pension so far, giving you a snapshot of your position.
• Contributions – A breakdown of the money added to your pension, including your own payments, employer contributions (if applicable), and any government tax relief.
• Projected Retirement Income – An estimate of how much you might receive when you retire based on current savings, future contributions, and investment performance.
• Fees and Charges – The costs deducted from your pension, including management fees and any penalties for withdrawals or transfers.
• Investment Performance – How well your pension has grown (or fluctuated) over time due to market movements and fund performance.
While this information is all included in your pension statement, understanding these elements is the first step in making informed decisions and ensuring your pension is working for you.
How a Financial Adviser Can Help
A pension statement tells you where you are, but an adviser helps you understand where you're going. They look beyond the numbers to assess whether your pension is on track for the future you want. This includes:
Retirement Planning – Making sure your savings align with your goals, whether that’s retiring early, taking lump sums, or securing a steady income.
Pension Consolidation – Helping you combine multiple pensions into one manageable pot, reducing fees and improving control.
Tax Efficiency – Ensuring you maximise tax relief on contributions and avoid unexpected tax bills when withdrawing funds.
Investment Strategies – Guiding you through investment choices to balance risk and potential growth.
With expert guidance, you’re not just reviewing your pension balance – you’re taking proactive steps to enhance it. Advisers, like the team at My Pension Expert, help clients clarify their retirement goals and create a personalised plan to achieve the financial future they envision.
Making the Most of Your Pension 
At My Pension Expert, we help you take control of your pension with tailored advice that makes a real difference. Whether you’re considering drawdown, consolidating old pensions, or want to ensure your savings are working for you, our team is here to help.
Understanding your pension today leads to a more secure future tomorrow. If you have questions about your pension statement or need expert advice, don't hesitate to contact us at 0808 134 5972 to maximise your retirement savings. Alternatively, you can schedule a callback at a time that works best for you.

### Pensions reform sorely missed from Spring Statement
This year’s Spring Statement was always expected to be a modest update. Rachel Reeves had previously stated there would only be one fiscal event per year. True to that approach, the Chancellor kept big policy decisions off the table, reserving major announcements for later in the year.
The statement, of course, reflected a difficult economic climate – now more than ever the Government must do more to protect the most vulnerable in society and offer much-needed reassurance to savers. However, the absence of any effective reference to pensions within the speech will have come as a disappointment for retirement savers. At a time when many are still rebuilding financial confidence – and trying to understand whether they’re on track for the retirement they want – some additional reassurance would have been welcome. But instead, pensions were largely left out of the conversation.
A system in need of clarity
The Government did not ignore pensions entirely – there was a brief nod to the Pensions Investment Review, a policy aimed at unlocking greater value for savers and improving how workplace pensions are invested in order to boost the economy.
Yet the Chancellor gave no update on the second phase of their pensions review, which will focus on the crucial issue of savings adequacy and whether the pension system is on track to deliver the outcomes people want and expect.
Providing a clear timeline for this would have been a positive step, given how important this issue is. With rising costs and a well-documented pensions engagement crisis, many people are finding it increasingly difficult to judge whether they’re saving enough for the future.
For example, recent research from My Pension Expert found that 53% of UK adults with a workplace pension feel out of their depth when it comes to pension planning, while 35% of over-40s expect to work into their 70s. A timeline for the next stage of reform would have helped reassure savers that their concerns are being taken seriously.
The government received some positive news on the morning of the statement, with inflation easing slightly. However, inflation has been unpredictable, and pressures on household finances remain – and for many, confidence in long-term financial planning is still fragile.
This isn’t about sweeping reform. It’s about providing reassurance. Clearer guidance, access to advice, and a system that supports people at every stage of their working life.
The case for action
The need to be cautious is understandable, a measured approach to economic recovery. But caution can’t come at the expense of action, especially when it comes to retirement saving.
At My Pension Expert, we hope to see the Government reaffirm its commitment to driving better outcomes for savers and engaging with the industry to drive this forward. In doing so, sustainable change will be achieved, with more savers feeling supported to achieve the financial future they want.
Pensions aren’t just about policy – they’re about long-term security. And people deserve to feel confident about their future.

### Key Steps to a Stress-free Retirement
Retirement is an exciting milestone, but planning is essential to ensure a secure and comfortable future. It’s easy to get caught up in the day-to-day, but taking a moment to plan for retirement now can make all the difference.
While there's no single "right" way to prepare, avoiding it can lead to unnecessary stress. To help you get started, here are the key steps to consider as you approach retirement.
Think about your retirement goals
Take a moment to picture your ideal retirement – whether that’s travelling the world, spending more time with family, or just taking it easy. Considering your ideal retirement goals will help you understand how much income you'll need to support it, and you can start planning from there.
Assess your current financial situation
Look at your existing finances, including your pension savings and other assets. Do you have multiple pension pots from previous jobs? If so, consolidating them could simplify your retirement planning. If you're unsure where your old pensions are, the government’s Pension Tracing Service can help you track them down. It’s straightforward, but a financial adviser can help you avoid any unexpected fees.
Determine your retirement needs
Once you understand your finances, consider how much you will need to sustain your lifestyle in retirement. Consider housing costs, utility bills, and any outstanding debts. At this stage, consulting with a financial adviser can be incredibly beneficial. They can help you explore your retirement options and manage your money effectively.
Review your income sources and assets
After determining your retirement income needs, you can consider adequate income sources to fund your desired retirement. If you have already been planning, great! Just remember to look at your savings, pensions, and other assets – it’s about understanding what you have to work with.
Finally, don't forget to plan for the unexpected.
Saving for retirement is essential to continuing to enjoy life as you do now. While it's easy to account for guaranteed expenses in your retirement planning, creating a contingency fund is equally crucial. This fund will help ensure that unplanned costs do not deplete your retirement savings. It’s hard to predict the future, but setting aside a contingency fund can help protect your retirement savings from unexpected costs like medical bills.
Are you looking to start planning for retirement or seeking advice? At My Pension Expert, our financial advisers are ready to provide expert guidance to help you stay on track with your financial plans and enjoy the retirement you’ve worked hard for.
We are here to assist you if you want to discuss your options in a call or need advice on what might work best.
Book a callback with us today, and let's explore how you can get ahead!

### Should You Work Part-Time in Retirement? The Pros and Cons
When deciding on future retirement goals, while some retirees dream of full-time leisure, others find fulfilment and financial benefits in part-time work. But is it the right choice for you? It's surprising how many people continue working beyond retirement age. It's essential to weigh the benefits and disadvantages of working part-time in retirement to understand if it's the right option.
It's estimated that around 3% of people over 50 had considered returning to full-time work, while 14% pursued part-time or seasonal work. There are several reasons that individuals decide to return to work, both personal and financial – but could any of these reasons resonate with you? 
Pros
Increase your income 
Not everyone can immediately stop working when they reach retirement age, so many people choose to continue working to supplement their income beyond what their pension offers. This often leads to options like part-time work, which allows individuals more free time to pursue personal interests, or full-time jobs to improve their financial situation.
Carry on doing what you enjoy
Just because you've retired, it doesn't stop there. Why not continue the work you enjoy? No one forces you to hand in your P45 when reaching retirement age! The extra income from your pension may allow you to reduce your hours or work more flexibly, but that is entirely up to you. Everyone is different, and choosing what is best for you is important.
No NI (National Insurance) to pay!
Whether you already know it or not, it's essential to understand that once you retire, you will stop paying National Insurance once you reach pension age! So, let's say you decide to carry on working. That's extra money in your pocket each month.
Stay active and social
So, once you retire, you may feel you have lost a sense of purpose and fulfilment. Not to mention that you are no longer socialising as you may do while working, just like small interactions such as speaking with colleagues. This can be a big adjustment to your lifestyle change and overall routine.
Look forward to a bigger pension
If you keep working and delay taking your pension, you can invest in your retirement, meaning you will be financially better off in the long run! When you eventually take your pension upon stopping work, your pension income could be significantly higher than if you had started receiving it immediately.
Cons
Less free time and potential stress
Working during retirement can reduce the free time available for hobbies, passions, or other commitments such as caring for grandchildren or volunteering. While easing into part-time work can be a good transition, it's essential to consider whether the additional workload might add stress or take away from activities you enjoy. Additionally, your tax benefits may be affected if you're withdrawing funds from one pension while contributing to another.
Risk of higher taxes
If you start claiming your pension while working, your additional earnings could push you into a higher tax bracket. This applies even if you are working part-time or reducing your hours. While one advantage is that you won't have to pay National Insurance (NI) once you reach state pension age, claiming any pensions may increase your taxable income, which could lead to a rise in the amount of income tax you owe.
Commuting expenses
If you decide to work during retirement, it's important to consider the costs of commuting to and from your workplace, as these expenses could impact your earnings. A bus, train ticket, or driving 20-30 minutes each way may seem manageable, but these costs can add up over time. Whether you're working part-time or full-time, the additional income you anticipated may not be as effective as you hoped.
If you plan to work part-time to stay active, commuting costs might not be as significant. Additionally, reducing the number of days you work can help minimise your travel expenses, so it ultimately depends on your circumstances.
Final Thoughts
Ultimately, there are pros and cons to working part-time while in retirement or approaching it, but it is down to the person and your goals and visions for your ideal retirement.
The key question is, does it align with your retirement goals? If you're nearing retirement and unsure of the right approach, consider seeking financial advice to help guide you in the right direction!

### Tackling the gender pensions gap
Despite progress in many areas of financial equality, the gender pension gap – the difference in pension income between female and male pensioners – continues to cast a long shadow over women’s retirement prospects. 
Women continue to face deep-rooted barriers that make it harder to build long-term financial security. Lower lifetime earnings, career breaks, part-time or flexible working, and pension schemes that fail to accommodate non-traditional career paths all contribute to the issue. These challenges mean many are left with smaller pension pots and fewer options than their male counterparts when they reach retirement age.
It’s a gap that remains stubbornly wide, and the current slow pace of change underscores the urgent need for practical solutions.
My Pension Expert’s latest research highlights the difficulties that women continue to face when it comes to financial planning. Let’s take a look at what we found.
Understanding the situation
Our research revealed some concerning trends. 45% of women expect to be working into their seventies, while almost a third (32%) don’t believe their current pension savings will be enough to secure a comfortable retirement. 
In comparison to women, only 38% of men think they will be working into their 70s, whilst 17% – half that of women – don’t think they will be able to retire in comfort based on their current level of savings. 
The cost-of-living crisis has only made matters worse. Our research highlights that women are feeling the pinch more than men, with 65% saying it has made their attempts to save harder, compared to 55% of men. 
The reality is that with financial pressures mounting and without urgent intervention, the gender disparities will only get bigger.
Knowledge is power
Systemic problems demand systemic solutions. Long-term policy changes, such as lowering the earnings threshold for auto-enrolment and improving childcare support, are vital, but they won’t happen overnight. More immediate action must be taken to ensure women are better equipped to plan for their financial future.
One of the most effective ways to address the gender pension gap is by improving women’s access to financial education and independent advice. Our research found that more than two-thirds (71%) of women wish they had learned about pensions earlier in their careers, while 35% want their employer to provide access to independent financial advisers. These are gaps that can, and should, be addressed with the right support from those in power.
As such, the responsibility lies with the government, employers, and the financial services sector as a whole to ensure that each and every person, regardless of gender, has access to affordable, independent financial advice. 
The reason financial advice is so important is that it provides tailored guidance that takes each individuals’ personal circumstances into account. This helps women make informed decisions about growing their pension savings, when to access them, and how to maximise their retirement income.
Employer-backed financial wellbeing schemes, policy incentives that encourage pension engagement and easy to engage with advice services are just a few simple steps that can be taken.
Retirement security for all
A secure retirement shouldn’t be a privilege reserved for the few; it should be achievable for all. Yet, for too many women, financial security in later life remains uncertain. 
Change is possible, but it requires a combined drive from policymakers, employers and those working in the financial services sector, taking meaningful action to provide all savers the right tools, including that increased access to financial advice.
A year from now, we should be having real discussions about the progress made to address gender disparities within financial planning rather than going over old ground once again. The time for action is now.

### Your guide to retirement planning as a business owner
Owning a business can have its perks: building it around your personal interests and passions, choosing your own hours, and determining your work environment – to name a few examples.
That said, owning a business also comes with a lot more responsibilities. In addition to the task of running a company, you are in charge of organising your own pension scheme. Unlike employees who are usually auto-enrolled into their workplace pension, business owners must take the initiative to arrange their own finances for life and post-work.
And if you're not too sure where to start, don't worry! We've got some tips to get you started…
Start early
We understand that life happens, making it easy to put off things like long term financial planning. However, kickstarting retirement planning early might mean you're better off in the long term – and it could even mean bringing forward your retirement date.
To kickstart the process, start thinking about what kind of lifestyle you'd like to live; are you one for a getaway abroad, or would you rather spend it with the grandkids? Considering this can help you start to understand what income you would need to support you and set a goal. Not only that but the sooner you settle on an income goal, the sooner you can start saving for it! Even small contributions made consistently over time can accumulate into a significant retirement fund, reducing the pressure to save large sums later in life.
Don't forget about yourself
It's important to prioritise your well-being - both now and in the future. While reinvesting in your business is essential, don't forget that saving for retirement is a powerful way to take care of your future self..
It might take some discipline – understandably, many business owners are keen to reinvest as much as possible into their business. However, committing to dedicating some of your income directly into your pension could really add up in the long term. After all, you've worked hard, and you deserve financial security and peace of mind later down the road.
Seek advice in uncertainty
Seeking financial advice could be the most beneficial option. An expert can help you plan an exit strategy, ensuring that when the time comes to step away from your business, you have a clear financial roadmap.
A financial adviser will really get to know you, and the vision you have for retirement. They will gain an understanding of your current circumstances and create a strategy tailored to these. Getting advice not only tailored to your situation, but your goals, can give you peace of mind knowing that the decisions being made are in your best interests.
Life has a way of throwing unexpected challenges our way. Especially when dealing with the trials of running a business, it can be easy to put financial planning on the back burner.
No matter where you are on your journey, the right support can help you get back on track and move toward a secure, confident retirement. As a small business owner, taking control of your financial future now will ensure that all your hard work pays off - not just today but for years to come. To get started on putting your financial future in the best position, contact us today.

### How could inheritance tax impact your pension plans? 
When planning for retirement, your focus is likely on building a comfortable future. But what happens to your pension after you pass away? More importantly, could inheritance tax (IHT) impact how much of it you can pass on to your family?
With the government announcing changes to pension taxation in the latest Autumn Budget, it’s important to understand how these rules could affect you and whether you need to take action.
What is inheritance tax, and who does it affect?
Inheritance tax is a charge on the wealth and assets you leave behind. It applies to the total value of your estate – including property, savings, investments, and valuable possessions – after you pass away.
The standard IHT rate stands at 40%, charged on any portion of an estate exceeding £325,000. However, if you pass your home to direct descendants, such as children or grandchildren, the threshold increases to £500,000.
Until recently, pensions have largely been exempt from IHT, making them a tax-efficient way to pass on wealth. However, that is set to change, meaning future retirees may need to rethink their estate planning strategies.
How the Autumn Budget changes impact pensions and IHT
In the 2024 Autumn Budget, the Chancellor announced that from 2027, pensions will be included in IHT calculations. This means that if the total value of your estate, including your pension, exceeds the IHT threshold, your beneficiaries could face a tax bill on the amount above the threshold.
Previously, pensions could often be passed on without inheritance tax, making them a practical way to support loved ones financially. But with these new rules, people who had planned to leave their pension untouched may need to rethink how they manage their savings.
Whether these changes will affect you depends on your financial situation. If the total value of your estate sits below the IHT threshold, there may be little cause for concern. 
However, if your assets exceed this limit, it might be time to review your financial plan to minimise potential tax liabilities. 
The importance of seeking professional advice
Understanding how IHT affects your pension can be complicated. With these recent changes –or any future changes in pension policy – seeking professional advice has never been more crucial.
With the right approach, you can make informed decisions about your retirement savings and ensure they are used in the best way for both you and your family. An independent financial adviser, such as those at My Pension Expert, can assess your situation and explore ways to manage your pension effectively in light of the new rules. 
Whether that means adjusting how you access your pension or considering alternative ways to structure your estate, expert guidance can provide clarity and confidence in your financial future.
If you’re unsure how these changes might affect you, speaking to a professional now can help you take control of your retirement finances and make decisions that suit your needs.

### 5 finance questions to ask your partner this Valentine's Day
Trust, respect and communication are thought to be the foundations of a strong relationship.
Whilst this may be true for most of us, our research suggests that trust and communication may not be completely at play when it comes to couples' finances…
Worryingly, our recent research revealed that 23% of UK adults suspect their partner has hidden some of their retirement savings, with a further 27% revealing they have pension savings or investments they have not disclosed to their significant other.
Money can be a tricky subject. Some people may be embarrassed about previous debts or a lack of savings, for example. However, being financially open with your partner has many benefits; it keeps your goals aligned and can also build trust.
And as it's Valentine's Day, there couldn't be a better time to really get to know your partner financially! Not sure where to start? We've got five key questions for your partner to get the ball rolling…
Is there anything worrying you about your finances?
Money plays a significant role in your life, so getting stressed about it is expected. Whether it's your credit score, debt, or lack of savings, your worries are valid. Discussing matters like your personal debt or a lack of savings may seem embarrassing at first, even with your significant other.
It's really important to be as upfront with your partner as you can. After all, understanding each other's situation can help you both to take steps to address any potentially problematic areas. For example, you could work together to build a joint savings plan to bolster future finances or develop a debt co-management plan.
While it can be daunting bringing up your money worries to your partner, doing so is the first step to being financially transparent. Not only can you address what's been on your mind (and gain a sense of relief by getting it out in the open!), but you can start to plan together how you aim to resolve these worries.
How do you imagine us spending our retirement?
We all have our ideal retirements, whether it's a jet-set life abroad or a peaceful one with the grandkids. Planning your golden years with your other half can lead to an exciting conversation and keep you aligned on your long-term aspirations. Moreover, planning appropriately for retirement can ensure you achieve your individual and shared retirement goals. If your dream is to travel the world whilst your partner would prefer to spend more time with the family, addressing such differences early can set the foundation for how you save and plan for retirement.
Whatever lifestyle you'd like to enjoy, it's important that you have a date in mind for when you'd like to retire. This not only gives you a more structured goal to aim for, but it can make sure you're both on the same page when it comes to timeframes.
What pensions do you have?
It might sound basic but discussing the status of each other's pensions (workplace or personal) is a great way to establish your prospective future finances.
You're usually automatically enrolled into your pension by your workplace when you start employment. Other than the contributions you see on your wage slip, you might not be fully aware of the total balance of your pension pot or if you have any other workplace pensions from previous roles. And remember, you can always use the Government's tracing Service if you're worried that you've lost track of some previous pensions.
Beyond your workplace pension, there is also the matter of any personal pensions you have. Your personal pensions require slightly more involvement than your workplace pension, as you likely arranged these yourself. In addition to your workplace pension, you must factor any personal pensions into your plan – even a little can add up to a lot!
Understanding each other's current pension contributions can give you a good idea of the income you're likely to have in retirement. This also lets you assess together whether there is room to increase your contributions in order to meet your goals later down the line.
What are your thoughts on savings and investments?
Everyone has a unique perspective on investing. Some people prefer high-risk opportunities with the potential for greater returns; others lean towards a more cautious approach. Understanding each other's risk tolerance and investment strategies is key to building a retirement plan that aligns with your financial goals and comfort levels.
One of the most important conversations you can have with your partner is about savings and investments. While a difference in risk tolerance might not seem important, it's vital that when approaching investments together, you're on the same page with your overall strategy. To help determine what level of risk you'd both be willing to venture into with investments, consider your capacity for loss and how much of your money you could afford to lose.
If you're unsure of what your attitude to risk might be or whether your partner's could impact your own, it would be wise to seek financial advice rather than making any estimated guesses. A financial adviser can not only determine your attitude to risk for you but also recommend portfolios that will suit your circumstances.
Have you got a will?
An even more difficult conversation than discussing money is talking about what happens when you or a loved one passes away. Although this might be a morbid discussion, it's an important one to have – especially if you'd like your partner to oversee your wishes or vice versa. Without a will, the law dictates who inherits your estate, which might not align with your wishes.
To get started on arranging your wills together, make a list of your assets and decide who will inherit your estate. You will also need to appoint an executor, the person carrying out your wishes. If you would like your executor to be your partner, discuss this beforehand! A will can be created online using trusted sources or through financial advice.
If you haven't already, consider making or updating your wills; it's one of the most meaningful ways to protect your loved ones and secure your legacy.
Just remember that while some of these conversations may not be easy, addressing them openly is key to building a financially secure and fulfilling future together. As a partnership, they can benefit you in the long term by allowing you to work together to achieve shared goals and foster trust.

### How does the latest interest rate decision affect pension planning?
Today, at its first Monetary Policy Committee (MPC) meeting of 2025, the Bank of England announced a cut to interest rates, bringing the base rate down to 4.5%. This marks a significant step, signalling progress in the battle against inflation and offering a potential boost to financial stability across the UK.
While many experts predicted this move, the news provides a timely confidence boost for Britons as the year gets underway.
But what does this interest rate cut really mean for your pension planning? Let’s break it down.
The impact on pension planners
On the whole, the interest earned on savings and pension products is linked to the interest rate – the higher the interest rate, the better the earnings and visa versa. However, this isn’t always the case, as some pension providers who are guided by the base rate decide to delay updating their rates.
Further, there are financial products, such as stocks and shares, fixed-rate, that don’t directly relate to interest rates. Instead, their performance is based on changes to other assets and markets.
So, who benefits from an interest rate reduction and why?
The benefit for borrowers
It’s good news for individuals repaying borrowed debts linked to the base rate, such as mortgage holders. With repayments on these loans falling in line with the base rate, there is the potential to direct more money into pensions.
This change provides a timely opportunity to review your financial strategy. With extra breathing room in your budget, it might be the perfect moment to consider how that additional income could strengthen your retirement plans.
One option that often comes into focus during periods of interest rate changes is annuities. So, how might this latest rate cut influence them?
What falling interest rates mean for annuities
Annuities are financial products designed to convert your pension pot into a steady stream of income during retirement through guaranteed payments. They can be taken as lifetime or fixed-term options and include some tax-exemption benefits.
However, annuity rates are closely tied to interest rates. When interest rates fall, annuity rates often follow suit, meaning the income you could secure from an annuity may decrease. This makes timing an important factor – those considering an annuity might act quickly to lock in higher rates before they adjust downward in response to the recent rate cut.
That said, annuities aren’t the right fit for everyone. They’re a long-term commitment, so it’s crucial that people seek professional advice and choose the option that aligns with their financial goals.
Making sense of the interest rate cut
While the Bank of England’s interest rate cut will be welcomed by many, it’s important not to confuse short-term changes with long-term security. We’ve been here before – temporary shifts in the economy don’t eliminate the underlying challenges that savers face, particularly those nearing retirement.
Lower interest rates may ease borrowing costs, but they also pose fresh challenges for those relying on their savings to grow. As such, you may now be questioning whether your current strategies are still fit for purpose.
That’s why it’s so important to take a step back and reassess your financial plans in times like these. The focus shouldn’t be on reacting to every economic change but rather understanding how these shifts affect your personal circumstances and long-term goals.
Independent financial advice can make all the difference here. At My Pension Expert, our team of advisers can help you cut through the noise by working with you to ensure your retirement plan remains strong and adaptable, no matter what the markets are doing. With the right support, you can make decisions about your financial future with clarity and confidence.

### Thinking about diversifying your investments? Here's what you need to know
The saying "Don't put your eggs all in one basket" warns against relying on one plan for success. When it comes to investments, the expression is helpful for handling your funds and achieving better financial gains.
Whilst there is no need to change your investment strategy for the sake of it, at times, it can be beneficial to consider rethinking your current approach and exploring different types of investments. 
So, where do you start? We've got a few pointers to get the ball rolling…
Spread the wealth
Diversifying your investments, also known as broadening your portfolio, involves distributing your funds across various assets. For example, if you have £50,000 that you'd like to invest, you could divide the fund up and place it in several different investments rather than one. In doing so, you could be limiting the chance of all your money being affected by poor performance; if an investment performs poorly, only this fund would be altered; other potentially better-performing funds may provide a bit more of a cushion. 
In short, allocating your money to several investments means that where there is a loss, there is still a chance for growth.
Get to know your risk appetite
Much like everything else in life, how you approach investments is unique. Some of us would rather experience investing without putting our money at significant risk, while others might feel better suited to portfolios with higher risk with the hope of achieving larger potential gains. In financial terms, the level of risk you're comfortable with taking, combined with the amount of money you are able to lose without resulting in major financial detriment, is called your risk appetite. Your risk appetite can help you understand your approach to investments and will likely influence your decisions. 
For example, if you have a higher risk appetite, you are better suited to investments which may have a more volatile performance but have the potential for larger gains. 
That's why, when approaching investing, you should start to understand what you hope to gain and the level of risk you're willing to venture to. Misunderstanding your risk appetite could lead to investing in a portfolio unsuitable for you and losing money you didn't wish to. When analysing this, ask yourself the following questions: are the funds you're using vital for future plans, are they your only savings, and is avoiding loss crucial?
Understanding investment types
You should understand the products you're putting your money into, especially when diversifying your investments. Depending on your goals and risk appetite, specific options offer different benefits. 
For example, stocks and shares investments provide flexibility, so you can buy or sell them at any point. 
On the other hand, bonds are usually inaccessible for some time and can carry higher levels of risk, but they can potentially have higher rewards (depending on the type of bond and the market). 
Another option could be illiquid assets, which include investments like real estate, retirement accounts, and collectables. Illiquid assets can provide less market risk but with longer-term value, although they can be harder to sell. Acknowledging the pros and cons involved means you can deduce how your investment might perform should you opt for that product.  
When distributing your funds across different products, it's crucial that you know how easily you can access them should you ever want to withdraw, the levels of risk involved, and if there are any initial required amounts to invest. This should all be considered before you decide on the types of products you select when diversifying.
Decide with advice
If you're unsure whether investment diversifying is the best option, it is crucial that you seek advice. Independent financial advisers, like the team at My Pension Expert, will review your current circumstances and goals to create an investment strategy aligned with them. We work with our clients to ensure they are comfortable with the advice they receive and that they understand it. 
As risk is often associated with investing, our advisers will ask for your level of agreement to a series of statements to gauge your risk appetite. The questionnaire will touch on subjects relating to your attitude to risk, capacity for loss, and overall investment knowledge and experience. The results will determine the portfolio your adviser recommends.
Deciding to diversify with advice removes any doubt, and you can take comfort in the fact that the decisions are tailored to you.
Speak to an adviser today to see how diversification can strengthen your investments.
*When investing, capital is at risk.

### Looking ahead for pensions in 2025
The start of a new year often inspires reflection and motivation to plan for the future, and this January marks an important moment to take stock of what lies ahead for pensions.
With several major developments on the horizon, 2025 is shaping up to be a year of both challenges and opportunities for savers. Understanding these changes can help you feel prepared to take control of your retirement strategy and financial well-being.
Here are a few things to watch out for in pensions this year, as well as how it could impact your retirement plans.
The economic outlook
Inflation and interest rates are set to remain key talking points in 2025. Following a rise to 2.6% in late 2024, the Bank of England has predicted inflation to peak slightly higher at 2.75% by mid-year before easing again. While this is far more stable than in recent years, many household costs will continue to climb, so keeping a close eye on your finances will be important.
Interest rates, meanwhile, are likely to follow a downward path, with experts predicting they could fall gradually to 4% by Christmas this year. This may impact savings and annuity rates, meaning now could be the time to review your accounts to ensure you’re still getting the best returns or the product that works best for you.
Although the outlook is calmer than previous years, rising costs can still chip away at the value of your savings and retirement plans. Staying on top of your finances and exploring options to protect your future will be key. That said, before making any drastic changes, it’s always a good idea to seek guidance from a financial adviser to evaluate your options.
The pensions review
The government’s pensions review will be a key talking point in 2025, as it aims to improve retirement outcomes for savers while boosting the UK economy.
Last Autumn, the first phase of the review announced the creation of “megafunds” by consolidating local government pension schemes. This ambitious plan is expected to unlock £80 billion for investment in UK businesses, aiming to drive economic growth and deliver stronger returns for savers.
However, the second phase of the review, set to explore how to address under-saving for retirement, was postponed in late 2024. This decision has raised concerns among experts as millions of Britons continue to face challenges in building adequate retirement savings.
When – and if – the review resumes, one of its key priorities must be encouraging savers to engage with their pensions earlier in life. This could involve initiatives to improve access to financial advice and education, helping people make informed decisions about their future.
A glimpse of the pensions dashboard what’s ahead
The long-awaited pensions dashboard, set to launch in late 2026, is designed to give savers a single, comprehensive view of their pensions, making retirement planning simpler and more transparent. By bringing together your state pension, workplace schemes, and personal savings in one place, it aims to help people take greater control of their financial future in retirement.
Although the full launch is still over a year away, you can expect incremental updates throughout 2025, providing insights into its features and functionality. These developments represent a significant step toward transforming how you engage with your pensions, empowering you to better prepare for retirement and make more informed decisions about your savings.
Preparing for the year ahead
Understanding the latest pension news and developments isn’t always straightforward. With changes to regulations and economic trends, it can feel overwhelming to know how it all affects you personally.
That’s why independent financial advisers, such as those at My Pension Expert, are here to help. They can break down the complexities, explain what it means for your unique situation, and guide you in making informed decisions in 2025 and beyond to secure your financial future in retirement.

### Co-piloting or flying solo? How relationship status can shape retirement planning
When it comes to retirement planning, we all know it’s not a one-size-fits-all journey. Our personal circumstances can play a huge role in how confident we feel about saving for the future.
One aspect that could shape your confidence in your financial future is your relationship status. Whether single, in a long-term partnership, married, or divorced, these factors can shape how people approach retirement and how confident they feel about their financial futures.
My Pension Expert decided to explore this further in our latest research. 
The challenges of flying solo
For single savers, the financial pressures of preparing for retirement are particularly pronounced. Over half (56%) of these respondents said that relying solely on their own income and savings makes it harder to build a strong retirement fund. 
Without a partner to share living costs, every pound needs to stretch that little bit further. Understandably, this adds stress – 52% admit the financial pressure of saving for retirement alone causes them anxiety.
But single savers aren’t without resolve. Encouragingly, half (51%) say that the responsibility of relying entirely on their own finances motivates them to be more diligent with their savings. 
Shared struggles 
Those in long-term relationships have their own financial dynamics to navigate. While 58% say having a partner makes them feel more secure about their retirement prospects, this sense of security often comes with a degree of reliance. 
Over a third (37%) of partnered savers expect to rely on their partner’s pensions or savings when they retire – an expectation that’s more common among women (41%) than men (32%).
However, this reliance can introduce its own anxieties. Nearly a third (32%) of those in relationships worry that their partner might not be contributing enough to their pension. 
This lack of confidence highlights the importance of open, honest conversations about financial goals and contributions to ensure couples are aligned as they work toward a secure retirement.
Regardless of relationship status, financial concerns remain widespread. Only 38% of UK adults overall feel confident they’ll have enough to enjoy a comfortable retirement, while 54% find it challenging to put money aside due to rising household expenses. The growing cost of living means many savers – single and partnered alike – feel stretched when balancing today’s needs with tomorrow’s goals.
Taking control of your retirement
Our research highlights a key point; everyone’s financial journey is unique, and retirement planning should reflect individual circumstances. Whether you’re going it alone or planning alongside a partner, taking stock of your savings and seeking tailored advice is essential to building a secure financial future.
At My Pension Expert, we’re here to help you take control, offering clear, regulated advice so you can feel confident in your retirement strategy. 

### A look into Christmas at St John’s Hospice
It’s hailed as the most wonderful time of the year, a season of tinsel galore, overeating and binge-watching festive cinematic greats. While the Christmas Day scene might look so similar to many of us across the UK, the reality for so many others is different. 
For teams like the staff at St John’s Hospice, Christmas Day is another day of hard work and commitment to providing patients the best possible care. While many of us can take comfort in sips of mulled wine or grazing a grand Christmas feast, the focus at St John’s is making sure that the holiday magic is brought onto the wards for patients and their families visiting.
Based in Balby, Doncaster, St John’s Hospice has provided palliative care since 1992. As stated on their website, their mantra is ‘providing support to patients, families and carers to live each day to the full’.
St John’s Hospice has been My Pension Expert’s chosen charity for several years. From festive bake-offs to marathons to raffles, the MPE team have banded together for several events in aid of raising donations for the hospice. In an differently themed blog from usual, we spoke to the team at St John’s for a look into what a Christmas on the ward entails.
1.             How many staff typically work on Christmas Day, and what do their duties on the day typically ensue? 
We offer exactly the same service on Christmas Day as every other day to our patients and families, both in the hospice setting, and in the community.
Our Hospice Inpatient Unit has 10 beds, so we will be supporting up to 10 patients and their families throughout Christmas. As well as the clinicians involved in patient care, we will have counselling, domestic and catering staff working to provide the best possible care to them all. 
Our Specialist Community and End of Life Teams will be supporting patients in their own homes in the same way we support our Hospice patients, with expert care, symptom management, and home support.
Our team are there to ensure our patients are comfortable and give families and loved ones to the support they need to make special memories for what will be their last Christmas.
2.             How does the Hospice make Christmas Day special for the team and patients? 
Our Hospice is fully decorated up for the festive season, and we have lots of special treats in the run up to Christmas, with singers and even reindeers coming to visit.
Thanks to the generosity of our charity supporters, we are able to provide small gifts for our patients. We often receive hampers filled with festive goodies for our staff who are working on Christmas Day.
We recognise that our role is to be there when we are needed, and we don’t have strict rules about visiting, so families can stay overnight with their loved ones if they wish, that’s what makes it such a special place, nothing is too much trouble.
Families and carers are able to spend as much time with their loved ones as they want and can have Christmas lunch together where patients are well enough. Our Day Therapy Unit Team are having a Christmas party in the run up to Christmas where patients can attend with their loved one and offer peer support to each other and all the individual groups will join as one for the day.
3.             Have any donations from MPE been utilised for the festive season? 
My Pension Expert have once again been wonderfully supportive this year, and we are extremely grateful for everyone’s fundraising – the Great North Run was a real highlight for us, and we were overwhelmed by how much money was raised – thank you.
Our charity helps fund all the things that help us go over and above what the NHS can provide, and supports us in providing counselling, complementary therapies, hairdressing, as well as providing the best possible therapeutic environment.
We even have a family room stocked with TV and games to keep our younger visitors occupied when they are visiting.
We need to raise £500,000 each year to fund this work – so the money raised by MPE allows us to continue to provide this.
4.             How can readers help/donate to the Hospice?
People can support us in so many different ways, whether it’s fundraising themselves taking part in our charity events and activities, donating money, or even volunteer their time.
To make a direct donation online, simply visit: https://tinyurl.com/s7bpn3kw where you can make a one-off donation, or even become a regular giver.
5.             Festive food favourites? 
Often, our patients may be too poorly to eat large Christmas meals, but our wonderful team goes to great lengths to cater to their individual needs on a day-to-day basis, and there’s always a mince pie or two for our visitors to enjoy. 
We have a daily afternoon tea trolley with festive treats for patients and families… even dog treats for pets that can visit!
6.             Do you have any go-to Christmas films/TV specials they always play during the festive season?
We provide ensuite accommodation in each of our rooms, so our patients don’t need to share a room, or ward. Each room is equipped with a television, and patients and families can watch whatever they wish in the comfort of their room, so they are able to keep up to date with all of their favourite programmes, as well as festive classics.
The Cast theatre is also streaming their pantomime into various care settings, including the Hospice, so our patients and families will be able to enjoy Jack and the Beanstalk!
7.             Are there any festive fundraising activities occurring in the lead-up to Christmas?
We’ve been busy fundraising in the run-up to Christmas. We’ve sold over 3,000 raffle tickets in our Christmas Raffle, sold charity Christmas cards, and held a Christmas Coffee Morning so far.
Our second annual Light up a Life event was attended by over 200 people remembering their lost loved one and leaving a dedication on our Tree of Lights over the festive period.
Unfortunately, our Christmas Jumper Dash planned for 7 December had to be cancelled due to the storms, but we have pupils from both Rosedale Primary School in Scawsby and Sir Thomas Wharton Academy in Edenthorpe taking part in their own events on their school grounds, raising sponsorship for us.
We’ve also had lots of beautiful hampers donated, which we’ve been able to raffle off in the run up to Christmas.

### Make your well-being the star of your retirement this Christmas
For many, Christmas can be the most joyful time of the year. With the decorations, food and cheesy 80s hits, it’s hard not to be swept up in the magic and merriment the holiday season brings. 
Particularly for those in retirement, Christmas is the potential sole focus of the season. Without the drag of the last 9 to 5 before the office closes, the rush in finding last minute presents or the dreaded woes of returning to work in the new year, retirees have all the time needed to engage with festivities. 
However, on the other hand, Christmas for a number of retirees can also be a time of exuberated loneliness and financial stress, so much so that the festive period is dreaded rather than celebrated. Your well-being should be the uttermost priority, even at a time when the prime concern seems like it should be perfecting the Christmas turkey. Here’s how we recommend that you keep on top of your well-being during the holidays…
Coping with loneliness
Loneliness at Christmas can stem from the expectations that the season carries – whether it’s expectations of being surrounded by an ensemble of loved ones and a grand feast or partying hard as the clock strikes midnight into a new year. The reality is that for some people, Christmas is just another day on the calendar, and this can subsequently be incredibly isolating.
If you find yourself suffering from loneliness this Yuletide, there are ways you can combat it. Christmas may be known as an occasion of spreading love and joy, but it’s also an opportunity to give to those less fortunate. Volunteer work is a positive step in shifting lonely thoughts away as well as giving back to the community. With volunteering, there is a high likelihood that you’ll be working as part of a team with like-minded individuals or people in similar circumstances, giving you a chance to make new friends and make a positive impact as a group. For more information on where to volunteer, enquire with your local community hub to find your nearest soup kitchen or animal shelter. 
Alternatively, various charities offer support for individuals facing loneliness, especially during the festive season. Causes such as AgeUK offer different avenues of help and resources for those battling loneliness, including a helpline open every day of the year, including Christmas Day. You can also partake in events hosted by charities including the annual Salvation Amy Christmas Carol Night or The Christmas Dinner hosted by the Gold & Stone Foundation.
Handling financial stress
During your retirement, your main source of income is likely to be your pension, and unfortunately, it isn’t endless. Your pension is something you have worked nearly all your life for, but if used unwisely in the midst of holiday cheer, you could potentially jeopardise the rest of your retirement. Last year, My Pension Expert’s research revealed that a third of those over 40 were concerned about Christmas spending post-retirement. In a time of heightened financial stress, spending beyond your means can lead to credit card and loan territory, which should be avoided in the midst of rising interest rates. 
To prepare for the festive (and albeit expensive) season, set a budget to abide by. Don’t restrict yourself too much but be realistic, if there’s ever time to treat yourself and your loved ones, it’s Christmas! There are seasonally savvy ways that you can stay loyal to your budget; from handmaking gifts as an alternate to buying brand new, to comparing prices at your local supermarkets. 
For uncertainty relating to your pension, financial advice is also extremely valuable in calming down unnecessary heightened stress during the holidays. To find out more, request a call with a member of our team here. 
If your financial stress revolves around debt, charities including StepChange offer free, expert debt advice alongside card repayment and benefit calculators. The reoccurring cost of living crisis has opened up more resources for those struggling financially, so don’t suffer in silence!
Make it your own
Whether it’s a quiet one on your own or a year where you have to tighten your financial belt, Christmas is what you make it. Avoid unrealistic expectations set by the media and make this festive season a celebration suited to you and your circumstances. Focus on the things that truly matter—quality time with loved ones, meaningful traditions, or simply enjoying the little moments of peace and joy. Whether it’s a homemade gift, a cosy movie marathon, or a simple meal shared with family or friends, Christmas can be just as special without the pressure to meet extravagant ideals. The heart of the holiday is found in connection, love, and gratitude, not in spending or perfection.

### Talk Money Week – The #DoOneThing you can do for your pensions
The week commencing Monday 4th November 2024 marked Talk Money Week, an annual campaign aimed at encouraging an open conversation about money across all age groups. From pocket money to pensions, to mortgages to debts, Talk Money Week presents a resolution to the taboo subject that is discussing people’s finances.
At My Pension Expert, we’re passionate about helping people unlock their pension potential so that they can live their best-retired lives; we know that with the proper financial education and awareness, retirees can achieve this. The theme of this year’s Talk Money Week is #DoOneThing, one thing that could potentially improve the condition of your monetary situation. Here are some things we think you can do in the pensions sphere to benefit your funds and, more so, your retirement.
Be pension aware
Perhaps one of the most crucial and simple aspects of retirement planning is being aware of your pension! Pensions are typically auto-enrolled into a provider selected by your workplace, and your contributions are deducted directly from your wages. If you’re still employed and investing in a workplace pension, you can find out more about which provider your pension is invested in by speaking with your HR department or line manager. Subsequently, contacting your provider means you can access all the required information on your pot and ask any questions you may have.If you have a SIPP (otherwise known as a Self-Invested Pension), this would have been a pension arranged by yourself, so you should already be aware of what contributions you’re paying, the total value of the fund and the provider you’ve invested with.For those who are unemployed and unaware of where their pensions currently are, you can use the free government Pension Tracing Service, which can help you locate your pension provider and their contact details.
Reassessing your finances
Your finances are a driving factor of your lifestyle that should come into consideration in most scenarios. Whether it be deciding where to buy your work lunch, your budget for your weekly shop, or the account you want to move your savings into – these seemingly small aspects can all determine where your financial situation stands.When it comes to your retirement, assessing your current lifestyle and making minor amendments could massively benefit not only your future but also your pension fund. These amendments could range from taking a packed lunch to work to cutting back on daily barista-bought coffees. Talk Money Week could be a great excuse to thoroughly assess your finances and see if there are any alterations that could help you save more efficiently for your retirement. That daily barista coffee could quickly turn into a big sum to add to your pension pot!
Seek advice
Your finances are something you should not have to tackle alone, and you don’t have to. Seeking financial advice to aid in building your retirement strategy can really make sure you’re exploring all avenues in order to get as many benefits as you can from your pension pot. Your adviser will spend time with you to learn about your risk level for investments, in addition to your retirement objectives. What’s more, the plan constructed by your appointed financial adviser will also be tailored to your circumstances and goals, meaning that you can be confident that your retired life will be without financial worry or uncertainty.
To make seeking advice your #DoOneThing this Talk Money Week, book a call with one of our team today.

### Autumn budget 2024: What does it mean for pension planners? 
After years of economic turbulence and financial strain for households across the UK, this Budget felt like a truly pivotal moment. Marking the first Labour Budget in over 14 years and delivered by the UK's first female Chancellor, Rachel Reeves, it was more than just a list of fiscal measures – it was a signal of the new government's approach to Britain's economic recovery and future stability.
For retirement planners, especially, this Budget carried significant weight. After weeks of speculation many were watching closely to see how pensions and personal finance would be addressed.
We take a look at the key takeaways for Britain's pension planners…
Key points that could affect your retirement plan
Pensions and inheritance tax (IHT)
One of the most talked-about measures was the decision to include pensions in the scope of inheritance tax from 2027. This adjustment means that pension savings may be subject to the 40% tax rate if the total estate value exceeds the IHT threshold, impacting how people approach estate and retirement planning. With the new rules, individuals may need to reconsider the balance of their savings, investments, and asset transfers to minimise potential IHT liabilities if it was factored into their plans.
Triple Lock confirmation
The government had already committed to the triple lock in the party manifesto. However, Rachel Reeves' commitment to the policy will provide welcome reassurance to pensioners. This means that the state pension payment rates will rise by 4.1% in line with average earnings, with some pensioners receiving an increase of up to £475 in 2025.
Pension credit
For lower-income retirees, the Pension Credit Standard Minimum Guarantee will also increase by 4.1% from April 2025, meaning an annual increase of £465 in 2025-26 in the single pensioner guarantee and £710 in the couple guarantee.
Inflation forecast
The Chancellor has retained the Bank of England's 2% inflation target, but the Office for Budget Responsibility (OBR) projects that inflation will remain above target over the next four years. Inflation is expected to average 2.5% this year and rise to 2.6% in 2025 before gradually decreasing but staying slightly above 2% until at least 2028. For savers, this underscores the need to stay vigilant about inflation's impact on long-term savings.
National minimum wage
The Chancellor's announcement of a minimum wage rise to £12.21 for over-21s from April 2025 could indirectly impact retirement planning. For those on minimum wage, this 6.7% boost in income may open up opportunities to allocate more towards pensions and savings.
Our perspective
Even though drastic pension tax changes didn't materialise in today's Budget, the damage has already been done. Weeks of speculation and rumoured sweeping reforms left savers anxious, will have shaken many people's retirement strategies. For those already wrestling with financial difficulties, this added uncertainty will have only deepened concerns about their future security.
A confirmation of their already-pledged commitment to the triple lock and an increase in pension credit are welcome if underwhelming. But it is not enough. The government now has an opportunity to rebuild that trust by focusing on initiatives that genuinely support savers – starting first with helping savers to understand how bringing pensions into IHT could impact future financial planning.
Finally, prioritising comprehensive financial education and tools like the long-delayed pension dashboard will empower people to make informed decisions and feel confident in their retirement planning. What's more, the second half of their pension review must deliver more than just lip service – savers need real, actionable reforms that encourage greater contributions and improve outcomes for retirement planning across the board.
A nod to either of these engagement-boosting policies would have been a welcome announcement that could have alleviated some of the pension tax raiding fears.
It's now crucial that the Chancellor recognises the importance of stability and clarity in pension policy. Restoring confidence among savers will require transparent, considered policies that support long-term financial well-being rather than fuelling rampant speculation that only undermines it.

### What is a Stocks and Shares ISA? 
Traditional pensions are no longer the only financial products available to those saving for their retirement years. Increasingly, people are supplementing their pension pots with other income sources, too, with a wider array of investments and savings products to choose from than ever before.
One popular choice for retirement savers is the investment-based Stocks and Shares ISA.
But how does a Stocks and Shares ISA work, and why could it be a strong choice for pension planners?
Breaking down the Stocks and Shares ISA
The term ‘ISA’ – or Individual Savings Account – is often associated with the cash savings account offered by banks or building societies. In an ‘ISA’, any interest earned on savings is exempt from UK income or capital gains tax.
The Stocks and Shares ISAs work similarly to Cash ISAs and are also tax exempt. However, rather than earning a fixed rate of interest, your money is invested across a portfolio, which offers the potential for higher returns.
Since investing over a longer period gives them a greater opportunity to outperform a standard cash ISA, these ISAs are typically recommended for the long haul, making them potentially a good choice for retirees.
There is a limit to how much money you can contribute each year, though. For the 2024/2025 financial year, you can add £20,000 across your ISA products – this includes Cash, Stocks and Shares, Innovative Finance, or Lifetime ISAs.
It’s important to remember though that any form of investing carries a risk, and returns are therefore not always guaranteed.
Talk it through with a professional
Ahead of making any big decisions about your retirement planning, it’s important to remember that pension planning is far from one-size-fits-all. The perfect retirement portfolio is wholly dependent on your individual circumstances. So, talking to a professional first, like the team at My Pension Expert, ahead of moving your retirement savings is key.
An independent financial adviser (IFA) will be able to talk to you about the best stocks and shares ISA, or the best pension product, in general, for you. They’ll work backwards from your end goals to create a savings plan that’s tailored to your personal needs, preferences and appetite for risk.
To find out more about Stocks and Shares ISAs and whether they could work for you, contact us today.

### The importance of avoiding financial speculation
It has been just over three months since Labour were catapulted into power after a landslide victory in the 2024 UK General Election. While the party were quick to address key policies they had outlined in their manifestos, the looming Autumn Budget has made room for further speculation on the financial adjustments Labour may make.
This year’s budget is set to be announced by Chancellor Rachel Reeves, and various predictions have already been accumulated as to what updates are to come. Although it may seem necessary to be aware of any potential announcements, looking too closely at speculated changes can inadvertently cause you to make rash decisions and damage your financial health.
That’s why, as we argue in this blog, we believe the best financial decision you can make amid various speculations is to keep calm and seek expert financial advice.
Disregarding misinformation
Perhaps the most crucial point of avoiding financial speculation in the lead-up to political updates is the potentiality of misinformation being spread. With there being so many articles with biased overviews towards preferred political parties, there is the risk of reading content that spreads misinformation. For example, a newspaper that usually favours the Conservative party may be keen to highlight negative statistics of new Labour policies and miss key updates that may show them in a positive light. This may lead to readers of the article believing we are in a declining economy and making rash financial decisions, such as withdrawing their investments.
With the advice you receive from regulated advisers, you can be confident that the information you have received is correct. Regulated advice means that the Financial Conduct Authority (FCA) monitor the activities of the advising body; such advisers are required to take part in FCA-constructed training to ensure advice is being provided with fairness and clarity.
Not entirely applicable
Internet resources can be useful for guidance and research, there’s no doubt about that, but listening too close to media and political speculation and applying them to your own finances may not reap the benefits you think. That’s because your own financial situation is uniquely yours and should not be countered by general speculation of updates to come.
Financial advice is totally tailored to you, your circumstances and your goals. That means that the advice provided is constructed with how exactly you can meet the targets you desire with your finances.
Seek advice
When navigating your finances, there really isn’t anything as quite as valuable as seeking advice. Beyond protecting and building your assets, advice can give you more confidence in your finances. Where you might feel unprepared or unsure about the best financial route, your adviser can consult and make the important decisions for you. With advice from My Pension Expert, there is no need to consider any speculation in the media, as our advisers will provide you with relevant and factual information in addition to constructing a plan tailored to your goals and circumstances.
To find out more, contact us today.

### Spreading awareness this World Menopause Day
Menopause; a part of women’s lives that has previously been an uncomfortable topic of discussion. Thanks to modern shifts such as social media, the taboo of talking about menopause is slowly being broken, and it’s now an aspect of women’s health we can discuss more openly in order to spread awareness.
Friday 18th October marks World Menopause Day, an event dedicated to driving menopause awareness and bringing the conversation of women’s health in later life to the forefront. As the self-proclaimed experts of retirement advice, we think it’s essential to shed light on such an important life event that will affect many of our clients during their retirement years and employees potentially during their careers. In the workforce, it is believed that menopausal women are the fastest-growing demographic, making it more crucial than ever to make sure there is plenty of awareness on the subject.
Why it’s important to be aware
Menopause is a natural part of life that occurs in women, typically over the age of 40, around the world. Symptoms can range from minor menstrual changes to strong feelings of anxiety to extensive physical pain and hot flashes. While many believe menopause to be a short-term occurrence, some symptoms can last years and can heavily impact day-to-day life.
With it being such a potentially vulnerable time, it’s vital that women experiencing this have a comfortable and positive environment in which to work. Failure to do this can have detrimental effects on a woman’s physical, mental and social well-being, as well as have negative implications for their work productivity.
Many women struggling with menopausal symptoms in the workplace may see no other choice but to leave their respective roles. Research has found that 1 in 4 women consider quitting work due to side effects of menopausal symptoms, and a further 46% will not disclose symptoms due to the worry that they may be perceived negatively.
Making sure support is on hand
At My Pension Expert, we aim to support our colleagues approaching or experiencing menopause as much as we can so that they can continue living their lives to the fullest without any fear of voicing their struggles. In addition to our appointed Mental Health First Aiders, we have colleagues in our office who are Menopause Workplace trained. This means that our trained staff, Marketing Executive Natalie Rowe and HR Director Bernie Dunlop, have all the expertise and knowledge needed to ensure help is on hand for colleagues approaching or struggling with menopause. Such training includes an in-depth look into the symptoms menopause carries and how they can make individuals feel, in addition to how it can affect them in the workplace. As a result, Bernie and Natalie can offer support on a subject that shouldn’t be taboo to our female colleagues who require it.
What can I do?
Acknowledging menopause and the effects it can have in the workplace is one element of driving an inclusive culture. For companies that support menopausal women, this might mean making reasonable adjustments, such as providing a desktop fan, allowing alternate uniform or allowing flexible learning.
Beyond direct adjustments to the workplace itself, even offering trusted figures to talk to can be a support tool for women struggling with menopause.
For more information on providing support and spreading awareness, visit International Menopause Day 2024.

### The problem with pension planners relying on social media
In today’s digital age, social media platforms like Facebook, YouTube, and TikTok have become popular sources for all types of advice, including financial guidance. 
While particularly prominent among younger generations, social media is growing in popularity as a platform for sourcing financial information and guidance across all age groups, making learning about financial topics more engaging and accessible to millions. 
According to Deloitte, a quarter (25%) of 18-24-year-olds use social media for financial guidance, and one in five have even made investments based on recommendations found online. 
But this approach must come with a warning. Even though there’s certainly benefits to this rise of discussion of personal finance on social media – such as breaking taboos and raising awareness of the importance of financial planning, particularly for retirement – it’s not without its pitfalls.
Misinformation
One of the biggest risks of social media sourced guidance is misinformation. A large portion of financial content shared online is unregulated, meaning it’s not subject to the same checks as professional advice. 
In fact, research from Capital One found that half of the videos they analysed offering financial guidance failed to include necessary disclaimers. This lack of regulation can leave viewers vulnerable to potentially inaccurate or misleading information – and when it comes to something as important as your retirement savings, the stakes are too high to rely on unverified advice from online creators. 
While online personal finance creators might offer interesting insights or inspiration, they aren’t a substitute for regulated, professional advice. Independent financial advisers undergo training to meet industry standards and have to stay updated on the latest financial regulations and strategies – far beyond what social media creators are required to do.
Lack of tailored advice
Financial guidance from social media can certainly be useful in building foundational knowledge, but it lacks the personal touch that’s crucial for effective retirement planning. 
For example, guidance can help you understand the basics of different types of pensions and financial products, but it’s limited to generic information. In other words, it’s difficult to apply this information to your own financial situation. 
On the other hand, independent financial advisers offer tailored advice that takes into account your unique financial situation, goals, and risk tolerance. Not only will they break down the fundamental but go beyond this to help you with complex decisions, ensuring your retirement plan is aligned with your personal needs and future aspirations. Importantly, advisers also help manage risk, working with you to develop a strategy that minimises potential financial losses from market volatility or other unexpected life events.
Any trend that encourages people to discuss and engage more in financial planning should be embraced, especially given the current pension engagement crisis we have on our hands. But it’s important to approach these platforms with caution. There is no substitute for professional, independent financial advice when it comes to something as important as securing your retirement. While social media can offer a starting point, personalised advice from a regulated adviser remains the best way to a secure and well-managed retirement plan.

### What financial support is available if your partner dies?
When a spouse or partner passes away, the last thing that anyone should need to worry about is their financial security. Yet, for many people, alongside the grief of losing a loved one, death can sadly also put you in uncertain territory when it comes to covering costs.
Knowing what income and benefits you may be eligible for can be crucial in navigating your finances after such a loss. Read on to find out more about what may be available.
Inheritance and the State Pension
Did you know that you can actually inherit your partner’s remaining state pension payments? Subject to the conditions that you were married or had formed a civil partnership, your partner had reached State Pension age before 6th April, had qualifying years to pass on to you, and you were not receiving £169.50 from your own State Pension, you may be able to claim part or all of their State Pension payments.
Claiming your partner’s private pension
If your partner is of a state pension age, then they are likely to have also accumulated one or more private workplace pensions from which they have been receiving payments. Should there be any remaining funds in these pensions, you may be able to inherit some of these payments - this is dependent on the rules of the scheme your partner’s pension is in and the death benefits associated with their plan. To find out if you can claim the remaining payments of the pension, you would need to speak to the provider directly.
Widow’s pension
Also known as Bereavement Support Payment (BSP), widow’s pensions are designed to offer support in financial hardships for individuals who have lost their partner. BSP is not means tested, meaning that how much you earn or the amount of savings you have does not affect how much you’ve received. The only criteria needed to be met is that your partner must have died under the State Pension age, have been married or in a civil partnership with you, died as a result of a disease or accident at work, or have paid a certain amount of Class 1 or Class 2 National Insurance contributions.
In order to claim this, you would need to submit a claim within 21 months following the death of your partner. The amount you receive is dependent on when you reach State Pension age, your relationship to the person who died, in addition to when you make your claim – so make sure you submit your claim as soon as possible!
Financial advice
Perhaps one of the best ways to ensure you and your partner are prepared for whatever the future holds is to seek financial advice. At My Pension Expert, our team of financial advisers can help you exhaust all avenues to make sure your pension, or your partner’s pension, is in a place where it can be accessed should the worst occur. Rather than having an educated guess at putting plans in place, financial advice steers you to the correct course and puts you at ease, knowing you have done everything to provide security for your partner in the future.
To find out more, schedule a call today.

### What is pension consolidation, and should I do it?
If you’ve had more than one job throughout your working life, chances are you’ve built up multiple pension pots.
In fact, with auto-enrolment being the norm, it’s highly likely that each time you changed jobs, you were enrolled into a new pension scheme. While this has undoubtedly encouraged more people to save for their retirement, it’s also left many with scattered pensions that can be difficult to track and manage.
Pension consolidation, simply put, involves transferring those separate pension pots into a single plan. This can make retirement planning far easier to manage, giving you a clearer picture of your finances.
But it’s not just about convenience. With an estimated 2.8 million lost pensions across the UK, valued at a staggering £26.6 billion, many savers may be losing track of their hard-earned money.
Consolidating your pensions could be the key to keeping everything in one place and monitoring your savings. However, while it offers benefits, convenience doesn't equate to stronger finances. So, it’s important to weigh up the pros and cons carefully.
What are the benefits of pension consolidation?
More investment options
There are several clear advantages to consolidating your pension pots, with one of the biggest being access to better investment options. Some older pension schemes offer a limited range of funds, which may no longer align with your current financial goals or risk appetite. By consolidating, you could choose a plan that offers a broader range of investment opportunities, making sure your money is working as hard as possible for you.
Cutting costs
Another benefit is the opportunity to cut costs. Some pension plans may have higher charges, which can slowly erode your savings. By transferring to a more cost-effective scheme, you may be able to reduce these fees and potentially boost the long-term growth of your pension.
Flexibility
Additionally, consolidating your pensions might offer more flexibility, particularly if you’re approaching retirement. Many older plans can limit your options for how you can access your money, whereas newer schemes often come with a broader range of retirement products and income options that may better suit your needs. This flexibility is especially valuable as you start planning for the retirement lifestyle you want.
Simplicity
Finally, consolidation could offer the benefit of simplicity. Combining all your pensions into one pot reduces paperwork, admin, and fees. It may also give you a much clearer view of your overall financial situation, making it easier to monitor and plan for the future.
It’s important to note that convenience should never be the most influential factor when deciding whether or not consolidation is the right option for you. In fact, there are many factors you should take into consideration before making a final decision.
Why might someone decide not to consolidate pensions?
While consolidation can be beneficial, it’s not always the right choice for everyone. There are several factors to consider before making the move:
Do any of your existing plans offer unique benefits, such as enhanced tax-free cash or death benefits that you could lose by transferring?
Are there exit penalties on any of your current pension schemes that might outweigh the benefits of consolidating?
Are you still contributing to your pension, with employer-matched contributions? You could lose out on these valuable contributions if you switch schemes.
It’s also worth remembering that there’s no guarantee your new pension will perform better than your current one, and past performance is not an indicator of future success. It’s important to assess whether consolidation is the right choice for your unique circumstances.
So, should you consolidate?
Pension consolidation can be a valuable tool for simplifying your retirement planning and cutting down on costs. But it’s not a decision to be made lightly. The key is to assess your individual situation and understand whether consolidation aligns with your financial goals.
Speaking to an independent financial adviser, such as our team at My Pension Expert, can help you make an informed decision. They’ll review your current pensions, identify any unique benefits or penalties, and recommend the best course of action.
 Whether or not consolidation is right for you, seeking expert advice will make sure you make the most of your retirement savings and are well-prepared for the future.

### My Academy: 2 years of developing people and growing careers
In 2022, My Pension Expert decided that as a business, we wanted to invest more in what makes us great – our people. 
Across our teams, both office-based and field-based, there was an array of potential for growth and advancement. The question was how we could encourage it—enter My Academy! 
My Academy was launched with the aim of clearing a path for anyone interested in pursuing a career in the financial services industry. This doesn’t necessarily just mean the route of financial advice but a whole range of sectors in the industry, including management, marketing, sales, technology, and more!
The people
Two years of My Academy has resulted in four different completed apprenticeships, two summer interns, and an array of progressions within the business! The apprenticeships have been offered via Doncaster College, our local education centre offering apprenticeship opportunities, university-level qualifications and studying resources for adult learners. Many of our apprentices are still employed within the business and have advanced in their roles, while others have completed their qualifications and left to explore other ventures. 
Nevertheless, encouraging the development of young minds is an important prospect for our social governance, and we’re proud to have been a part of our apprentices’ career journey.
In addition to successful apprenticeships, the business has seen numerous career progressions and promotions as a result of the My Academy scheme. In 2024 alone, we saw ten different promotions within our teams. Colleagues who joined our sales department several years ago, such as Kyle Simpson and Katie Stather, have since progressed to roles on our Executive Board, which really exhibits the width of the opportunities My Academy has to offer.
Why initiatives like these are important
You heard it first from our colleagues; initiatives like My Academy are such rewarding and important opportunities. Why? Education and learning initiatives present new gateways for colleagues to access qualifications for which they wouldn’t typically have the resources. Education can quickly incur high costs from materials and course fees, which many may struggle to pay upfront in the midst of a cost-of-living crisis. The majority of courses and training we offer at My Academy are funded by My Pension Expert, subject to certain conditions and availability of the qualifications.
Not only do programmes like My Academy grant access to these qualifications, but they can also offer individuals support throughout the process. Take Emma, for example, who joined our sales team in 2019 and is now on the path to becoming a full-time IFA. Emma had never considered financial advice as a potential career and, due to being older, did not believe she was able to take part. However, through her own determination, hard work and the support of My Academy, she was able to pass her exams with flying colours and soar through her qualifications. 
Like our financial advice for our clients, My Academy places the best interests of the MPE team at heart. With two years running and various success stories to showcase, we’re excited to see what the next two years have to offer.  

### Four ways to get retirement-ready this Pensions Awareness Week
Happy Pensions Awareness Week, savers!
Meeting your retirement goals isn’t always straightforward, and a critical first step in making it happen is fully engaging with your pension planning and strategy.
Despite this, many Britons are falling short in this area; My Pension Expert found that nearly two-in-five (37%) UK adults not yet retired know how much is saved in their pension pot, and fewer still (34%) have a financial plan in place for later life.
Naturally, there can be all sorts of reasons this happens. Feeling overwhelmed or under-supported can lead to us burying our heads in the sand, for example. Auto-enrolment has also been a double-edged sword for savers. Although, positively, it’s catapulted the number of workplace pensions, with over 10.6 million workers being onboarded, the downside is that its automated nature makes it easily forgotten about or over-depended upon by planners.
So, what needs to be done? Ramping up support from the government, in tandem with the financial services sector, is ultimately the biggest hitter for widespread change. However, savers can re-empower themselves and start taking steps on their own to build better savings habits to pave the way to financial security – and what better time than Pensions Awareness Week to get in gear!
Here are four important ways to getting retirement-ready starting today.
Start with your goals and work backwards
Firstly, ask yourself: what do I want my retirement to look like? Do I want to travel, or take up new hobbies? How much money is required to fund that lifestyle?
The answers to these questions are your retirement goals. Without setting clearly defined goals, it is impossible to know what your financial strategy is aimed at achieving, so this is pension planning basecamp.
Outside of sitting down and working it out with a financial advisor, the Pensions and Lifetime Savings Association’s Retirement Standards is a great jumping-off point for working out your retirement cost-of-living.
With a clear-cut target in mind, you can follow your progress and portfolio and evaluate whether you’re on track. If it’s not quite adding up, you can tweak your approach, for example by increasing contributions or exploring new investment options if required.
Stay laser-focused on your pension pot
Even though so many savers are failing to engage with their pension planning, one fix is simple. Taking time to review your pension statement regularly and consistently – even if that’s just once a year – is a great way to refocus your attention on your retirement.
That one habit can do wonders for your pension engagement: it helps you stay up-to-date on your pot’s balance, lets you know where your money is invested, and establishes if you’re on-target to meet your retirement goals.
Up your contributions
This might sound like an obvious one, but there’s a few reasons it’s still worth mentioning.
Think about upping your pension contributions if you can – and the earlier the better. Even the smallest boosts in your monthly contribution can significantly grow your pension over time due to compound interest, equating to larger savings down the line.
Some employers also offer matched-contributions schemes, where they put in an equivalent amount to you (up to a certain percentage). Fundamentally, with tax relief factored in, this benefit is free money for savers, and bigger contributions ultimately mean bigger pension pots.
Seek professional advice
When in doubt, talk to a professional. After all, every saver has a unique set of financial goals and circumstances. When faced with the wide array of pension products and investment options that are on offer to consumers, many might feel overwhelmed and reluctant to take action, not knowing their best option.
An independent financial advisor (IFA), such as those within our expert team at My Pension Expert can provide impartial advice, helping you understand the intricacies of pension products and will create a tailored financial plan to best suit your individual retirement objectives. With their support, you’re equipped with the knowledge and understanding to make well-informed decisions that keep you on the right path with your goals.
Engaging with pension planning is critical to a financially secure, healthy retirement. So, get started with these tips this Pension Awareness Week and steer back on course with achieving whatever your retirement aspirations may be.

### Pensions for the self-employed: your know-how
Workplace pensions offer a variety of benefits, including employer contributions. Perhaps one of the key benefits is that workplace pensions are set up for you by your new employer when you start your job, eliminating any hassle or work for you to do in arranging your pension.
When you’re self-employed, setting your pension up is your sole responsibility, and not one to be taken lightly. Whilst the main focus will be driving your own work opportunities, it’s important not to push the pensions and retirement planning to one side. After all, delaying pension planning now, could cause some issues in future. 
An estimated 69% of the self-employed don’t have any pension savings – an alarming result which shows that not enough people are educated on the importance of saving for later life.
Luckily, the team at My Pension Expert are here to provide the much-needed info on setting your pensions up if you’re self-employed!
Pension freedom
Although it might seem like a burden making your own pension arrangements, it’s quite the opposite. Organising your own pension gives you the freedom to choose which provider suits you, your pension pot, and your circumstances rather than the having one automatically assigned by an employer.
If you’re self-employed, there are generally three types of pensions you can opt for - these options are standard personal pensions, self-invested pensions (SIPP) and stakeholder pensions. What type of pension you choose is dependent on aspects such as the flexibility of your earnings, the charges you’d be willing to pay and the convenience of setting the pension up.
Prior to setting your pension up, it would be beneficial to double-check any old workplace or personal pensions you may have and if it would be worth consolidating them. Of course, convenience should not be the main motivation for doing this; you must be sure pension consolidation suits you, your current circumstances and future needs. Further, we recommend to always seek financial advice before making a final decision. 
Still reaping the benefits
A common pensions myth is that the self-employed miss out on valuable benefits that workplace pensions reap – this couldn’t be further from the truth! The key and unique advantage that workplace benefits offer are the employer contributions that can top up your pension pot. Just because you are your own employer, doesn’t mean you’re missing out on other benefits, you can simply add extra contributions yourself!
Other than this, your self-employed pension can still benefit from the rewards a workplace pension can offer. Such rewards can include tax relief and death benefits – that’s right, you can still get tax relief on a pension set up by you! For more information on pension tax relief, read our blog here.
It’s worth noting that as with workplace pension holders, you need to qualify for pension tax relief via a minimum requirement of National Insurance contributions. 
Advice and your pension
Your retirement finances might not be the priority right now – but planning for life after employment really is a necessity. When you’ve worked hard all your life, there’s nothing quite like kicking back and enjoying your newfound free time without the worry of what money you’re spending or where your next payment will be coming from. 
If you’re facing uncertainty about planning financially for your retirement, we highly encourage you to seek advice. Financial advice is imperative when facing retirement, especially when facing retirement without the safety net of an automatic enrolment into a pension scheme. You can get advice regardless of your financial knowledge, or the stage you’re at in your pensions – whether it’s setting just setting them or withdrawing them. 
At My Pension Expert, our advisors offer recommendations which are fully tailored to your financial circumstances and goals. Our team of experts possess all the knowledge needed to make sure your workplace or self-employed pension is working for you. The advice we provide is fully regulated and is in the best interest of you and the kind of retirement you want to live!

### Should I withdraw my tax-free lump sum from my pension?
To withdraw or not to withdraw, that is the question.
For many retirees, whether to withdraw the tax-free lump sum from their pension pot is one of the biggest financial questions they will tussle with. It's an option that allows you to take out up to 25% of your pension pot as tax-exempt cash. And after decades of saving, having access to a significant sum of money entirely tax-free may seem enticing – but there's a lot more that pension planners need to consider.
So, before making any important financial decisions about your lump sum, it's vital to ensure you fully understand the options available to you and to weigh them up carefully.
How does the tax-free lump sum work?
When you reach the minimum pension age (55 at the earliest, set to increase to 57 in 2028), you can typically withdraw up to 25% of your pension pot tax-free, up to a maximum of £268,275.
This lump sum can be taken all at once or in stages, depending on the flexibility of your pension scheme. The remaining 75% of your pension pot is typically subject to income tax, whether you choose to withdraw it as a lump sum, take it as income, or purchase an annuity.
In practical terms, if your entire pension was worth £100,000, you could take up to £25,000 as a tax-free lump sum. You would then be subject to income tax on the pension payments you receive each year from the remaining pot of £75,000.
Weighing up the pros and cons
Naturally, one of the biggest appeals of withdrawing a lump sum is the immediate financial flexibility it affords, providing you with immediate access to a significant amount of money. This can be useful for a variety of things, such as paying off outstanding debts, paying for home improvements, making big-ticket purchases, or simply having accessible funds for emergencies or unexpected expenses.
Another perk is that taking the tax-free lump sum early can help savers manage their tax burden more effectively during retirement. This is because a smaller pension pot should result in less taxable income when you begin drawing from the rest of your pension.
On the other hand, there are drawbacks to consider, too.
Withdrawing a lump sum will reduce the size of your pension pot, which may result in a lower income during retirement year-on-year. If your pension is your primary – or only – source of retirement income, this can be especially concerning.
Money left in a pension pot also continues to grow tax-free, potentially increasing your retirement income over time. So, by withdrawing a lump sum, savers lose out on this compound growth, which could further result in less income during retirement.
What's more, having access to a large sum of money could lead to the temptation to spend it quickly on non-essential items. Without careful planning, you could deplete your savings faster than anticipated, leaving you with less financial security in the long term.
Seek advice before making a decision.
Deciding whether to withdraw a tax-free lump sum from your pension is a complex decision that can have significant implications for your financial future.
Every individual's situation is unique, with factors like your retirement goals, access to alternative income sources, and overall market conditions all coming into play.
It's also important to factor timing into your decision. Certain schemes may require you to take out tax-free cash by the age of 75 – so even if you're not sure when exactly to take it out, it's important to be aware of the terms and conditions of your pension scheme to avoid any nasty surprises.
In any case, it's vital to consult with an independent financial adviser (IFA) before making any decisions.
An IFA, like those in the MPE team, can provide tailored advice based on your individual financial and retirement goals. From there, they can help you assess the impact of withdrawing a lump sum on your overall retirement strategy, as well as explore alternatives that might better suit your needs.
Ultimately, seeking professional support and advice can help pension planners make well-informed decisions that align with their long-term financial goals, allowing you to enjoy the comfortable, financially secure retirement you deserve.

### Pension calculators: how can they help you plan your retirement?
When it comes to retirement research, pension calculators are a tool that you might find across various provider and guidance websites. Intended to provide answers to questions such as “How much do I need to save for retirement?” or “What is my current total for retirement?”, pension calculators have an array of benefits to offer to up-and-coming retirees.
While many might find them helpful aids in gaining information on their pension, others may be unaware of the insight they offer or not know quite how to use them. That’s why, as your pension experts, we’re here to share all the knowledge you need on pension calculators!
A basic how-to
To get started, the information required from a pension calculator depends on what kind of pension calculator it is. For example, a pension calculator to determine your retirement income (the amount of monthly income you will need to sustain your current lifestyle in retirement) usually ask for:
Your date of birth 
Gender 
The age you’d like to retire
Gross salary/income
Pension pot values
Any pension contributions you’re currently making 
How much of your pension you’d like to take as a lump sum
The answers you submit relating to your gross salary, current contributions, and pension pot value will be used to conclude your yearly pension income. You might think details such as your gender and date of birth might be unnecessary when calculating your income after work. However, this is all used to evaluate your State Pension age and the grand total you’d receive with the inclusion of State Pension payments. This type of pension calculator is especially beneficial if you’re wanting a general idea of what income you can expect from all avenues of pensions. Many of these calculators are programmed to align your date of birth with your expect State Pension Age (based on previous patterns of State Pension age as a result of government changes), so whether you’re retiring in the next 5 years or 50 years, you can believe it to be a realistic forecast.
In addition to this, you might come across pension calculators like a drawdown calculator. This type of calculator will use the above factors to determine how a drawdown pension scheme could help your pension pot to last longer. Furthermore, it can also present an approximate forecast of investment growth throughout your retirement. 
Drawdown calculators will require information such as:
Your age
Annual charges
Growth target
Required annual income
Pension fund value 
After providing this information, the calculator will work its magic and provide a total based on the information you’ve provided. The total given is an illustration of what impact growth rates and life expectancies could have on the longevity of your pension. It should be mentioned that while the figure you get will be as accurate as the details it’s been given, your prediction from the calculator should only be taken as a general idea for your retirement income and not a certain total.
Pension calculator benefits
Although any totals supplied by pension calculators should be taken on the premise that it’s only an estimation, they do still pose various benefits for those planning for their retirement. Such benefits can include offering the knowledge of whether your current pension contributions will keep you on track for the retirement income you’d like. If not, it provides the opportunity to reassess your retirement strategy and adjust your contributions to meet your needs.
There’s also the matter that many pension calculators are both free and anonymous tools to use, meaning (on the basis that you’re using a calculator via the page of a trusted provider) all information you use will be safe.
Seek advice
Pension calculators are a good starting point for your retirement journey, their results should not be seen as a definitive recommendation. 
After all, pension calculators are technology-generated tools, meaning they do have their limitations. As we’ve previously mentioned throughout this blog, any figures retrieved from pension calculators should only be taken as an estimate.
Therefore, we strongly recommend seeking advice before making any major changes to your pension or investment plans. 
When it comes to seeking a tailored, personalised plan to suit your financial needs and goals, advice is generally the most beneficial option. For example, at My Pension Expert, our team of independent financial advisers have the expertise to assess your income and pension pot value alongside the income you’d like for your retirement and design a strategy to suit this. What’s more, our team will conduct a whole-market search to make sure you’re placed with the best pension scheme that will make your pot work for you. 
Nevertheless, paired with financial advice, pension calculators are a good starting point to understand your pension fully, and ultimately secure the financial future you want.
To get started on your retirement journey, click here.

### How much do I need to save for retirement?
How much do I need in my pension pot to retire? It sounds like a simple question and one that should have a straightforward answer. Unfortunately, like other aspects of financial planning, it can be a bit more complicated.
A quick search online produces a number of total pension pot figures, pension calculators, and percentages of monthly salaries into pension pots.
The problem is many of these estimates tend to fail to recognise one important point – no two retirements look the same. There are a number of considerations, such as current financial circumstances, age, risk appetite and desired retirement lifestyle that retirement planners must consider first.
Let’s take a look at some of the factors you need to consider when planning for retirement.
Lifestyle
One of the most important things to think about is the kind of lifestyle you’ll want in retirement. Holidays, eating out, shopping, all spending habits should be considered.
A good place to start to work this out is the Pensions and Lifetime Savings Association’s Retirement Standards. These figures are based on independent research by Loughborough University and paint a picture of what a minimum, moderate and comfortable lifestyle could look like in retirement. They break down the potential costs of home maintenance, food and drink, transport, holidays and leisure, clothing, and helping others.
Age of retirement
Deciding what age you plan to retire will have a big effect on the amount you’ll need to save. Of course, the longer you postpone your retirement, the more your pension will grow. Retiring later in life will also mean you’ll have less time without a regular salary to consider and fund.
That said, retirement doesn’t have to be a case of working until a certain age then finishing work. There is a growing appeal of a phased retirement with people reducing their hours to part-time for a few years first. This has become more increasing prevalent with the rise of remote working.
Seeking advice
Bringing together your current assets, retirement aspirations, and the age you want to wind down to produce a retirement strategy can be an overwhelming task. This can be made more stressful if you feel like your savings are not where they should be.
The good news is that this need not be a solo undertaking.
An independent financial adviser such as our team at My Pension Expert is on hand to help. We assess an individual’s financial situation and retirement goals to offer the best, personalised advice to create a retirement plan that helps achieve their desired lifestyle.
This could involve creating a phased retirement plan or helping choose an investment product that could provide their savings an added boost. An adviser can guide savers through the options as well as helping them understand the relative risks of each approach.
Instead of thinking of retirement as a single figure, consider it an ongoing planning process. With a thorough retirement plan and regular reviews, savers put themselves in the best possible place to make their retirement dreams a reality.

### Looking into our B Corp journey
This year, we’ve been at the centre of two significant announcements, from our first acquisition of Tenet & You to our B Corp certification! Both announcements have been important in shaping My Pension Expert’s growth, and we’re thrilled about our achievements we’ve accomplished this year so far. 
In this week’s blog, we thought we’d highlight on our B Corp journey and speak to the  team members that made it possible!
What is B Corp?
A certification such as B Corp is something we have strived to gain which strongly connects with our business. We aim to incorporate with Environment and Social Governance (ESG) into everything we do. Whether it be our carbon literacy or the firms we use for printing, ESG is at the heart of everything we do.
According to B Corp’s website, the certification is a “designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials”. Obtaining the certification requires meeting several, including a demonstration of high social and environmental performance.
The team behind it all
Like other gains we’ve accumulated as a business, B Corp is a project that was operated by hard-working members of our team. A process started in April 2023 and the application was fronted by myself and our and Marketing and Communications Executive, Natalie Rowe. 
As the driving force behind the application, we spoke to Natalie about her experience managing the process!
When did you start the B Corp application?
We started applying for B Corp in April 2023, but the research began in June 2022. That summer, we had a team of summer interns who helped gather the information we thought we might need for the application. When I started on the project the following April, I looked through what they had pulled together and started formulating a plan for how we were going to attack the seemingly endless questions!
What did you enjoy most about the process?
I really enjoyed directly corresponding with B Corp and the suggestions they made to us throughout the process on how we could better ourselves as a company, to make more of an impact in our area and the whole world! It was cool seeing that simple projects can affect such a big area.
What sort of information did you need to gather for the application?
For the applications, there were five main areas that they asked us questions about governance, workers, community, environment and customers! Each area varied in how much information was needed. For example, for the workers section, we needed to send an entire spreadsheet with the information of our employees. This was everything ranging from gender to whether they were office-based, how many hours they worked and  showcased the diversity in our workplace.
Why is B Corp important?
I think the B Corp certification is important because it shows our commitment to the planet and everyone in it. As a company so focused on doing our bit to make the world a better place, it’s crucial that we have something that signifies this. B Corp shows that we want to be better and give back to our clients who come to us for help and support. I think it’s a massive movement, and I’m glad to be a part of it.

### Leaping into retirement: how to get out of the work mindset
There’s nothing quite like it, is there? That feeling of clocking out of your very last shift, parting ways with early mornings and rush hour traffic, the end of working life.
To some, leaving work is a sombre thought. Whilst for many retirement can’t come soon enough, others are driven by their career and the idea of no work can be a daunting prospect.
Much like today’s Hurdle Event at the Olympics, entering retirement is very much taking a giant leap into a new lifestyle. When you think about it, work offers consistency and a routine, without it you’re very much jumping into the unknown.
As your resident pension experts, we’re here to tell you how you can get your head out of the nine to five grind and jump into retirement fully!
Break away from the routine
First things first – turn those alarms off! The key element of breaking away from work is shifting away from your work routine. Even going as far as avoiding the breakfast you’d rush before heading to your job or the sandwiches you’d pack for your lunch break – they’re all reminders of the times when you were employed! If you’re a creature of habit, retirement offers full flexibility in constructing your own routine. You could go for a leisurely morning walk or visit a local café for breakfast; the choice is yours.
You’d think we’d encourage you to break away from a regime altogether; however, when you’re so used to a fixed plan five days a week, starting anew can be a bit of a shock. Ultimately, this might make the process of beginning retirement unenjoyable, and this is supposed to be one of the best times of your life!
Work hard for you
Your working life has seen you work hard to establish yourself in your career and achieve various milestones – but now that this has come to an end, that doesn’t mean the effort has to stop! Why not apply the hard work you’ve previously given to work to your new retired life?
For example, now that you have an abundance of free time, you have the opportunity to explore new hobbies and interests. Retirement is all about living the way YOU want, so if you’re naturally a hard worker and are struggling to adapt to the most relaxing era of your life, commit your time and effort to learning the ropes of a new skill. From new languages to braving the outdoors to even knitting, with the right help, the world is your oyster when you retire, so why not live it to the max?
Help is on hand
For those with partners and family working, or who live alone, retirement can be thought of as lonely an isolating, especially when you’re usually surrounding by your peers and colleagues. Research shows that loneliness impacts ones health and wellbeing, in addition to lowering the quality of life experienced.If you’re worried about facing retirement alone, look into local friendship lunches or classes in your community. You can typically find advertisements in your community centre or town or village hall.
There are also various charities, such as Age UK and Samaritans, that offer free services to battle loneliness. Whether it’s a phone call, email, or even letter, there’s always someone available to talk you through your struggles.
Aim for advice
Remember, whether you want to remain in work after you retire, or you can’t wait for that last shift, the best way of building a retirement strategy for your circumstances is consulting with a financial adviser. The myth is that financial advice is expensive and only for the wealthy, when in fact it offers support, security and is accessible to all. With financial advice, you can be confident that you’ve made the right decision for your lifestyle.
At My Pension Expert, our team of advisers take all your financial goals into account, with the aim of helping you unlock your pension potential. Every individual is different, so we make sure your pension and investments are catered to you, from the product you choose down to the very risk level of the portfolio you place your money in. You’ve worked hard for your pension, now let your pension work hard for you!

### Balancing saving for short-term goals with saving for retirement
Planning for retirement is a significant, long-term financial commitment. However, at My Pension Expert, we understand that you can’t hit pause on life while you save for the future.
Summer holidays, weddings, new cars, education – in the decades preceding retirement, there will inevitability be many other important, shorter-term goals that also require careful financial planning and saving.
Undoubtedly, striking a balance between saving for retirement and shorter-term goals, all while managing day-to-day expenses, can seem daunting. But by taking a strategic approach to financial planning, it’s more than achievable.
Here are our tips on how to effectively plan for your short-term goals while preparing for a secure retirement.
Take stock of your financial situation
The first step in managing short-term goals alongside retirement planning is gaining a clear understanding of your current financial situation.
This involves tracking your monthly income, expenses and debts to spot spending patterns and potential areas for cutbacks, identifying opportunities to increase savings contributions across both shorter and longer-term goals.
Taking stock of existing savings and investments is equally important. Knowing what you have can help you allocate funds more effectively between short-term needs and long-term goals.
Work out your priorities
Not all financial goals are created equal: some require immediate attention, while others can be addressed over time.
So, categorising your goals into short-term, medium-term, and long-term can help create a clearer idea of where savings should be allocated.
But this doesn’t mean planning for retirement should put on the backburner. While it might be tempting to pause pension contributions in favour of shorter-term goals, ensuring contributions remain consistent is a vital part of saving enough to build a solid, secure retirement.
Use financial products to your advantage
When balancing savings goals, selecting the right financial products can make all the difference. Different types of accounts offer varying benefits depending on the timelines of your objectives.
For short-term goals, one good option to consider is high-interest savings accounts. These types of accounts can help you to maximise returns while keeping your money accessible.
Meanwhile, for medium to long-term goals, exploring investment accounts that can offer higher returns over time compared to traditional savings accounts. However, it is important to recognise that such investment accounts come with a higher risk of loss.
Taking full advantage of matched employer contributions to your workplace pension can also help your savings go further, as this is essentially free money for your retirement.
Talk to an expert
Balancing short-term financial goals with retirement planning can undoubtedly be complex. Certainly, understanding which financial products will help you succeed at both can be confusing.
So, don’t hesitate to seek professional advice. An independent financial advisor (IFA), like those in the My Pension Expert team, can help you create a tailored plan that addresses your unique situation, ensuring that both your shorter-term goals and long-term aspirations are met.
That way, you can make the most of your money today while remaining confident that you’re on track for a comfortable retirement tomorrow.

### What Gareth Southgate can teach us about pensions and investments
The UEFA EURO 2024 tournament hasn't been a time of confidence for England followers, despite a position in Sunday’s final. From an imperative goal in the 95th minute of their match against Slovakia, to a nail-biting penalty battle in last weekend’s game with Switzerland – the team have certainly kept fans on the brink of their seats.
As celebrated as the neck and neck victories are, England’s manager, Gareth Southgate, has faced an array of criticism for questionable decisions in match tactics. Whether it be switching positions of senior players, making last minute substitute changes, or focusing on defence with little acknowledgement of an attack strategy, Southgate’s plan has received it’s fair share of scrutiny over the weeks of the tournament.
As pension experts, there’s not a lot we can tell you about why certain game decisions have been made. However, we believe we can learns some important lessons from Southgate’s strategy when it comes to your pensions and investments.
Patience with invested funds
Prior to a match, Southgate makes investments in every player he puts on the pitch. The investment is his confidence that these players are the collection of individuals who will help result in a victorious game and a subsequent advancement for England in the tournament. Arguably, one of the most criticised aspects of his action plan is that this investment will not be withdrawn until well on in the game; in some cases with only mere minutes left until full-time.
When it comes to your own investments, it could be beneficial to imitate Southgate’s patience. Although you may see markets dive, your investments may reap more benefits should you leave the funds longer. The longer you keep funds invested, the more potential they have to grow. Frequent interest rate fluctuations can unsteady market performance before eventually settling and continuing with slow growth*.
Change can be good
On the other hand, you should also remain open and flexible to change. The England team have managed to scrape by with wins following last-minute substitutions, but the same might not apply to your investments! Should performance take a steep drop with little indication of improvement, it may be time to look at withdrawing funds and investing in an alternate portfolio. To gain the uttermost confidence about the right time to make changes, it's crucial that you consult with an FCA-regulated financial adviser.
Take counsel
You wouldn’t want Southgate to steer the England team without seeking advice, so why would the same not apply with exploring your pension options? Financial advisers and football coaching teams are very similar in one aspect – both work hard to establish the best positions for their retrospective areas in a bid to score a win. Where Southgate and his peers might plan an in-depth formula for upcoming games, a financial adviser will take into account your circumstances and goals to craft a personal recommendation for the retirement you desire.
Having a financial adviser on hand takes all the worry away when it comes to retiring and puts the fun back into leaving work. At My Pension Expert, our team of Independent Financial Advisers have the knowledge and expertise to help you get the best retirement possible for you. From assessing your risk levels to matching your ethical beliefs by recommending sustainable model portfolios, our advice is truly tailored to how you want to live your retirement.
You’ve worked hard for your pension. Now, with the right advice, you can make your pension work hard for you! Get in touch with our team today to start your route to retirement. 
*Invested capital is at risk

### What does the new Labour government mean for pensions?
Election day has come and gone, and as the dust settles, millions of Britons are waking up to the news: the Labour Party has won, and Keir Starmer is now the Prime Minister of the United Kingdom.
For many, the six weeks since Rishi Sunak announced the election date have flown by in a whirlwind of debates, promises, and, of course, manifestos.
The end of the Conservative Party’s fourteen-year reign carries significant economic implications for savers. Record levels of inflation and high interest rates have fuelled a cost-of-living crisis, making financial planning an increasingly challenging task. As we move forward, it’s crucial to understand what this new leadership means for pensions and our financial futures.
We take a look at the Labour pledges to understand what the new government means for pensions. 
Key policy
Triple lock 
Labour pledged to commit to the triple lock on state pensions in its manifesto. The triple lock was introduced to ensure that pensioners receive an amount designed to keep up with rising prices and wages. Under the triple lock system, the state pension increases each April by the highest of Consumer Prices Index (CPI), average wages growth, or 2.5%. 
In a recent My Pension Expert survey, 57% of UK adults aged 40 and above stated that if the triple lock pension were scrapped it would be damaging to their financial plans for retirement. So, it is unsurprising that Labour has opted to maintain the policy. However, the policy’s affordability has come under increased scrutiny in recent years – the government will need to set a clear direction for the state pension to alleviate concerns here. 
Pensions review 
The new government has also pledged to reforming workplace pensions to “deliver better outcomes” for both savers and retirees. They plan to undertake a comprehensive pensions review focused on enhancing “security in retirement.” This review is expected to thoroughly examine the current system and explore various potential reforms. 
Given that millions of Britons are not saving enough for retirement, this move is certainly welcome. That said, it is vital that a key focus of the reforms is on encouraging better pension engagement enabling people to take control of their retirement savings earlier in life, which will be crucial for securing their financial futures. This would have to involve looking at issues around improving financial education and advice. 
Additionally, the review is also set to look at ways to harness productive investment, aiming to make pensions a driving force for the UK economy. Labour has expressed a commitment to boosting economic growth by encouraging pension funds to invest in UK businesses. By increasing investment from pension funds into UK markets, the government hopes to achieve better returns for savers while also fuelling the economy.
Lifetime allowance
Following, the previous Chancellor Jeremy Hunt’s announcement last year that the Lifetime Allowance (LTA) would be scrapped, Labour initially declared last year that they would reinstate it. The LTA was the limit which an individual would be taxed at when withdrawing their pension. 
However, after months of speculation, the party made a U-turn and dropped this position ahead of the release of their manifesto.
Looking ahead 
The Labour party and Keir Starmer have fought a strong campaign, but now it’s time to back up their words with actions. With a new government now in power, it’s time to bring an end to the instability in the pensions sector.
After years of economic turbulence, Britons are crying out for clarity on government policies – both on pensions and the economy. The prime minister must now appoint a pensions minister with a clear action plan to tackle the most pressing issues. The beginning of a new parliament provides a opportunity to reassess and strengthen the UK pension system as a whole.
People need stability and transparency to effectively plan for their futures. The new government must work to restore confidence and provide the direction needed to help people achieve financial security in retirement. Now is the time for decisive action and a clear, long-term strategy in the pensions sector.

### Protecting UK pensions: what we want from the next government
The UK has an ageing population, and the highest ever number of people of retirement age. Naturally, this means that people are spending a growing proportion of their lives in retirement, so pensions have never been more important than they are today.
Improve access to financial advice
Millions of UK adults aren’t saving enough for their retirement – some are not saving at all. This is bringing Britain to the brink of a ‘pensioner poverty time bomb’, according to the Joseph Rowntree Foundation.
Compounding this issue, many aren’t seeking financial advice, often due to the perceived high cost. Indeed, just 18% of over-40s have sought financial advice amid the cost-of-living crisis, with 52% believing it’s too expensive.
It’s important that the government and the financial industry work together to dispel this myth, and to broaden access to financial advice, making it available to all. To achieve this, using both digital and in-person services will be crucial.
What My Pension Expert is asking from the next government: A well-resourced, public information campaign leveraging old and new media must be launched to emphasise the importance of saving adequately for retirement.
Maintaining a clear boundary between guidance and advice
Financial guidance and financial advice are often confused, but they serve different purposes. Guidance cannot replace financial advice; holistic financial advice, tailored to individual needs, is essential for a secure retirement. So, it is key that the government maintains a clear boundary between the two.
My Pension Expert supports the Treasury and FCA’s proposed new categories of targeted support and simplified advice and believes they will help ensure that consumers are better able to make informed financial decisions.
However, this must not undermine the role and importance of holistic advice or detract from the need to increase access to existing sources of affordable advice.
What My Pension Expert is asking from the next government: We support the Treasury and FCA’s intention to exclude pensions decumulation from the proposed new advice framework, given the complexity and significance of these decisions, and will urge the government and the regulator to hold firm to this position.
Launching the Pensions Dashboards initiative
My Pension Expert is in full support of the development of Pensions Dashboards, which aims to centralise pension information, helping savers more clearly understand the state of their finances and whether they are on track to achieve their desired retirement.
However, this initiative should not end there; it should be the jumping-off point for greater engagement with retirement finances. In fact, our research reveals that only 16% of British savers believe that the Pension Dashboard will change the way that they engage with their pension.
A non-digital alternative should also be provided for the 6% of British households without internet access. This could look like, for example, bi-annual statements by post.
To ensure maximum benefit, the government must explore the different ways in which this technology could be used as a springboard to boost pension engagement and financial literacy.
What My Pension Expert is asking from the next government: The government should use the Pensions Dashboard as a platform to encourage savers to seek financial advice to prepare for retirement.
Promote financial education
Everyone deserves and needs to understand the basics of retirement finances and financial management, and yet it is not treated as a priority. In fact, financial literacy in the UK is among the lowest in the OECD.
To address this, the government must enhance financial education at all levels. This includes improving how financial management is taught in schools as well as providing accessible courses and online resources for adults.
What’s more, a financial education taskforce must be assembled to reform the curriculum, ensuring that vital practical financial skills are taught.
What My Pension Expert is asking from the next government: Teaching hours must be increased and the curriculum for financial education must be improved in schools. There should also be greater monitoring and assessment by regulators of school and college provision of financial education.
Increase transparency in pension transfers
The delays in pension transfers are causing unnecessary stress and uncertainty for savers; the average waiting time for a transfer is 28 days, with some providers taking up to 120 days, our own data has revealed.
So, the government must enforce greater scrutiny and accountability for providers imposing excessive delays. Enhanced transparency would encourage providers to improve their services and rebuild trust with savers in order to remain competitive.
What My Pension Expert is asking from the next government: The FCA should pay greater attention to average transfer waiting times. Regulatory interventions must be introduced to shorten and standardise transfer times.
Foster cross-party collaboration on pension policy
Consistency and stability in pension policies are essential. They cannot change every time there is a new prime minister or government. In the long-term, this is the only way savers will reap the benefits of lasting, positive impact from pension reform.
So, political parties must find ways to work together and create a system that works for everyone, ensuring future generations can plan confidently for their retirement.
What My Pension Expert is asking from the next government: Cooperation must take place among political parties to ensure long-term stability and effectiveness of pension policies.
We'll fight your corner
At My Pension Expert, we strongly believe that these policy reforms will play a vital role in making Britons’ financial futures better and brighter. In addressing these points, the next government can significantly improve the retirement outlook for savers, ensuring they have access to the advice, education, and policy stability they need to achieve a happy, financially secure retirement.

### Getting kids to think about retirement
It’s always “what do you want to be when you grow up” and never “what do you want to do when you’ve stopped working”. As a child, the last thing you’d ever think about is retirement – how can you fathom the end of your working life when it has yet to be begin?
The life skills you learn as a youngster are priceless when it comes to approaching adulthood. Although important, financial management and being prepared for retirement might not be at the top of the list of priorities to teach your child. Learning to cross the road is drastically more important than making sure you can live comfortably at 60, but nevertheless, it’s a valuable lesson that should be considered. Lucky for you, we have some tips that could help you out with that all-important lesson of encouraging the kids to think about their retirement.
Squashing the stereotypes
The stereotype of retirement for children has remained the same throughout the years. Typically, a child would associate retirement with an elderly man or woman walking with a cane and potentially living in a nursing home – arguably an uninspiring association for many younger people. However, the more aspirational elements of retirement are often overlooked, such as the wave of freedom that comes with retirement.
A great way to describe it to the kids is a permanent school holiday – no more early mornings or long days and the freedom to spend your time as you wish! They finally have time to pursue the hobbies and interests they’ve always wanted to. And, of course, it’s important to tell children that, in order to enjoy the lifestyle they want, they need to make sure they’ve saved enough money for their pensions.
The key, of course, will be ensuring your children understand what this savings mechanism actually is…
Introducing pensions
The pensions sphere can be tricky for adults to understand, so don’t worry; we’re not asking you to delve into the pros and cons of annuities with your little ones. There are, however, simple ways to demonstrate the basics of pensions to your child, starting with their pocket money.
Pocket money is a wonderful way of instilling financial management skills in kids, whether it be giving them limited allowances for planned spending (such as a planned shopping trip) to understand budgeting or letting them have full reign to create their own budgets and allowing them to learn from their mistakes when all has been spent.
To introduce how pensions work, consider explaining to your child that a small portion of their next batch of pocket money will be added to the batch after that. Although this may be frustrating for the kids at first, it will ultimately teach them that even though they can’t spend the money there and then, they will be better off in the future when they eventually receive the next amount.
Do it now for later
We’ve all heard or said the age-old line, “I’ll do it in a bit”. When you’re younger, it’s easy to say you’ll tidy your room or wash the dishes later, but this mindset should be heavily discouraged when it comes to your pensions. Leaving the workforce removes the safety net of a monthly wage, meaning that retirees must rely on the contributions made in the past. Although it’s important to not put pressure on your child to consider their life after work, it should be said that when you start working and the sooner your pensions are put in place, the better.
Help is on hand
When explaining anything financial to the kids, it’s always worth mentioning that there are resources that can help them navigate their money woes in adulthood. Financial advice or guidance can offer help in tackling debt, applying for a first mortgage, and more fittingly, managing pensions.
After all, retirement is an important part of your life that celebrates your years of hard work. In the years that they should be kicking back and enjoying life to the max, we’d hate for your kids to be still working because of not having the information or knowing they have the necessary support to kickstart their pension.
At My Pension Expert, we’re committed to making sure everyone has access to the information that will make their pension work for them. We believe that financial advice is the best form of financial education and encourage people to seek it where they can, to make sure they receive a full list of options suitable for their circumstances and goals.

### My Pension Expert has achieved B Corp status!
We have an incredibly exciting announcement to share with you… My Pension Expert has achieved B Corp status! 
Perhaps more impressively, we were able to achieve this prestigious status with our first application, scoring 84.9 on the assessment. This is truly a testament to our ongoing commitment to meeting high standards of social and environmental performance.
Currently, there are only four other UK-based pension or financial advice firms with B-Corp status – Stewardship Wealth, Hymans Robertson LLP, Redington Limited and Nile HQ – and only seven in this category in the world. 
The achievement of B Corp certification comes as part our broader and ongoing environmental social, and governance (ESG) commitments. These include a monthly donation to The National Forest and the running of My Academy, the company’s programme for the development and progression of individuals interested in pursuing a career in financial services.
We’re absolutely thrilled that such a esteemed organisation recognises the fantastic work our team, and the way in which we help not just our clients, but our wider community and environment. 
We recognise the responsibility that comes with this status. We look forward to not just continuing the work we do, but continuously evolving our understanding of best practice to drive positive impacts across the business, environment and society.   
Speaking of the achievement, our CEO Andrew Megson, said: “We’re delighted to have been awarded B Corp status. And we’re grateful to our Palatine Private Equity – which achieved B-Corp Status themselves in 2022 – for supporting us through the process. 
“Initiatives like B Corp help demonstrate which firms actually deliver on their promises to make a positive social and environmental impact. Further, the entire process itself has proved really useful in allowing us to refine and align our mission, processes, people and values more clearly.
“Given we succeeded with our first application attempt, we’re very proud of the achievement. It reflects our team’s passion and commitment to sustainability, reinforcing our goals to help our clients achieve a financially secure retirement while we’re contributing positively to creating a better future for others.”

### Recognising the challenges faced by LGBTQ+ pension planners
With Pride Month in full swing, it’s important to reflect on the diverse issues this campaign highlights. Every year in the UK, people from the LGBTQ+ community come together to celebrate their pride in their sexual orientation or gender identity while also advocating for acceptance and equality.
At My Pension Expert, one less discussed area that’s very important to us is the disparity in pension outcomes faced by LGBTQ+ individuals. Pension poverty is a significant issue across the UK, but within the LGBTQ+ community, there is a growing concern over their retirement prospects.
Recent research from Scottish Widows' latest Retirement Report revealed that people who identify as LGBTQ+ are less likely to be on track to afford even a basic retirement lifestyle (55%, average 63%) and are also less likely to be on track for a comfortable lifestyle (34%, average 38%).
So, what’s behind this disparity in retirement planning?
Unequal footing
Just over two decades have passed since the Employment Equality (Sexual Orientation) Regulations became law in the UK, making it illegal to discriminate against employees on grounds of sexual orientation in the workplace. Despite progress regarding LGBTQ+ rights since then, figures still show workplace gaps between people from this community and their cisgender counterparts.
A 2019 YouGov survey reported that lesbian, gay, bi, and trans workers are paid an average of nearly £7,000 per year less than their non-LGBTQ+ colleagues, representing a 16% pay gap. Moreover, in the UK, gay or lesbian applicants are 5% less likely to be invited to an interview than heterosexual applicants.
Naturally, pay gaps mean LGBTQ+ employees often have less disposable income. Therefore, they might feel less financially secure and have less money to set aside for the future, leading to inadequate retirement savings down the line.
Unfortunately, LGBTQ+ individuals are also more likely to need to switch jobs and be estranged from family networks. Without a solid financial safety net, savings may be put towards short-term necessities rather than pension contributions.
Taking the time to listen
Fighting discrimination in the workplace, whether through reduced job opportunities or pay gaps, is central to achieving pension equality. That's why it's important to champion inclusivity and learn from the LGBTQ+ community, not just during Pride Month but throughout the year, to support underserved communities best.
It’s important that all organisations within the financial services sector take note and continually strive to be a space that fosters trust and allows everyone to feel supported.
At My Pension Expert, we are committed to promoting inclusivity and ensuring all our advice recognises the unique financial situations and challenges faced by people from various backgrounds. We take the time to listen and understand a person’s individual financial circumstances, needs, and retirement ambitions. Through this, we are truly able to understand the needs of our clients and can create a retirement plan that suits their current financial needs, as well as their future goals.
As we celebrate Pride Month, we also look forward to supporting our local community at Doncaster Pride 2024, which will be held at Town Field on August 10th. Events like these remind us of the importance of inclusivity and community support.

### My Pension Expert acquires Tenet&You
At My Pension Expert, we're delighted to announce that we’ve acquired Tenet&You. 
Tenet&You is a financial adviser that provides tailored advice to make sure clients’ finances are in the best possible place to match their circumstances and aspirations. It was appointed as a representative of the Tenet Group. 
We intend to use this acquisition to combine the strengths and expertise of our advisers with those of Tenet&You. We hope that this will further improve access to independent financial advice and make sure savers and pension planners across the UK can achieve the financial future they want. 
This is our first acquisition and marks an exciting new step as we continue to grow our business. After all, Tenet&You has £490 million assets under administration, taking our combined entity to approximately £1 billion assets under influence!
As part of the acquisition process, Tenet&You will operate as an appointed representative of My Pension Expert. In due course, we'll move clients across to My Pension Expert's systems as they become part of the My Pension Expert group. Of course, both parties are focused on a seamless transition for clients.
Our CEO, Andrew Megson, is thrilled to announce our first acquisition. “We’re delighted to conclude the acquisition of Tenet&You; a business that echoes our ambition to empower all UK consumers to achieve their financial goals, and build our organic growth model. This exciting move will ensure My Pension Expert can deliver high-quality, independent financial advice to more people nationwide. 
“Throughout this entire process, our focus has been on ensuring the best possible outcomes for the existing Tenet&You customers. A lot of work has gone into making sure the move is seamless, and My Pension Expert is perfectly positioned to provide our new clients with outstanding service and care. 
“This marks our first acquisition, and we look forward to continuing our growth and strengthening our offering in the future. We’re an ambitious business, we're excited to continue driving My Pension Expert forward in the years to come.”

### Supporting Employees with their Workplace Pensions
In the world of employee benefits, workplace pensions promise financial security in retirement. Yet, despite their importance, there exists a pension engagement gap among employees. Many workers fail to grasp the significance of pension planning or feel unable to navigate the complexities of retirement savings. Recognising and addressing this gap is crucial for employers aiming to support their workforce effectively. Team members who are more in control of their finances are like to feel less stressed, having a positive impact on their productivity and performance at work!
Understanding the Pension Engagement Gap
Despite the vital role that pensions play in securing financial futures, a significant portion of the workforce lacks sufficient knowledge about their pension options. Of course, there are various contributors to the gap such as the complexity of some pension schemes, the lack of awareness around the importance on planning for retirement and a general lack of financial literacy. In a younger workforce or with workers who are delaying their retirement, there can also be a little bit of procrastination, believing that there’s time to deal with it later on only to find themselves unprepared as retirement approaches.
What Employers Can Do?
Employers play a crucial role in bridging the pension engagement gap and empowering employees to take control of their financial futures.
Simply put, employers can bring an education to their workforce, allowing for a better understanding of their workplace pensions. This can be achieved by providing clear, comprehensive information about the company's pension scheme, including contribution matching, investment options, and retirement planning resources. Additionally, regular communication around the importance of pension planning and offering educational workshops or online resources can enhance employees' financial literacy.
Sometimes, the easiest solutions are often the simplest. Employers can streamline the pension enrolment processes to make pension participation more accessible and less intimidating for employees. Often, user-friendly online tools and calculators are available to help employees estimate retirement income and explore different savings scenarios. Promoting early engagement with pensions can encourage employees to start planning for retirement early in their careers. Employers can emphasise the power of interest on savings and the advantages of long-term saving strategies.
And why stop there? Companies can offer personal support through one-on-one consultations or access to financial advisors.
Advisers, like out team at My Pension Expert, take the time to find out what’s most important to your employees, and help them to understand their pension options, set realistic retirement goals, and develop personalised savings strategies aligned with what they want to achieve at retirement. What’s more, our team deliver advice over the phone, or via a video call, so your team can delve into their retirement options at a time that’s more convenient for them.
Financial wellness is a much wider topic to cover, but a huge step forward could be to integrate pension support into broader employee well-being initiatives and promote a culture where financial wellness is valued. This encourages an open dialogue about financial matters and creates opportunities for peer support and knowledge sharing among employees.
Support is Always Available
Bridging the pension engagement gap requires a conscious effort from employers to educate, empower, and support their workforce.
Encouraging the workforce to get in touch with affordable Independent Financial Advice is always a good starting point. The knowledgeable team of advisers here at My Pension expert are on hand to talk through an individual’s personal circumstances, to help them achieve the retirement they plan for.

### Pensions Explained - Tracking down lost pension pots
Britons’ careers are now more dynamic than ever, with the average person expected to have 12 jobs in their lifetime.
It’s no wonder, therefore, that most people will accumulate several pension pots, both personal and workplace – and that we will lose track of some of them over the years.
Indeed, it’s currently estimated that over 2.8 million pensions have been lost across the UK, with a combined value of £26.6 billion.
Tracking down lost or unclaimed pensions is a great way to give your pension pot a welcome boost and support you in achieving your retirement savings goals. So, how do you do it?
The steps to track down lost pension pots
If you know your pension provider, your first course of action should be to contact them directly. They should help you trace your pension and offer insights into its current performance and value.
If you do not know your provider, your next point of contact should be your former employer. Ask them to help in tracking down workplace pensions arranged during your employment by providing the following details about your employment and pension provider.
Employer details: Provide the name of the employer you worked for. Note that company names may have changed, or the business may have been taken over.
Employment dates: Specify the date you started employment with the employer and the date you ceased working for them.
Pension scheme name
Pension scheme enrolment dates: Include the dates when you joined and left the pension scheme associated with your employment.
Should you encounter difficulty in retrieving information from either the provider or employer, try the Government’s Pension Tracing Service. This free online tool can help find contact details to search for a lost pension.
In the coming years, the Government’s long-awaited pension dashboard – due to launch on 31st October 2026 – should make the process of keeping track of pension pots easier. In short, the pensions dashboard will allow people to access all their pensions information online, securely and all in one place.
What next?
Once you’ve successfully tracked down any lost pensions, what you do next is entirely up to you – but it’s important to understand the risk of not acting. 
Long-forgotten plans could result in expensive, poorly performing funds which could prevent you from achieving your retirement objectives.
Under certain circumstances, pension transfers could be a good option to address the potential issue of inactivity. For example, transferring multiple pensions to one fund could reduce the charges on your scheme or to access different investment options. But be warned, some older pensions can contain ‘exit penalties’, which could cancel out the benefit of transferring to a new provider.
Consolidating all your retirement savings in one place can be useful strategy as it can make everything much simpler to manage. That said, convenience should not be the key driver when it comes to pension transfers. Whilst useful in the short term, convenience may be appealing, it is vital to understand how your new potential fund suits you current circumstances, as well as how it can help you to achieve your retirement objectives.
In some cases, consolidation might be the right option, in other cases it might not be. The key is to explore all options available and find the right path to retirement for you.
And before making a final decision, it’s always important to seek help from an independent financial adviser, such as the My Pension Expert team. 
Working with an independent financial advisor (IFA) will help you understand how your pensions could be better aligned with your retirement savings goals. They will then create a tailor-made plan to help you in achieving said goals.
Hunting down lost pensions has many benefits and is an important part of bolstering retirement savings. The government’s provided tools make this a much smoother process, but speaking with an IFA is the final piece of the puzzle to ensure you’re on path to achieving your retirement dreams. 

### Pension tax relief explained and how it may benefit you
Pension tax relief serves as a cornerstone of retirement planning in the UK, offering valuable incentives for people to save towards their future.
This government initiative grants tax benefits on contributions made to pension schemes, providing an immediate boost to savings and accelerating the growth of pension funds.
In this guide, we'll delve into the essentials of pension tax relief, how it works, and its connection to the new tax year.
How it works
Every pound you contribute to your pension qualifies for tax relief, meaning you receive a rebate on the tax you would have paid on that income. This instant boost to your savings increases the attractiveness of pension saving compared to other investment avenues.
The government effectively returns the tax you would have paid on your pension contributions. This system aims to make saving for retirement more financially appealing by reducing the immediate tax burden on earnings.
There are two primary methods through which individuals can benefit from pension tax relief: net pay and relief at source.
For those employed by a business and enrolled in a workplace pension scheme, they will usually receive pension tax relief on a net pay basis. Under this arrangement, your contributions may be deducted from your salary before taxation, often as part of a salary sacrifice scheme. By reducing your taxable earnings, this process effectively provides you with tax relief, ensuring that less of your income is subject to taxation.
Alternatively, relief at source pension schemes function differently. Here, your income is first taxed, and then the amount designated for pension contributions is transferred into your pension pot. However, in relief at source schemes the pension provider claims the basic-rate relief on your behalf. This tax relief is then added to your pension fund, bolstering your retirement savings.
The annual allowance sets the maximum amount you can contribute to your pension each tax year while still benefiting from tax relief. You’ll only pay tax if you go above the annual allowance. This is £60,000 this tax year. It's important to stay informed about any changes to the annual allowance, as exceeding this limit may result in tax penalties.
The new tax year and pension tax relief
In the UK, the new tax year commences on April 6th and concludes on April 5th of the following year. This period often brings potential adjustments to tax rules, allowances, and rates, including those pertaining to pension tax relief.
The connection between pension tax relief and the new tax year underscores the significance of staying abreast of any changes in tax regulations. Adjustments to factors like the annual allowance or the rates of tax relief can impact people’s pension contributions and the overall tax benefits they receive.
This is why, as the new tax year begins, many take the opportunity to review their finances, including their pension arrangements. This proactive approach allows them to adapt on any alterations in tax rules and make informed decisions regarding their retirement savings.
During this period, financial advisors and pension providers are instrumental in keeping individuals informed about updates and changes. At My Pension Expert, we are committed to ensuring that you stay up-to-date with any alterations in tax regulations and benefits that may impact your retirement finances. Our team is dedicated to assisting you in understanding these changes, calculating the necessary savings, and crafting a tailored plan to help you realise the retirement lifestyle you aspire to achieve.
By staying informed and proactive, pension planners can ensure they're maximising the benefits of pension tax relief and charting a course towards a secure and fulfilling retirement.

### Ombudsman's Decision for WASPI women: What does it mean?
Earlier this month, the UK Parliamentary and Health Service Ombudsman made a landmark decision calling for the government to compensate the Women Against State Pension Inequality (WASPI) women affected by changes to the state pension age.
The decision comes after years of campaigning by WASPI activists, who have advocated for fair treatment and compensation for women impacted by the changes to their pension age. Since the acceleration of the state pension age equalisation, many women born in the 1950s have faced financial hardship and uncertainty. This is due to the seemingly poor communications when it came to increasing the state pension age for women from 60 to 65; in line with the men’s state pension age.
Indeed, hundreds of thousands of women were left unaware of the state pension changes; and were left financially unprepared for retirement.
What does the ruling mean?  
The ruling by the Ombudsman is a vindication of the WASPI movement's efforts and underscores the government's responsibility to address the injustices faced by these women. It also highlights failures in the communication of the government and policy makers alike, in ensuring that people were not only aware of the changes but understood exactly what it meant for them.
However, the decision also raises broader questions about pension equality and the need for systemic reforms to ensure fairness and transparency in the pension system. It underscores the importance of effective communication and consultation with affected individuals when implementing changes that have far-reaching consequences for retirement planning.
Ultimately, the Ombudsman's decision represents a significant milestone in the fight for pension justice and serves as a reminder of the power of collective action in holding the government to account. While there is still much work to be done, this ruling provides hope for WASPI women and reaffirms the importance of standing up for fairness and equality in the pension system.
What happens next?
The Ombudsman's decision calls for the government to take action to rectify these failures by providing compensation to WASPI women who have suffered as a result of the pension age changes - and such compensation could reach up to £3000 per person.
However, both the Conservatives and Labour seem to be dragging their feet on the ruling. Indeed, Chancellor Jeremy Hunt, nor Anneliese Dodds, Labour Party chair have not confirmed whether the Government will compensate WASPI women.
Of course, it is vital that the Government (both sitting and shadow) clearly outline their intentions with the ruling. Such vague, non-comital language will offer little help or comfort to those impacted by the state pension age changes.
Indeed, transparency, accountability, and meaningful engagement with affected individuals will be essential in shaping a compensation scheme that addresses the needs and concerns of those impacted by the pension age changes.
What’s more, the Government must make certain that such events do not happen again, by ensuring everyone can access appropriate support. For example, improving financial literacy, pension engagement and access to independent financial advice. Doing so would be a massive leap forward in ensuring people are engaged with their finances and feel confident in understanding how certain policy changes might impact their finances and make the appropriate changes.
The Ombudsman’s ruling should be a wakeup call for politicians to not only understand the inequalities within the pension system, but also to ensure that the necessary changes to improve financial education and engagement are made. And we at My Pension Expert certainly hope that meaningful action is taken to address these issues. In doing so, the Government would be making a positive step in generating positive policy changes in the pension sector.

### Navigating debt when approaching retirement
Talking about your finances, especially debt, can be challenging. It’s a serious issue within UK society, especially when you consider how common debt is.
According to a recent survey conducted by Debt Justice, a staggering 6.7 million people in the UK find themselves in financial distress. One in eight (13%) admit to missing three or more credit or bill payments within the last six months alone.
Unfortunately, debt has become an inescapable reality for many individuals amid the ongoing cost-of-living crisis. Meanwhile, for those approaching retirement, tackling debt when preparing to give up a regular income can be an incredible stressful situation.
So, given it’s StepChange's annual Debt Awareness Week, now is an ideal opportunity to reflect on the impact of debt on retirement planning.
Approaching retirement with debt
Contrary to popular belief, debt isn't inherently negative. Despite the taboo that surrounds it, and the sense of dread that ‘being in debt’ will conjure for many people, it’s important to remember that debt can constitute a vital component of people’s financial strategy.
In specific scenarios, taking on debt can be an indispensable tool for securing essential funds for retirement. Whether it's addressing unforeseen expenses like emergency home repairs or navigating other financial hurdles, debt can function as a strategic asset when managed carefully.
But as noted, being in debt during retirement can create financial worries. Repayments can eat into your retirement income, leading to a lower standard of living as funds that could have been used for living expenses or leisure activities are diverted towards servicing debt.
High levels of debt may force individuals to reconsider their retirement timeline. This means potentially delaying the point at which they stop working in order to address financial obligations and bolster their retirement savings. A recent study highlighted that a quarter of over 55s said unsecured debt such as credit card loans were hampering their ability to save for retirement.
Unfortunately, this issue can easily be compounded by a reluctance to get help in addressing debt-related concerns. Anxiety, stress, a sense of shame, or simply a lack of knowledge regarding where or how to seek advice can all leave retirement planners feeling isolated.
Seeking advice
When it comes to managing debt in the lead up to retirement, facing it head-on is always the best approach. Understanding the full scope of your financial obligations lays the groundwork for crafting a realistic repayment strategy tailored to your unique circumstances. This is where the value of financial advice shines through.
Seeking financial advice is crucial in understanding your financial situation and retirement goals. An adviser will be able to make the appropriate recommendations to suit your needs when it comes to managing debt. For example, an independent financial adviser (IFA) might be able to suggest ways of using other savings, investments or asset to pay off debts, or create longer-term plans for ensuring debt repayments remain under control. Crucially, since everyone’s situation is different, some may benefit from advice from a specialised debt management expert – an IFA will be able to point you in the direction of one if that is the case.
Dealing with debt can feel like an uphill battle, especially when debts become financially or emotionally overwhelming. With the ongoing cost-of-living crisis, we know this situation has only become more common. So, if you find yourself struggling with debt that feels like it's getting out of hand, remember to stay calm. Reaching out for help can make a big difference in getting your finances back on track.

### Sprinting to Retirement with Racing legend Sprinter Sacre
At My Pension Expert, we’re all about celebrating excellence and recognising potential wherever we look, and we certainly know someone who continues to exude excellence even in retirement. Of course, we’re talking about the retired racing legend, Sprinter Sacre. 
Making his first appearance in a National Hunt Flat race at Ascot in 2009, Sprinter Sacre went on to enjoy an astonishing career, winning the renowned Queen Mother Champion Chase and the Melling Chase (also known as the My Pension Expert Melling Chase in 2024). 
While he retired in 2016, it’s clear that Sprinter Sacre hasn’t lost any of his pace… we’re in awe! So, we teamed up with The Jockey Club to take you on a ride with Sprinter Sacre (featuring none other than Barry Geraghty).
Interested in seeing how you could Sprint (if you’ll pardon the pun) into retirement? Request a call back below! 

### The reality of workplace auto-enrolment: are you in the know?
The Auto Enrolment Pension Scheme, often referred to simply as auto-enrolment, is a government initiative that was introduced in 2012. The scheme aims to help people save more for retirement, with both employers and employees make contributions towards the employee's pension.
But, despite its apparent success, beneath the surface of the Auto Enrolment Pension Scheme lies a hidden reality: many Britons are drifting towards retirement without giving their workplace pension the attention it needs and deserves.
It’s definitely a case of ‘out of sight and out of mind’. Yet not keeping tabs on your pension could mean unknowingly falling short on saving enough for your retirement years. But fear not, here at My Pension Expert we’ve delved deeper into this issue, surveying 2,000 UK adults to shed some light on how the people of the UK are actually interacting with their workplace pension.
What Did We Find?
We know that successfully achieving a comfortable retirement is made more challenging if you don’t regularly engage with your retirement plan. But shockingly, we found that a staggering 27% of UK adults have either not checked their workplace pension in the past year (11%) or have never checked it (16%). Without regular reviews, savers might be unaware of the changes in their retirement performance.
What’s more, although there is a clear lack of engagement with workplace pensions, nearly 60% of those surveyed plan to rely on theirs to fund their retirement lifestyle. But with the cost of living soaring, a recent Pensions and Lifetime Savings Association (PLSA) report revealed that the amount you need to enjoy a ‘moderate lifestyle’ has increased by £8,000 per year. This could leave some in sticky situation if their workplace pensions aren’t enough to cover the necessities.  
Another issue that continues to persist is the gender gap within pension planning. Less than half of women surveyed (44%) feel informed about their pension’s performance. This is definitely not a new issue, but one that needs urgent attention to improve gender parity in pensions.
What Do We Think?
Reflecting on the findings, our Policy Director Lily Megson gets to the crux of the matter: “In an ideal world, people could enrol into their workplace pension and be safe in the knowledge that their pension pot is gradually growing, eventually giving them enough income for a comfortable retirement when they wrap up work. Unfortunately, things are not so simple.
Auto-enrolment has undoubtedly played an important role in kickstarting the retirement savings journey for many people across the UK. Yet, our research illustrates the need for a broader and more comprehensive approach to financial education.
It is so, so important that the government does more to engage with the financial services sector to develop policy that ensures Britons have accessible routes to financial education and advice, meaning they are better equipped and empowered to achieve their financial goals.”
How Can We Help?
Neglecting your retirement planning can have consequences in the future, but Independent Financial Advisers, like our team of experts here at My Pension Expert, are on hand to assist savers in understanding their retirement finances. From understanding your options to crafting a personalised plan to suit your needs, we’re here to help you engage with your pension and remain on track to achieving your retirement goals.

### What the 2024 Spring Budget means for pension planners
Set against the backdrop of an impending election, today's Spring Budget served as the government's final opportunity to woo voters with a raft of policies and reforms.  
The Chancellor's lengthy address contained few surprises, with many of the key announcements known ahead of time. Nevertheless, with the UK economy having fallen into recession and two years of price rises leaving millions of households across the UK worried about their financial future, the 2024 Budget was of great importance.
So, as the dust settles, we examine the key policies affecting pension planners.
The pot for life
The Budget saw the Government reaffirm its commitment to the ‘pot for life’ initiative. The pot for life will allow workers to choose their private pension and carry it throughout their working career instead of accruing multiple pots by taking on a new one each time they change employer (this has become known as the ‘small pots’ issue).
Chancellor Jeremy Hunt announced the pot for life scheme in the Autumn Statement and it was consulted on until January.
The small pots issue has plagued the UK for some time – it’s estimated that £37 billion is sat in lost pension pots. So, fast-tracking the pot for life initiative is a step in the right direction. However, it’s important to recognise that the policy still doesn’t address the longstanding issue of pension engagement.
Our Policy Director, Lily Megson, explains: “The government must go further to ensure pensions are not a case of “out of sight, out of mind” – employees must have access to the support they need to understand how many pensions they have, where they are, how much is in them, and how they are performing. Only then can they make informed decisions about their financial future.
“We urge the government to go much further; bring forward the pension dashboard, help consumers track down lost pensions, and put mechanisms in place to empower people to better plan for their financial futures.”
Pension fund reform
Last year the Chancellor introduced the Mansion House reforms. This plan aimed to unlock pension funds to increase growth for UK business investment. This policy was raised again in the Spring Budget, but also expanded to include a broader review of how direct contribution (DC) pension schemes are performing.
On the clarifications provided today, Lily notes: “The Chancellor’s aim to unlock pension funds for UK business investment and economic growth is understandable. However, it was crucial that he offered greater reassurances to consumers that the over-arching goal in these reforms was to improve outcomes for savers.
“Today’s confirmation that there will be a renewed focus on assessing the performance of DC pensions is a positive news and is to be welcomed. Continuous evaluation of pensions is vital, with under-performing schemes rightly to be placed under the microscope. This is rightly in the interests of UK pension planners.”
National insurance cuts
Perhaps the headline announcement of the Chancellor’s Budget was a 2p cut in National Insurance aimed at providing a savings boost for around 27 million employees.
Unfortunately, pensioners will miss out on this savings boost. Lily comments on how cutting income tax would have been the more logical route:
“The savings people will enjoy in today’s NI cut are modest – the average UK salary is around £28,000, and someone earning that much stands to save less than £350 a year by cutting NI rates by 2p. And we mustn’t forget that the impact of the NI cuts are limited to those in work. Pensioners still fall through the cracks. 
“Cutting income tax would have cast a much wider net and ensured that pensioners (who pay income on their pensions in retirement) also benefitted from a savings boost. Once again, we must ask ourselves, why has the Government taken a limited approach in a move that sacrifices the potential to help millions more people achieve a financially secure retirement? Given the party is lagging behind in the polls and Hunt needs policies that appeal to as many voters as possible, choosing NI cuts over income tax cuts seems a misstep."

### What Can Lent Teach us About Retirement Planning?
When you say “Lent”, we say “giving up our favourite things for 40 days”.
Taking place in the lead up to Easter, Lent carries various traditions across different cultures. Observers of Lent may follow a strict fasting plan, while others may abstain from a single luxury, such as sugary treats, social media, or shopping. Whatever the tradition, Lent is a season of significant sacrifice and offers a period of reflection and discipline. 
Choosing what you forego is usually based on what you enjoy or rely on the most; popular options for many include cutting out chocolate or the internet for 40 days and nights. 
Now, the golden question – and certainly in no way a tenuous link – how can Lent impact your retirement?
A Time to Reflect
Observing Lent does not have to involve giving up your favourite snack or alcoholic drinks, it could be possible to show such discipline in other ways. For example, cutting back on spending on certain luxuries and contributing said saving to your pension.
Let’s say you spend £40 a week on your favourite takeaway. Lent generally lasts for 6 weeks, equalling a grand total of £240 saved. If you’re not ready to ditch the donner kebabs yet, even by reducing your takeaway a week to a takeaway a fortnight, you’ve saved £120 that could be invested into your pension. 
Doing so could generate greater financial understanding and ultimately place you in a stronger position in the future. And who knows, it could result in some long-term positive habits. 
Planning for the Future
Positive discipline can in turn spur on other positive habits, even beyond Lent – think of it as looking after the retired version of you. Applying discipline to your finances could highlight the importance of being careful with your cash and open up the world of financial planning and the exploration of new products.
We’ve now stretched beyond the period of 40 days and 40 nights into long-term planning, but long-term financial planning needn’t be the overwhelming concept many assume.
Picture your ideal life in retirement – how many holidays would you like a year, what hobbies would you like your newfound free time to focus on? These answers can provide a really useful starting point to work from, it can help you to understand what you need to do to achieve your goals, the age you can retire and how much you need to save.
And with the help of an adviser, this can be made clearer. 
Seek Advice
Like the team at My Pension Expert, advisers are always on hand to help you with your finances. Expert advisers will take into account everything you want to achieve, and your financial circumstances and make a personal recommendation to set you on track to the retirement you want. 
So, the final takeaway - Lent can teach you a lot – from self sacrifice to discipline. And feeding this lesson into your financial management can help you work towards the retirement you want.

### Propagate your way to plant paradise
Hey there, fellow green thumbs! As avid gardeners, we all share a deep appreciation for the wonders of nature and the joy of nurturing life from seed to bloom. Lately, you may have seen a craze taking hold of the nation – propagation from plant cuttings.
One of our favourite ways to expand a green haven, propagation is the wild world of making more plants from the ones you already have. Whether cultivating a bountiful vegetable patch or adorning your landscape with vibrant blooms, propagation offers scores of opportunities to enhance your gardening journey, and anyone can try their hand at it.
The essence of propagation from cuttings
Propagation from cuttings is the magical process of creating new plants from existing ones. It's a fundamental practice that allows us to duplicate our favourite varieties, preserve heirloom species, and propagate plants that resonate with our gardening aspirations. From humble beginnings, propagation has evolved into a cherished skill among gardeners worldwide, offering boundless possibilities for creativity and growth.
So, let's get down to business and talk about why propagation is the bee's knees.
Propagation in action
Picture this: you're in your garden, surrounded by your prized plants, when suddenly you realise you want MORE. More tomatoes, more herbs, more flowers - just more! Propagation can help you expedite this process, letting you grow a diverse array of fruits, vegetables, and herbs with relative ease.
Here’s how you do it:
Choose a Healthy Plant: Select a healthy parent plant with vigorous growth; your healthy plants will typically be green with little to no browning and a full, bouncy texture. Avoid plants with diseases or pests.
Select Cuttings: Use sharp, clean scissors or pruning shears to take cuttings from the parent plant. Choose stems that are healthy, flexible, and free from blooms.
Prepare Cuttings: Cut a 4–6-inch stem section just below a node, where leaves emerge. Remove any leaves from the lower part of the cutting to expose a node or two.
Rooting Hormone (Optional): Dip the cut end of the cutting in rooting hormone powder to encourage root development. This step is optional but can enhance success rates, especially for woody plants.
Plant Cuttings: Insert the cuttings into a well-draining potting mix or a propagation medium such as perlite or vermiculite. Make sure at least one node is buried in the medium. Note that some cuttings may propagate better simply in water, so it's best to do a quick Google search to find the best medium for your chosen plant.
Provide Proper Conditions: Place the cuttings in a warm, humid environment with indirect light. Keep the soil moist but not waterlogged to prevent rot.
Monitor Growth: Check regularly for signs of root development, usually visible within a few weeks to months, depending on the plant species.
Transplant: Once roots have formed, transplant the cuttings into individual pots filled with potting soil and continue caring for them as you would mature plants.
By following these steps, you can propagate plants from cuttings and expand your garden or share your favourites with friends.
The easiest plants to propagate
Embarking on your propagation journey doesn't have to be daunting. Several plants are renowned for their simplicity in propagation, making them ideal candidates for beginners.  
Consider the humble spring onion - a kitchen staple that can be endlessly propagated by replanting leftover ends. And many other kitchen cast-offs can be reborn from rooting ends, giving those veggies a new lease of life. It's as easy as peas. 
Other good candidates for propagation include herbs like mint and basil, which readily root from cuttings submerged in water. Succulents, with their ability to produce offsets or "pups", offer a fuss-free means of propagation - simply detach and replant these miniature replicas to expand your succulent collection. 
Three Benefits of Being a Plant-Propagating Maestro
Now, let's talk perks. Propagation isn't just about watching plants multiply. It's also about reaping some seriously sweet rewards:
1.    Freebies Galore: Who doesn't love free stuff? With propagation, you can turn one plant into many without spending a penny. It's like hitting the jackpot at the plant casino (if such a thing existed). Plus, your favourite culinary ingredients will likely be dying to grow all over again, so your next meal might be free, too!
2.    Instant Gratification: Patience may be a virtue, but who has time when you're itching to see results? With propagation, you can fast-track your way to a garden full of lush, mature plants in no time. Unlike sowing seeds, which require time to germinate and establish, propagated plants often mature at an accelerated pace. It's like hitting the fast-forward button on nature's remote control.
3.    Preservation of Plant Characteristics: Propagation allows us to preserve our favourite plants' unique traits and characteristics. Whether it's the exceptional flavour of a heritage tomato or the striking blooms of a rare flower variety, propagation makes sure that these desirable attributes endure through successive generations.
Ready, Set, Propagate!
So, what are you waiting for? Grab your trowel, dust off your gardening gloves, and get ready to propagate your clippings like there's no tomorrow. Whether you're a seasoned pro or a newbie gardener, there's never been a better time to spread the plant love.
Wish you could propagate your pension too?
As we've discussed, propagation from cuttings is a great way to get more from the plants you already have. It allows you to make a copy of your favourite flowers or fruits, keeping all their best characteristics and encouraging quick growth and maturation. It can also help you to see swifter progress in meeting your landscaping or indoor planting goals, as plants created through cutting propagation often mature faster than those grown from seed – how convenient!
At My Pension Expert, we're a bit like a propagator for your pension pot. We identify what you want to achieve and what you need for your retirement, analysing your current pension to see how we can get it to where you want it to be. 
Once we know what you’re wanting to achieve, we can offer a recommendation. Sometimes, it's taking a cut of your fund to purchase an annuity that will give you the income you need, or it may simply need re-potting (i.e. transferring it to a different provider or fund) for the best chance at growth. But rest assured, we'll always check to make sure that you don't lose out on any of the special features or benefits from your existing pot.
What's more, our client support team manages your application on your behalf and works with providers to complete your transfer or application, so, like with propagation, we can help you reach your goals faster.
Want to find out more about how we can help you plan for your retirement? Get in touch using the form below, and our friendly team will be happy to offer you some sage advice (pun totally intended).

### Five fun ideas for creating your own urban jungle
In the hustle and bustle of urban life, finding moments of tranquillity and connecting with nature can be a challenge. However, with some creativity and greenery, you can transform your living space into a lush oasis of calm and serenity. Embrace the trend of urban jungle living by incorporating indoor plants into your home décor. Not only do indoor plants add a touch of freshness and vitality to your space, but they also contribute to greening grey urban environments and promote mindfulness. 
Here are five fun ideas to help you create your at-home plant oasis.
Vertical Planting: Maximize your space by embracing vertical planting. Vertical gardens add a unique aesthetic appeal to your home and allow you to cultivate a variety of plants even in limited space. Consider installing a vertical potting system on a blank wall or using hanging planters to create a cascading display of greenery. Choose a mix of trailing plants like pothos or string of pearls, along with some compact varieties such as ferns or spider plants to create visual interest and depth.
Create a Green Curtain: Turn an ordinary window into a stunning focal point by creating a lush green curtain of plants. Install a curtain rod above your window and hang a series of trailing plants in decorative pots or macramé plant hangers. Not only does this create a beautiful backdrop for your living space, but it also helps filter natural light and provides a sense of privacy while still allowing in sunlight. Choose low-maintenance plants like ivy, string of pearls, or spider plants for easy upkeep.
DIY Plant Pots: Add a personal touch to your indoor garden by making or painting your own plant pots. Get creative with materials like terracotta, ceramic, or even recycled containers. You can decorate plain pots with acrylic paints, decoupage, or even mosaic tiles to match your home's aesthetic. Engage in mindful crafting while customizing your plant pots, and let your creativity flow. Not only does this add character to your indoor jungle, but it also allows you to express your personality through your plant décor.
Terrariums and Miniature Gardens: Create miniature landscapes within your home with a terrarium. Terrariums are self-contained ecosystems housed within glass containers, requiring minimal maintenance and adding a touch of whimsy to any space. Use a variety of succulents, mosses, and small ferns to create your own miniature world. You can also incorporate miniature figurines or decorative elements to enhance the visual appeal of your terrarium. Display these miniature gardens on shelves, tables, or windowsills to bring a slice of nature indoors.
Herb Garden in the Kitchen: Combine functionality with beauty by creating an herb garden in your kitchen. Not only does this provide fresh herbs for cooking, but it also adds a vibrant touch to your culinary space. Use wall-mounted planters, countertop pots, or windowsill herb gardens to grow basil, mint, rosemary, and more. Not only are these herbs practical for cooking, but they also emit delightful fragrances, promoting a sense of well-being and mindfulness as you work in the kitchen.
At the end of the day, anyone can transform their home into an urban jungle. By incorporating these fun ideas for indoor plant décor, you can enjoy creating a soothing and revitalizing oasis right within your own living space. From vertical gardens to DIY plant pots, there are endless possibilities to infuse your home with greenery and promote mindfulness in your daily life. So, roll up your sleeves, get your hands dirty, and embark on a journey to create your at-home sanctuary for nature today.
Feeling the tranquillity already? Why not use your newly found mindfulness to echo this peaceful sentiment in your journey to retirement? One of the key benefits of seeking advice at retirement is getting peace of mind and confidence in making those critical financial decisions. 
At My Pension Expert, our team of independent, qualified advisers are here to provide you with a tailored recommendation to unlock the potential of your pension. We aim to give you confidence in your financial future, whatever your aspirations, to help you stress less.

### Is the gender pensions gap closing?
There has long been calls to address the gender pensions gap – in other words, the significant difference in pension savings and retirement income between men and women. 
The numbers speak for themselves. Women retire with an average of £136,000 less in savings compared to their male counterparts.
The gender pensions gap can be broken down into multiple factors. Yet to truly grasp the issue, we can't overlook the gender pay gap. Despite some strides, the reality remains: women in the workplace are receiving less income than men. Currently, eight out of ten firms with 250 employees or more still pay their male employees more than women.
Women are also significantly more likely than men to take career breaks. Societal pressure is still on women to take time off from work or reduce their hours in order to be a primary carer – for children in particular. This often leads to a reduction in pay and, as a result, a cut in pension contributions.
However, in recent times there have been increased efforts to bridge the gap. So, does this mean that pensions gender gap is closing?
Is it closing?
The simple answer: yes, somewhat, but not fast enough.
Men used to receive significantly more state pension income than women. However, that gap has almost closed for people reaching state pension age in recent years.
However, the gap for private pensions is much larger and taking a lot longer to narrow. The most recent Department for Work and Pensions data states that the private pensions gap stands at 35% – a reduction from 42% in 2006. While it’s positive that this number is narrowing, it’s apparent that it’s not fast enough.
The main catalyst for these recent improvements is the introduction of workplace pension auto-enrolment, introduced in 2012. Unless they choose to opt out, all eligible employees are automatically enrolled into their company pensions under the programme.
However, auto-enrolment can have its own detrimental impacts. Recent research by My Pension Expert on the workplace auto-enrolment found that 60% of women said they have not done any pension planning beyond making sure they're enrolled into their workplace pension scheme. While auto-enrolment has been instrumental in getting people started on their savings journey, it can leave people complacent.
What can be done?
Businesses must evaluate their internal policies and create a plan to close the gender pay gap within their organisations.
Every business in the UK needs to make a commitment to tackling this problem. This means giving women the same chances for advancement and professional development and making sure they receive the same compensation for performing the same roles as men. Also, the government must address institutional issues like the need for greater childcare provisions.
There have also been calls to reduce the minimum earnings and age requirement for workplace pension auto-enrolment. This would allow people to start saving earlier, giving their pension pot a stronger foundation should they reduce working hours due to caring responsibilities.
Finally, more needs to be done to support female employees in understanding the possible advantages of raising their contributions, assessing the status of their savings, and engaging with their workplace pension.
That’s why it’s important that women have accessible routes to independent financial advice. Financial advisers can help people understand the current state of the pension savings, and how they can make sure they'll have enough to live comfortably when they retire. An adviser will review the entirety of their financial situation, as well as their future goals, and develop an appropriate savings strategy. In doing so, women will be able to maintain regular retirement savings, thereby strengthening their long-term financial position.
Any improvement in the gender pension gap is positive. However, it’s alarming that it’s happening at such a slow pace. A greater concerted effort from the government, businesses, and financial services sector is needed to address these wider societal issues. In the meantime, women should consider seeking independent financial advice to make sure they have a solid retirement strategy in place.

### Workers aren't engaging with their pension. Here's why it matters
The workplace pension, second only to your salary, is the most important benefit that a place of work provides. 
So, when auto-enrolment was introduced in 2012, it was celebrated for streamlining the process of saving for retirement – under auto-enrolment, UK employers are required by law to set up a workplace pension, enrol all eligible employees, and contribute to their pension pot. Now, employees could contribute to their pension without so much as an afterthought.
Auto-enrolment has essentially levelled the playing field when it comes to retirement planning. Indeed, since 2012, over 10.6 million workers across all age brackets, occupations and income levels, have been enrolled in workplace pensions.
However, despite its success, auto-enrolment lead to an issue underlining issue of ‘out of sight, out of mind”. This means that, once a person is enrolled in their workplace pension scheme, they don’t have to think about it again until they reach retirement.
If people don’t check in with their pension, it could mean they are unknowingly under saving for retirement.
Top of Form
This begs the question: what could drive this lack of engagement and, more importantly, what can be done to resolve the issue? Keen to explore this further, the team at My Pension Expert commissioned an independent survey of 2,000 UK adults.
Low engagement
It’s not just a working hypothesis that people are not engaging with their pension. Our research shows that 27% of UK adults with a workplace pension either haven't checked it in the past year (11%) or have never checked it at all (16%).
Although auto-enrolment may have played a role in this trend, other factors can also contribute to low pension engagement. For instance, the UK has a track record of poor pension engagement, and indeed comprehension of the importance of saving for retirement.
Bottom of Form
When it comes to contributions, 38% contribute between only 8% (the minimum) and 10% of their monthly salary into their workplace pension (when combining theirs and their employer’s contributions). Further, around one-in-eight (12%) people don’t actually know whether they have a workplace pension or how much they contribute to it.
Yet, despite the lack of engagement and many only making the minimum contributions, most (59%) UK adults with a workplace pension say they will rely on it to fund their retirement. 
Many argue that the onus should – at least in part – be on employers to do more to address this lack of engagement. Most of the respondents (59%) want to see their employer do more to help them understand and engage with their workplace pension – an issue that I recently spoke to HR Magazine about:
“Financial wellbeing, once overlooked, is gaining recognition among businesses and HR teams for its impact on employee welfare, resilience, retention, talent acquisition, and cost reduction.
Enabling flexible retirement options is integral to this renewed focus on financial wellbeing. As the cost-of-living crisis persists and the state pension age rises, it's crucial for HR professionals to be equipped to offer the right support.
“Enhancing educational resources and fostering open dialogues in the workplace about retirement planning are important steps. However, the real value emerges when employers facilitate access to independent financial advisers. Whether funding, discounting, or providing a list of potential advisers, this support helps employees navigate complex financial matters, offering personalized assistance crucial for improving retirement outcomes.”
Read the full article here.
Education is power
Auto-enrolment has undoubtedly played a pivotal role in kickstarting the retirement savings journey for many Britons. Yet, our research illuminates the need for a broader and more comprehensive approach to financial education.
Whilst employers must recognise their responsibility for their employees future financial wellbeing, there is argument to suggest that the government could provide mechanisms to allow them to provide greater support. There is certainly scope for both parties to work together to offer financial education and accessible pension monitoring tools.
A good starting point would be ensuring their teams know how to access the help they need. Pointing them in the direction of accessible, affordably independent financial advice, for example, could be a good starting point.
For example, our team of advisers at My Pension Expert, will take into account a person’s individual circumstances and their future goals, to develop a tailored retirement plan to suit their needs. For employees, this could be vital in helping them to understand how much they have saved, and the steps needed to help them achieve the retirement they want.
The UK has revolutionised retirement saving with auto-enrolment. However, we must not be idle – there is clearly an issue with pension engagement and understanding. As such, employers would be wise to explore the tools available to give employees as much support as they possibly can. And granting access to independent financial advice could be a brilliant starting point for many employees on their journey to the retirement they want.  

### Overcoming Pension Hurdles in your retirement planning
As with most things in life, just because something sounds like the best possible, fail-safe idea, it’s not guaranteed to work out as planned.
Take the My Pension Expert Clarence House Chase for example, the favourite, Jonbon, lost out to Elixir de Nutz in a nail-biting finish. This is of course not what anyone expected or, for some, wanted.
The same can be said about pensions planning. Just because one idea sounds perfect, doesn’t mean it will be perfect for you. Within the pension world, there are a variety of products available to you. The clear favourite on paper may not be the best when all is said and done.
Facing change
Much like the results on race-day, you can experience changes in your current situation which might impact your retirement plan. For example, you may face some unexpected expenditure, which could impact the level of income you need.
Changing levels of income can impact your personal circumstances. And this can result in changes in the level of risk you are comfortable with, or able to incorporate into your retirement plan. Consequently, you may need to rethink the risk level of your portfolio, and make a few adjustments. Of course, all investments carry risk, whatever their assigned risk level, so it would be sensible to speak to an adviser before making a final decision.
Sometimes, maintaining tunnel vision with your plans might not be the best idea. Remaining flexible and open minded to your various options will allow you to ensure you can remain on track with your objectives, even if other elements of your life change!
Know your options 
At the racecourse, many like to ensure they study the entire race card to understand the various horses competing. Some just pick their favourite based on their names, but they don’t always do as well! The same can be said for your retirement options, it’s always best to conduct thorough research to understand which options are available. 
Not all pension products work in the same way, and not all may suit the lifestyle you’re wanting to retire into. If the flexibility to choose exactly how much income you want to with draw, and when you want to withdraw it, a Drawdown might be the winning choice .
If you prefer a long-standing competitor, where you’re guaranteed an income regardless of any changes over a set amount of time, Annuities might be right for you. Of course, there are more options out there, but might not all be a winner for your individual circumstances.
Ask an expert
While we would love to, we can’t predict the future. But we can help you to secure your financial future – our advisers can help you to understand all the options available and help you to develop a personalised, tailored plan to suit your needs.
Independent Financial advisers, like our team at My Pension Expert, take into account your entire circumstances, the level of risk you’re willing to take and you dream for retirement. And remember, financial success is all about the journey. May your financial journey be as exhilarating and rewarding as a thrilling day at the races!

### A retirement planner’s guide to ethical pensions
Now more than ever, Britons understand the importance of making choices to suit not just their needs, but their personal values and morals – for instance, those that empower social or environmental justice.
For many of us, our pension investments are our single largest purchase or financial asset, and so it is only natural that people may want reassurance that this money is being invested in a way that not only provides long-term growth but also has a wider positive impact.
Positively, there are an increasing number of sustainable pension portfolios available to savers. What can be challenging, however, is finding the right option that not only suits your values, but sets you on track to achieve your retirement goals.
With this in mind, it’s worth bearing in mind several key considerations when seeking to make our retirement portfolios more ethical.
Returns on ethical pensions
A significant factor for more savers tends to be portfolio performance. And this approach is no different when it comes to considering sustainable portfolios.
Although people have become increasingly mindful of how ethical and sustainable their financial decisions are, most simply cannot afford to have pension products that underperform. Indeed, there’s a common misconception that ethically focused portfolios may not deliver competitive returns, and that sacrificing financial results is the only way to keep in line with our personal values.
However, this does not have to be the case. Ethical portfolios have the potential to deliver strong returns as they often invest in innovative and emerging high-growth industries such as renewable energy – but, like any investment, finding the right pension scheme or product is essential.
The greenwashing dilemma
Another point of consideration may be around ethical pensions is the risk of being misled by overreaching claims about the product’s positive impact – in other words, ‘greenwashed’. And this  threatens to erode confidence in ethical investments.
Unfortunately – while the Financial Conduct Authority (FCA) is proposing a package of new measures to curb the issue – there are currently no set regulations around sustainable investing and greenwashing. So, until there is greater transparency surrounding ethical pensions, it is important to carry out thorough research and identify the funds that align with things that provide genuinely positive solutions for people and the planet.
However, this can be a rather time consuming process. This is where independent financial advice plays a vital role.
The importance of independent financial advice
Before making any decision regarding investments – sustainable or otherwise – it’s important to be 100% confident in your knowledge and your choice.
Speaking to an independent financial adviser can help you understand the options and potential benefits of ethical and sustainable pension investments. Moreover, professional advice can help you identify whether a particular fund aligns with both your values and financial goals.
With the right resources in hand, careful consideration of potential pitfalls and with the support of expert guidance, individuals can feel confident that their financial decisions are well-informed and succeed in empowering them to reach their financial goals, all while ensuring their investments truly reflect their ethical considerations.

### Changing the Pension World with Tech
We’re living in a world where technology affects all aspects of our lives, so there’s no surprise that the pension world is experiencing change too. The integration of technology is reshaping how pensions are managed and accessed. This promises a future where retirement planning is more secure, efficient and accessible for all.
Of course, technology changes so quickly that it can be hard to keep up. So, what is technology having an impact on?
Digital Platforms
One of the most significant changes brought by technology is the introduction of digital platforms. These online areas provide a user-friendly view so that you can monitor and manage your pension accounts in real-time. Mobile apps and online portals make it easier for pension holders to access their information and track their investments. These alongside financial advice allows for more informed decisions to be made with retirement savings! Digital platforms can also assist in the communication between pension providers. Notifications, updates and important documents can all be shared easily, reducing paperwork and streamlining the admin process.
Pension Calculators
Pension calculators can show a personalised financial snapshot, and a view of your retirement prospects. By imputing your key information, such as your current pension fund, contributions and hopeful retirement age, you can instantly see an expected future pension income. These tools are a brilliant starting point for understanding where you stand financially and how spending decisions today could impact your retirement lifestyle. Luckily for you, My Pension Expert have a pension calculator of our own to start you on your planning process.
The World Wide Web
The internet has emerged as a powerful tool, because not only can you watch videos of cats doing strange things, but it’s also an amazing way of raising awareness of pension planning. The web offers a space where complex financial topics, like pensions, can be broken down into easy to understand and shareable chunks. These platforms can also be a great way of staying up to date with changes within pensions and investment trends as they allow for real-time news to be shared. Infographics, short videos and small posts can convey key concepts without overwhelming the reader with technical jargon, and also make it fun! However, remember to check that the sources are reliable and the information given is legitimate and accurate. You can check using a few simple steps. Follow this link for more information.
Accessibility
Tech innovations are breaking down barriers for accessibility. From the convenience of online account management tools to easy to digest information, pensions have never been easier to engage with. And whilst the online world continues to grow, an independent financial adviser needn’t be further than a  telephone call away to take a deeper look into your financial situation and show you how you can achieve your retirement dreams. For example, at My Pension Expert, we are mostly telephone based, so we are able to offer tailored, expert advice regardless of where you are within the UK. Indeed, our clients can book a phone-call at a time convenient for them, without needing to leave the house, or wait around for an adviser to arrive!
The future
With tech innovations, the future of pensions is looking bright. Although the government’s Pension Dashboard has been delayed until October 2026, there’s still a variety of ways to unlock your pension potential.
Whilst not new, Independent Financial Advisers can guide you through the endless forms and information about retirement finance products, so you can focus the things that matter to you. Speaking to one of our friendly and knowledgeable advisers can ensure that you receive impartial advice, focusing on your best interests and a retirement you can be excited for.

### Prioritise your wellbeing in Retirement with MPE
Retirement is not just a milestone. It’s an opportunity for you to prioritise your wellbeing and embrace your newfound freedom!
And the beauty of retirement is that you now have time to find out exactly what wellness means to you. You now have the time to explore what you enjoy and the endorphins that come with them.
So, where does your wellbeing journey begin? We have a few ideas to give you a bit of inspiration…
Tip Top Physical Shape
Now, we’re not saying that you need to be built like an Olympic sprinter to enjoy physical wellness. But keeping on top of your physical health can boost your mood and enhance your overall wellbeing.
Whether it’s daily walks, yoga or gardening, finding something you enjoy can be a big motivation. Exercise doesn’t have to be a solitary activity. Getting your loved ones involved can make sure that you’re getting healthier, whilst enjoying a friendly catch up, week after week.
And while moving is an essential way to staying active, a top-quality sleep is crucial for achieving all of your tasks. A study by Bupa shows that getting enough sleep can help you maintain a healthy weight and can also keep your heart healthy!  
Exercise your Mind.
Not all exercise is physical. You’re at your strongest when your mental wellbeing is taken care of. Being social is vital for your mental health. Spending time with your friends and family is an amazing way to keep your support system strong however, you could also try attending clubs of your favourite activity or maybe volunteering to stay engaged with what’s happening within your local community.
Of course, being social isn’t the only way to keep your brain engaged. With the newfound freedom of retirement, you’ll have the time to explore new interests and maybe learn a new skill! If you’re not sure where to start, try attending workshops or classes to stimulate your mind. A weekly pottery class, or darts club, for example, could work wonders!
Balance
While it’s great to keep your body moving and trying new skills, doing too much can be tiring. An easy way to tackle this is to ensure you have a balance between keeping active and indulging in activities you enjoy.
Allocating time for your hobbies, whether that’s painting, jigsaw puzzles or reading, can keep you happy and reduce your stress levels. A good way to combine both exercise and excitement is to travel! Exploring new places can be invigorating but also a great way to unwind.
Financial Well-being
Of course, financial stress can impact your overall wellbeing. Here at My Pension Expert, we can assist you in understanding how much money you need to enjoy the lifestyle you want, and help you to make the necessary adjustments that are in line with your needs and retirement objectives.
Retiring is an exciting journey that can offer you the opportunity to prioritise your wellbeing by allowing you to focus on your physical and mental health. Speaking to a financial adviser can assist you in making all of your active plans a reality!

### New Year, New You: Our Financial Resolutions for 2024
We can’t believe it’s almost 2024 already! This year has certainly flown by.
And with the fast-approaching new year, comes the need to set out new year’s resolutions. Whilst health and fitness goals tend to rate highly on the resolutions list, one crucial area is often overlooked: pension planning.
We all know that keeping on top of your pension is key to achieving a financially secure retirement, so setting retirement-themed resolutions for yourself could prove to be a helpful method of ensuring you remain on track to the retirement you want.
What would these resolutions look like? We’ve outlined our favourite seven resolutions to give you a helping hand:
Resolution 1: Evaluate Your Current Pension Plan
The first step in securing your financial future is understanding where you currently stand with your pension plan. Review the terms and conditions of your existing plan, including contribution rates, investment options, and projected pay-outs. Take note of any changes in your employment status or personal circumstances that might affect your pension contributions.
Resolution 2: Increase Your Pension Contributions
If your current financial situation allows, it could be worth considering increasing your pension contributions. While the minimum contribution is 8%, many financial experts recommend contributing at least 15% of your income to retirement savings, so if you are able to increase your contribution by even just a few percent, it could boost your pension fund in the long term. In addition, boosting your contributions could allow you to take advantage of potential tax benefits.
Resolution 3: Think About Diversify Your Investment Portfolio
Investment Portfolio Diversification can be key to mitigating risks and maximising returns on your pension investments. So, it could be worth reviewing your current investment portfolio and assess whether it aligns with your risk tolerance and retirement goals. However, all investment portfolios, regardless of their diversification, all present risk. With this in mind, it is important to speak to a financial adviser before making any major decision to ensure that your decision suits your needs and future goals.
Resolution 4: Stay Informed About Pension Legislation
This year has proven that pension laws and regulations can change at the drop of a hat, potentially impacting your retirement savings. So, resolving to stay informed about any updates or changes in pension legislation could certainly prove beneficial in the long-term. Understanding the latest regulatory updates could empower you to make informed decisions about your pension plan and adjust your strategy accordingly.
Resolution 5: Track down lost funds
If you've had multiple employers throughout your career, you may have accumulated pension accounts with various providers – and it can be very easy to lose track of them! So, this year, why not make it your resolution to track down those long lost pensions. Of course, the government’s pension dashboard will be able to assist with this when it is launched in October 2026. Until then, the best starting point will be the government’s pension tracker; all you need is the name of your previous employers, and the tracker will let you know the name of the pension provider and the relevant contact details for you to access your pension information,
Resolution 6: Plan for Retirement Expenses
Beyond your pension income, it's essential to plan for other retirement expenses such as healthcare, housing, and lifestyle choices. So, in 2024 why not create a comprehensive budget that considers these factors? Doing so will allow you to estimate the income you'll need during retirement and make the necessary adjustments to keep your retirement strategy on track.
Resolution 7: Consider advice
Seeking professional advice can be crucial to pension planning success. Indeed, independent financial advisors, such as our team at My Pension Expert, bring specialised expertise to develop comprehensive pension plans. Our team offer personalised solutions tailored to your unique circumstances, goals, and risk appetite. In doing so, you’ll be able to make more informed decisions to achieve the retirement you want.
As we enter 2024, there couldn’t be a better time to set yourself achievable resolutions and make sure you’re on track to the retirement you want. Whether you’re planning to retire next year, or further in the future, it’s never too early to start planning. And remember, the team at My Pension Expert are only a phone call away and can support you every step of the way!

### Celebrate with MPE as the Holidays are Coming!
We simply can’t believe how quickly this year has gone by! And regardless of whether we’re prepared or not, Christmas is just around the corner.
Whether you’re an avid pre-planner or an eleventh hour adrenaline junkie rushing round the shops, one thing is certain: Christmas can be a costly time for everyone. From the big Christmas dinner to decorations and presents for family and friends, it can be a financial drain – albeit a fun one! 
And with big spending, comes the need a need for careful planning and budgeting to make sure that the festive period doesn’t bring any unnecessary financial stress.
Approaching Christmas
At My Pension Expert, we have a keen interest in money and how people manage it – so we’ve conducted a survey amongst 1,133 UK adults aged 40 and over to understand how they’re looking after their spending this Christmas.
According to our research, a fifth (20%) of those surveyed have already looked into the best ways to score a Christmas deal, whilst 43% have set aside a specific budget to control their spending. 
Given the economically challenging year we’ve had it’s unsurprising that so many people are keen to search for the best deals to help their money go a little bit further. However, our research also suggests that some people might be looking into alternative methods to manage a more stretched budget.
Spending Worries
Indeed, according to our research, 46% of Britons aged 40 and over are finding financial preparation for Christmas has become more challenging as a result of economic issues like rising interest rates and high inflation. 
And it seems that Britons are exploring other financial methods to ease spending pressures at Christmas. For example, 10% of our survey respondents say they are taking on debt in order to pay for Christmas. Of course, debt, for example, is no bad thing, and can help people to achieve their financial goals. Problems present themselves when the debt is not managed correctly and spirals out of control. 
Another, slightly more problematic trend is that people are cutting down, or pausing their pension contributions so they have more to spend over Christmas. 6% percent of people over 40 reported pausing their pension contributions in order to pay for Christmas. This is particularly worrying, as it could result in under saving in the long term, and negatively impact their retirement prospects. 
Of course, nobody should ever feel pressured to risk their financial stability in order to survive the holiday season. Because of this, festive planners would be wise to carefully weigh their options before acting on these financial matters– and we’re here to help!
A helping hand
For those who are worried about their finances, there are resources available to help. As scary as they sound, debt charities like Step Change from Citizen’s Advice can help those struggling with debt get to grips with their finances and keep them under control.
Elsewhere, advice, such as our team from My Pension Expert, are here to help when it comes to managing your future finances. So, if you’re concerned about how your pension plan will fare over the festive period, we can conduct a thorough review and make personal recommendations to suit your current needs and future goals. 
The festive period can be busy – and expensive! But financial worries should never dampen the festive spirit. Support, such as MPE’s team of advisers, can help to ensure you’re on top of your future finances and remain on track for the retirement you want throughout the festive period.

### Advice and Guidance: Both valuable, but in different ways
Help is always, for lack of a better word….helpful.
Whether it’s in the form of holding the door open for someone struggling with their suitcase, proofreading an important document, or helping them paint over their bathroom, only the most stubborn of people would turn away a helping hand if it were offered to them.
Indeed, all forms of help can offer value to someone. But value can differ depending on the type of help.
Take, for example, the difference between advice and guidance. Both can be incredibly valuable in helping someone understand their options as they approach retirement and make more informed financial decisions.
That said, it is a widely held assumption that they can offer people the exact same form of value.
And this is a bit of a misrepresentation…
What’s the difference?
Before delving into the details, it’s important to understand exactly what the differences between the two are.
Firstly, guidance is  free, unbiased information which is available to anyone who wants it. One of the best examples, within the context of retirement planning, is the Government’s Pension Wise website. This website is free to access and provides clear, impartial information about a variety of retirement related subjects, from the types of products available to what to do if you’re concerned about money.
Advice, on the other hand, is tailored to the individual. So, when an adviser discusses any retirement finance options, it’s always in relation to what suits you – both your future goals and your current circumstances.
Further, advice is regulated by the Financial Conduct Authority. This means that all qualified advisers must adhere to the standard and if they fall below (i.e. give unsuitable advice), they must answer to the regulator and, following investigation. They must also repay the client with any loses they experienced as a result of the unsuitable advice; and this extra layer of security can be very valuable for clients.
The key difference is that guidance outlines what you ‘could’ do to bolster your retirement plans, whilst advice outlines what you ‘should’ do; guidance is generic and general, whilst regulated advice is tailored specifically to you.
Where’s the value?
Whilst different, both guidance and advice do present different forms of value.
Guidance is a great educational tool. It can help people get to grips with the various retirement options available to them, and develop a strong foundational knowledge of retirement. And this knowledge can contribute to making more informed decisions. And given that it is free, it is understandable that people do see the value it can offer.
However, this generic information is as far as it can go. Advice, arguably goes that step further.
Advice helps people to understand all products and routes to retirement in relation to them. The recommendation is completely personal and tailored to their needs. So, for example, they might recommend a flexible access drawdown, if you value flexibility to decide how much money you want to withdraw, when you want it. Alternatively, if you feel security is more important, they might recommend an annuity.
Advice can also help you to manage the amount of risk you take on in your retirement plan. Understanding and managing risk is a critical aspect of financial planning. An adviser will work closely with you to assess your risk appetite (how much you are willing and able to lose, should investments not perform how you want) and develop personalised strategies to mitigate potential risks. Whether it's market volatility, economic downturns, or unexpected life events, an adviser will help you navigate uncertainties and make adjustments to your retirement plan as necessary.
The cost of value
Of course, we must address the elephant in the room…guidance is free, whilst advice is not. And this is arguably why many people consider guidance to be the cheaper alternative to advice.
As this blog has outlined, there are too many stark differences between the two to consider guidance as an alternative. Whilst advice does come at a price, the value it can provide; such as tailored recommendations, personalised explanations, and ongoing support to help you achieve your retirement goals – makes it worthwhile!
Additionally, there has been a long-held assumption that advice is only for wealthy people. This is not the case. In reality, there are affordable advice options available, which means people can access that expert insight, without taking a massive financial hit.
For example, we at My Pension Expert, are always exploring methods to ensure we can provide the highest quality service, at the most cost-effective price for the client. We ensure our clients understand all the fees before agreeing to proceed with our advice.
We believe that no one should be priced out of achieving the retirement they want.
Both guidance and advice offer a great deal of value. However, it is important to remember the key differences between the two. Guidance is a valuable educational tool, and a strong starting point in your retirement journey.
However, there is no substitute for the tailored support offered by regulated independent financial advice. We believe advice can offer real, long-term value to help you retire with confidence and achieve the retirement you want and deserve! If you’re curious about how advice can help you, why not get in touch, and speak to a member of the My Pension Expert team today!

### Retire into your Hobbies! Mark this new chapter of your life
Retirement marks the beginning of a new chapter in life. And at My Pension Expert, we believe it’s the perfect time to enjoy your new found freedom by exploring passions that may have taken a back seat during the hustle and bustle of a career.
After all, our own survey of 2000 UK adults found that the overwhelming majority (71%) of people dream of a comfortable retirement with time and money to pursue their interests, passions and hobbies.
Having a hobby can benefit you in many different ways. They let you connect with family and friends, give you an excuse to get out of the house, and leave you feeling accomplished. Hobbies are brilliant for your mental and physical well-being!
Don’t have a favourite hobby yet? No problem! We’ve been doing some research and found some of the top activities people might consider taking up in retirement…
Green Fingers
If you find comfort in nature, gardening can be the perfect hobby for you! According to Reassured.co.uk, gardening is the number 1 favourite pastime for those who have recently retired. And it’s no surprise, as gardening is well known for being relaxing and rewarding.
And you can start as large or as small as you want. Even if you don’t have your own private garden, there are still plenty of options available, such as hanging basket for a selection of marigolds or a rectangle pot for your home-grown carrots.
If you’ve found your passion in growing, you could look into an allotment for considerably more space or join a local gardening club. Gardening clubs and community gardens are a brilliant way of bringing people together, and we’ve talked about the benefits of them before.
Not only can gardening benefit you, it can also bring a sense of joy to those around you and have a very positive impact on the environment.
A Chef’s Touch
Your retirement is an ideal time to experiment with cooking and baking. The kitchen can become a place of creativity and sharing your results with family or friends can be incredibly satisfying.
You can start with simple recipes you’ve found on the web or go all out and enrol in a cooking masterclass. And as an added bonus, classes and groups can be a great way to connect with new friends over a shared interest.  
Experimenting with new cuisines can also be the perfect opportunity to start up a new supper club with friends. Even if the end result might not quite meet the approval of Gordon Ramsey, your friends will certainly appreciate the effort – and likely keen to return to taste your future attempts!
Do it Yourself?
Retirement provides the perfect canvas for channelling your inner creativity. Whether that be painting, pottery or general household DIY, they all provide an outlet for self-expression.
Creating something from scratch can boost your confidence, and you’ll feel a sense of pride and accomplishment once you finish your project. If you’re not sure where to start, local community centres often hold activity sessions for trying something new, or there is always the world wide web.
Crafting is also a great way to spend time with your grandchildren, especially if they’re younger, as kids love to get hands-on and creative. They can be inspiring!   
Adventure Awaits
Everyone loves a holiday! In our survey, more than half of people (54%) want to travel and see the world once they retire. With your newfound time, and perhaps a loved one by your side, now is the perfect opportunity to tick some of those dream destinations off your wish list.
Recently, we told you all about the different types of holidays there are, from exploring cities of culture to relaxing on the beach with a good book. The biggest issue you may face is deciding which one you’d like to do!
Travelling can be a brilliant way of expanding your cultural knowledge, meeting new faces or just simply unwinding from everyday life.
How we can help
Of course, the first step to a happy retirement is a strong retirement strategy. You’ve spent years, maybe decades planning to retire, now let us help you make the choices to open to doors to your new favourite hobby!
Our team of friendly and informative financial advisers, at My Pension Expert, are here to help you. We take into account everything that’s important to you, and help you develop your personal retirement plan. From your initial consultation, choosing the right pension product, all the way to your retirement dreams becoming a reality, we’re here to help you every step of the way.

### The Autumn Statement 2023: My Pension Expert’s Wishlist
The leaves are falling and the days are growing shorter, which means it’s nearly time for the Autumn Statement 2023! It’s certainly been a turbulent year in terms of finance and the rumours are already growing about what Chancellor Jeremy Hunt will, or possibly won’t, announce.
This annual event provides a comprehensive overview of the Government's economic plans, policies, and projections for the coming months. Of course, our main concerns revolve around how the Chancellor chooses to approach pension policy.
And as you would expect, we at My Pension Expert have some thoughts about what we’d like to see announced on 22nd November…
Triple Lock Clarification
A year ago, in the last Autumn Statement, the Triple Lock was re-instated, which was a relief to millions after previously being scrapped. However, what we would like to see this year is more clarity on how the Government is keeping it sustainable in the long run.
There are various options which have been thrown into the ring over this past year. Concepts such as reducing the triple lock to a double lock, for example, or even scrapping it all together, have been hotly debated amongst stakeholders. However, the Government (and Opposition) have remained notably vague about Triple Lock promises. As such, we would like to see the Government offer clarity on their exact plans for the Triple Lock – at least then, pensioners will know where they stand and feel more able to plan accordingly.
Answer questions about the Lifetime Allowance 
If you can cast your mind way back to the Spring budget, it was announced that the Lifetime Allowance charges were due to be scrapped. Of course, My Pension Expert had some thoughts on the policy, which we discussed at length in a previous blog. However, since the announcement, doubt has been cast over whether it will be implemented before the next election.
Indeed, affordability of the Triple Lock have raised questions as to whether the policy might be delayed. Elsewhere, the Labour Party were very clear that should they be elected, they would reinstate the LTA cap. As such, we believe that the Chancellor must use the Statement as an opportunity to clarify whether the LTA will definitely be introduced in the next financial year. Doing so will provide savers with the ability to plan and adapt their retirement strategy accordingly.
Supporting saver engagement
Within the Mansion House reforms earlier this year, Chancellor Jeremy Hunt revealed his ambitions for pension schemes in the UK and how these could boost the economy, whilst simultaneously boosting Britons’ pension savings. Of course, this is a step in the right direction; we at My Pension Expert will always welcome moves to improve people’s retirement outcomes.
However, we want to ensure that savers and retirement planners remain central to this policy, as it’s them it’ll be directly affecting. As such, we’d like to see the Chancellor announce further measures to help savers engage with their pensions, so they can better understand what these changes mean for them. Putting measures in place to improve access to pension information or independent financial advice would certainly benefit savers. After all, without helping people to understand the changes the Government intends to make, Britons gaping engagement gap will only grow wider – which could worsen outcomes in the long term.
Pension Bill Progress?
Earlier this week, it was assumed the Pensions bill was going to receive royal ascension during the King’s Speech, giving it a positive impact.  However, surprisingly, it wasn’t mentioned at all. Without the royal backing, it’s casting doubt about exactly how much change the Government can do. And this means some beneficial policies, such as the extension of auto-enrolment, could face an indefinite setback.   
Arguably, this could give the Government more time to get into their plan's finer details and announce them when they’re completed. However, clarity as to the status of the Pensions Bill would certainly be useful for many pension planners.
Long term, sustainable planning for the pension sector
Just when you thought things couldn’t get any more dramatic, there’s been a revolving door of cabinet ministers this past week. Notably for us, the Pensions Minister, Laura Trott, was promoted to a Treasury role and Paul Maynard taking her place as Pensions Minister. And given the various major projects underway within the Department of Work and Pensions –the delivery of the Pension Dashboard, Autoenrollment considerations and addressing the issue of Small Pots to name a few – we can’t help but wish consistent leadership within pension policy.
With this in mind, one of our biggest hopes is that the Government avoids its usual approach of ‘tweaking’ the pension policy. Throughout the years there have been minor changes that add layers making it overly complicated. If there are changes to be made, make them substantial. We also hope to see a cross-party collaboration on these changes, keeping them sustainable should there be a change of Government in the near future.
How we can help you
Indeed, we would love for pensions to be the most discussed subject, but regardless of what is confirmed, just know that you’re not alone with your pension.
The Government backs a service that offers free guidance to those over the age of 50 called Pension-Wise. The guidance explains some of the more common pension products available as well as explaining how other things, such as tax, affect your savings.
Of course, guidance is just that, a guide. For a clear, detailed look into your personal circumstances and the goals you could achieve with your savings, a financial adviser will be on hand to help like the team here, at My Pension Expert.

### Passive Funds: Breaking down the basics
With Christmas and the New Year approaching fast, it’s time to start thinking about the pounds you want to gain… and of course (in true My Pension Expert fashion) we are referring to pound sterling!  
This time of year is a great opportunity to take stock of your finances and consider plans for the coming year, and beyond. And within this planning, it’s important to consider which options suit your needs. For some, that may involve investing.
Investing can be an essential part of retirement planning as it can help your pension to work that little bit harder. There are two primary investment strategies, active and passive, and understanding the difference between the two could help you understand if either type could help you.
But what exactly are the differences? Luckily for you, we’re here to break it down.
Active Vs. Passive
There’s an easy way to describe the difference between active and passive funds - a hands-on experience and a laid-back look.
A hands-on experience, or an active fund, is fast-paced. Active funds involve a ‘fund manager’ picking and choosing investments with the aim of outperforming the benchmark (these are used to evaluate how the portfolio typically performs). Fund managers use their knowledge and expertise to adjust portfolios based on market trends, which could bring a higher return.
However, as ideal as this may sound, there is also the potential for this to be costly due to the higher fees active fund Managers typically require. On top of that, active funds themselves can carry the potential of being at higher risk. With an active fund, you’re more exposed to market volatility and potential losses.
A laid-back look, or a passive fund, is slow and steady. Passive funds are a low-cost investment option that tracks the performance of market indices, such as the FTSE 100. These funds are simpler, and you don’t have to pay a fund manager for research, trading costs, or analysis!
Of course, with all investments, passive funds still carry the risk of potential losses. These funds might have a limited potential, as there isn’t anyone looking over them. Similar to active funds, market volatility means there could still be losses during market downturns.
Is it right for you?
Now that we understand the difference, which one is the option for you? Choosing between active and passive funds depends entirely on your goals, attitude to risk and your personal circumstances.
Like most, you may be new to the world of investing, and it can be intimidating, especially since this is your retirement we’re talking about! If you’re interested in dipping your toes into the investment pool, passive investments could be a fantastic way to start.
Passive funds typically have a low annual management fee. The manager doesn’t choose specific investments but rather, the fund mirrors the index that’s being tracked. Whilst it’s replicating the market performance, the returns will also be similar, even after taking the account management fees away.
The funds are also more diversified, as they track a broad market index. So, should one investment in the fund perform badly, this performance can be evened out by other investments within the fund – it does not necessarily mean that the value of your fund. Although your pension may be invested for many years, passive investing enables it to grow in the long term can be beneficial for riding out those pesky periods of market volatility.
How we can help you
Now, this article can’t tell you exactly what will work for your money because everyone's circumstances are unique. So, whether you’re ready for a hands-on experience or prefer a smooth and steady ride, we at My Pension Expert can offer a helping hand. All investments have risks and potential losses, which is why advice is key when making decisions that could potentially affect your future income.
Indeed, advisers, like our expert team, can help you understand how much risk you feel comfortable taking on in your retirement strategy, and advise you as to which retirement route suits your needs. Additionally, they take the time to understand what is important to you, so you can be confident that your recommendation is tailored to you – whether that’s a recommendation to follow the passive or active fund route, or even an annuity.
Our qualified independent financial advisers can tell you about the range of options available to you – so that you can achieve the retirement YOU want.

### Retirement Planning - What's Your Perfect Holiday?
Retirement comes with many perks. From spending quality time with friends and family to finally picking up that hobby you’ve always had an interest in. 
However, one of the major perks of retirement – and perhaps our favourite one – is the fact you can go on holiday whenever you want! 
And many people do just that. Research conducted by InsureMyTrip found that the majority (62%) of people aged 50 and over planned to take a holiday at least one holiday in 2023.
And luckily, there are plenty of holiday options for retirees. The biggest dilemma is deciding which type of holiday you want!
Sun Worshipper
For some, a holiday is all about doing absolutely nothing and recharging your batteries. And nothing could be finer than soaking up the sun on a beach – especially during cold winter months. 
And luckily, you’re never short of beach holiday options. Whether you want to stay closer to home and explore European coastlines, or travel further afield to the Caribbean (to name one example), there’s an opportunity to enjoy the sun all year round!
City Slicker
Love the hustle and bustle of city streets? Whether you’re fancying a romantic getaway to Paris, touring the ruins of Rome, or enjoying tapas in Barcelona, there are plenty of reasonably priced, and accessible cities across Europe where retirees can enjoy. 
From Museums, tour buses, and art galleries to relaxing cafes and shopping districts, city breaks needn’t be the busy, exhausting holiday many assume. Instead, you can take it at your own base. Although it’s always worth remembering to check city gradients. Porto, for example, whilst beautiful, is extremely steep! 
Captain of the Cruise
Keen to see several places at once but without the flight stress? A cruise could be ideal for you! 
River cruises could be a great opportunity to see both the glorious country sights and fascinating cities. Cruises tend to offer their own tours or offer to organise a tour on your behalf, so you don’t have to make your own way about the city. 
Plus there’s plenty of entertainment onboard – such as singers, bars, restaurants, and even spas – to keep you busy if you don’t fancy leaving the boat for a day.
Staycation Steady
Long-distance travel not floating your boat? A staycation could be just the trick! 
Whether you’re in a cosy cottage in the lake district, or enjoying the summer sun in Cornwall, there are plenty of UK destinations that can be softer on the budget, and with no need to worry about forgetting passports. 
And sometimes there’s nothing finer than exploring the UK and finding some hidden gems, away from the usual tourist traps. 
Affording the Dream
Whatever style of Holiday you prefer, we at My Pension Expert are here to make sure you don’t need to compromise in your retirement. After all, you’ve worked hard throughout your career – you deserve to enjoy yourself.
And we want to help you do just that. This is why we always make sure we understand what you think is the most important in retirement. If, for example, you want to make sure you’re able to go on at least one holiday a year, abroad or at home, we will make sure it is factored into your plans so that all you have to worry about is where you want to go. 
 Whatever you value in retirement, My Pension Expert are here to help – and help you enjoy some well-deserved YOU time. 

### What’s going on?! We’re breaking down the Inflation Situation
Inflation is becoming increasingly difficult to predict. Earlier this week (18th October 2023), despite predictions that inflation would drop slightly, rates remained at 6.7%.
Indeed, the unpredictability of inflation can make planning for the future more challenging than it should be. And planning for retirement is no exception.
However, MPE’s own research found that 57% of UK adults with a pension understand how higher inflation and rising interest rates affect their pension. And this is just what we’re hoping to shed some light on…
A deeper look
Inflation measures how quickly prices of goods and services are rising over a period of time. It’s a broad measure. It includes the prices of pretty much everything, from food to petrol and your gas and electric bill. For example, in early 2021, the war in Ukraine influenced gas prices due to a mixture of sanctions, sabotage and supply restrictions. This drives up energy bills exponentially, resulting in inflation reaching double figures.
While inflation seems to have slowed, stubborn food and fuel prices keep inflation at uncomfortable rates. Inflation is also closely linked to interest rates. So, as inflation rises, interest rates are usually increased as well.
The Government has pledged to bring inflation down, but no quick fix is available. Inflation is hard to control because the ways to fight it, such as higher interest rates, take time to affect the economy. With that being said, only 23% of people have confidence that the Government will hit its target of bringing inflation down to 2% by the end of 2023.
What does it mean for you?
In simple terms, the higher the general living costs are, your money won’t go as far as it used to. The same can be said about the value of long-term savings. Even with interest rates rising, the rate of inflation means that some savings can still go down in value.
This can seem very unfair for pension planners. After working and saving hard throughout their career, they may still feel that a comfortable retirement might be out of reach. According to our research, a mere 31% have the confidence that they will retire with enough to achieve their desired lifestyle.
Worrying about inflation can take the joy out of retirement planning – and that’s not fair. Retirement is an exciting time when you can dedicate your time to doing exactly what you want.
That said, there are steps which can be taken that might help to ease your concerns.
Are Inflation-proof pensions possible?
It would be misleading to say that you can completely inflation-proof your pension. However, there are steps you can take to give your savings a push in the right direction.
If you review your current pension scheme, you can see how hard your money is working. If you feel it could be doing more, this could be the time to explore alternative investment options with a higher risk. Of course, riskier schemes present a higher potential for loss, as well as the potential for stronger returns on investments. You may want to diversify your investments, as historically, some diversified portfolios have performed well during high inflation periods.
Of course, knowing if this is an option for you or even where to start can be tricky. For example, before making any investment decisions, it is important to understand your risk appetite (i.e. how much risk you are willing and able to incorporate into your financial plans).
So, it’s always best to seek financial advice before making a decision. For example, our team of advisers at My Pension Expert can help you understand your current financial situation and how it could impact your financial future. From there, we can give personal recommendations as to which option would best suit your needs and help you to achieve the retirement you want.
Inflation and financial planning can be overwhelming, and everyone's financial situation is unique. However, taking stock of your current situation and seeking advice can help to strengthen your future finances. And this can give you some much-welcome peace of mind in unpredictable economic circumstances.

### My Pension Expert takes on the Party Conferences
My Pension Expert have been doing things a little differently this year…
We’ve often spoken in the press about the need to place savers at the heart of all pension policy. However, now we’re going a step further; dipping our toe in the political pool and reaching out to key stakeholders to make sure the voices of UK savers are being heard.
With this in mind, the team felt it would be appropriate to get into the thick of it and, for the first time ever, attend both the Conservative and Labour Party Conferences!
Of course, party conferences take place every year. However, 2023 conferences held particular significance this year…
Why are the 2023 Party Conferences so important?
In the UK, the maximum term of a parliament is five years from the day the sitting parliament first met. This current parliament first met on Tuesday the 17th of December 2019. This means that parliament will be automatically dissolved on Thursday the 17th of December 2024 if an election is not called earlier.
In all likelihood, the conference season just passed could be the final conference before the next general election. This means that many will have viewed these conferences as ways to unofficially launch leadership campaigns and create manifestos.
And, of course, we at My Pension Expert wanted to be involved.
Pensions on the political agenda
Pensions have been hitting the headlines in recent months. Indeed, the affordability of the triple lock, combined with Government concerns about encouraging people to save more as early as possible, have been creeping their way up the political and news agenda for some time.
And it was encouraging to see both Labour and Conservatives expressed an active interest in searching for solutions to these issues. Interestingly, however, many of the policy discussions focused on investments, increasing minimum contributions, and maximising returns for savers. The main concern prompting these discussions being that, at the current rate, younger generations would struggle to retire comfortably.
Across Labour Fringe events, there were also discussions surrounding pension poverty; however, conversations focused on systematic change and support. For example, one panel discussion attended by My Pension Expert discussed monetary support for energy bills, as well as a review of the state pension system and the triple lock.
Further, during Conservative Fringe events, holistic considerations of ageing were discussed; from relationships and cross-generational co-habitation to greater access and awareness of Pension Credits.
These discussions are, of course, important. The UK has an ageing population, and given the pressures on the economy, personal finances, health and social care, changes must be made if we are to develop a sustainable system that supports everyone.
That said, one element seemed to be consistently lacking from mainstream discussion.
Support and engagement
My Pension Expert’s advocacy for access to support and advice is well documented. We’ve spoken widely in the press and with key stakeholders about the need to improve access to affordable advice. We want to make sure that everyone, not just the UK’s highest earners can receive tailored advice to help them achieve the retirement they want.
Whilst many conversations My Pension Expert were involved in assumed that most people simply don’t want to make decisions about their pension and should just accept decisions made on their behalf. However, we don’t think it’s that simple.
Indeed, when considering the Mansion House Reforms, despite the Chancellor promising stronger returns by placing more investments in UK businesses, the public were a bit more sceptical.
Indeed, our own research found that a significant majority (62%) of Britons were not comfortable having more of their pension fund invested in UK businesses. Furthermore, 57% feel that the government is more focused on using their pensions to grow the economy than improving their own outcomes.
These figures suggest that people want to better understand where their pension is invested and how to achieve the best returns possible. However, My Pension Expert’s concern is that there simply aren’t the support mechanisms in place to encourage their level of engagement and understanding.
We’re on your side!
This is why, throughout both conferences, My Pension Expert made it our business to call for improved support for savers to make engaging with pension information easier so they can achieve the retirement they want.
We believe better access to clear guidance, jargon-free personal information, and independent financial advice is vital to achieving this. We want to work with current and future governments to explore ways to make this possible; be it through technology, better information, or alternative methods yet to be discovered.
And this is why we felt it was so important to get involved with the conferences. As political parties are planning their manifestos ahead of the upcoming general election, we are determined to ensure that UK savers are heard and are at the centre of political discussions. It’s your future, after all – you deserve to enjoy it!
Support is here
Whilst we ensure UK savers are put first on the political agenda, any change will take time to implement. However, we are always here for anyone who wants to discuss their pension options and how they can achieve the retirement they want.
We at My Pension Expert are here to help you assess your current situation and help you find the right option to help you reach your retirement goals. Regardless of the policy landscape, we will always be on hand to support you.
If you’d like to speak to a member of the team about your retirement journey, get in touch today!

### Auto-Enrolment: An underrated secret weapon?
Just over 10 years ago, the UK pension landscape changed forever. 
Whilst this might sound overly dramatic – particularly as we are talking about pensions –we simply cannot underestimate the power of auto-enrolment.
Whilst Defined Benefit (DB) Pension Schemes were once the dominant pension scheme, the late 1990s saw this type of scheme begin to lose favour. Figures reveal that in 1997, 46% of UK employees contributed to a DB scheme, whilst in 2021, this figure had fallen to 28%.
This drop is largely due to private companies stepping away from DB schemes; today, just 7% of private sector employees have a DB pension, compared to 82% of the public sector.
The shift left a savings gap for many people. Defined Contribution (DC) pensions were still available; however, employees had to actively opt into the scheme. Consequently, we were left with the looming issue of chronic under-saving for retirement.
Luckily, in 2012, the Government launched the Auto-Enrolment scheme, ultimately transforming how we think about and approach pension saving. But is it the game-changer it is so often heralded as?
The ins and outs
Auto-enrolment is where employees are automatically signed up for their workplace pension scheme. You have to actively opt-out if you don’t want to take part. Every month, a modest amount of an employee's wage is saved into their pension, and as an additional bonus, the employer tops it up too!
The minimum monthly contributions rate is 8%: 5% from the employee and at 3% from the employer, but different company's contributions will vary. You must be 22 and over and earn at least minimum wage for this scheme to be eligible. However, thanks to a new bill recently receiving royal ascension, the scheme will soon be extended to 18-year-olds in line with minimum wage, allowing Britons to start saving as early as possible.
Why does it work?
The auto-enrolment policy has been widely praised throughout the pensions sector, and for good reason.
As a result of auto-enrolment, you steadily save money throughout your career without a second thought. In turn, this takes the hassle out of making contributions or calculating what you can afford to save each month. Another positive is that your employer must contribute a certain percentage of your qualifying income, and contributions are flexible, meaning both you and your employer can pay more than the minimum.
Auto-enrolment allows you to save for your pension passively, helping you to afford your dream retirement.
But it could go further…
Despite the ongoing success, there is an argument that it can go further. There are concerns that Britons still aren’t saving enough towards their retirement.
Increasing the minimum contribution to 12% is currently under consideration. This might face challenges within the context of the cost-of-living crisis, but arguably, the more we can save, the better.
It's easy to lose track of workplace pensions due to the market's fluidity; the average person will have 12 jobs in their lifetime! The Pension Dashboard will likely address this when it is ready, with a current release date of 31st October 2026. Even though there is currently a government tracking system and consultations on the issue of small pension pots, action needs to be taken sooner to make engagement with pension savings far easier.
Whilst auto-enrolment is a game-changer, it doesn’t influence the matter of engagement and support. We must make sure employees’ pension information is presented in a clear, jargon-free way; sharing page upon page of numbers and different asset classes has never offered savers any real insight into how their pension is performing.
Further, employers must be more active in sharing pension information and making sure support is easily accessible. For example, they could hold company pension briefings or point them toward affordable independent financial advice. In doing so, they will be providing their teams with tools to help them better understand their pension, the options available to them, and how they can achieve the lifestyle they want in retirement. 
We can help!
Auto-enrolment is a brilliant way to build your savings without lifting a finger, but it doesn’t quite address the exciting part of actively planning for the retirement you want.
Luckily, independent financial advice is available to provide you with advice if you have any questions about your workplace pension, and the contributions you've made, and how you can maximise your savings in the future.
Here at My Pension Expert, we can help you to understand your workplace pension. We are here to assist you in calculating the savings required and establishing a suitable plan to achieve the retirement of your dreams.

### What Policy Changes do Pension Planners Really Want to See?
It’s that time of year again: Party Conference Season.
You can’t open a newspaper, or turn on the television without seeing a politician – be they Conservative, Labour, Liberal Democrat, or another political affiliation – announcing a policy that promises to improve the future of the United Kingdom.
Whilst these activities take place on an annual basis, this year seems to have a feeling of urgency about it. Indeed, even though this is likely because a general election is on the horizon. Whilst no date has been confirmed as yet, it is widely speculated that an election will be called sooner rather than later.
It is understandable, therefore, that politicians are keen to get a head-start in the polls and announce policies which they deem to be ‘winners’ with the public.
However, the question we at My Pension Expert wanted to ask is what policies do pension planners really want to see?
What Do YOU Want?
To cut through the noise of the headlines, we decided to survey 2,000 UK adults, asking them what policies they wanted to see future governments commit to.
The results were decisive. The highest on pension planners’ agenda was a commitment to the state pension triple lock, with over a third (36%) of survey participants placing it in their top three most desirable policies.
In second place with almost a quarter (23%) of the vote, was the desire for the government to outline UK pension scheme protection measures against economic volatility.
Joint third were ‘increasing the amount you can contribute to your pension pot each year while still receiving tax benefits from doing so’ and ‘making new legislation to make it quicker and easier to transfer pensions between providers’; both of which received 20% of the vote.
After these, Britons called for ‘implementing reforms to increase transparency around pension regulations’ (19%) and ‘fast-tracking the implementation of the government’s pension dashboard’ (18%).
What Does it Mean?
Whilst these findings are telling when it comes to the country’s pension policy preferences, the key will be whether governments (both sitting and future), will take the nations’ considerations on board.
For example, it is evident that the triple lock is at the forefront of many peoples’ minds. This is understandable, given that many people approaching retirement will be incorporating their state pension into their strategy. Thus, confirmation regarding the triple lock’s future will be vital to facilitate sustainable long-term pension planning.
However, neither party has outright committed to this policy. Nor have they provided any certain answer regarding its future; citing its affordability as a reason to ‘wait and see’ what they can afford after the election.
Throughout the policy asks, there seems to be an underlying trend of requiring support and sustainability. From pension scheme protections to access to independent financial advice, it is clear that the public are focusing on long-term, sustainable policy with will enable them to retire comfortably in the years to come, not just policies for the next parliamentary sitting.
What Next?
Pension policy won’t change overnight. It will take careful consideration, consultations, and development to ensure that governments can create a system that works for everyone.
As such, there could be scope to depoliticise pension policy altogether. For too long, we have seen pension policy being used as a mechanism to win votes. Perhaps, after the next election, this could be one policy area where we have productive cross-party collaboration to ensure policies that will truly create a financially optimistic future for retirees.
And through this collaboration, politicians can effectively work with stakeholders across the sector, involving advisers, providers, and regulators alike to ensure there is a genuine effort to implement long-term positive change.
Support When You Need It
Of course, such policy change cannot happen overnight. It will take time to develop and implement.
However, pension planners needn’t wait for change to explore their retirement options and set themselves up for the type of retirement they want. Affordable independent financial advice, like My Pension Expert, are here to help you find the best retirement option to suit your needs and support you all throughout the initial process and beyond.
Pension policy is a complex political minefield. However, our research has shown that the public has a clear idea of how they envisage the future of UK pensions. We certainly hope that the governments take notice, and work together to create a long-term solution to the UK’s pension needs.

### Risk Vs Reward – Understanding your Risk Appetite
When we hear the word ‘risk’ in relation to money, it’s understandable to have the immediate reaction of ‘not for me, thank you!’. However, in the world of retirement strategies, taking a little bit of risk isn’t necessarily a bad thing. In fact, it could be quite the opposite.                                                                               
That said, we’re not suggesting you should just select any random pension product because it presents an element of risk. The amount of risk you take on must be carefully considered and calculated. After all, we all have different needs and goals. Therefore, the level of risk we each want to take on will be different.
But how do you know the risk you’re willing to take and which pension products are for you?
It all comes down to your risk appetite…
What is your Risk Appetite?
Your risk appetite is the amount of risk you are willing and able to incorporate into your retirement strategy. Simply put, risk is about tolerating the potential for losses.
To start calculating this, you should first ask yourself how you picture your retirement; after all, once you know what you’re aiming for, it’s far easier to understand how much you’ll need in order to achieve it.
Following this, you can consider your current financial situation and how it fits into your future plans. How much have you already saved into your pension? How much more do you need in order to achieve the type of retirement you want?
And finally, ask yourself whether you could afford to experience any dramatic changes to your financial situation. For example, if you were to experience any loss in income or if the value of your investments fell, would you be able to comfortably keep afloat until the situation stabilised?  
All these considerations need to be made when calculating how much risk you are able to take on in your retirement strategy. After all, no investment is entirely risk-free, so deciding on your attitude to risk is essential, as it will inform how you approach your retirement strategy. 
Risk in Practice
For some, flexibility and potential for continued growth might be the priority within your retirement strategy. In which case, a flexible access drawdown (FAD) could be the right choice for you. Flexible access drawdown allow you the flexibility to choose your income while leaving the remaining money invested in a portfolio. As your money is invested, there is room for future growth; however, the fund can fluctuate depending on the performance of your investments.
The amount of fluctuation tends to depend on the portfolio's risk level—generally, the higher the fund's risk, the higher the potential to offer more substantial returns. However, high-risk funds are more likely to fluctuate, so their value could also decrease. In contrast, a lower-risk fund can be more stable, but the growth potential is also lower. 
It's also important to note that the past performance of portfolios, regardless of their risk, is not an indication of future performance. So, don’t get swept up in the excitement of a portfolio which has performed well over the previous decade, as you might find yourself with the wrong amount of risk in your strategy.
Instead, it could benefit you greatly, to consult an expert for some advice.
Finding your Risk
Many things can affect your risk appetite, including your current income, family situation, or simply ageing. Understanding your risk appetite helps you avoid being caught by a volatile market, where panic can lead to poorly timed and sometimes costly decisions.
Assistance is on hand in the form of advice to help you navigate your approach to risk. Here at My Pension Expert, we’ll help you calculate your risk appetite and find the right retirement products for you. We’ll make tailored recommendations to suit your needs; for some, this could be a higher-risk portfolio, and for others, a low-risk annuity.
Your risk appetite is just that, your own. No two approaches will be the same, and it’s essential to understand your comfort to help you achieve your retirement goals. Speak to the team at My Pension Expert to create a retirement strategy with the right level of risk to suit you.
They must also consider their circumstances now - so, if they decide to pursue some investments, would they be able to afford losing a proportion of it, if markets fluctuate? This will all feed into their risk strategy

### Breaking Down Drawdown: Could it Be the Right Option For You? 
Retiring is an incredibly personal thing, and each and every one of us have different goals, dreams, and ambitions.
For example, you may plan on travelling all around the world throughout your retirement. Or, you may be considering splashing out on a brand-new kitchen.
Here at My Pension Expert, we want to help you achieve your retirement dreams, regardless of what they may be. And the first step is finding a pension solution that will help you do just that.
For some, a flexible access drawdown could be a plan that makes a dream a reality. But how exactly do they work?  
We’ve got you covered with our breakdown of your drawdown.
Back to Basics
In short, a flexible access drawdown is a pension product that allows retirees greater flexibility when it comes to how and when they receive their retirement income.
With taking out a drawdown, you’re allowed to take up to 25% of your pension as a tax-free lump sum and leave the rest of the pot invested. From there, you can take amounts out as and when you need to.
It’s also worth noting that when you take out a drawdown, you have the option to change products, depending on your needs and circumstances. So, for example, you could use all or part of the money in your drawdown to buy a guaranteed income (annuity) if you felt these options would better suit you later down the line.  
What Are the Benefits? 
There are many benefits to a flexible access drawdown, which may just suit your personal goals. Drawdowns allow for greater flexibility meaning that you have control over exactly how much you want to withdraw and exactly when you would want to do so. This means you can agree to withdraw a set amount each month, for example, or decide to take out a little bit more or less, depending on your plans.
Further, as the money you don’t withdraw remains invested, there is the potential that your savings to continue growing in value. With your pension growing, this decreases the chances of your money running out in your retirement.
It’s also important to note that you are not wedded to one drawdown product throughout your retirement. If your current drawdown no longer suits your circumstances – the risk level is slightly too high, for example, it is possible to change portfolios to one with a lower risk. Such flexibility can be an incredibly useful tool throughout retirement.
Points to Consider
Whilst drawdowns might sound like the dream product at first glance, it’s important to take a step back and consider whether it really would be the right option for you.
Firstly, it is important to consider how much risk you’re comfortable with incorporating into your retirement strategy. As mentioned earlier, with a drawdown, your money is invested, which means that your capital is at risk. Investments can increase but they can also decrease depending on how the fund is performing, regardless of how well it has done in the past.
Each portfolio holds a varying level of risk, and it’s important to understand what risk level you are capable of taking on. For example, whilst portfolios with higher levels of risk present the opportunity for a higher reward, they also pose a greater risk of loss or performance volatility. So, when deciding whether drawdown is right for you, it is important to assess how you feel about risk and how much you can afford to incorporate into your retirement plan. If you aren’t comfortable with much risk, it might be wise to consider alternative products. 
And of course, there are other options out there which could suit better your needs, such as an annuity which offers retirees a fixed income for the rest of their lives (or a set period, depending on what is agreed with their provider). For some, the security of a no-risk guaranteed income could be more appealing.
Advice is on Hand!
The key to a happy retirement is finding the right option for you. If you are unsure of which pension product would best suit your retirement, financial advice is here to help.
Recently launched, our Drawdown Calculator will help you visualise what your retirement could look like. Using simple details such as your age and your current pension fund, will allow you to see how much income you could take, and how certain factors could affect your pension sustainability.
Once you’ve got a decent idea about what you could get from a drawdown, our team or advisers at My Pension Expert are here to help you to the next step in your retirement journey. They can talk you through the various options that could suit your lifestyle or any alternatives that you may not have considered, allowing you to achieve your retirement goals, whatever they may be!
If you’re curious about flexible access drawdowns, or simply want to find out more about the different pension products that are available to you, speak to a member of our team today.

### The people have spoken! How Britons feel about UK Pension Policy
Politicians are all too familiar with the court of public opinion; their careers depend on it, after all. However, even the most experienced of political veterans might feel slightly uneasy after reading this blog.
With party conference season approaching, and a general election looking likely in 2024, UK political parties will be busy constructing their manifestos and planning their vision of the UK’s future. And a key consideration for all parties must be what Britons want and need. 
Of course, one of the most pressing issues looming over the sitting and future governments is the issue of Pension Policy. 
At My Pension Expert, we are closely monitoring policy plans; our main concern being whether pension savers will receive adequate long-term support to help them live the retirement they want to. But what do Britons think of UK pension policy to date? 
To get to the bottom of this, My Pension Expert commissioned a survey amongst over 2,000 UK adults to uncover their thoughts about the current government, in addition to how they are coping with the cost-of-living crisis.
The Government Strategy
Shockingly, only 25% think that the government has done a good job of helping those who are near or in retirement. 
This opinion comes despite the Government’s most recent efforts to drive positive change within the pension policy landscape. For example, the Mansion House Reforms – reforms which will supposedly boost savings by investing more private pension funds in new businesses – clearly didn’t have the response that the government anticipated, with less than two in five (38%) comfortable that their pension funds are being invested in British businesses to fuel the economic growth rate.
Further, many people believe that the Government’s priorities lie away from the wellbeing of savers. Most (56%) think the Government lacks a clear strategy for improving outcomes for UK pension planners. At a time when the cost-of-living crisis is at its peak, it’s needed now more than ever. 
That said, the opposition have not been left in the clear. After all, our research found that the majority (60%) of Britons didn’t think Labour would do any better than the Conservatives when it came to improving UK pension policy. 
All these opinions beg the question: what can current, and future governments do to boost pension policy?
Change on the Horizon
At My Pension Expert, we believe that the UK needs a long-term sustainable plan for pension policy. All too often, governments and ministers seem to focus on policy for a parliamentary term, rather than thinking about the bigger picture. 
Realistically, this will take a great deal of cross-party cooperation. Politicians work together to commit to big changes within the pension policy landscape: all parties committing to the deadline of the Pension Dashboard, regardless of the outcome of the next general election, for example. Developing policies that provide ongoing support for pension planners through guidance and accessible financial advice would provide savers with the tools to improve their understanding of their retirement finances and result in more informed financial decisions. 
You Don’t Need to Wait For Change.
Of course, these changes will not happen overnight. Time and care must be taken when developing long-term plans. 
That said, Britons should know that support is on hand in the form of independent financial advisers, like our team of experts at My Pension Expert. Our advisers are here to help you to achieve your retirement goals. As such, they conduct a thorough analysis of your current situation and your future goals to help you develop a retirement strategy that suits you. In doing so, you can be confident that you are on the route to retirement you want. 
Low confidence in pension policy is understandable, but help and reassurance are there in the form of advice. Expert advice, from the likes of My Pension Expert, is available to help you find your route to your retirement goals. 
If you’re curious about how we can help you to develop a strong retirement plan, get in touch with a member of our team today. 

### Transfers: Not Just Seasonal News
Despite the Lionesses (rightly!) dominating the sporting headlines this summer, it's been impossible to ignore another footballing phenomenon throughout the summer. I am, of course, talking about Transfer Season.
Transfer season, whilst it can certainly seem to be never-ending, only occurs twice a year: over the summer period when English Football is taking a break, and midway through the season. And, this year it has not been without its drama. Harry Kane moving from his beloved Tottenham to Munich was just one of the dramatic revelations to occur.
That said, not all transfers need to be as dramatic. At times, if it’s right for you, a transfer can be seamless, stress-free and result in a stronger financial future for all. And they can take place all year round. I am, of course, referring to pension transfers – which is definitely not a tenuous link….
Pension transfers: the basics
It’s all well and good claiming that pension transfers can benefit people’s future finances, but how does it actually work?
In short, anyone can usually transfer their defined contribution pension from one provider to another at any time before they begin withdrawing money from it. In some cases, you may even be able to transfer your money once you’ve started taking money from your pension (once you’ve reached the age of 55, of course).
That said, some providers may have certain restrictions depending on when you want to transfer, so it is always best to double-check the terms and conditions before making a final decision.
Potential benefits
Transferring your pension could provide a great deal of benefits to future finances. If you have accumulated a number of pension pots throughout your life (e.g. you might have several workplace pensions, in addition to your own personal pension), it can be a bit of a hassle to keep track of. So, transferring your various pots so that they are all in one place could make it easier to manage your retirement finances.
That said, convenience should not dictate your pension transfer decisions – convenience does not equate to stronger finances, after all. Other elements should be considered before making a financial decision. Transferring your pension could result in lower fees in the long term. Of course, this will depend on the provider you transfer to, however, it could result in savings approaching thousands of pounds in the long term.
Additionally, transferring your pension could expose you to a wider range of investment options. Your current provider (or providers) may not be offering you a large enough variety of funds or investment options, meaning that your money could be working that little bit harder for you. A pension transfer could offer you just that and, depending on which option best suits you, you could find yourself much better off when you reach your ideal retirement age.
No Need to Rush
Of course, transferring your pension (or pensions) should not be a quick decision – as is the case with any major financial decision.
It is important to understand the benefits you might be giving up by transferring to a different provider. For example, some providers might offer you an option to take more than 25% of your pension as tax-free cash. Others might offer clients guaranteed annuity rates. These are certainly worthwhile benefits, so it is vital to check before transferring.
A transfer could also result in high exit fees, again making it very important to check the small print before deciding to transfer. Additionally, if you have a pension pot worth under £10,000, it might be more beneficial to withdraw this amount tax-free, rather than transfer it to a new provider. All these considerations are incredibly important – and will require some legwork to get a complete picture of the benefits and drawbacks of transferring your pension. Luckily, My Pension Expert are here to help!
Enter My Pension Expert
At My Pension Expert, our advisers will take stock of your current circumstances, as well as the lifestyle you want in retirement, and make recommendations tailored to you. They will also inform you of any fees you might incur, and the level of risk you might be undertaking before you transfer. Better yet, if they find any benefits offered by your current provider, that you might have missed, they will let you know. Our advisers will always ensure you are in the most informed decision, you can decide if a pension transfer really is the right thing for you to do.
Pension transfers needn’t be as dramatic as transfer season. It can be drama-free – particularly with the help of My Pension Expert’s qualified advisers. There could be clear benefits to transferring, which could result in you securing the retirement YOU want.
If you’re curious about the transfer options available, why not get in touch with a member of our team today, and we can help you decide which option is best for you.

### The Value of Advice: Why Miss Out? 
In one way or another, everyone seeks advice. Whether it’s a decision regarding which hotel to stay at on holiday, or even which jumper best suits you, we all understand the benefits of seeking advice from a third party. 
Having an external view of a situation can offer useful insight into your unique situation. It can also open your eyes to new avenues or opportunities that you might have otherwise overlooked. 
This view is hardly revolutionary. Most people understand the value of advice in most aspects of their lives. Yet, there remains one area of day-to-day life, where its importance is often overlooked: our future finances. 
Indeed, My Pension Expert’s own research found that just 23% of Britons currently use the services of a financial adviser. 
But why is this the case?
Where’s the value?
Arguably, the onus for the lack of people seeking advice lies within the financial services sector – historically, the industry has not been the best at communicating with Britons. 
Despite many organisations offering regulated independent financial advice, there is not much information regarding the actual value advice can offer savers, both presently as well as the short- and long-term. Instead, organisations have tended to assume that the value they offer is just implied. 
The fact that an adviser is qualified and regulated by the Financial Conduct Authority (FCA), and shares documents regarding investment or pension fund performance is not enough. These factors do nothing to actually demonstrate how advisers can positively contribute to someone’s financial strategy. 
It is little wonder, therefore, that people feel more inclined to seek free, unregulated guidance instead. As it is free, and still provides clear information about a range of financial products, people would be forgiven for considering it to be a better option. 
Our profession needs to be better and communicate. It’s that simple. And in doing so, we can seek to provide true value to people’s financial experiences.
Demonstrating our value
It’s all well and good to tell people that financial advice can offer value. But what value does it actually provide? 
Firstly, advice is completely personalised to one individual. No two financial strategies – be it for long-term investments or a pension plan – are the same. Advisers will not only assess your financial situation but also your life goals to better understand YOU. For example, when you decide to retire, will you want to go abroad on holiday once a year? What do you value most about your free time? An adviser will take all this into account and develop a tailored strategy to help you achieve the lifestyle you want. 
Secondly, an adviser could expose you to new financial avenues that you may not have considered before. Of course, people can conduct their own research when it comes to different financial products. But more often than not, the research will just result in strong foundational knowledge about a range of products. Whilst useful, it will not result in a financial strategy that is suited to their personal needs. Nor is the research likely to explore the wider range of products that savers might not be aware of. 
Advisers will do just that and present their clients with the various different options which will help them to achieve their financial objectives. Exploring different investment options, for example, such as passive funds or higher-risk investment portfolios, could enable people to make their money work harder than they thought possible. 
Of course, it should be noted that with any investment products, people’s money will be exposed to risk, and there is no guarantee that a fund will perform well. But again, therein lies the value of advice, as an adviser will also consider how much risk you are comfortable with and capable of taking, and make the appropriate recommendation. You can rest assured that they will do everything in their power to develop a retirement strategy, with your best interests at its core. 
Ongoing value
People’s circumstances can and will change over time. And a financial product selected at one point in time may become less suitable later down the time. This could be for a variety of reasons from external economic factors to unexpectedly larger expenditures. 
But this should not be a reason to panic. After all, advisers are here to help savers deal with this very issue. They will be able to assess any changes and recommend potential changes to original financial plans which are tailored to changes in circumstances. 
This means that advisers can help people remain on track to achieving their financial goals, in a way that suits their needs. 
Whilst advice isn’t free, the value it can offer people is exponential. From developing an initial strategy to assisting with changes later down the line, advisers will always seek to place their clients in the best possible position. 
Advice does come with a fee, however, the value it can offer someone’s strategy arguably makes it worthwhile. After all, in the long term, financial advice could take you that extra step closer to helping you achieve your future goals, be it that dream holiday, or getting that extension to your house you always wanted. 
And of course, if you’re curious about how financial advice could help you improve your financial future, get in touch today and speak to a member of our friendly team at My Pension Expert!  

### Cutting Through the Noise: What is Consumer Duty?
It has been dubbed “one of the biggest shake-ups of financial regulation”, and hailed as a “game-changing opportunity” for financial services. And on 31st July 2023, it finally came into force. 
I am, of course, talking about the Financial Conduct Authority’s (FCA) Consumer Duty. 
The core principles of Consumer Duty can be broken down into three key components: act in the customers’ best interests, deliver good outcomes, and communicate clearly and transparently. In short, aims to make sure that Britons are treated fairly, products are suitable and beneficial, and communication is transparent.
The new rules stretch across the financial services sector, meaning that banks, building societies, investment firms, financial advisers, and insurers must all comply. Essentially, all firms which are regulated by the FCA and provide services to retail customers (such as credit cards, investment management, or financial advice) must all ensure that their services result in good outcomes for said clients. What’s more, these firms must be able to prove evidence of these good outcomes.  
But that’s not all. Organisations must also prove that they provide a good value for money, strong customer support and enhance customer understanding of their products and services.
And of course, this all begs the question, what exactly does Consumer Duty mean for you? 
A Focus on Value for Money
This is a key focus of consumer duty, as it enforces the point that the price a firm charges for its services is fair to clients. However, this does not mean that the cheaper services are always the best option. 
It means that firms must reassess the prices of the products and services they offer, and conduct an honest assessment as to whether their value is truly representative of the price they offer. 
For firms, the analysis will be quite complex, as they must take into account all factors of their service such as the time taken to deliver the service, the level of customer care, and the benefits they can offer the client. Not only must firms conduct a thorough internal audit, but they must clearly evidence of the value they can offer to the client. 
Naturally, this is positive news for Britons as it will ensure they are not exposed to unfair or excessive prices. Further, it will result in a more competitive financial services market, with an array of products developed with clients in mind, at a good price. 
Better Communication and Engagement 
A major issue within financial services is the excessive jargon. For too long, many firms have burdened clients with endless documentation which is not clear, and simply too long and jargon-heavy for anyone to really understand. 
And of course, this jargon does nothing to enhance people’s understanding of the service or product that want to purchase. 
Consumer Duty regulations aim to put an end to this. The regulations will ensure that all communications clients receive, from initial phone calls with an independent financial adviser, for example, to product brochures or a client suitability letter, must be laid out in a clear, jargon-free manner. 
This is a great opportunity for firms to review their content and make it more engaging. Better use of videos or webinars could become more common features in financial services communications. Additionally, firms might reconsider their face-to-face conversations with clients and ensure that their clients are truly engaging with the information being shared.
In short, people will stand to benefit from clear communications and enhance their understanding of various products and services available to them. 
Better, Stronger Outcomes
When we say outcomes, we mean that firms must actively try to place their customers in the best possible financial position. This means that they must recommend products or services with meet the needs of each individual person. 
In short, firms must be clear about who products and services are best suited to. For example, firms cannot recommend a product or service without taking into account the entirety of an individual’s personal circumstances, attitude to risk, future financial goals, etc. – they must ensure that the product truly meets the needs of their client.
Of course, this will reduce the risk of firms miss-selling products and help customers to achieve strong financial outcomes! 
Accountability and Protections 
Finally, firms will be held accountable for their actions, and indeed interactions with clients. So, if a firm fails to uphold the principles of consumer duty, there are mechanisms in place to address and rectify the situation. 
This accountability ensures that consumers have recourse if they feel they have been treated unfairly.
A Positive for the Industry 
It should go without saying that we at My Pension Expert believe that this can only drive positive change within the sector. 
Our top priority has always been to help our clients achieve the best possible retirement outcome – and we have sought to do this since our business was founded in 2010. However, we are pleased that the FCA has strengthened customer protection across the sector. 
FCA's Consumer Duty will benefit Britons by promoting fair treatment, transparency, positive outcomes, and accountability in the financial industry. By ensuring that financial firms prioritise their customers' best interests, consumers can make more informed decisions, achieve their financial goals, and navigate the financial landscape with greater confidence and trust. 

### Pension Potential: The Key to Your Dream Retirement
The sky could be the limit when it comes to pensions. Without getting too technical about it, they essentially provide people with the tools to save up for the retirement lifestyle they want. And retirement ambitions will differ from person to person.
Some may dream of travelling around the vineyards of France, others may aim to retire and move to the peaceful countryside. Regardless of what your retirement goals are, the key to achieving them comes down to one thing: your pension potential.
What is pension potential, you ask? Luckily, My Pension Expert is here to explain.
What is my pension potential?
Pension potential is essentially when your pension works as hard as possible to help you achieve the best possible retirement outcome to suit your needs. Whilst this might sound simple enough to achieve, in reality, there aren’t many people who are realising their full potential.
Indeed, My Pension Expert’s own research found that the majority (62%) of UK savers don’t know how much they have saved into the pension or pensions. Without such knowledge, it is near impossible to understand whether your pension (or pensions) could be working harder, or even develop a retirement strategy to begin with.
That said, reaching your pension potential needn’t be a difficult or overwhelming task. It just takes a bit of organisation and pre-planning.
What is my potential?
Much like retirement goals, everyone has their own unique pension potential. It just takes a few simple steps to find it.
First things first, it’s important to track down all your pensions – both personal and workplace. Given how fluid today’s jobs market is, it’s likely that most people have several workplace pensions. The Government’s pension dashboard, which is due to launch on 31st October 2026, will certainly make this task a lot easier in future. However, until then, it is possible to track down lost pensions via the Government’s pension tracker. All you need to know is the name of your previous employer, and you can find the contact details of your provider – you can then get in touch to find out your pension details.
Once you have all your details, you can calculate how much you have saved.
The next step will be to consider how you want to enjoy your retirement. Ask yourself, when you want to retire, and the type of lifestyle you would like. Consider how many holidays you’d like to take each year, how many times you’d like to eat out in restaurants each week, and whether you plan on moving house when you retire.
You will then be able to consider whether your pension savings are on track to help you secure your retirement dreams. And, if you are curious as to whether your pension could be doing more for you, then you can always seek advice from some experts….
Use your experts
If you want to understand how you can unlock your pension potential, one of the best options is to seek independent financial advice.
Independent financial advisers, like our team of experts at My Pension Expert, will develop a retirement plan to suit your needs factoring in all elements of your current needs, future goals, and of course, your pension savings and assets.
From there, they will be able to develop a plan which is unique to you. So, for example, it may be best for someone to place some or all of their savings in a higher-risk investment portfolio, as it could offer the potential for stronger gains in the future. Someone else, however, may be suited to a lower-risk portfolio, which might not fluctuate as much with market changes. The key is that our advisers will make a recommendation that works for you and helps your pension to reach its full potential.
Of course, it is important to remember that, as is the case with all investments, there is a risk. However, your adviser will explain all this to you before you make a final decision. You will be informed every step of the way.
Retirement should be an exciting time, where people get to relax and enjoy their free time after decades of hard work and saving. So, it is only right that you have the right tools to help you achieve just that. And with the help of My Pension Expert’s expert advisers, anyone will feel able to reach their pension potential, and their dream retirement.

### The latest pension reform: What does it mean for you? 
Just last week, My Pension Expert provided a roundup of what has been an incredibly eventful period in pension policy. However, there is truly never a dull moment in the world of politics as, just last week, further pension reforms were announced by Chancellor Jeremy Hunt. 
The Mansion House Reforms, promise to unlock the £75 billion of additional infrastructure investment via change defined contribution (DC) pensions, in addition to other public sector and defined benefit pensions. 
At My Pension Expert, with our specialism in DC pensions, we want to make sure savers understand exactly what these changes mean for savers with such schemes and ensure Britons understand how their money is being invested. 
Breaking down the jargon
First things first, it is important to understand exactly what has been announced, and how it relates to pension savers. 
Essentially, some of the UK’s leading DC pension providers – such as Aviva, Scottish Widows, and L&G – have all agreed to commit to allocating 5% of assets within default pension funds (i.e. pension funds where investors do not specify where they want their money to be invested) into unlisted equities. This agreement is supported by both The Chancellor and Nicholas Lyons, Lord Mayor of the City of London.
Unlisted companies are private limited companies that are not traded on a listed stock exchange. Investing in these equities would mean that pension providers would be able to explore investment opportunities within areas of potential high growth, such as startups or businesses within the tech sector.
It is important to remember, however, that DC pension providers are still not obligated to make these investments, nor is there an obligation to invest in UK companies. It is a voluntary agreement to explore diversification of asset classes. 
What does this mean for DC savers? 
The Chancellor has highlighted how these reforms could benefit UK businesses which may have otherwise struggled to secure funding. However, he also stressed potential benefits for savers as well. 
There has been widespread concern throughout Westminster that people are not saving enough in their pensions. Whilst auto-enrolment has encouraged tens of millions of people to save into their pension, with £115 billion being saved into such schemes in 2021, the government is worried that the schemes still don’t provide a strong enough opportunity to help people’s money work as hard as possible. 
As such, the Chancellor hopes that a commitment by UK providers to explore unlisted equities could result in more effective investments and consequently increase the size of people’s pots in the long term. It is hoped that the reforms could increase savers’ DC pots by up to 12% - or in monetary terms, up to £16,000 for the average earner. 
Will the reforms make a difference? 
The reforms have been widely accepted by the industry as a positive move to helping people save more effectively for retirement.
That said, it is important to remember that the success of these investments is not guaranteed. As is the case with any investments, whilst they do offer the opportunity for growth, they also expose savers to risk of loss. 
As such, it is impossible to say with complete certainty what returns these reforms could offer.
Further, it is important to acknowledge that the reforms should not be viewed as a “quick-fix” solution to the UK’s pension system. Other issues such as ensuring the delivery of the pension dashboard scheme, improving access to affordable advice, and addressing the pension engagement gap via improved financial literacy all must be addressed, if we are to achieve strong pension outcomes for future generations. 
Ask the question
Of course, for those unsure about the impact of these reforms on their pension, or even just want to discuss different financial options, independent financial advisers, like our team at My Pension Expert are here to help.
Indeed, our team will conduct a comprehensive review of your current circumstances (including financial and health), as well as the lifestyle you want to enjoy in retirement. Our advisers will then review the various investment options, including a variety of default pension funds, and make a tailored recommendation to suit their needs. 
Of course, all funds involving investments carry an element of risk, however, some schemes present more risk than others. And My Pension Expert’s advisers will ensure that this is clearly explained to savers, to ensure they are comfortable with the option they choose. 
There is never a quiet moment in pension policy. However, we are committed to breaking down the jargon, and ensuring all savers understand what it means for them. And remember, our team are always on hand to provide people with the support they need, should they want to better understand different pension options, which could strengthen their financial position, and set them on the path to the retirement they want.

### My Pension Expert’s Westminster Roundup 
“A week is a long time in politics”, as former Prime Minister Harold Wilson once said.
If Mr. Wilson said this about a single week in politics, imagine what he would have said about the events of 2023.
Indeed, it has certainly been a tumultuous period for UK politics – from new Prime Ministers to economic volatility.
That said, there has been one policy area that has been thrust into the spotlight time and time again: Pension Policy. In fact, keeping up with such fast-paced change and debate within pension policy can be a bit of a headache for many.
So, as we approach parliament’s summer recess, we at My Pension Expert wanted to offer a breakdown of the UK’s pension policy highlights…
Chancellor Jeremy Hunt’s Call to Arms
In January, Chancellor Jeremy Hunt promised to announce his plan to boost the UK’s economy.
However, as our CEO, Andrew Megson put it “The Chancellor gave us a lecture, not a plan”. Rather than laying out an economic strategy, Mr Hunt argued that the UK’s over 50s, who had taken early retirement at the beginning of, or during, the Covid pandemic should return to work to increase productivity and boost the UK economy.
And this announcement prompted speculation regarding what would be announced at the Spring Budget later in March, and what political tools would be used to encourage people to unretire.
The Spring Budget 2023
As is the case with most Budgets, the build-up to 2023’s Spring Budget was rife with speculation – particularly when it came to pensions. Indeed, with Mr. Hunt's call for retirees to ‘unretire’, many were unsure what policies would be announced; would over 50s be met with a carrot, or a stick, so to speak?
Despite speculation that The Chancellor would announce an increase in lifetime allowance, many were surprised by what was announced.
It was announced that the lifetime allowance was to be abolished completely. Mr. Hunt also announced that the annual limit for pension savings would increase from £40,000 to £60,000. These policy changes were seen to be an incentive for individuals to stay at work even longer to save more for retirement.
However, the Labour Party have already announced that they will reverse the abolition of the lifetime allowance if they win the next general election, so further change within this policy could be on the horizon.
State Pension Age Review
The state pension age has been a point of contention in recent years, largely due to fears of affordability with an ageing population.
Currently plans state that the state pension age of 66 will rise to 67 in a phased introduction from 2026-2028, and then rise to 68 from 2044-2026. However, in a 2017 government review, it was suggested that the increased state pension age should be brought forward, which would mean that the state pension age would rise to 68 in 2026.
Although, following another state pension review, launched in December 2021 and published in March 2023, it was revealed that any decision on increasing the state pension age would occur in 2026, after the next general election. Such a decision was largely welcomed, however arguably the uncertainty caused by indecision surrounding the state pension age will have been unnerving for many pension savers.
The Pension Dashboard deadline changes again
Earlier this year, it was announced that the government’s pension dashboard was to be ‘reset’ without offering any suggestion of a new deadline. However, the Government finally announced the new deadline for completion of the dashboard in June: 31st October 2026.
The dashboard has the potential to transform Britons engagement with their pensions, as it will enable them to access and assess all their pension information in one place and help to facilitate more informed decisions.
As such, My Pension Expert, along with many colleagues in the pension industry, urges the Government to now be completely transparent about the progress of work surrounding the dashboard. Further, sticking to the new deadline will be absolutely vital in building public confidence in what could be a game-changing tool for the sector.
What’s on the Pension Horizon
There is never a client moment when it comes to the political pension landscape. Indeed, the IFS recently announced a two-year review of pension policy, which hopes to produce some sustainable recommendations to the government.
Further, the next general election, which is predicted to take place in 2024 will likely see further changes to the pension system.
And of course, amidst all the pension policy changes, it is important to know that Britons can always contact advisers, like our team at My Pension Expert, who can break down the political jargon, and help savers to understand what such changes can mean for their retirement strategy and, more importantly, help them to develop a tailored plan to help people achieve the retirement lifestyle they want.
Pension policy can change quickly. But Britons should never feel caught off-guard. Advisers like My Pension Expert are always here to offer advice to help people achieve the retirement they want.

### Cutting through the annuity rates noise
In case anyone had not already noticed, annuities are back in fashion.
Their resurgence in popularity has been apparent since Liz Truss’ so called ‘mini Budget’, when the Bank of England felt the most appropriate response was to raise interested rates. As we all know, interest rates have been rising ever since, and are currently sitting at 5%.
And this has resulted in annuity rates rising to 14 year highs, which has created a surge in interest in annuities
And it is possible to understand the appeal. Indeed, Annuities promise the long term security of a guaranteed income for the rest of a retirees life, or for as long as they agree with their annuity provider, regardless of wider economic volatility.
Recent research revealed that over a quarter (28%) Britons aged 50 and over either have an annuity, or are considering buying on. Whilst some industry experts consider this to be a fairly low figure, when considering the mass ‘shunning’ of annuities, prompted by the 2015 pension freedoms and years of rock bottom interest rates, the aforementioned research could suggest that the annuity tide is starting to turn.
But, are annuities the fail-safe option savers are hoping for?
A case for annuities
Given the current economic volatility facing Britons, it is understandable that many will be craving certainty and stability. And arguably, annuities can offer just that.
Annuities are a retirement finance products which offer retirees a fixed income for the rest of their lives (or a pre-agreed period of time in the case of a fixed-term annuity), in exchange for part or all of their pension savings.
The amount a person receives in a fixed income is dependent on two key factors: the size of a person’s pension and annuity rates.
Of course, a major influential factor when it comes to annuity rates is interest rates. This is because annuity providers typically buy government bonds to generate returns – and these returns are closely linked to interest rates. So, the higher interest rates tend to be, so too are the general market rates for annuities. And with interest rates currently as high as they are, it is possible to see the potential appeal of annuities.
Pause for thought
That said, pension planners would be wise to restrain from rushing into any decisions regarding annuities. There are certain considerations which must be made to ensure that people are making the right decision for them.
Firstly, it is important to remember that interest rates are not the only factor which influence annuity rates – a person’s age, health and retirement goals will all factor into a person’s individual annuity quote. Generally, the younger an annuity applicant is, and the better health they are in, the lower their annuity rate tends to be. This is because such individuals tend to live longer, and the provider will need to commit to their fixed term for longer. So, after a consultation with an adviser or an annuity provider, a client may actually be quoted less than they might have expected, because of their individual lifestyle choices.
A further, perhaps more important point to consider is that when a person purchases an annuity, the income remains fixed for the rest of their lives (or the pre-agreed timeframe). This means that their income will not benefit from any further interest rate rises. Nor will the annuity account from any potential increases in inflation, which could mean that they might fight themselves worse off in the long term, and unable to change their circumstances.
Considering alternatives
Of course, the retirement finance market is incredibly broad and there a plethora of different options to choose from.
For example, flexible access drawdowns allow retirees to choose exactly how much they want to withdraw from their pension and when they choose to do so. Further, the proportion they do not withdraw remains invested, so there is scope for savers to grow throughout their retirement. And there are plenty of different funds available, which are designed to suit different preferences including the amount of risk someone is prepared to undertake with their investments.
Of course, such investments do carry risk, and the successful growth of the fund is not guaranteed. This might mean that such a retirement finance option might not suit everyone. And this makes it all the more important to seek independent financial advice.
The importance of advice
When deciding upon a route to retirement, it is vital for Britons to select an option which suits their specific needs. As such, pension planners would be wise to speak to an independent financial adviser before making a decision.
Independent financial advisers, like our expert team at My Pension Expert, are able to take into account the entirety of a person’s current circumstances, the level of risk they are comfortable and capable of taking on, as well as their future goals in retirement. From there, they will make a personalised recommendation which suits their specific needs. For some, this might be an annuity. For others, investments of a flexible access drawdown.
Annuities have been thrust back into the spotlight over the previous 12 months. And it is certainly possible to see their appeal. However, the key to determining whether they will truly suit some’s needs is to consult an independent financial adviser, and exploring all other options before making a final decision. Following this, people will be able to rest easy, knowing that their retirement plan is the well suited to their needs.

### What investment options are available to retirement planners?
When it comes to picking investments to build a retirement portfolio, there are a wide range of options for people to choose from. And understanding which option to pursue can be challenging.
Indeed, different types of investments offer varying levels of return potential – and of course, varying levels of risk (although it is important to remember that all types of investments do carry risk).
So, what different investment options are available to pension planners? We’ve broken down some popular options, which could be worthy of consideration.
Discretionary fund management
Discretionary managed portfolios are those which enable a client to pass on investment decisions and management to their own fund manager. This allows the fund manager to make changes to their client’s portfolios as and when they feel it is necessary.
So, a client’s portfolio manager will regularly review the markets so they can spot trends and adjust the funds invested as conditions change. In doing so, the investment manager will look to maintain the appropriate risk level and achieve competitive returns, in some cases, replacing funds completely.
The manager will have the know-how to make informed investment decisions on behalf of clients, aiming to maximise returns, manage risks, and outperform the benchmark, although the performance of the investments is not guaranteed.
As these funds are actively managed, fees are typically higher than other funds, and an additional Discretionary Fund Management fee will apply.
Passive funds
Unlike the active fund management style of discretionary managed portfolios, passive fund management, sometimes known as ‘tracking’, aims to deliver a return that is in line with current market benchmarks, but at a lower cost, as fund managers do not need to pick individual stocks. 
It will usually involve a fund that is made up of other funds, namely Index Funds or Exchange-Traded Funds. Each fund has a diverse set of investment holdings, with the aim to spread out the risk across numerous assets. 
To do this, fund managers replicate market indices, such as the FTSE100. This means that the value of a fund is tied to the performance of the market index being tracked, so the value of this fund will go up or down depending on general market performance. 
Stocks and shares ISAs 
The term ‘ISA’ stands for Individual Savings Account, and importantly any interest gained within an ISA is free from UK income or capital gains tax up to an allowance of £20,000.
Stocks and shares ISAs operate similarly to their cash equivalents found at banks or building societies; however, rather than earning a fixed annual interest rate, clients’ money is invested in a chosen portfolio, allowing it the potential to produce a greater return. Although, its value can rise and fall with the markets so, there is still a level of risk involved. 
Stocks and shares ISAs are usually recommended as a long-term investment as this gives them a greater chance of outperforming a standard cash ISA, but they are flexible in that money invested in a stocks and shares ISA can typically be accessed whenever it is needed.
General investment accounts
Those looking to invest more than the ISA allowance may wish to consider a General Investment Account (GIA) alongside a stocks and shares ISA.
A GIA provides access to the same portfolios as a stocks and shares ISA but there is no limit to how much can be invested on an annual basis. However, unlike an ISA, interest earned from GIA investments is taxable at a rate dependent on an individual’s circumstances.
GIAs also allow holders to easily deposit and withdraw funds whenever they want, and such flexibility can be a useful element within someone’s retirement strategy. However, it is recommended that they speak to an independent financial adviser before making any decisions in this regard, to ensure they understand any potential risks. 
Seek advice
So much choice empowers individuals to develop investment and savings strategies to achieve their long-term financial goals. However, so much choice can also be daunting. Further, it is important to remember with any form of investment, there is always a risk of loss; if a fund performed well in the past, there is no guarantee it will do so in the future. 
With this in mind, it is vital to speak to an independent financial adviser, like a member of our team at My Pension Expert. 
At My Pension Expert, our team of certified independent advisers can assess a person’s individual circumstances, financial position, and preferences. They will then provide them with personalised recommendations to help them find the investment products best suited to not just their future goals, but their current circumstances, including the level of risk they are comfortable with incorporating into their retirement plans. 
Investments can be a lucrative element of one’s retirement strategy. However, it is important to understand the different options available to them, in addition to the risks they can present. So, we highly recommend speaking to an independent financial adviser before making a final decision. In doing so, people will be able to select an option which is well suited to their needs and plan for their financial future with confidence. 

### Addressing the pensions gap among people with disabilities
Individuals with disabilities face notable disadvantages in building their retirement savings when it comes to pension planning.
A significant proportion of UK adults (22%) currently live with a disability. However, individuals with disabilities possess experience significant difficulties when it comes to pension saving, resulting in a pension just 36% of the UK average pot side. 
Put another way, people with disabilities approaching retirement age (age 60-64) have an average pot size of £47,980, whilst those without disabilities retire with an average pot of £130,928.  
These troubling figures indicate that people with disabilities are more likely to face financial challenges in retirement, and at higher risk of pension poverty.
Evidently, financial barriers need to be broken down. And understanding these challenges is a vital step to improving inclusivity within the retirement sector and ensuring all savers are able to develop a pension plan with suits their unique needs and circumstances.
The unique challenges people living with disabilities face in their pension planning
Saving for retirement can be a difficult task for many people. However, for those with disabilities, many experience added layers of complexity. 
While more than half (53%) of disabled people are working – marking more than ever before – this figure is still significantly lower than non-disabled people (82%), leading to potential financial instability and making it more difficult to save enough money for retirement. 
A significant factor in this is that may be difficult for people with disabilities to find employment or develop in their career due to workplace discrimination and limited opportunities due to accessibility and bias.
Fewer accessible job opportunities have led to the disability pay gap. This pay gap is a key reason that it is more challenging for people with disabilities to save sufficiently for retirement, as disabled workers earn 13.8% less on average than non-disabled people. Ultimately, this results in lower pension contributions and in turn low overall pension wealth among the disabled community.
Moreover, the impact of the pay gap is exacerbated due to the prevalence of part-time work among disabled employees, triggered by a combination of limited working opportunities and workers asking for accommodations like reduced hours to make their role more accessible. This can lead to lower auto-enrolment in workplace pensions, meaning that a significant number of workers with disabilities are unable to access workplace pensions altogether.
Primarily, this is because many part-time workers do not meet the minimum earnings threshold of £10,000 in a single job, which qualifies them for automatic enrolment into pension schemes. As a result, these individuals are excluded from the benefits and opportunities that come with employer contributions and tax relief. 
Auto-enrolment plays a significant role in boosting pension engagement amongst all savers, therefore, being excluded puts disabled people at a considerable disadvantage, making it even more challenging for them to accumulate sufficient retirement savings.
Boosting inclusivity
The disability pension gap is a complex issue, requiring a multi-faceted approach that addresses systemic factors.
Ensuring the constant improvement of inclusive hiring practices that consider impairments to employment and addressing discrimination and bias is vital. Likewise, welfare reforms introduced earlier this year that aim to help people to work without fear of losing their benefits are a welcome move in the right direction. 
Further, it is crucial for the government to also facilitate affordable, accessible independent financial advice for all. Individuals with disabilities often face unique financial challenges and require tailored guidance to navigate pension planning effectively. Accessible and comprehensive financial advice can empower them to make informed decisions, optimise their retirement savings, and bridge the gap in pension wealth.
Addressing the pensions gap among people with disabilities is crucial for creating a more inclusive pensions sector. The statistics clearly highlight the disparity in pension wealth between individuals with disabilities and those without. Overcoming these challenges will require tackling systematic issues such as workplace barriers, while increased efforts to facilitate, accessible, affordable independent financial advice will further bridge the gap, ensuring disability does not determine one’s financial well-being in retirement.

### My Pension Expert launches Retirement Fairness Index
Pension delays have been a longstanding issue within the UK financial service industry, creating significant hurdles for consumers attempting to access their hard-earned savings.
Delays encountered when ceding companies, the existing providers of pension scheme members, transfer money to an alternative provider, which can be stressful and financially detrimental for consumers.
These delays in the transfer process can disrupt pension plans and make it challenging to align people’s pension savings with their desired retirement timeline. And for those who are reliant on their pension as their main source of income, this can be an incredibly stressful and worrying time. 
At My Pension Expert, we believe that more must be done to draw attention to the issue. So, we set out to uncover the extent of the problem through our Retirement Fairness Index 2023. 
Retirement Fairness Index
My Pension Expert analysed data from 3,953 pension transfers that we managed on behalf of clients during the 2022/23 financial year. 
Measured from the date the transfer application was submitted to a pension provider to when My Pension Expert received confirmation that the fund had been transferred, the analysis revealed that, on average, it took 29 days for ceding companies to move the money.
Prudential (an average of 18 days per transfer), Clerical Medical (22 days), Reassure (22 days), Sun Life Financial of Canada (23 days), Standard Life (23 days), and Scottish Widows (24 days) were the quickest of the ceding companies when it came to transferring their customers’ funds to a new provider in the last financial year.
XPS Administration (120 days), DHL Pension Department (65 days), Willis Towers Watson (62 days), Nest (60 days), The People’s Pension (59 days), and Scottish Friendly (58 days) were the ceding companies that took the longest average time to transfer funds, according to My Pension Expert’s data. 
The data clearly demonstrates that retirement planners in the UK must wait far too long for their hard-earned savings and assets to be transferred from ceding companies to a new provider. It is a serious problem that the government and pension industry must collectively solve.
Our aims 
My Pension Expert is dedicated to collaborating with the Government and industry bodies to achieve a higher level of transparency within the pension sector and, whenever feasible, reduce the delays in transferring funds from ceding companies.
While it is, of course, necessary for proper security checks and due diligence, slow and opaque processes leave customers questioning the whereabouts of their funds and the reasons behind prolonged transfer times. It is crucial to strike a balance between conducting checks and providing a timely transfer service that safeguards valuable pension benefits.
It is incredibly poor that the prevailing notion in the industry continues to be that it is acceptable for pension transfers to take weeks or even months to complete. This practice falls short of expectations and undermines the trust people place in the pensions sector.
To address these concerns, we advocate for a thorough review of regulations governing pension transfers, with a focus on identifying areas for improvement. It is imperative to outline strategies that can expedite the transfer process while maintaining the necessary security measures. Additionally, providers must ensure they have sufficient resources to handle pension transfers efficiently, and punitive measures should be considered for those unnecessarily prolonging the process.
Transparency plays a pivotal role in building trust. Retirement planners should have a clear view of their pension pots' value, performance, and the progress of the transfer process when switching providers. My Pension Expert is committed to tackling this issue head-on by prioritizing speed and transparency, ensuring that pension customers across the country receive the timely and transparent service they deserve.
Ceding SchemeTransfersAvg. Transfer TimescaleClerical Medical3721.81Reassure36621.96Sun Life Financial Canada7122.87Standard Life28723.97Scottish Widows34624.07Zurich13724.68Fidelity3824.74Aviva84625.49Yorsipp pension3925.51Legal & General15427.63Phoenix28828.31Aegon35828.69Hargreaves Lansdown2228.77Prudential32629.80Utmost Life and Pensions4231.26Royal London27031.82LV=4132.39Sanlam1534.07Countrywide Assured3738.62B&CE1750.82Mercer1655.50NOW: Pensions1457.07Scottish Friendly3257.66The People's Pension4359.12Nest5859.89Will's Tower Watson2862.43DHL Pension Department1565.00XPS AdministrationTotal395328.60

### ESG and sustainable finance in the pensions sector
Conversations around environmental, social, and governance (ESG) and implementing sustainable business practices have been gaining ground in the financial services industry for some time now.
Increased environmental, social, and governmental pressure mean that companies must carefully consider the changes they can make to create a more sustainable business.
What is more, Britons are becoming increasingly conscious regarding the sustainability of their investments and savings – particularly where their money is being spent and the wider impact their investments are having. Naturally, this environmental awareness is beginning to extend to people’s attitudes toward pension planning.
It’s crucial, therefore, that the financial services industry keeps up and ensures savers are empowered to make greener investments that align with their values.
Pursuing an ESG-conscious retirement strategy
Despite growing interest and relatively high public awareness of ESG, very few Britons are incorporating it into their retirement investments. According to My Pension Expert’s own research, just one in six (15%) adults aged 40 and over had even considered ESG in their retirement strategy.
There are varying reasons why pension planners may not be fully engaging with ESG-friendly investments and pension funds. This includes a lack of understanding of what makes a fund ESG-conscious, suspicion of greenwashing, or simply not being a priority – as many people understandably focus on making their pension fund work as hard as possible for them.
However, it is important to note that it is entirely possible to build a solid, impactful pension portfolio from funds that factor in ESG – pension planners would be wise to seek advice from a professional, such as the team at My Pension Expert, to determine how ESG can be incorporated into their retirement planning without compromising their goals.
In terms of their positive contribution to society and the environment, there are many ways in which funds can be ESG-friendly, whether they be investing in renewable energies or finding cures for diseases. Sustainable investing also factors in corporate impact; invested funds can help to address critical global issues such as world hunger, poverty, or healthcare and education inequalities, while businesses that inflict greater harm than good are excluded.
The importance of seeking advice
An independent financial adviser can ensure that savers who are eager to make sustainable, socially conscious investments are empowered to do so.
Seeking financial advice remains of vital importance for savers looking to develop a pension strategy, particularly one that is sustainable and socially conscious. For example, My Pension Expert’s team of independent financial advisers will consider the entirety of a client’s financial situation and preferences, which includes their ESG preferences, values, and ethics. This information will subsequently be factored into a tailored strategy designed to suit their specific needs and to help them achieve their retirement aspirations.
Indeed, there are a variety of ESG-compliant and sustainable funds available to clients at My Pension Expert, depending on their individual values, but it is key that savers select a fund that will suit their circumstances and help them to attain the lifestyle they want.
With the support of independent financial advice, savers can be confident that their pension plan wholly aligns with their values without compromising the comfortable retirement they deserve. What is more, they can be secure in the knowledge that their chosen funds are not only for the benefit of their pension pot but also to society.

### Pride Month and pension advice inclusivity
June marks the celebration of LGBTQ+ Pride Month every year, with over 50 years having passed since the UK’s first Pride march in 1972.
Despite major societal progression with regard to LGBTQ+ rights, the month and its message remain as important as ever in 2023.
After all, at its core, Pride Month is all about championing community, diversity and inclusivity, celebrating love in all its forms, and commemorating the progress that has been made to fight discrimination and secure LGBTQ+ rights.
And at My Pension Expert, we see Pride Month as an opportunity to highlight the importance of diversity, inclusion and accessibility for the LGBTQ+ community within the pensions sector.
Our ethos on the matter is simple: independent financial advice should be for everyone, regardless of background, sexuality or gender identity, and we are taking steps forward every day to ensure this is the case.
Improving the LGBTQ+ community’s access to advice
At My Pension Expert, as part of our allyship with the LGBTQ+ community, we strive to make seeking financial advice a simple, stress-free and inclusive experience for everyone. With the community facing several unique additional challenges when it comes to pension planning, this becomes even more vital to consider.
Examples of such challenges include previous uncomfortable and discriminatory experiences seeking advice and a lack of understanding from financial advisers about unique LGBT+ financial issues. In addition, LGBTQ+ professionals are, on average, paid 16% less than their straight colleagues.
One of our many policies to promote inclusivity is to ensure all our advice is accessible and free from complex jargon. Another way we ensure the accessibility of our appointments for clients is by offering advice via online appointments, allowing clients to experience our services from the comfort of their home.
What’s more, we take the time to listen and understand a person’s individual financial circumstances, needs, and retirement ambitions. Through this exercise, we are truly able to understand the needs of our clients and can curate a bespoke retirement plan, which suits their current financial needs, as well as their future goals.
While Pride Month is an important time to highlight inclusivity, at My Pension Expert, we understand it is important to foster it every day through inclusive services and practices. We continually strive to champion inclusivity and learn from the LGBTQ+ community how to best support underserved communities through our services.

### What is the ‘Mid-life MOT’? Is it for pension planners?
For those still in work but approaching retirement age, it is important to evaluate how far they are from achieving the lifestyle they want in retirement. 
In 2019, the Department for Work and Pensions (DWP) launched an initiative known as the ‘Mid-life MOT’ to help middle-aged Britons better understand their financial situation, and the steps they could take to enjoy a financially secure retirement. 
The Mid-life MOT has moved further into the spotlight following this year’s Spring Budget, in which Chancellor Jeremy Hunt announced a significant expansion of the initiative to encourage older workers to stay in employment, making it more widely accessible to those approaching retirement via online access.
So, what exactly is the Government’s ‘Mid-life MOT’ initiative, and perhaps more importantly, is it for pension planners?
What is a Mid-life MOT? 
The Mid-life MOT is a free online review for workers in their 40s, 50s, and 60s, designed to help them take stock of their finances, skills, and health. It also provides access to educational resources and guidance in areas where weaknesses or gaps in knowledge are identified.
The scheme aims to encourage middle-aged Britons to take an active role in planning their retirement and considering their financial future, enabling them to better prepare and build financial resilience against future challenges. 
Mid-life MOTs are being delivered online with the support of private sector providers, while eligible benefit claimants can access a face-to-face MOT through the DWP’s network of job centres.
Will the Mid-life MOT be useful to pension planners?
To a certain extent, the Mid-life MOT will be a useful tool for pension planners. Indeed, its expansion marks a step in the right direction from the Government regarding supporting Britons’ retirement goals. 
Many people underestimate what is required for a comfortable retirement, so it is essential that savers engage with their pension planning as much as possible. Similarly, people using online support from credible, verified sources to educate themselves on different types of pensions, investments, and retirement strategies should certainly be encouraged. 
However, this should only be the beginning. To help Britons fully engage with their pension, action must be taken by the Government to make independent financial advice widely available and accessible.
Until such action is taken, pension planners looking to weigh up their options for retirement would be wise to seek the advice of an accredited independent financial advisor (IFA) to help them fully evaluate their pension savings.
Unlike the online guidance offered through the Mid-life MOT, an IFA can provide support beyond generalist pension information. Advisers, such as a member of My Pension Expert’s IFA team, can assess an individual’s personal situation, as well as their future goals, and develop a tailored strategy to suit to help them achieve the lifestyle they want in retirement. 
Ultimately, while the Mid-life MOT may be a helpful first port-of-call for pension planners to gain an aerial view of their financial situation, it should be viewed as a starting point in one’s retirement journey – it is by no means a substitute for independent financial advice. So, before making any definitive decision regarding retirement finances, it is vital that individuals speak to a qualified, regulated adviser. In doing so, they can remain confident that they are making an informed financial decision, which suits their needs and circumstances. 

### Rising interest rates: how will they affect pension planning?
Last week saw the twelfth consecutive hike in interest rates since December last year, during which time the base rate has risen from a record low of 0.1% to the latest increase 0.25% to 4.5%, marking its highest level since 2008.
While Britons have become accustomed to interest rate hikes hitting the headlines for eighteen months, these rises are doing little to achieve their intended goal of returning inflation to the Government’s target of 2%. Indeed, inflation currently remains in double digits, with the Consumer Prices Index (CPI) rising by 10.1% in the 12 months to March 2023.
For pension planners, it is important to consider how the latest rise in interest rates and high inflation could affect your financial planning.
How do rising interest rates affect pensions?
Generally, higher interest rates are advantageous to pension planners, as it can mean that money saved in certain kinds of pension pots will see a larger increase in value.
Although, it is important to note that this is not the case for all pension products. For instance, some investments or pension pots’ returns may be connected to performance of other assets or markets, like stocks and shares, rather than interest rates.
What is more, interest rates provided on savings accounts by banks and pension providers do not always necessarily directly align with changes in the Bank of England rate. For example, there may be a delay before the Bank of England’s rates are implemented on existing products. Another possibility is that the terms of the investment may come with a fixed rate, rather than one that is variable in line with the base rate, and it will therefore be unaffected for a set period of time.
Ultimately the impact of interest rates on one’s pension plan will depend upon your individual. Speaking to your pension provider can help you gain a clearer understanding.
Addressing inflation
Despite high-interest rates often spelling good news for savers, the disparity between the current astronomic inflation and the base rate presents a significant problem. There are very few savings accounts or investments for which the returns would exceed the impact of double-digit inflation, meaning that a vast majority of people’s savings are losing value in real terms regardless of interest rates.
In addition, although inflation is predicted to fall for April, consumers are unlikely to see the benefits of this for some time; this is in large part because of large rises in the price level one year ago, in this case, those that occurred in March 2023, drop out of the annual comparison.
My Pension Expert’s View
With the variables of inflation and interest rates at play, it is important that pension planners take stock of their savings and carefully consider how they may need to adapt their financial planning strategy.
Speaking with an independent financial advisor can help streamline this otherwise complex process, empowering them to take charge of their retirement finances.
Even as interest rates continue to rise, any potential benefit savers might have experienced but a few years ago will likely be bulldozed by inflation – which has remained in double digits for almost a year.
In these challenging times, it is critical that Britons are empowered to secure their long-term financial aspirations. And this can only be achieved if they have access to the necessary support. The Government, regulators, and the wider financial services sector must take steps to ensure education resources and independent financial advice are readily available. Access to such tools will ensure people can make well-informed financial choices.
it will take time for the government to develop a comprehensive strategy to provide savers with adequate support. However, in the meantime, financial advice is available for those concerned about their retirement plan and savings. Expert advice from advisers, such as our team at My Pension Expert, can help savers find the options right for their retirement goals while considering their current circumstances and market fluctuations. Whilst it might not provide an immediate fix, seeking advice can mark a strong first step on the path towards a financially secure retirement.

### Why is pension engagement so low in the UK?
Retirement planning is an incredibly important process that savers must undertake to ensure they have sufficient finances to support their lifestyle once they stop work. However, a worrying lack of pension engagement indicates that the UK has a crisis on its hands. 
Failing to engage with one’s pension can have serious consequences for a saver’s future financial security. Yet, according to My Pension Expert's research, only 38% of UK workers know how much is saved in their pension, while only a third (33%) have a financial plan in place for retirement. 
As such, Britons could be exposing themselves to risks such as insufficient income when they hit their desired retirement age, delaying their retirement, and missing out on potential opportunities to boost their retirement income. 
What is the cause? 
The Government has taken positive steps in addressing this issue by introducing auto-enrolment; when an individual begins their career, they will sign up for a workplace pension and regularly contribute to their pension pot over the years. This allows them to begin saving for retirement without the hassle of physically transferring the money themselves.
That said, it can create a false sense of security. Once enrolled, savers may assume that they have done enough to secure their retirement, potentially resulting in them not feeling the need to engage further.
However, there are other factors that can contribute to low pension engagement. In some cases, it can be attributed to a lack of understanding about the significance of saving for retirement, as well as how much they really need to save. Recent research has shown that over one-third of Britons do not have a clear idea of the size of the pension pot that they will require to support themselves in their later years.
This can stem from a number of factors, such as a general lack of financial literacy, a failure to consider long-term financial goals, and a lack of awareness about the true cost of retirement. Additionally, the thought of financial planning in retirement can seem overwhelming, leading to some regressing to kicking the metaphorical can as far down the road as possible – a tactic unlikely to help anyone’s future finances. 
Practical solutions
Simplifying the act of pension engagement and retirement planning is key here. 
One government initiative aimed at achieving this is the Pensions Dashboard Programme, a digital platform designed to help people in the UK keep track of their pension savings in one place. The aim of the programme is to simplify the process of pension planning and increase engagement among individuals by providing them with a clear view of all their pensions, including the state pension, personal pensions, and workplace pensions, in a single digital portal.
And when it is finally launched, the programme has the potential to transform access to pension information in the UK.
That said, access to information does not automatically equate to engagement with – or understanding of – one’s pension. This is why it is so important for Britons to feel supported as they look to better understand their financial situation and any potential steps they can take to achieve the retirement they want. 
And seeking independent financial advice can be a valuable resource to help Britons achieve just that.
Independent financial advisers, such as our team of experts at My Pension Expert, can assist savers in developing and engaging with such a strategy. Our advisers can help clients understand the various retirement finance products available to them and make tailored recommendations to set them on the path to achieving their retirement goals.
Neglecting to engage with retirement planning can have severe consequences, potentially leading to financial difficulties in the future. Therefore, savers must use all the tools available to them, including seeking advice from professionals where possible, to develop a robust retirement strategy that aligns with their individual needs and goals.

### My Pension Expert: proud partner of RHS Malvern Spring Festival
My Pension Expert is delighted to sponsor RHS Malvern Spring Festival 2023 for the second year in a row!
The show held at the Three Counties Showground in Malvern, Worcestershire will be on between the 11th and 14th of May. 
Running since 1986, the Spring Festival is one of the first major RHS shows of the year and opens the door into the summer season. The picturesque Malvern Hills provide a stunning backdrop for this year’s festival – and what a festival site it is! According to the Royal Horticultural Society (RHS), it is the size of 40 football pitches!
This year certainly promises to be an exciting spectacle, offering festival-goers an opportunity to take in the show gardens, attend talks and demonstrations from a range of exhibitors, as well as seek horticultural inspiration for their own gardens.
And of course, there will be plenty of delicious refreshments for visitors to enjoy. In fact, the RHS report that visitors consume approximately 18,000 cups of tea along with 6,000 pieces of cake over the course of the festival. 
My Pension Expert has always been passionate about supporting and nurturing local community events. And the RHS Malvern Spring Show is an avid promoter of local community efforts, particularly amongst younger generations, thanks to their School Garden Challenge! Approximately 10,000 students have been involved in designing and creating gardens for their school so far – and we hope to see many more students getting involved in the years to come. 
As champions of local horticultural excellence and community events, My Pension Expert is delighted to return as headline sponsor of the festival. Indeed, this year’s theme of ‘Gardening for All’ is perfectly aligned with our values as an organisation, aiming to drive inclusivity and encourage gardening in people of all skill sets.
We’re proud to be supporting this fantastic event and look forward to seeing all the gardening enthusiasts this weekend!

### Seven tips for spring cleaning retirement finances
Usually around this time of year, Britons tend to bring out the feather duster and kick start a spring-cleaning frenzy. However, whilst many take a great deal of care to tidy out their homes, wardrobes, and cupboards, their finances can be somewhat neglected.
This is understandable. After all, managing finances – particularly retirement finances – can sometimes feel like a chore. But the benefits of regularly reviewing and updating them are countless, especially when it comes to retirement planning. Taking a thorough look at our savings, spending habits, and financial goals is crucial for achieving a comfortable retirement.
So, here at My Pension Expert, we’ve put together some top tips to help people spring-clean their retirement finances… 
1. Organise income and expenses
A good place for any saver to start is to get to grips with their current financial situation. It’s been a tough financial year for many, and with prices of household bills and daily essentials seemingly on a constant uphill trajectory, it's important people take into where they currently stand. This will involve making a note of and reviewing existing incomings and outgoings as well as the amount a person has saved into their pension and the value of their investments. In doing so, Britons will begin to gain a better understanding of their situation.
Clearing or reducing outstanding debts is a great way to free up more money to put towards retirement savings. If debts can’t be paid off right away, then savers should consider creating a clear and realistic debt repayment plan that they will be able to stick to. 
 2. Track down lost pension pots 
Multiple job changes over a person’s career can make it difficult to keep track of pension pots. There is an estimated £19.4 billion in lost pension pots in the UK. So, it’s worth using the government’s pension tracker to assist with tracking down any lost pensions. Savers should consider consolidating their retirement savings into one easy-to-manage pension.
3. Consider retirement goals
It is important for individuals to review their pension plan regularly to ensure that it remains on track to meet their retirement goals. It is useful for people to consider how they want to spend their retirement; for example, My Pension Expert’s own research found that 71% of Britons want to make sure they have enough money to pursue their interests and hobbies in retirement, whilst over half (54%) dream of travelling and seeing the world. Once people have a clear goal in mind, it will become easier to understand how much they need to save. So, it would be wise to check if they are contributing enough to their pension and evaluate whether they are on track to achieving their dream retirement. 
4. Consider automated savings 
Automating savings can be a great way for savers to stay on track with their retirement goals. Most employees are automatically enrolled into a workplace pension scheme; however, for those that are not, setting up a regular transfer to a pension can help ensure that they are consistently contributing to their retirement, without the hassle of a manual transfer. 
5. Get to know different financial products 
With numerous financial products on the market, it's worth exploring the various options to identify which might best suit savers’ needs. Whether it’s flexible access drawdowns or annuities (to name a few examples), different products are designed to align with the unique retirement goals and needs of each person. Importantly, however, there is no 'one-size-fits-all' solution. Selecting the right product can be challenging. Therefore, it's important to take note of the following tip.
6. Seek professional expert advice
It's always a good idea to seek the advice of a professional financial adviser to help guide you with the above. An independent financial advisor, such as our team at My Pension Expert, can provide an assessment of a savers’ financial situation, the level of risk they feel comfortable taking, and retirement goals. From there, they can make tailored recommendations to help people strengthen their retirement strategy with a product or scheme which is suited to their needs. 
Financial planning is an ongoing process, and regular reviews are crucial for ensuring that retirement plans stay on track. However, with the many demands of daily life, it's easy for financial planning to fall by the wayside. So, a little spring cleaning of retirement finances – particularly with the help of an independent financial adviser – can go a long towards re-establishing a steady course to one’s dream retirement.

### How a community garden can provide a neighbourhood haven
Minnie Aumônier once wrote “when the world wearies and society fails to satisfy, there is always the garden”. In today’s turbulent financial climate, this quote might ring true for many gardeners.
As headline sponsor of the RHS Malvern Spring Festival for the second year running, we’ve come to understand how much people rely on a garden to provide an outdoor space for relaxation and leisure, without having to venture beyond their home.
However, those living in smaller or shared spaces may not have access to a garden they can landscape themselves. Instead, they may rely on balconies or terraces to get their fix of nature, or even indoor potting.
This is one of the reasons why community gardens can be so beneficial for towns and villages. Community gardens are public spaces that offer local residents a place to grow food and other plants for themselves. Below, we have outlined how a community garden can benefit you and your community, so grab your gardening shoes and get started!
Expanding & strengthening communities
A well-maintained allotment, community garden, or garden club is a great way to attract new residents to an area, adding to the appeal of a neighbourhood to green-fingered friends.
A greener way of boosting the local economy, a community garden also presents an opportunity for neighbours to connect whilst out in nature. Individuals who might otherwise lead a solitary life have the opportunity to socialise with like-minded locals. By making connections with people who you may not otherwise have the chance to spend time with, you can help unite your community.
Improving physical and mental wellbeing
Community gardening can be a positive way of encouraging a healthier lifestyle, both physically and mentally.
It can be a challenge to step away from the hustle and bustle of modern life; gardening encourages individuals to relieve stress, connect with the outdoors, and make friends with people who share their interests.
In addition to this, a public garden offers a pleasant space to exercise whilst being surrounded by the outdoors. Gardening in general is often linked to various health benefits, due to increased physical activity and access to home-grown, healthy food. By including vegetable/herb patches in a community garden, families who may struggle to access healthy foods through the cost-of-living crisis are able to utilise the plants grown by their community.
Gardening for all
A community garden is for all, no matter your skill or knowledge. For those who are new to gardening, a shared gardening space is a great way to learn from others.                                       
Community gardening can also benefit children, who can gain knowledge of where food comes from and how it is grown. It’s also a great opportunity for them to spend time with their parents or grandparents, having fun while they learn!
My Pension Expert – Driving Inclusivity
Here at My Pension Expert, community and inclusivity are extremely important to us.
That’s why for the second year running, we are proud to sponsor the RHS Malvern Spring Show.
Set against the stunning backdrop of the Malvern Hills, this year’s theme focuses on ‘Gardening for All’, which aims to drive inclusivity and encourage gardening in people of all skill sets.
Beyond our partnership with the RHS, we are heavily involved in supporting our local community. For the past year, we’ve been donating tech to Laptops For Kids Doncaster, a non-profit organisation that aims to increase access to learning for young people from disadvantaged backgrounds. We’ve also donated books to local school libraries.
In September 2022, we even introduced our education initiative, My Academy, which aims to encourage the young people of Doncaster to develop a career in finance.

### Four ways to let your gardening skills bloom
With the warmer months approaching, avid gardeners have likely already dusted off their tools and trusty wheelbarrow in preparation for the peak season of growing and planting.
For those who are a little less practised in the art of gardening, the idea of maintaining and growing their garden can be daunting.
In light of this year’s Royal Horticultural Society (RHS) Malvern Spring Show theme, ‘Gardening for All’, we’ve pulled together four pointers to let your gardening skills bloom. So – whether you’re a flower thespian or a beginner with the brush cutter - here are some tips for you!   
1. Get to know your greenery
Remember, your garden is your friend, not just foliage. Before picking up any tools – get to know the area you’re growing. Every garden is unique, so start by identifying which areas are most likely to be hit by the sun – is your garden north or south facing?
Once you’ve established your garden’s shadier and sunnier areas, you can begin to look at what type of soil you have. In general, soil with more organic growth is likely to be acidic, whereas empty areas might indicate the soil is more alkaline.
2. Planning is key
Planning your desired garden will help you achieve the colour, structure, and design you are aiming for. A useful form of planning would be to draw a detailed scale plan. Not only does this give you a better idea of how your space will look, but it can also prove to be cost-effective by making sure you don’t purchase more gardening equipment or plants than you need.
3. Get inspiration
All gardens serve a purpose – whether it be to serve as an area to have relaxing drinks with friends or as a patch to home-grow vegetables and herbs. According to the RHS, there are five crucial questions you should ask yourself when planning your perfect garden:
•          Who’s the garden for?
•          What do you want from your garden?
•          What type of garden have you got?
•          What style or styles do you like?
•          How much time can you devote to your garden?
By gathering all these answers together, you should be able to determine the needs and requirements of your garden. Whether this be for a greenery of grandeur or a few simple plant pots on a terrace, visiting a local nursery or garden centre is a great way of gathering inspiration for the garden of your dreams.
4. Gardening without a garden
For those without a conventional garden space, designing a garden may be easier said than done.
Just like the RHS, My Pension Expert prioritizes inclusivity – we aim to make financial advice accessible to all, so we believe gardening can be embraced even by those who do not have a garden.
If your back garden is a terrace or balcony, why not try thinking vertically? Vertical plants such as climbing wisteria are a great way to make the most out of your space while still allowing you to practice your gardening skills.
No outdoor space at all? House plants come in a plethora of varieties and can be a great way to bring the outdoors in – you may even find inspiration in your local supermarket! Alternatively, take a look for a local community garden or allotment.
A community garden is a great place to source inspiration. For more ways in which a public garden could benefit your garden, visit our blog here:

### How to take the stress out of retirement planning and pensions
Ideally, the years leading up to retirement should be filled with excitement as one gears up to reap the rewards of decades of hard work. Yet, retirement planning and managing a pension can be a stressful process.
How much do I need to retire? How much is the state pension? Do I need to speak to a pensions expert? These are all common questions, and if someone does not know the answer, it can be anxiety-inducing. 
Planning for retirement involves a lot of careful consideration of finances, lifestyle goals, and current circumstances. It can be an overwhelming process, made even more challenging by the current cost-of-living crisis. My Pension Expert's recent research shows that just 35% of UK adults are confident that they will be able to retire when they want to, highlighting the difficulties many people face when preparing for their later years.
So, in recognition of Stress Awareness Month this April, here we explore ways to alleviate stress when planning for retirement.
Creating a strong plan
It is clear that growing stress among retirement planners is being perpetuated by the cost-of-living crisis and current economic landscape. Inflation remains above 10%, placing a squeeze on people’s finances. 
Three in five Britons feel stressed about later life planning, according to a 2022 Aviva report. 
This is understandable: retirement is a significant, and potentially quite expensive period of one’s life. Which is why preparing for it as early as possible can help reduce the risk of experiencing retirement planning stress.
Indeed, the best way consumers can ensure they are on track to a secure retirement is to create and maintain a detailed financial plan.
To get this started, consumers need to conduct a full audit of their financial situation including their income, expenses, and any outstanding debts. It is possible that some individuals may realise that their financial situation is not as precarious as they thought. However, it is only by effectively engaging with their pension that they can fully comprehend their financial status. 
Once getting to grips with their financial circumstances, a proper strategy can be put in place. Unfortunately, this can raise stress-inducing questions such as, how much do I need to retire? 
It is important to note, there is no such thing as a minimum retirement income. Everyone's retirement needs are different, and there are many factors that can influence how much a person needs to save such as desired retirement lifestyle, retirement age, or current economic trends. For example, 54% of UK workers in a recent survey from My Pension Expert said they dream of being able to travel and see the world once retired. 
Working all of this out alone can be overwhelming, so seeking the advice of a pensions expert can make a difference. 
Speak to a pensions expert 
It is important that consumers remember that it is perfectly acceptable not to have all the answers when it comes to retirement planning. In fact, at times it can be a complicated undertaking. For this reason, it is hugely valuable to seek advice from an independent financial adviser. 
An independent financial adviser will have the expertise to evaluate an individual’s financial position and offer tailored recommendations to meet their retirement objectives. 
For example, with so many financial products available and questions to answer, such as whether to choose a pension annuity or a higher lump sum, or how much pension contributions are tax-free, consulting with an adviser can guide pension planners in understanding their options, assessing risks and benefits, and devising a strategy that considers their current financial circumstances. 
Stress is a natural response to a difficult situation – and planning for retirement can often fall into that category. However, it is important not to let the pressure take over. By remaining calm and speaking to a financial adviser, planners are taking the right steps to make sure their transition from working life to retirement is as smooth as possible. 

### Is Jeremy Hunt wrong to pressure people to stay in work?
Last month, in his Spring Budget, Chancellor Jeremy Hunt markedly outlined his priorities: getting “economically inactive” over-50s to return or remain in work, a message that sparked much debate. 
Shifting employment patterns since the outbreak of the Covid-19 pandemic have resulted in a notable increase in people opting for early retirement, while long-term health issues are another major barrier keeping older Britons out of work. As a result, the Budget included several policies and reforms aiming to encourage individuals over the age of 50 to work longer or return to work, with pensions being a critical component of these measures.
However, this begs the question; is Hunt right to ask people to work longer? His motivation may be to boost the UK workforce, but should his focus not be on empowering people with the appropriate support to help them achieve their financial goals? 
Inflationary woes
During the budget, Hunt’s ‘rabbit out the hat’ moment came with his announcement of scrapping the lifetime allowance. However, with only a very small portion of UK adults actually breaching the allowance, the policy arguably displays the Government’s failure to understand the needs of the vast majority of pension planners. 
Instead, the Government missed an opportunity to help people of all wealth brackets, who have seen their pension savings hit hard by a year of soaring inflation. Indeed, the current cost-of-living crisis is continuing to severely strain people's finances, making it difficult to plan for long-term goals such as retirement.
Prices are still climbing at a dramatic pace, with economists predicting that a sharp fall won’t come until the latter half of the year. What’s more, those nearing retirement are among the hardest hit, with My Pension Expert’s research finding that over a quarter (26%) of over-55s in work think they will still be working in their 70s. Meanwhile, 44% say the cost-of-living crisis has made retirement impossible.
An undervalued group
The recent pressure on over-50s to return to work also fails to consider people’s motivations for retirement. Notably, older members of the workforce are often undervalued and underappreciated within the workforce. 
Recent research from WorkingWise found that 48% of workers aged 40 and above are considering retiring because they are fed up with their job. Furthermore, 51% said they need to be valued more, and 43% said they need higher pay. 
Prejudices and presumptions regarding the skills and abilities, competencies, and motives of older workers are frequently made. They could be considered to be less flexible, less innovative, or more resistant to change. This may result in a lack of support for older workers' training and development, which may further reduce their chances of progress and lower their overall level of job satisfaction.
So, whilst the Government has announced plans to launch boot camps or ‘returnships’ to equip returning over-50s with the skills they need to re-enter the workforce, it is vital that ministers engage with businesses to ensure workplace cultures are suitable for older individuals to return to work. As the aforementioned research suggests, money is not the sole motivational factor for work. Unless they feel appreciated and receive support in team integration, those who chose to return to work may find themselves leaving work once more rather swiftly.
Of course, returning to work should be a choice – no one should feel pressured to do so if they do not want to. So, it is equally important that the same level of support is given to those who do not intend to ‘unretire’. 
Improving access to advice 
The Government ought to empower them to plan for the future they want and deserve. 
Unfortunately, the lack of initiatives to enhance pension engagement or provide access to independent financial advice is a worrying situation. Without such tools, it becomes increasingly challenging for Britons to plan for a secure, stable, and financially viable retirement.
As individuals approach retirement age, they may face difficult decisions regarding their financial future. Many have worked hard for decades and saved diligently for retirement. They should not feel pressured to delay their retirement or return to work. However, making these decisions can be daunting, and many may not have access to the information and advice they need to make informed choices.
Independent financial advisers, such as our team of experts at My Pension Expert, can help clients shape their retirement plans by assessing their financial situation, understanding their retirement aspirations, and then suggesting the right products that will align those two points. 
Ultimately, empowering individuals to make informed decisions about their financial future is critical to ensuring their financial well-being in retirement. By working together, the government and financial advice sector can help more people navigate the complexities of retirement planning and achieve greater financial security and the retirement they deserve. 

### What changes do pension planners need to know for 2023/24?
Following pension reform’s time in the spotlight at this year’s Spring Budget, the new 2023/24 tax year brings with it several pension policy changes. 
Aligning with Chancellor Jeremy Hunt’s goal of drawing “economically inactive” over-50s back into the workforce, many of these policy changes have been designed to incentivise workers – particularly those who are high-earners or highly skilled – to unretire or continue working past their intended retirement age.
In my latest blog, I break down the most important new policy changes that should be on every pension planner’s radar for 2023/24.
Reinstatement of the triple lock
Following a freeze for the 2022/2023 tax year, the Government’s pension triple lock guarantee has been reinstated. This means that the State Pension will rise in line with September 2022’s inflation rate, 10.1%, marking the largest-ever increase in the State Pension. 
Primarily, this impacts people eligible for the new flat-rate State Pension, introduced in April 2016, or the older basic State Pension. In practice, the triple lock means that those qualifying for a full new State Pension will receive £203.85 a week (up from £185.15). Meanwhile, those who reached State Pension age before April 2016 and are on the older basic State Pension will now receive £156.20 a week (up from £141.85).
Annual allowance (AA) increase
As of the start of the new tax year, the AA has increased by 50%, going from £40,000 to £60,000. This is the amount that a UK taxpayer can put towards their retirement without paying tax in any single tax year. 
If a person exceeds the annual allowance, they will not receive tax relief on their contribution. Further, the amount the allowance was exceeded will be subject to Income Tax at the rates which apply to them. 
Money purchase annual allowance increase
The money purchase annual allowance (MPAA) was increased from £4,000 to £10,000. When you first start to take money from a defined contribution pension pot, the amount that can be contributed to your defined contribution pensions while still getting tax relief may reduce — this is known as the MPAA.
Retirees who have already started to take pension income, but wish to resume or continue working longer, can therefore once again top up their pension funds, allowing them greater flexibility.
Lifetime allowance (LTA) charge
Although the current LTA cap of £1,073,100 will only be abolished at the start of the 2024/25 tax year, some changes to charges will apply this year. 
In this 2023/24 tax year, LTA checks still need to be carried out, but if the allowance is exceeded when benefits are taken during the member's lifetime, there is no longer an LTA charge — any excess is simply taxed as income in the normal way. 
This means that when pension planners are deciding on pension funding for the future, the potential for an LTA charge no longer needs to be factored in.
It is vital that pension planners review their current retirement planning and consider carefully how these policy changes could impact their pension pot. For those who are unsure about how these changes might affect their plans, it is highly valuable to speak to an independent financial advisor, like a member of our team at My Pension Expert. An advisor can help you navigate this new pension policy landscape and make decisions that best suit your unique financial situation, ultimately empowering you to achieve your retirement aspirations.

### My Pension Expert: putting savers at the heart of pension policy
It has certainly been a busy start to the year when it comes to pension policy. Of course, the Spring Budget has dominated recent headlines with several changes to pension policy – most notably, the abolishment of the Lifetime Allowance.
Behind the scenes, however, even more work within the pension policy arena is underway. In January, the Department for Work and Pensions (DWP) launched a series of consultations and calls to evidence relating to various aspects of pension policy.
At My Pension Expert, we believe UK savers should be placed at the heart of any pension policies that are being drawn up – after all, the main ambition of these policies is to help savers better engage with their retirement savings and place themselves in a strong financial position at retirement.
It is only natural, then, that we felt compelled to share our insights and views on the policies and, by doing so, ensure the voices of pension planners are being heard.
So, what exactly are the policies up for discussion? And why should people care about our contributions?
Below is an overview of each consultation, our contribution, and, most importantly, what they mean for pension savers across the UK.
Addressing the challenge of deferred small pots
The first submission My Pension Expert made was for the DWP's call for evidence on the issue of deferred small pots.
Each year in the UK over two million small deferred pension pots are created as people move from one job to another. An accumulation of small pots can result in losing track of pension savings, and it is this issue the call for evidence hopes to address.
The government requested views on two suggested models. The first one being the pot follows member (PFM) model. This would mean that a person’s workplace pension would follow them with every career change so that they would not lose track of their savings.
The second was default consolidation – whenever a person’s pot remained dormant (i.e. had not had contributions for a set amount of time), it would automatically be moved into a consolidation pot, allowing the pot to grow over time as more pots are added to it.
At My Pension Expert, we applaud the government’s efforts to help savers to keep track of their pension savings. This will mean people can better understand their financial situation, and gain greater control over their financial future. As such, we expressed some support for both models.
That said, we suggested that the PFM model might be the most beneficial for savers. This is due to its potential to provide greater scope to encourage saver engagement with their pension, and will ultimately make it easier for savers to access their pension information, as they ask their current employers rather than undertaking an additional effort to speak to their consolidator schemes.
However, regardless of which model the government chooses, My Pension Expert is adamant that while improved pension engagement is one thing, savers must also have access to the appropriate support and advice. This would help pension planners not only understand their pension information but help them understand their various options to make informed financial decisions and ultimately achieve a better outcome at retirement.
Value for Money Framework
In the second submission, My Pension Expert responded to the government's consultation on the Value for Money (VFM) Framework.
The VFM Framework intends to build on, and eventually replace, the value for member's assessments by requiring all workplace pension schemes to report on wider value metrics. This data would then be used to assess the value of their offering against the wider market.
As such, the policy aims to ensure savers are receiving optimum value for money and that the activities of trustees and providers are in the best interests of savers.
Our contribution to the consultation focused on costs and charges, quality of service, and assessing value for money.
My Pension Expert called for clear communication between the pension scheme and the clients. We feel this is the most effective method to democratise pension information, making sure savers understand exactly where their money is and the price they are paying.
Further, we agreed that clear assessment criteria and metrics need to be introduced by regulatory bodies so that the sector understands exactly what is expected of them, as well as the most appropriate methods of reporting. We believe that providers should be held accountable for the outcomes of their clients, and in doing so, we can better ensure all providers are offering clients the best value for money.
Savers’ voices must be heard
Given that the financial services industry has a reputation for prioritising its own needs, rather than customers, it is crucial that the needs of pension savers are central to policy development. My Pension Expert will always fight for consumers’ voices to be heard throughout the entire process.
Our contributions to these consultations demonstrate My Pension Expert’s commitment to improving outcomes for pension savers in the UK. By promoting a focus on transparency, and access to information and support, we believe savers will be empowered to better engage with, and understand their pension. And ultimately, they will be able to make more informed decisions and consequently strengthen their financial future.
At My Pension Expert, we will not stop until all Britons have access to the appropriate support mechanisms to achieve the best possible retirement outcome – and we look forward to positively contributing to the political agenda in the months and years to come.

### Debt Awareness Week: How can retirement planners manage debt
It’s Debt Awareness Week – a campaign led by debt advice charity StepChange to raise awareness of problem debt and the help available to those who need it.
When talking on the topic of debt, it’s important to consider the misguided labels that often can arise. Many mistakenly consider debt as a point of shame or moral failing: a stereotypical indication of someone who has poor money management skills is an impulsive spender or is facing financial hardship.
Yet this is not the reality of the situation. Taking on debt is not inherently negative. It comes in many forms and is a necessary part of life for many. In fact, the majority of Britons have debt; in 2019, 63% of UK adults had some personal debt.
At My Pension Expert, we wanted to take this opportunity to discuss the situations in which debt can impact pension planners, and how they can manage their finances effectively.
What makes debt ‘good’ or ‘bad’?
Firstly, it is important to understand that there are two different types of debt: namely, good debt and bad debt.
“Good debt” is usually defined as money borrowed to generate wealth, such as student loans, mortgages, or a business loan. Meanwhile, “bad debt” typically refers to things like consumer debt that do little to improve one’s financial situation.
Despite this, even consumer debt can be a useful tool when it is managed effectively. For example, using a credit card could allow pension planners to cover unexpected expenses, without immediately taking a chunk out of their income.  
Of course, without a solid management and repayment strategy, either kind of debt can easily grow out of control, leading to financial difficulty for retirees.
Tackling debt
Ultimately, any debt, whether ‘’good’’ or ‘’bad’’ can pose a risk to financial well-being if an individual loses a firm handle on their repayments. As such, Britons must calculate exactly how much they owe to develop a solid strategy and timeline for tackling debt and making repayments. And for those approaching retirement, the thought of managing debt, whilst considering a pension plan can seem like a daunting task.
However, help is always on hand in the form of independent financial advice. Speaking to an adviser, like a member of our team at My Pension Expert, can make the process much simpler to navigate. An adviser will analyse a client’s individual financial situation and will develop a tailored plan aiming to help them get to grips with their current situation, whilst strengthening their financial future.  
Ultimately debt, much like any aspect of one’s personal finances, must be managed carefully. And as such, before taking on debt it is important to consider how doing so might impact one’s future financial goals. And of course, for those who are ever unsure about how taking on debt might impact them, it is important to seek independent financial advice.
In doing so, pension planners will have the tools to ensure that they remain in control of debt, and remain on track to the retirement they want.
When it comes to debt, remember it's important to talk to the experts. If you are struggling with debt, contact:
Money Adviser Network
StepChange Debt Charity
National Debtline

### Spring Budget 2023: What did it mean for pension planners?
On Wednesday (15 March), Chancellor Jeremy Hunt delivered his Spring Budget, outlining the government’s fiscal policies and economic strategy. 
In the weeks leading up to his statement, the Chancellor made it clear that one of the main focuses would be on driving “economically inactive” over-50s back to work.
Shifting employment patterns since the outbreak of the Covid-19 pandemic has resulted in a notable increase in people opting for early retirement, while long-term health issues are another major barrier keeping older Britons out of work. 
Accordingly, pensions were a central element to the Budget speech, with several policies and reforms unveiled that are geared towards incentivising those over-50s to work longer or unretire. 
What was announced? 
Lifetime allowance abolished
Hunt abolished the pension lifetime allowance – previously set at £1.08 million. With previous reports suggesting he was going to raise the allowance to £1.8 million, the decision to remove an upper limit entirely was one of the Budget’s standout policies.
Under current rules, if pension savings exceed the allowance, they are typically taxed 55% on the excess of any lump sum payments, or 25% if they withdraw any other way. Consequently, this can act as a disincentive to carry on working once individuals reach the cap on their tax-free pension. That said, only a small percentage of people ever hit the limit; in the 2019/20 tax year, only 42,350 UK adults breached the allowance.
MPAA increased to £10,000
The money purchase annual allowance (MPAA) was increased from £4,000 to £10,000.
If you start to take money from a defined contribution pension pot, the amount that can be contributed to your defined contribution pensions while still getting tax relief might reduce. This is known as the MPAA. Again, increasing the allowance is designed to encourage people to return to work and begin earning again. 
Annual tax-free pension allowance doubles
Hunt also used the Budget to increase the annual tax-free pension allowance by 50% to £60,000 a year.
This is the amount that UK taxpayers can put towards their retirement tax-free in any single tax year. As with the lifetime allowance and MPAA changes, this reform will come into effect in April 2023.
‘Returnships’ and Midlife MOTs
Elsewhere, Hunt confirmed that the Government would be investing in “returnships” – designed to help over-50s learn new skills and integrate back into the workforce. The Chancellor also stated that he would expand the “midlife MOTs” scheme, which provides financial planning and awareness sessions to people in their 50s.
What does My Pension Expert think? 
Before and after the Budget, My Pension Expert worked tirelessly to ensure UK pension planners were being heard. For example, I was featured in The Independent and live on BBC Radio prior to the Budget calling for the Chancellor to extend support to everyone, not just the wealthy few.
In the aftermath of the announcement, I shared my thoughts once more, on both the positive and negative elements of the Chancellor’s speech. Featured in the likes of Forbes and City AM, the below comment outlines My Pension Expert’s views on the Budget:
“Jeremy Hunt’s back-to-work budget statement held few surprises. The predicted policies aimed at driving people back into employment were all there. That said, consumers, still reeling from the soaring cost of living, were likely eager to hear the Chancellor lay out his plans to fix the economy, particularly his target audience – over 50s.
“As a historically undervalued demographic, yet one with a plethora of untapped talent, Hunt was right to look to over-50s to address economic inactivity. In today’s climate, retirement plans need to be flexible, and skills training and mid-life MOTs will allow people to adjust to the ever-changing work landscape.
“Increasing the MPAA is a sensible move that allows more flexibility for those who wish to access their pension while continuing work. Likewise, abolishing the lifetime allowance is eye-catching – but it only affects the most affluent earners. Indeed, in the year leading up to April 2020, only 42,350 breached the allowance.
“The chancellor missed an opportunity to help people of all wealth brackets. Looking beyond the figures, it’s disappointing not to see wider support – like improved access to pension information or affordable independent financial advice – being provided to those who need it. No one should feel the need to return to work because they feel pressure – from the government or otherwise – to do so. Going forward, I certainly hope to see the government put such mechanisms in place to empower savers to first weigh up all options and decide whether returning to work is the right move for them.”
At My Pension Expert, we will continue to offer support to pension planners all across the UK, and help everyone to achieve the retirement they want, when they want it.

### Addressing the gender pension gap
As we approach International Women's Day, it's important to reflect on the progress that’s been made towards gender equality in the workplace. At the same time, we must also recognise the inequality and discrimination women still face and the long road ahead towards gender parity.
One key issue is the gender pension gap – the gulf between how well-prepared men and women are for retirement. This gender gap has loomed over the pension sector for decades. And as the cost-of-living crisis bites, the issue is becoming more acute.
My Pension Expert’s recent survey of 2,000 UK adults found that 61% of women say the cost-of-living crisis has made retirement seem impossible – compared to 49% of men. Further, only 29% of women are confident that they will retire at their desired age.
In the fight for gender equality, it's vital we ensure women are equipped to achieve the retirement of their dreams.
Bridging the gender pension gap
Addressing gender disparity in the pension sector is complex. It will require a coordinated, sustained effort from the government, employers, and the pension industry to address the problem.
Of course, wage gaps play a significant role. Equal pay will be one of the biggest foundational changes needed to eradicate pension gender disparity. It is vital that businesses review their internal policies and develop a strategy to close their organisational gender pay gap. Businesses must implement important changes, from allowing women access to equal opportunities for career development and promotions to ensuring they're paid the same as their male counterparts within the same role.
As of April 2022, government data showed that, among all full-time and part-time employees, men earn on average 14.9% more than women. Although progress has been made – the pay gap is down from 26.9% in 2002 – encouraging more transparent reporting on gender pay breakdowns within organisations is a critical step for bringing the issue to employers’ attention.
Further, more must be done to help female employees engage with their workplace pension, assess the state of their savings and understand the potential benefits of increasing their contributions. According to our research, just 26% of women say that they have savings and plans in place to sustain their current lifestyle in retirement. A long-overdue simplification of the pensions system and introduction of the pensions dashboard will play a crucial role here.
Access to advice
But we must also ensure that independent financial advice is accessible to women. Our research found that only 13% of women have sought financial advice to help them manage their finances during the cost-of-living crisis, compared to almost a quarter (23%) of men.
An Independent Financial Adviser can help individuals understand the current state of their pension savings, as well as how they can ensure they'll have enough to live comfortably in retirement.
An adviser will review the entirety of their financial situation and future goals, and develop an appropriate savings strategy.
It's therefore vital that the government, regulatory bodies, and advisers themselves do more to ensure women - and UK savers in general - know where they can go to find affordable advice. Of course, this is one element of a highly complex issue. Nevertheless, it will mark an important step in the industry’s efforts to close the gender pension gap and help women achieve the financially secure retirement they deserve.
The gender pension gap is a complex issue. It will require significant effort and time to make meaningful progress towards narrowing the gap. While waiting for the government and businesses to address critical issues, women who are worried about their retirement finances should consider seeking independent financial advice. This will enable them to develop a solid savings strategy and ensure the retirement they deserve.

### How can Britons make their dream retirement a reality
From the age it starts to what we do during it, we all have different ideas of what a dream retirement looks like. Yet, one thing that everyone probably agrees on is that after decades of hard work and saving, Britons deserve to achieve their retirement goals. 
Unfortunately, turning retirement goals into reality can be a complex endeavour. When it comes to financial planning, sometimes life can get in the way. Not only can it be an overwhelming or complicated process, but, as recent years have taught us, unexpected roadblocks can make one’s pension journey even more challenging. 
We found less than two in five (35%) UK adults in work think they will be able to retire when they want to, with 55% saying the cost-of-living crisis has made retirement seem impossible.
Sadly, the harsh realities of the current economic climate are having a significant effect, with Britons feeling forced to give up on their retirement dreams. 
That said, while these are undeniably challenging times for those preparing for retirement, there are steps people can take to ensure their retirement goals stay on track. 
Start early, keep on track
Let’s get to perhaps the most obvious point first of all: the earlier a person begins saving for it, the more likely they will achieve their dream retirement. 
Keeping up pension contributions and creating the right retirement plan will generate greater odds of facilitating an individual’s desired retirement when they begin the process from an earlier age. 
But contributing to a pension pot is seldom enough. A robust financial plan is required – and before anyone can successfully put a plan in place for their financial future, they need to know the position they are currently in.
As such, savers should start with a full audit of their finances, including any savings, investments, debts, incomings, and outgoings. Once completed, you can properly start putting together a retirement plan.
This, of course, includes pension pots. In My Pension Expert’s latest study, we found that a concerningly high number of workers are failing to engage with their pension – just 38% told us they know how much is saved in their pension pot. 
This is a common story. After all, it is easy to lose track of how many pensions you have and how much is in them when many people change jobs numerous times in their working lives. 
That is why it is so important to constantly revisit, evaluate and potentially reshape one’s financial plans. The more regularly we engage with our pension strategy, the less likely it is that we lose track of pension pots and the amount within them. In turn, a saver is able to get a more realistic view regarding how much they have stowed away for retirement, and they can plan accordingly if their financial strategy needs updating. 
Seek advice 
Next, savers should explore the various retirement finance options available to them. And there will be an option to suit everyone’s needs, from flexible access drawdowns, and annuities to higher-risk investments.
However, completing this step alone can be an overwhelming prospect for many savers as it can be difficult to understand which option will help achieve their desired retirement outcome. Fortunately, this does not have to be the case. 
Independent financial advisers can help clients shape their retirement plans by assessing their financial situation, understanding their retirement aspirations, and then suggesting the right products that will align those two points. 
In doing so, they will be able to make tailored recommendations as to which product will suit their needs and set them on the right track to achieving a financially secure retirement. 
Regular reviews
As noted, once any retirement plan is placed, it is advisable to conduct regular reviews so adjustments can be made based on market fluctuations, economic circumstances, or life events. 
At My Pension Expert, our financial advisers offer the option for reviews of a client’s retirement strategy every three, six, or 12 months (based on what they would like) to ensure it still suits their needs. That way, if an individual’s situation changes, the plan can be adapted accordingly. This ensures the client remains in control of their finances and avoids any panicked decisions that could damage their financial future. 
It all comes back to making people’s desired retirement a reality. For example, 54% of Britons harbour dreams of travelling the world once they retire, while even more (71%) dream of a long, comfortable retirement with time and money to pursue their interests, passions, and hobbies. With a retirement plan suited to their individual circumstances and goals in place, bolstered by expert advice and regular reviews, there is no reason why these dreams cannot come to fruition. 
The cost-of-living crisis may have put a dampener on people’s retirement aspirations, but it is crucial that Britons remain calm and seek advice. By understanding their financial position, finding the best financial product for them, and engaging with their retirement plan through regular reviews, savers put themselves in the best possible place to make their retirement dreams a reality. 

### Breaking down Briton's retirement dreams and their challenges
The current economic climate has sparked renewed debate in the UK over when is the right time to retire. The cost-of-living crisis is at the heart of the issue, with inflation currently sitting at 10.1%, prompting the Bank of England to make ten consecutive interest rate hikes to 4%. The sudden spike in inflation and interest rates over the past 12 months has significantly strained people’s savings. 
And despite a slight easing in inflation entering 2023, prices are still climbing at a dramatic pace. Those nearing retirement are among the hardest hit, with My Pension Expert’s 2022 research revealing that 21% of workers aged 40 and above have delayed their planned retirement date because of the cost-of-living crisis. 
Meanwhile, retirees in their 50s and 60s, particularly those who left work during the pandemic, are facing pressure from the government to return to employment. Chancellor Jeremy Hunt has made several comments of late encouraging Britons to ditch their retirement plans and play their part in boosting the economy. 
This is not, however, a decision for the Chancellor to make. Every saver will have individual retirement goals that they deserve to see through. Therefore, it’s worth exploring these and identifying the challenges they need to overcome in order to achieve them.
What are Britons’ retirement aspirations and how has the economic climate impacted them?
My Pension Expert commissioned new, independent research to find out. 
Working with Opinium, we conducted a fully nationally representative survey of 2,000 UK adults. The timely survey explored how financially prepared Britons currently are to give up work, what age they ideally want to retire at, when they think a realistic date might be, and how the cost-of-living crisis is influencing their dream retirement. 
In this report, we share all the findings of our research, along with the thoughts of our CEO on pension engagement, thorough financial planning, and improving access to advice.
Among other key findings, the research found less than two in five (35%) UK adults in work think that they will be able to retire when they want to, with 55% saying the cost-of-living crisis has made retirement seem impossible. In addition, only 37% have a financial plan for retirement, while just 43% know how much is in their pension pot.
Despite these issues, 54% harbour dreams of travelling and seeing the world once they retire, and 71% dream of a long, comfortable retirement with time and money to pursue their interests, passions, and hobbies.
For anyone who is worried about their retirement strategy and how they might need to adapt their pension plans in light of the cost-of-living crisis, it is imperative they seek independent financial advice. An adviser can assess the entirety of their financial situation and tailor specific advice to help them live out their retirement aspirations.
And remember, My Pension Expert is always here to provide regulated advice and ongoing support, to give everyone peace of mind, whether they are approaching, or have already entered, their retirement years. 
Get in touch with the friendly, experienced My Pension Expert team today.

### What do interest rate hikes mean for retirement planners?
Yesterday, for the tenth consecutive meeting, the Bank of England (BoE) decided to raise interest rates to 4%. 
The 0.5% hike to the base rate came as no great surprise. Over the last year or so, Britons have become accustomed to announcements of rising interest and sky-high inflation rates. After all, the two are closely linked. 
That said, the regularity of these economic updates is still likely to fuel a degree of anxiety within millions of households, with individuals and businesses continuing to feel the squeeze on their finances. Indeed, for those planning for retirement, the current climate presents some unique challenges. 
To better understand why the base rate continues to rise, let us first recap how interest rates have changed over the last decade. 
Following the global financial crash in 2008, the BoE cut interest rates to record lows in an effort to support the economy. Throughout most of the 2010s, the base rate sat between 0.25% and 0.5%, before increasing to 0.75% in August 2018. 
While these low rates were particularly beneficial to homebuyers, they were detrimental to savings returns. Accordingly, when the ‘pensions freedoms’ were introduced in 2015, millions opted for more flexible pension options not linked to interest rates. 
Then came the Covid-19 pandemic in 2020. The BoE reduced interest rates to a historic low of 0.1%. In 2021, inflation rose, and the cost-of-living crisis began to take shape, causing the Bank to increase the base rate for the first time in three years. 
The following year, the war in Ukraine, high energy prices, and soaring inflation led to consecutive increases right up to the most recent hike. 
Inflation eased slightly in December, falling from 10.7% to 10.5%; however, until there is a significant drop, the BoE will likely continue to increase rates well into 2023, given it targets an inflation level of no more than 2%. 
What does this mean for pension planners?
In general, higher interest rates benefit savings accounts and some pensions by increasing the interest earned. However, pension planners should be aware that not all pensions are tied to interest rates. Many investments do not directly relate to interest rates – their performance is instead based on the fluctuations of other assets or markets, such as stocks and shares.
Further, as we noted when we last wrote on this subject last year, the BoE’s base rate is not always immediately reflected in the interest rates offered by different pension providers, or indeed banks. Sometimes there can be a delay before updated rates are implemented, or else the terms of the investment might have fixed rates rather than ones that track the base rate, meaning there will not be any changes across a set period of time.
Good for annuities
An annuity is a financial product that someone can purchase with part, or all, of their pension and receive a regular guaranteed income for the rest of their life, or a specified period.
With the cost-of-living crisis and high inflation eroding away the real-term value of people’s pension pots, it is understandable some retirees would seek security in the form of a guaranteed fixed income. However, there is now the added incentive of more favourable returns due to a 12-year high in annuity rates.
Annuity providers generate returns by buying government bonds, which are, in turn, affected by interest rates. When interest rates are low, annuity rates are pushed down. As previously mentioned, during record-low interest rates, the financial benefits of pensions tied to interest were significantly cut. 
Even so, annuities are not suitable for everyone. Their inflexible nature means that once locked in, an individual’s income will not be impacted by any positive market movement or further increased rates.
Read more in our previous blog on annuity rates.
Seek advice
The effect that rising interest rates have on a person’s retirement plan, will depend on their individual circumstances – how much they have saved and invested, and where, not to mention how much debt they have, such as mortgages. 
The other critical consideration here is that, while interest rates are rising, there remains a huge gap between the base rate and the rate of inflation. The soaring costs of household bills mean that even at the new, higher rates, very few savings or investments can yield returns that can top inflation.
As such, before making a decision regarding any retirement options and to better understand how interest rates and the wider economy will affect their finances and retirement plan, savers should seek independent financial advice. 
Qualified advisers, such as our team at My Pension Expert, can assess a person’s individual circumstances and financial position and provide them with personalised recommendations to help them find the financial products best suited to achieving their desired retirement outcome. Despite economic uncertainty, with the right advice, consumers can feel empowered, knowing they have all the information they need to make the most informed decision possible.

### Retirement finances and mental health
Have you heard of Blue Monday? Conjured up by Sky Travel back in 2005, the company asserted that the third Monday of January was the most depressing day of the year.
The assertion was based on the travel firm’s own equation; a combination of weather conditions, debt levels, time since Christmas, time since New Year’s resolutions have been broken, and generally low motivational levels; however some have simply dismissed the company’s calculations as “ludicrous”.
Yet, whatever one’s opinion of Blue Monday, the event does prompt conversation about mental health. And it does so at a time of year that some people do find particularly challenging. 
January is often a month of planning, goal-setting, and projections for the year ahead – particularly in the form of financial planning. Consequently, January can prove to be a very stressful time for individuals. 
Anxious about finances?
Amidst a cost-of-living crisis, people’s future finances are a significant cause of stress. According to recent data, over seven in ten (71%) Britons are stressed about not having enough money to do the things they want to do when they retire.
Getting one’s retirement finances in order can be stressful for a number of reasons. A person may have difficulty creating and sticking to a budget, for example. Others may have trouble understanding the financial products or investment options available to them. Throw in uncertainty fuelled by soaring inflation and rising interest rates, and things become more testing still. 
Last year, My Pension Expert’s research found that 21% of workers aged 40 and above have delayed their planned retirement date because of the cost-of-living crisis.
So, what can be done to help people get a firm handle on their financial plans and, in doing so, combat stress and anxiety? 
Taking action
The earlier a person begins planning for retirement, the easier they will likely find future financial management. Indeed, beginning saving as early as possible makes it more likely that an individual will reach their goals and avoid financial uncertainty later down the line. 
However, it is also never too late to begin planning for retirement, as our recent blog explained: What to do if you are approaching retirement without a financial plan?
So, whether an individual is choosing to reassess their retirement plans, or kickstart the process, there are a couple of simple steps they can take to reclaim control of their future finances. 
Where to start
Conducting an audit is a great place for any saver to start when regaining control of their finances. From here, they can create a budget that considers their current income, expenses, and savings goals. 
Savers would be wise to also consider a strategy towards paying off any debt. Paying off debt can reduce stress and financial uncertainty, making it easier to focus on long-term planning. Additionally, it frees up cash flow, allowing individuals to put more towards their pension pot or investments.
Crucially, people must understand that the economy and financial markets can be unpredictable. The last few years have certainly taught us that. Therefore, regularly engaging with any retirement plan will give savers a clearer understanding of their financial position over time, allowing them to take the necessary steps to ensure they stay on track. 
Talk to an expert
There is no one-size-fits-all plan when it comes to preparing for retirement. There is a plethora of financial products, pension plans, and investment options. Sifting through information on all of them can be stressful, and perhaps overwhelming.  
Fortunately, Britons do not need to figure this all out for themselves. By speaking to an independent financial adviser, savers can find the products and strategies best suited to them, without worrying about doing all the legwork.
For example, My Pension Expert’s advisers review an individual’s complete financial situation, circumstances, and goals, and make tailored recommendations to make their retirement savings work harder and achieve their goals. From alternative investments to safe-haven assets, and flexible drawdowns to annuities, there are retirement finance options to suit everyone’s individual needs. 
The cost-of-living crisis has left many concerned about the future of their retirement finances. However, the key is not to panic, as this can lead to savers rushing into ill-informed financial decisions, which could leave them out of pocket in the long term. Instead, savers should remain calm and seek independent financial advice to develop a sustainable retirement savings strategy. Doing so will allow individuals to look to the future with confidence.
Let an independent financial adviser take the stress out of financial planning, and help you achieve your goals for 2023 and beyond. 

### What's the difference between guidance and advice in finance?
Last month, Harriet Baldwin MP tabled an amendment to the financial services and markets bill. The amendment would give the Treasury the power to make provisions for Britons to access personalised financial guidance from appropriately regulated financial services firms. 
Ministers have already stated that the Government would not support such an amendment, instead instructing Treasury officials to examine the current offerings of advice and guidance in conjunction with the Financial Conduct Authority (FCA). Nevertheless, the motion signifies that policymakers are aware that consumers need better access to information to help them make decisions about their pensions.
Any move to provide individuals with information about pensions and retirement finance products is commendable. However, Baldwin’s motion also raises an important question: what is the difference between financial guidance and financial advice? Moreover, why does that even matter? 
These are important distinctions here, and consumers need to understand this. 
A crucial difference 
At face value, guidance is similar to advice. Both have the aim of helping people to better understand their financial needs and the options available to them. 
Guidance is free, unregulated impartial recommendations to help someone make decisions about their finances. It is generic and suggests what an individual “could” do to organise their financial affairs to meet their wants in retirement their financial situation. 
This guidance could include information about different types of investments or understanding pension regulation. 
However, it does not take into account the complexities of a person’s financial situation or their long-term goals. Furthermore, guidance is unregulated, which means any organisation can offer it. 
In contrast, financial advice is regulated by the FCA and involves a detailed analysis of an individual’s finances and financial goals. Following this analysis – an in-depth dive into all incomings, outgoings, savings, and investments – an adviser can make tailored recommendations about relevant products and services. What’s more, they help clients to develop a long-term strategy to achieve their financial goals.
As advice is regulated, clients who receive it are protected by the Financial Ombudsman Service and the Financial Services Compensation Scheme.
Making a decision
For many savers, the decision to use either guidance or advice will come down to cost. 
However, advice is not exclusively for those in the highest wealth brackets, as we explore in a recent blog.
Instead, access to financial advice should be for everyone, regardless of their circumstances. Which is why at My Pension Expert, we only charge clients if they decide to pursue the tailored recommendations of our expert advisers. 
This allows the individual to carefully consider their options and talk through them with a qualified, financial adviser. Should they choose to follow the adviser’s recommendations, they can do so safe in the knowledge that they are working with an adviser that is regulated and responsible for putting the client’s interests first.
Parliamentarians and regulators alike are right to encourage Britons to better understand their pensions. However, in our opinion, guidance should not be seen as a substitute for advice. It should be a means of building strong foundational knowledge. Thereafter, whenever possible people should seek affordable, accessible advice. 
Ultimately, there is simply no substitute for the benefits and security that come with advice. And if you want to speak to a financial adviser, get in touch with the friendly team at My Pension Expert. 

### How can pension planners make sure resolutions stick?
The new year is here! And with it arrives the inevitable round of resolutions for 2023. 
Setting targets for self-improvement tends to be standard practice for many Britons. Yet sticking to them is often easier said than done. This is certainly true of financial resolutions, such as getting on top of one’s pension plan or retirement strategy. 
So, what can be done to change this? After all, in the current climate of double-digit inflation and rising interest rates, it is likely that many people will have set themselves the goal of better managing their finances in the year ahead. 
To help, the My Pension Expert team has outlined a few useful pointers. 
Getting off to the right start 
Before developing a new financial strategy, savers must assess their current financial circumstances. This means taking stock of all incomings, outgoings, savings, investments, and pension pots to create a clear picture of their situation. Doing so will make it easier to set realistic goals for 2023 and beyond.
Where retirement finances are concerned, it is important to know where all one’s pensions are located. This process will eventually be made easier with the launch of the Government’s Pension Dashboard which should launch later this year, even though it has been plagued by many delays and setbacks. 
Until then, savers can access the government’s pension tracker can help them hunt down pots they might have lost track of. This provides them with the correct contact information to reach out to their pension provider, and access their information. Whilst this might be time-consuming, it is an important starting point for helping Britons to understand their current financial situation. 
Make saving more convenient
It can be all too easy to push pension contributions down in one’s list of priorities, particularly if retirement is decades away. This is especially true during a cost-of-living crisis, when more immediate financial concerns might arise. 
So, it is important to make saving for retirement as convenient as possible.
For most, this will involve keeping up contributions to a workplace pension. Through such schemes, employers deduct the agreed pension contribution from an employee’s salary, making contributions an effortless, automated practice.
Alternatively, adults with a personal pension should consider setting up a regular direct debit to contribute to their pension. Consequently, savers can build up their pension pot without any hassle. 
Engaging with their plan 
Once savers have established a consistent savings pattern, it is vital to regularly engage with their plan. Reviewing one’s strategy on an annual basis would certainly be advisable. 
This will enable savers to remain on track with their savings goals and avoid any dramatic overhauls, should there be a sudden change in political, economic, or personal circumstances. 
Seek advice
The steps outlined above might feel like a daunting task. Fortunately, help is always on hand in the form of independent financial advice. Qualified advisers, such as our team at My Pension Expert, will be able to review an individual’s existing financial situation while considering wider economic issues and recommend a tailored retirement plan to suit their needs.
It is hugely valuable to seek out independent financial advice when managing pensions, savings, and retirement investments. The adviser can help set realistic goals, work towards achieving them, and make adjustments if circumstances change.
2023 will pose inevitable challenges for savers, making it all the more important to remain on top of their finances. Whilst a daunting task, this can be possible with an honest review of their current financial situation and seeking the support of advisers from the likes of My Pension Expert. Doing so will enable savers to move forward and plan their financial future with confidence.

### Approaching retirement without a financial plan?
When it comes to tricky topics like financial planning, most Britons might be guilty of putting off the issue, pledging to tackle it ‘later’. 
This is understandable to a point; people lead hectic lives, with various financial and family commitments demanding their attention. But there are certain issues that cannot be ignored, namely retirement planning. 
Unfortunately, data suggests that individuals do just that, and push retirement planning to the back of their minds – much to their financial detriment. Indeed, one in six people aged 55 and over in the UK have no pension savings at all, with that number increasing among younger workers. Further research has also revealed that 61% of Britons have no idea what their retirement income will be. And such uncertainty could cause a great deal of stress for those approaching retirement age. 
Vitally, people in this situation must not panic. Whilst it might take some discipline, and careful strategising, it is important to remember that there are options available, to help people take the necessary steps to regain control of their future finances and secure their desired retirement outcome.  
What are the pension options available to late savers?
First and foremost, it is important savers take into account all of their assets, which will be used to fund their retirement; this will include everything from personal savings to property. In doing so, Britons can gauge their financial position and see how much action must be taken to save for retirement. 
It’s always worth checking to see if you have a pension pot that’s been forgotten over the decades or a change of careers. The government’s pension tracker can help them track down their lost pension. Whilst it does not grant immediate access to one’s pension information, it provides them with the correct contact information to reach out to their pension provider and access their information. 
However, if after these steps, they find that they do not have adequate pension savings, they should not give up on preparing for retirement. While not an ideal position to be in, paying into a pension can still help their money go further when they retire, even if it’s only for the few years of work before retirement they have left. 
In doing so, savers will also enjoy the benefits of pension tax relief. Put simply, an individual receives pension tax relief whenever they contribute to their pension, and the tax relief is paid at the highest rate of income tax an individual pays. So, even late-pension contributors stand to benefit from this generous policy. Consequently, some people might benefit from delaying retirement by a year or more to allow more time to top up their pension to take advantage of tax-free growth.
Elsewhere, individuals might consider placing some of their retirement savings in investments that offer higher returns. Indeed, investments have the potential to provide strong returns, which could make up for some of that lost time by making their money work harder within a shorter period. If the investments perform well, they have the potential to transform a person’s retirement outcome and substantially strengthen their financial situation. 

### Could writing a will be the best present you give this Christmas?
Talking to loved ones about what happens to our assets when we die is not the easiest of topics to discuss. It can be emotional and uncomfortable, and a difficult conversation to initiate. So, it’s perhaps not surprising that many of us do not have a will in place for when we die – in fact, six out of ten adults in the UK haven’t made a will, according to Unbiased’s research. The reasons for this are often rooted in misconceptions about the process of making one, and the implications of not doing so. 
For instance, some Britons might believe that you need a minimum number of assets to write a will. However, this is not the case, as there is no minimum wealth bracket when it comes to creating a will. Every individual can and should assess the entirety of their estate, regardless of its size.
Meanwhile, for a lot of young people, it often comes down to a lack of urgency. Understandably, putting together a will at a young age can be a morbid task that many may not even consider pressing. Yet, writing a will can not only ensure their assets go to the right people in case they die suddenly but also sets a strong foundation for future updates – it allows the person to easily update their will as their circumstances change over time.
It is equally important to consider the strain that not having a will can cause for loved ones. 
Intestacy law 
Failure to have a will can lead to major complications for loved ones further down the line. To die intestate (without a will) means that your assets will be distributed according to intestacy laws. This essentially means that an individual’s assets can only be divided between close family members, including spouses, parents, siblings, or children, in a strict order of priority according to the law. 
Unfortunately, this leaves unmarried partners and close friends out of the will, despite the original wishes of the deceased. It leaves the door open for disputes to occur, and ultimately means that a person’s true wishes for how their assets should be divided and used remain unknown. 
Therefore, taking the time now to write a now can prevent a circumstance that causes a great deal of stress and upset among loved ones. A will clearly establishes how much an individual has in assets, including savings, pensions, and property, the beneficiaries, and who will sort out the estate – known as the executors. 
The writing process
Uncertainty regarding how to write a will is possibly one of the biggest obstacles that deter people from beginning the process. This is understandable given the complexities that can occur with legal documents that appear overly technical and daunting.
But customers don't have to struggle on their own.
At My Will Expert, our team of qualified will writers are on hand to guide clients through the process, whether they require a will update, the complete writing of a will, or even the writing of a trust. By making the process as simple as possible, My Will Expert removes one of the greatest barriers facing Britons when it comes to creating a will, empowering them to get their affairs in order.
Will writing is not likely to be at the forefront of people’s considerations during the festive period, but this time of year does provide the opportunity to reflect on what matters most: our closest friends and family. As such, Britons would be wise to challenge the misconceptions about wills and take advantage of the will-writing services available to them. By doing so, they can provide peace of mind to their loved ones, and themselves, in the knowledge that their possessions will be left to the right people.
Disclaimer - Our will writing service operates under the trading style My Will Expert. Please also note that will writing is not a regulated service.

### Pension scams skyrocket at Christmas - here's how to spot them
The countdown to Christmas has begun! And while usually an occasion for goodwill, generosity, and spending time with loved ones, the festive period can come at a high cost for savers due to an upward spike in pension fraud.
With a flurry of spending commitments to keep track of due to festive shopping and activities, pension planners may not be paying as much attention as they should to suspicious emails or online interactions.
Moreover, combining the financial squeeze Britons across the county will be feeling due to the cost-of-living crisis and the societal pressures to spend more during the holidays presents the perfect opportunity for pension fraudsters to strike.
Scams are becoming more advanced each year, and even those that consider themselves ‘tech-savvy’ are at risk if they don’t take precautionary steps. Indeed, research from Action Fraud earlier this year reported that the average amount lost by pension scam victims in 2021 had doubled to £50,000 from around £23,700 the previous year.
The convenience and ease of the digital age means that there are vulnerabilities to be aware of. So, here are some common types of pension scams to watch out for -during the holidays and beyond.
‘Loan’ offers or promises of early pension access 
The idea of savings deals and accessing your money early is undoubtedly an attractive one on the surface. Having extra cash to hand is especially enticing when considering the acute challenges of the cost-of-living crisis, coupled with the high financial pressures of the festive period.
Fraudsters will often exploit people’s hunger for good deals and lack of knowledge by offering to help people below the age of 55 access their pensions. Generally speaking, pension planners can only take money from their funds when they are 55 or older, except in certain exceptional circumstances. Attempting to access one’s pension before 55 is highly risky as it can lead to hefty tax bills and withdrawal fees.
As such, it is vital that savers are wary of impromptu offers followed by demands for information.
Staying alert to cold-calls
It’s also important that savers are aware of some tell-tale signs: cold calls, as well as unsolicited text messages or emails, are usually a giveaway. In fact, unsolicited phone calls about pensions were banned in 2019 following an open consultation. The decision means that not only are cold calls illegal, but companies caught breaking the law can incur fines of up to £500,000.
As a result, if you receive a cold call about your pension, you are best advised not to share any information, hang up the phone and report the incident to relevant authorities if you have the capacity to do so.
Savers should be equally conscious of pension review scams, which target savers by offering free pension reviews – again, these fraudsters tend to operate by telephone calls, emails, text messages, and even advertisements on search engines.
However, these scammers are not to be trusted. Their aim is to persuade individuals to transfer their hard-saved pensions into high-risk schemes, where their pension funds are invested in unfamiliar investments. Scammers will make big claims about the returns and cash sums promised by such investments. Because some of these scams are promoted as ‘long-term investments’, it may even be years before an individual realises something is amiss.
Remaining diligent
The invention of high-pressure crises by scammers is an age-old tactic, but in the case of pensions as a big part of many people’s financial lives, it may be pretty easy to be swept up into panic if caught at the wrong moment.
If anybody claims to know information about you, alleges that you did something illegal, or claim to know the amount of money you have/have lost, you have likely been targeted by somebody intending to exploit you and your savings. Any legitimate company would not put you under pressure to make hasty decisions about such a vital part of your finances. Pension planners should never feel rushed into making any rash decisions about their pension or giving over their personal bank details – particularly over the phone.
Overall, the holidays are a time of increasing spending and pressure on finances which makes it more important than ever to be alert for potential threats. Protecting your pension is an important way to secure your present and your future, so If you wish to learn more you feel that you might have fallen prey to one of these scams, please do report it to the FCA using this website link. 

### Have Britons lost faith in government pension policy?
Last week saw Chancellor Jeremy Hunt deliver his Autumn Statement, where he confirmed that the triple lock on the state pension would remain in place. However, in a budget centred around £55bn of tax rises and spending cuts, was this enough to provide hope to pension planners?
To get to the bottom of this, My Pension Expert commissioned a survey amongst over 2,000 UK adults aged 40 and above, to uncover their thoughts about the current government, in addition to how they are coping with the cost of living crisis.
Lack of confidence
In recent months we’ve seen increasingly turbulent conditions in Westminster, from Boris Johnson’s ousting after mass cabinet resignations to Liz Truss and Kwasi Kwarteng’s disastrous ‘mini-budget’, with Rishi Sunak becoming the UK’s third Prime Minister in the space of 7 weeks.
Naturally, this has all gotten a lot of attention, but our research found that 68% of people worry that this recent turmoil in parliament is distracting from the bigger issue of the cost-of-living crisis.
And as a result of Westminster distractions, people are understandably losing confidence in the government’s ability to reassure the markets. Over a third (36%) of those surveyed said they don’t think Rishi Sunak and Jeremy Hunt will be able to stabilise the pensions market, while only 18% said they have faith in the government’s plans.
Cost-of-living concerns
Contributing to this dip in confidence is record-high inflation rates, which has now reached a 41-year high of 11.1%. And even with the government providing additional financial support to pensioners - namely the reinstatement of the triple lock and energy support to vulnerable households, it seems more reassurances are needed.
My Pension Expert’s research found that Britons are already taking drastic measures to protect their finances during the cost of living crisis.
Shockingly, two-thirds (66%) have avoided turning on their heating, despite temperatures dropping dramatically in recent weeks. Almost two-fifths (38%) have taken fewer showers or baths, while 1 in 5 (20%) have even gone as far as to skip meals.
Reassurance and support
Of course, these are unnerving times for many people approaching or at-retirement, and it’s concerning that they feel the need to make drastic lifestyle changes to remain afloat.
Whilst it might be tempting to make a snap decision, it is vital that people remain calm and seek independent financial advice. Advisers, like our expert team at My Pension Expert, consider the entirety of an individual’s financial situation, as well as their future goals and the wider economic environment. Then, they are able to provide tailored recommendations to suit the individuals’ present and future needs.
Given the political and economic volatility in recent months, low confidence in pension policy, and indeed pension schemes, is understandable. However, Britons needn’t struggle alone. Advisers, like our team at My Pension Expert, are always on hand to provide expert advice to help people weather the storm. And from there, they can begin to confidently plan for a secure financial future.

### What the Chancellor’s Autumn statement means for pension planners
The build-up to yesterday’s Autumn financial statement felt different to previous years. The stakes were incredibly high following Liz Truss’s disastrous tenancy at No.10, which included the economy-crashing mini-budget.
And just the day before the Statement, it was announced that inflation has reached a 41-year high of 11.1%, reminding all there was little room for error.
In his statement, Chancellor Jeremy Hunt unveiled £55bn of tax rises and spending cuts deemed necessary for tackling a 41-year high inflation rate, alongside further cost of living help.
Millions of savers and pensioners that have seen their retirement plans threatened or upended will likely have been watching with anticipation of crucial economic support. So, the commitment to keeping the triple lock will come as a sigh of relief.
However, the cost-of-living crisis continues to rise sharply, hitting individuals and households hard and making retirement planning an increasingly challenging activity, raising the question – did the budget go far enough for pension planners?
Triple lock reinstated
Hunt concluded his statement with the reinstatement of the triple lock on state pension – the most significant and only notable pensions policy included in the budget.
Last year, now Prime Minister Rishi Sunak scrapped the triple lock leaving pensioners with a 3.1% increase in April. Renewed commitment to the 2019 Conservative manifesto pledge means that state pension will rise to £203.85 per week, in line with the 10.1% inflation figure seen in September.
The government also announced that Pension Credit will increase by 10.1% to protect the poorest retirees, alongside an additional £300 cost of living support payment for low-income pensioner households to help with bills.
Indeed, pensioners are disproportionally affected by the effects of rising costs, so the government’s renewed commitment to the triple lock and support packages will come as a relief to millions. However, with inflation set to remain in double figures for the foreseeable future and the energy price cap up for review in April, there remains very little breathing space. 67% of Britons aged 55 and over are avoiding turning on their heating, whilst almost a fifth (18%) are planning to reduce the number of meals they eat, according to My Pension Expert’s research.
The budget will not stretch far enough to support the most vulnerable when food and energy prices are increasing at their fastest rates in decades, pushing the UK toward a record drop in living standards.
Meanwhile, Hunt’s mentioning of an upcoming review of the state pension age will further increase uncertainty among people planning for retirement.
As such, the government should not assume that committing to the triple lock is enough to provide financial security. They must go further and ensure the correct mechanisms are in place to support pensioners with their financial literacy – and indeed, their financial decisions.
Long-term support
Granting access to advice will be vital in helping pensioners take steps to restore confidence in their financial future; only then will we only find a long-term solution to the UK’s pension poverty problem.
At My Pension Expert, we’ve always advocated for steps to simplify the pensions sector and increase access to independent financial advice, which is key to a financially secure retirement.
After all, at turbulent times like these, it is important that pension planners engage with independent financial advisers to create robust, informed financial strategies.
Therefore, the government needs to do more to communicate the advantages of advice and make it easier for Britons to access it. Working alongside regulatory bodies within the financial services sector to better educate Britons on the relevance of advice and how to find reputable and regulated advisors, the Government could go a long way towards bridging the advice gap that is preventing millions from achieving a financially secure retirement. Doing so would be an incredibly positive and simple step towards ensuring that Britons understand the complexities of their pension, ensuring that they take appropriate action to avoid pension poverty.
Once again, failing to acknowledge and engage with the UK’s advice gap is a disappointing sidestep from an issue that urgently needs addressing. Only when the government stops turning a blind eye to the issue can Britons be put in a position to access tailored advice that suits their specific needs and puts them on track to a secure and comfortable retirement.

### Why not to rely on online guidance for pension planning
The internet has given people the keys to an unthinkable amount of information about every subject under the sun. Finance is no exception. Within seconds, retirement planners can access online resources offering guidance on savings, spending, investments, and more. 
However, while quick and convenient, when it comes to pension planning, going online for information and advice has its drawbacks. In some cases, it can be dangerous. 
High volumes of online misinformation, not to mention scams and mis-sold products and services, can lead retirement planners to make damaging decisions regarding their finances. 
Using online resources
Pension planning can, at times, feel overwhelming. So, with all the different pensions products and providers available, being able to carry out one’s own online research is a big advantage. 
Registered UK charities, for instance, can be a useful tool for obtaining clear, unbiased information and advice about pensions and retirement planning, as well as more general personal finance topics and issues. Likewise, campaigns such as the ongoing Pension Awareness Week – which takes place this week and encourages Britons to engage with their pension – are useful as they result in numerous articles with important advice. 
These resources are incredibly beneficial in picking up pension basics; however, they have their limitations. People have different circumstances and retirement goals, so a pension plan that works for one may not suit another. 
Further, recent years have seen an increase in misinformation on certain websites or social media platforms that could, at best, mislead pension planners towards a financial plan that does not suit them or, at worst, result in them becoming victims of online scams.
So, we must not accept online resources as absolute facts. We must question the validity of the source and, wherever possible, compare multiple websites and information providers to ensure consistency in what they say. But even with a diligent approach, the limitations of online resources must be recognised. 
Developing a strong pension plan
Without a doubt, a lot of work needs to be done to improve and simplify the process of accessing pension information. 
The government’s long-awaited Pensions Dashboards will be a welcome improvement to pension planning. The programme is designed to allow pension planners to see all their retirement savings in one place and provide simple information about their multiple pension savings in the hopes of empowering people with more convenient access to their own financial information and helping them to make better decisions.
That said, accessing such a plethora of information can be overwhelming and confusing for some. So, savers would be wise to seek independent financial advice to help them make sense of their pension savings.
Unlike online guidance, a financial adviser will go beyond providing basic pension information. Instead, they will help clients shape their retirement strategy by assessing their financial situation, understanding what they want from their retirement, and then suggesting the right products that will align those two points. 
It is crucial that savers engage with their pension and using online support to inform themselves on different types of pensions, investments, and retirement strategies should generally be encouraged. However, it is wise to treat search engines as the start of the journey, and not the provider of ready-made advice. 
There is no substitute for independent financial advice when it comes to the benefits acquired from creating a pension plan that works based on an individual’s needs and goals. And, as we noted in our last blog, independent financial advice is not just for the wealthy – it is available and worthwhile for all people planning their retirement. 

### Is pension advice expensive?
Despite acting as an important tool for securing a comfortable retirement plan, there are still several common misconceptions that prevent people from seeking pension advice.
Among others, these misapprehensions include confusing jargon, the belief it is only worthwhile for the wealthy, and that it is too expensive. And, the latter consideration seems to be the largest barrier, with My Pension Expert’s own research revealing that 75% of Britons aged 40 and over think it to be true.
So, let’s explore why cost is such a major barrier to advice. 
It is understandable why there is a belief among many Britons that financial advice is too expensive – historically, it wasn’t always accessible to people of all wealth brackets. And this has led people who could benefit greatly from advice to avoid it altogether – even in times of economic turmoil. 
A recent My Pension Expert survey of UK workers aged 40+ found that only 13% had spoken to an independent financial adviser about their retirement/pension strategy. Despite 37% of them expressing that cost-of-living exacerbated retirement planning stress, few had sought out tailored advice. A low uptake in advice is certainly alarming, considering inflation is currently sat at 10.1% and rising.
Therefore, it’s important pension planners understand the true cost of financial advice.
What is the cost?
It’s important to first acknowledge that independent financial advice does cost, and the fees charged will vary among advisers. 
Before breaking down the cost, it’s important to note that clients should always be informed of adviser fees before ANY transaction occurs. This is vital in building trust. 
These fees will be determined by factors such as the amount of advice needed, the time needed to reach the client's financial objective, and the value of the assets involved, e.g., a pension pot. Typically, advisor fees range from 1 to 2 percent of the asset in question.
Larger assets are subject to lower percentage charges, whilst smaller assets are subject to higher percentage costs.
Meanwhile, clients who choose to retain an adviser for a more extended period of time may also be charged ongoing adviser fees by IFAs. Again, these costs can differ from adviser to adviser, but they often fall between 0.25 and 1%.
At My Pension Expert, we only charge our clients an adviser fee if they decide to follow their adviser’s recommendations following a full consultation – which our team explains at the very beginning of a client’s retirement journey. In doing so, we ensure that people of all wealth brackets are able to access advice without worrying about surprise fees.
Is it worthwhile? 
Pension advice is personalised to each client to put them in a better situation financially. As such, the recommendations they receive are tailored to their specific needs and goals. 
Indeed, it is through these tailor-made recommendations that we see the value of advice. 
For example, our team at My Pension Expert, will assess the entirety of a client’s financial situation and retirement goals and help them to readjust their strategy accordingly. For some, this might mean moving their money into higher-risk investments to combat inflation-devaluing pension pots. Whilst others might be better suited to a lower-risk flexible-access drawdown. Our advisers have clients’ best interests at heart, so their recommended approach will be suited to the client’s specific needs. 
Getting independent financial advice can be incredibly helpful when creating a long-term pension and retirement plan. And although it does come with a fee, the long-term benefits it offers clients are undoubtedly worthwhile. 

### My Pension Expert launches career pathway initiative, My Academy
We are delighted to announce that My Pension Expert has launched My Academy, our new career pathway initiative. 
My Academy will formalise the education and development opportunities we offer at My Pension Expert. Working in partnership with Doncaster College, the My Academy programme includes entryways to help young people carve out a career in the financial services industry, as well as ongoing professional development courses for all of our employees. 
Through this initiative, we will be providing access to exciting career-building opportunities including graduate opportunities, apprenticeships, internships, further education courses, and more. Plus, we will be offering fully-funded professional development courses to staff. 
The talent pathways span a wide range of business functions in departments such as financial advice, accountancy, management, marketing, and data science. 
A primary goal of My Academy will be to champion diversity and inclusion in the sector through paid opportunities, allowing young people from disadvantaged backgrounds – who may not be able to take on unpaid roles – to essential experience and skills.
Here at My Pension Expert, we’ve always been passionate about investing in the local community, especially when it comes to education opportunities for young people. By doing so, we to inspire an influx of young people into financial services through our work with work with Doncaster College to offer apprenticeships, as well as our involvement in local programmes like Laptops for Kids Doncaster. 
Andrew Megson, CEO of My Pension Expert, said: “We’re passionate about education and development – and we want to inspire young people to consider financial services as a career. My Academy is a brilliant initiative that offers access to education and experience for individuals at any stage in their career journey, helping them maximise their talents. It’s a really exciting initiative and I cannot wait to see it help brilliant people to enter and work their way up our organisation.”
Bernie Dunlop, HR Director of My Pension Expert, added: “Steps have been taken to make financial services more inclusive in recent years. But significant issues with diversity and equal opportunities remain. We believe that we can work to overcome some of these issues locally by providing access to apprenticeships and professional qualifications in a mix of specialisms. 
“By providing paid work experience, placements, internships, and mentoring opportunities, we aim to provide those who may not have been able to take on unpaid placements access to the necessary experience to enter a professional role. We also hope to inspire diversity and inclusion within the financial services sector.”

### Celebrating ten amazing days at Cheltenham Literature Festival 
My Pension Expert were proud to be a Major Partner at The Times and The Sunday Times Cheltenham Literature Festival 2022. 
The Cheltenham Literature Festival is the world’s first literature festival, leading the way in celebrating the written and spoken word, presenting the best new voices in fiction and poetry alongside literary greats and high-profile speakers.
The 10-day event, which took place in the heart of Cheltenham between 7th and 16th October, was a wonderful opportunity for book lovers to come out and celebrate literature of all forms and genres. The festival included an array of fantastic speakers, Q&As, performances, and family activities. 
Attendees were able to stock up their bookshelves from a range of new titles, and even had the chance to get their purchase signed by the author themselves, with a host of authors present for book signings, readings, and talks on their work. 
This included several celebrities who were there to discuss their new books, including Lenny Henry, Stanley Tucci, Gabby Logan, and Jarvis Cocker. Also there to promote a new book was U2 frontman Bono, who rounded off the festival with a talk after surprising the audience by performing a few U2 songs. 
My Pension Expert were delighted to sponsor sessions from TV personality Graham Norton and the Hairy Bikers. Norton spoke with Times Radio about his new novel, Forever Home, while the Hairy Bikers were promoting their book Brilliant Bakes in The Times and Sunday Times Forum. We also enjoyed an early start by sponsoring the Times Healthy Breakfast session on well-being and health; a great show promoting physical and mental health. 
However, we did not overlook the importance of literature for younger generations. We also sponsored some Penguin Tales sessions for younger festivalgoers; and delighted the crowds by handing out cuddly toys of My Pension Expert’s penguin mascot, Pembroke! 
At My Pension Expert, we are passionate about supporting a wide range of causes. Education is fundamental to what we do as the UK’s leading at-retirement adviser – for both our clients and within our own team, so we are always proud to play a part in events that champion the sharing of knowledge, experience, and insight.

### Is pension advice only for the wealthy?
Receiving pension advice is an incredibly valuable tool for all individuals looking to get their financial plans in check and secure a comfortable income for when they decide to retire. 
However, several misconceptions about advice often discourage people from seeking it. A common one is that pension advice is for those in wealthier income brackets. There are several reasons that could lead savers to thinking this way. 
Certainly, financial advice has not always been easily accessible. Some may assume that there are certain savings or income thresholds that may limit one’s access to a financial adviser. Others may not consider themselves wealthy enough to even warrant advice.    
Regardless, this misconception is hurtful, as not only does advice benefit everyone, but it can dissuade savers who are genuinely concerned about their financial future from seeking it.
As such, it’s vital that all pension planners understand the value of advice regardless of their income. 
The value of advice
Simply put, the purpose of pension advice is not to make the wealthy wealthier. It is to help people put themselves in a better situation financially, whether that’s making excess cash work harder by finding riskier but higher reward investments or improving someone’s financial stability by helping them find ways to reduce debt. 
When it comes to pensions, advice is used to help retirement planners find the best pension plan suited to different individuals’ circumstances.  
Indeed, planning for retirement, as with all financial planning, can be a complicated process to work through for people of all backgrounds. 
For starters, choosing a financial product that is best suited to a person’s retirement strategy requires detailed knowledge of the various products available. This not only includes the benefits and downsides of each one but whether they are suited to a planner’s goals, needs, risk appetite, and their current financial situation.  
Meanwhile, a wider economic perspective is needed to gauge whether a certain pension option is right for an individual under the current market conditions. For example, in our blog last week, we looked at how annuity rates, set at a 12-year high, might be perfect for some planners, but not for others. A qualified financial adviser will use their understanding of both pension products and services and market trends to provide advice that matches a client’s financial situation and circumstances.
Everyone deserves financial advice
It could be argued that in times of economic uncertainty, financial advice can play a more important role in helping people stay on top of their finances.
A recent My Pension Expert survey found that 37% of over-40s in work believed the cost-of-living crisis had made retirement impossible for the foreseeable future. Despite this, a concerningly low number had sought advice, with only 13% stating they had spoken to an independent financial adviser about their pension strategy. 
Clearly, this misconception, along with others, runs deep – to the point where people are still not seeking advice despite feeling anxious about their financial future. Therefore, it’s key that the sector works to ensure savers understand the value of advice and that it can be specific to their own financial situation. 
For example, at My Pension Expert, our team of advisers conduct a thorough audit of a client’s financial circumstances, their risk appetite, and their desired retirement outcome. From this, we develop a tailored retirement outcome to suit their needs and goals. 
It must be acknowledged that advisers do charge fees for their service. However, they may not be as expensive as one may think. At My Pension Expert, we only charge our clients an adviser fee if they decide to follow their adviser’s recommendations – which our team explains at the very beginning of a client’s retirement journey. In doing so, we ensure that people of all wealth brackets are able to access advice, without worrying about surprise fees.
Every strategy will involve different factors, from higher-risk investments to flexible drawdowns or a fixed-term annuity. In taking on this tailored advice, an individual is able to make their money work in the most efficient way to achieve their particular goals, all without hindering their existing financial circumstances. 
Receiving pension advice is an incredibly valuable tool for all individuals looking to get their financial plans in check and secure a comfortable income for when they decide to retire. 
However, several misconceptions about advice often discourage people from seeking it. A common one is that pension advice is for those in wealthier income brackets. There are several reasons that could lead savers to thinking this way. 
Certainly, financial advice has not always been easily accessible. Some may assume that there are certain savings or income thresholds that may limit one’s access to a financial adviser. Others may not consider themselves wealthy enough to even warrant advice.    
Regardless, this misconception is hurtful, as not only does advice benefit everyone, but it can dissuade savers who are genuinely concerned about their financial future from seeking it.
As such, it’s vital that all pension planners understand the value of advice regardless of their income. 

### What could high annuity rates mean for pension planners?
When faced with economic uncertainty, it is often necessary for people to reposition their personal finance priorities from growth to security. So, the potential to achieve both would be a prospect more than welcomed by pension planners. 
This would certainly go some way towards explaining why annuities are becoming an increasingly appealing option for retirees. 
An annuity is a financial product that someone can purchase with part, or all, of their pension and receive a regular guaranteed income for the rest of their life, or a specified period.
Indeed, with the cost-of-living crisis and high inflation eroding away the real-term value of people’s pension pots, it is understandable why retirees would seek security in the form of a guaranteed fixed income. However, there is now the added incentive of more favourable returns due to a 12-year high in annuity rates.
But what exactly do high annuity rates mean for pension planners?
New life for annuities
Despite renewed interest of late, annuities had fallen out of favour in recent years. Before 2015, they were the primary way for people to fund their retirement. However, the introduction of the pensions freedoms legislation seven years ago allowed savers to access all their pension savings from the age of 55, leading to an increase in more flexible pension products.   
Meanwhile, low-interest rates reduced the financial benefits of an annuity. Annuity providers generate returns by buying government bonds, which are, in turn, affected by interest rates. When interest rates are low, annuity rates are pushed down. 
However, as we approach the end of 2022, this has all changed – quite dramatically. 
In September, the Bank of England increased interest rates for the seventh consecutive time to 2.25% (a hike of 0.5%) in an effort to curb inflation. Accordingly, annuity rates have risen too, and now sit about 35% higher than they were this time last year. 
According to Hargreaves Lansdown, this would mean that a 65-year-old with a £100,000 pension pot could now get an annuity income of around £7,000, compared to last year when they would have received £4,900. 
Such rates of return would be an attractive option for retirees seeking to secure a fixed income to cover everyday expenses without worrying about the effects of market volatility.
That said, it is important that savers weigh up both the pros and cons, as well as other options that might best suit their current circumstances before deciding upon any financial product. 
Downsides to an annuity
E0ven with better rates, annuities are not suitable for everyone. The original issues of inflexibility that pushed them out of favour in the first place still exist.
Indeed, once an individual agrees to receive a regular income at a fixed annuity rate, they are locked in until their contract with their annuity provider ends. This means that their income will not be impacted by any positive market movement or further increased rates. For example, anyone locking in now would potentially miss out on annuity rates that had increased in line with interest rates as high as 5.5% next year, if predictions prove correct.
A lack of growth could result in poor returns in the years down the line – particularly as people are living longer. For this reason, it is important for an individual to factor in their age and health when considering an annuity. A retiree in their late 80s or 90s will likely be less concerned about watching their pension grow, than a 65-year-old who has only recently left the workforce.
Of course, there is no single retirement plan, or product, that works for everyone. So, before making a decision, retirees should seek independent financial advice. 
Our qualified advisers at My Pension Expert can assess a person's individual circumstances and financial position and provide them with personalised recommendations to help them find the financial products best suited to achieving their desired retirement outcome. 
For some pensioners, this could well be an annuity, especially if there is an opportunity to take advantage of increased interest rates. However, this won’t suit everyone’s needs. Therefore, seeking advice before making a financial commitment is vital. 

### What did the “mini-budget” mean for pension planners?
On Friday, the new Chancellor Kwasi Kwarteng announced his “mini-budget”. Despite its name, the implications of the first economic plans laid out by Kwarteng were anything but mini – the policies packed a punch, but the key is understanding how different people will be affected.
With a cost-of-living crisis already leaving millions of households across the UK worried about their financial future, the government certainly needed to be bold to show they are ready to tackle these woes.
There were positives for people’s personal finances. The Chancellor announced a cut in the basic rate of income tax and a reversal of the 1.25% National Insurance hike introduced by the former chancellor Rishi Sunak in April. In the short term, this will benefit pension planners still in part-time or full-time employment, boosting the amount of pay they take home each month after tax.
Meanwhile, broader support was provided to businesses, with a scrapping of the proposed corporate tax rise welcomed by the private sector. The government no doubt hopes its “unashamedly pro-growth” economic agenda will translate, in part at least, to pay increases for employees.
Pension sector overlooked
As for people’s retirement finances directly, there was little in the way of pension policy mentioned in the mini-budget. This may be unsurprising as the UK’s new pension minister, Alex Burghart, was appointed just two days before, while Chloe Smith was only unveiled as the new Secretary of State for Work and Pensions in early September.
Regardless, it is crucial that Prime Minister Liz Truss and her new-look government address the issues upending retirement plans from the get-go.
One of the most pressing of these is bringing inflation under control. Until it drops notably, people's savings are losing value in real terms. To that end, capping annual energy bills at £2,500 for the next two years will help.
Confirming the reinstating of the triple lock would have also provided some reassurance here. The triple lock would ensure the state pension increases by the highest of three possible figures: inflation, average earnings, or 2.5%. With inflation still soaring, the state pension, which pays £9,600 a year, is expected to increase by around 10% next April but is yet to be formally confirmed. Doing so last Friday would have inevitably restored some confidence amongst Britons approaching or at-retirement.
Long-term support needed
Overcoming any form of retirement crisis will also require long-term solutions and private sector involvement ­– significantly more could be done here.
For example, it is imperative that the new-look Government provides some reassurance on the long-awaited pension dashboards programme. The dashboard will give people easier, quicker access to their pension information, which is crucial in ensuring they can make prompt and informed decisions.
Vitally, the Government must make a commitment to collaborating with the pension industry to promote the value and improve access to independent financial advice. This will allow savers to create strong retirement plans that are tailored to their specific needs. And particularly given the economic volatility in the immediate aftermath of the “mini-Budget”, access to expert financial advice could provide Britons some much-needed reassurance regarding the value of their pension investments, and restore their confidence by helping them to develop a longer-term financial plan.
In November, the Chancellor will deliver his full Autumn budget; it will be a key date in the diary. Paying more attention to pension planners and what action can be taken to ensure people’s retirement plans are not disrupted will be important.
In the meantime, anyone who is unsure of how the “mini-budget” might affect their retirement finance strategy, or generally wary of how to manage their pension plans in the current climate, it can be highly beneficial to seek advice. An independent financial advisor can help talk through the options available to anyone in or nearing retirement, allowing them to make informed decisions.

### Record interest rate rise overshadowed by inflation concerns
The headlines have become familiar over the past ten months… Bank of England (BoE) announces interest rates hike
Today’s news was no different. It is the seventh consecutive meeting of the BoE’s Monetary Policy Committee that has ended with a vote in favour of increasing the base rate. This time resulting in an increase of 0.5%.
There were murmurs of a jump of 0.75%, following the example set by the European Central Bank earlier this month and the US Federal Reserve just yesterday. However, this still means that since December last year, interest rates have risen from a record low of 0.1% to the current 2.25%.
Inflation may have dipped slightly in August, dropping from 10.1% to 9.9%, but that figure remains far too high for the BoE’s liking – it aims for inflation to hover no higher than 2%. Increasing interest rates is seen as the main weapon in a central bank’s arsenal for bringing inflation back under control.
But what might this mean for pension planners?
Are higher interest rates good for pension pots?
Generally speaking, higher interest rates are good for savings, including pensions. It means that money saved in many types of accounts are earning better interest, helping those pots grow over time.
However, pension planners must acknowledge that the returns on some pension pots might not be linked to interest rates. Indeed, many investments do not relate to interest rates directly – their performance is instead based on the fluctuations of other assets or markets, such as stocks and shares.
As we noted when we last wrote on this subject in early August, the BoE’s base rate is not always reflected in the interest rates offered by different pension providers, or indeed banks, where their general savings accounts are concerned. Sometimes there can be a delay before updated rates are implemented, or else the terms of the investment might have fixed rates rather than ones that track the base rate, meaning there will not be any changes across a set period of time.
What can be done about high inflation?
Putting to one side the question of whether higher interest rates actually affect the performance of one’s pension savings, there is another important question concerning the impact of inflation.
That inflation has fallen just below 10% will do little to ease the financial strains being placed on people across the UK. Many experts are still predicting the figure to rise again in the months to come.
In short, this means that the prices of everyday items and household expenditures will be rising at a faster rate than interest rates. So, money left in savings accounts is likely to be ‘losing value in real terms’, at least for now.
This imbalance is causing headaches for those in and nearing retirement, as My Pension Expert’s recent research revealed.
We found that as many as 37% of over-40s in the UK believe the cost-of-living crisis has made retirement impossible for the foreseeable future.
Meanwhile, more than a third (34%) of UK retirees are worried they will no longer be able to sustain their desired lifestyle in retirement as the cost-of-living increases so sharply.
And this might be forcing some into making rash financial decisions. Indeed, our research also found that almost one in ten (7%) of savers have moved some or all or their pension savings into riskier investments to help their money hold its value against inflation. Whilst this might suit some, deciding to do so without seeking independent financial advice could result in an individual inflicting irreversibly damaging their financial future.
Britons must try to remain calm and seek independent financial advice. After all advisers, like our team at My Pension Expert, explore all options available to create the right strategy catered toward a person’s specific needs, factoring in the current economic climate.
Understandably, such a predicament will likely unnerve many. However, pension planners can find reassurance by seeking independent financial advice. Whilst it might not provide an immediate fix, seeking advice will mark a strong first step in setting savers on the path towards a financially secure retirement.
Get in touch today to find out how we could help you.

### What could the new-look Government mean for the pension sector?
Liz Truss’ first ten days as the UK’s new Prime Minister could hardly have been more turbulent. Just 72 hours after being announced as the victor of the Conservative Party leadership campaign came the tragic news of the passing of her majesty Queen Elizabeth II. 
After a remarkable, exemplary 70-year reign, the Queen’s death has naturally overshadowed all else. As the gloomy clouds clear, however, attention will once again turn to the new Prime Minister – and her new-look cabinet – to establish how they will tackle the pertinent issues at hand.
The cost-of-living crisis is top of the Government’s in-tray. Indeed, one of Truss’ first announcements was that annual energy bills are to be capped at £2,500 between October 2022 and October 2024. 
More action is likely to follow, with a “mini-budget” touted for 21 September. This will give Truss and Kwasi Kwarteng, the new Chancellor, the chance to lay out their immediate priorities from an economic standpoint. 
 For pension planners, the other new face of note is Chloe Smith, now Work & Pensions Secretary. Without question, people approaching or in retirement will be hoping for swift, decisive action from Truss, Kwarteng, and Smith.
How is the cost-of-living crisis affecting retirement plans?
My Pension Expert recently commissioned an independent survey among 2,000 UK adults, uncovering how the cost-of-living crisis is affecting retirement plans.
We found that two-fifths (37%) of over-40s believe the cost-of-living crisis has made retirement impossible for the foreseeable future. Just over one in five (21%) have delayed their retirement date due to rising inflation.
Of those in retirement, 12% say rising inflation has “upended” their retirement plans. More than a third (34%) of UK retirees are worried they will no longer be able to sustain their desired lifestyle in retirement as the cost-of-living increases so sharply.
These are stark figures, underlining the size and urgency of the task that Chloe Smith and the Department for Work & Pensions must do to support pension planners. But what action can we expect?
What could the new-look government do?
So far, we know that the new PM is committed to sticking with the state pension triple lock. But a number of other suggestions have surfaced in the past week.
For example, some in the pension sector have questioned whether the Government will review the money purchase annual allowance (MPAA) of £4,000.
The MPAA refers to when someone starts to take money from a defined contribution pension pot –usually, you can receive tax relief on pension contributions up to £40,000, but this falls to £4,000 when someone starts to withdraw from a defined contribution pension. Some are asking for that threshold to rise.
Others are pushing for the new-look Government to legislate a 10-day pension switch guarantee. This would make it quicker and, hopefully, easier for someone to switch between pension providers and plans. 
At My Pension Expert, we would like to see the Government commit to and invest in the Pension Dashboards Programme. This is designed to allow pension planners to see all their retirement savings in one place. 
The pension dashboards have been delayed numerous times – it is now expected that most people will not have access to their pension dashboard until 2024, which is five years later than originally planned. It would be positive to see the Government shorten its timeline as much as possible; empowering pension planners with faster, easier, and more convenient access to their own financial information will allow them to make better decisions.
Access to advice
Improving access to advice ought to be another key priority for Truss, Kwarteng, and Smith in the weeks and months to come.
The recent My Pension Expert report noted above found that, despite concerns over their finances and retirement plans, just 5% of retirees in the UK have sought financial advice in 2022. Among over-40s still in work, only 13% have spoken with an independent financial adviser (IFA) this year.
The advice offered by trustworthy, regulated experts like My Pension Expert can make a huge difference at times like these. In a turbulent climate, with inflation soaring and interest rates rising, advisers can help guide pension planners through various challenges and create a robust plan for the future. 
At My Pension Expert, we do this by taking the time to understand each client’s circumstances and needs. We can then tailor our advice to them. 
Advice has seldom been more important than it is now. The new PM and her senior team have the chance for a renewed push to raise awareness of the importance of advice and where to find it. It could make all the difference for pension planners as they navigate the cost-of-living crisis.  

### Breaking the debt taboo: Managing debt in retirement
Money is a topic many Britons feel awkward talking about. A 2019 survey by Lloyds found that 50% of UK adults believe discussing personal money matters is taboo. And certainly, where financial conversations are concerned, debt is among the thornier topics. 
Yet, it needn’t be. Taking on debt is not necessarily a bad thing. For some retirees and pension planners, borrowing may be needed in order to gain a quick boost to their retirement income. For example, they might need the money for something urgent, such as emergency house repairs. When managed effectively, debt can be an incredibly useful tool for some.
It is important to differentiate between types of debt: namely, good debt and bad debt.
“Good debt” is usually defined as money owed for things used to generate wealth, such as student loans, mortgages, or a business loan. “Bad debt” usually refers to things like consumer debt that do little to improve one’s financial situation. 
That said, it is vital to stay on top of all forms of debt, especially when you are approaching or in retirement. 
Let’s talk 
Debt can easily spiral out of control and land some retirees in trouble. As such, Britons must overcome the inherent reluctance to discuss it.
Indeed, struggling with debt can often leave people feeling helpless and vulnerable. This can be made worse by the negative connotations that are thrown around when debt is concerned. For some, the word can evoke hurtful stereotypes of someone that has fallen on hard times, is incapable of managing a budget, or tends to spend impulsively. 
Looking at debt in these ways is unhelpful and unsympathetic. It neither solves the problem nor considers the possible factors that put a person in that financial situation.
Therefore, maintaining this societal viewpoint can lead to individuals in debt remaining silent about their difficulties. When people hide the true extent of their financial situation, it can put immense pressure on themselves and their loved ones and cause their debt to spiral further.  
Taking the right steps
It is always best to tackle debt head-on. Retirees and pension planners must be precise in establishing how much they owe, allowing them to formulate the appropriate means and timelines for making repayments. 
Meanwhile, advisers, such as our team of experts at My Pension Expert, are always on hand to lend an ear. Advisers can review your financial situation and offer suitable recommendations when setting up a repayment scheme.
Dealing with debt can be overwhelming, particularly if someone feels that their situation is getting out of hand. These feelings are likely to become more common during the current cost-of-living crisis. As such, it is vital that we break down negative stereotypes and taboos around the subject. And for individuals with debts that are starting to feel uncontrollable, it is crucial that they remain calm and seek advice

### How to get your children thinking about their financial future
The earlier you start saving, the more you will have in later life. It’s a phrase we’ve all heard at one time or another. Yet, while the overall message rings true, for many it’s easier said than done. 
Lack of motivation to save for retirement is a common issue among young people. This is often due to the fact that this life stage can seem so far away. As well as this, complicated processes can put people off from regularly checking in on their pension pot and making an effort to improve it. Research by Hargreaves Lansdown revealed that 70% of young people find their pensions difficult to understand. Meanwhile, 24% of under 35s claim to have no pension savings at all.
And if this current economic climate entailing a widening cost-of-living crisis and soaring inflation has taught us anything, is that it’s vital for individuals to stay on top of their finances. 
As such, with the new academic year around the corner and thousands of young adults taking charge of their personal finances for the first time, it’s important that we get young people thinking about their financial future. 
Getting them involved
Certainly, it’s understandable why people who are decades away from retirement put their financial future to the back of their minds. Most savers grow their pension pot through workplace earnings, usually in the form of monthly contributions taken from their salary. Once seen on the payslip, it’s common for people to not give their pension a second thought. 
This can be a slippery slope which can lead to financial uncertainty years down the line. However, educating young people on the value of saving at an early age is one way to overcome this issue. 
It’s important that they are made aware from an early age of the true cost of retiring.
Discussions around money can sometimes feel like a taboo topic, perhaps because it can involve preparing for the worst. Nonetheless, these ‘talks around the dinner table’ are necessary to ensure that children understand the impact of saving for their future – particularly as the cost of retirement becomes more expensive.
Given the lack of financial education at schools and universities, parents must utilise available resources to equip children with the knowledge they’ll need to manage their money effectively and help them develop planning skills for later in life.
Never too early for advice 
If people are ever in doubt about their savings and pension contributions, there is always the option to seek independent financial advice.
For example, My Pension Expert’s team of advisers will review an individual’s financial situation and make recommendations regarding their pension contributions to help them achieve their retirement goals. They will also assess how much can be contributed without negatively impacting their present financial situation.
At the end of the day, it always pays to plan ahead and contribute as much as possible into one’s pension pot, as early as possible. And, of course, savers should seek independent financial advice when in doubt. In doing so, young people can ensure they are on track to a financially secure future. 

### Revealing the impact of the cost-of-living crisis on pensions
Skyrocketing inflation over the past 12 months has led to a cost-of-living crisis that is upending the financial plans of millions across the UK.
According to the Office for National Statistics, the consumer price index (CPI) rose by 10.1% in the 12 months to July 2022, up from 9.4% in June. This was not wholly surprising considering experts are predicting CPI will hit 13% or higher when the energy cap rises again in October. Moreover, UK inflation could hit 18% in early 2023, says leading bank Citi.
At the end of last year, the Bank of England (BoE) predicted that inflation would peak at 5% in 2022 before cooling off. Fast forward to August 2022, and the BoE has made six consecutive votes to increase the base rate, the latest by 0.5%, resulting in a rise to 1.75%.
Certainly, inflation has not slowed down as early predictions had counted. Instead, people across the UK face a significant struggle as a result of the cost-of-living crisis, which is only expected to worsen before things start to improve.
So, what impact is this having on pension planners and retirees? 
My Pension Expert commissioned new, independent research to find out. Working with Opinium, we conducted a nationally representative survey of 1,254 UK adults – this included 788 respondents who, at the time of the survey, were aged 40 and above and in full-time or part-time work, and a further 466 who were retired.
We have created a new, in-depth report that is filled with significant insights into the effects of the cost-of-living crisis on retirement strategies for both retirees and those still in employment.
Among other key findings, the research found that a sizeable number of adults in the UK have come out of retirement to resume work as a result of the cost-of-living crisis. Meanwhile over a third of over-55s stated that retirement seems unrealistic for the foreseeable future further highlighting the effect the economic situation is having on people’s finances.
For anyone who is worried about their retirement strategy and how they might need to adapt their pension plans in light of the cost-of-living crisis, it is imperative they seek independent financial advice. An adviser can assess the entirety of your financial situation and tailor specific advice to help you achieve your retirement goals.
Get in touch with the friendly, experienced My Pension Expert team today.

### We're proud partners of Cheltenham Literature Festival
We are delighted to reveal that My Pension Expert is an official partner of The Times and The Sunday Times Cheltenham Literature Festival 2022.
The Cheltenham Literature Festival is the world’s first literature Festival, leading the way in celebrating the written and spoken word, presenting the best new voices in fiction and poetry alongside literary greats and high-profile speakers.
The ten-day event takes place in Cheltenham's heart between 7th and 16th October. And it is sure to be another brilliant occasion for all book lovers, regardless of the particular genres or types of literature they enjoy. There are brilliant speakers and activities planned, with something in store for people of all ages and interests.
At My Pension Expert, we are passionate about supporting a wide range of causes. Education is fundamental to what we do as the UK’s leading at-retirement adviser, so events that champion the sharing of knowledge, experience and insight are a perfect fit for us. 
It is just under two months away, and we cannot wait. We hope that many of you will get involved in what promises to be a fantastic event.

### Investment into My Pension Expert confirmed after FCA approval
We are delighted to announce that a significant private equity investment into My Pension Expert has now been completed following approval from the Financial Conduct Authority (FCA).
The investment came from Palatine Private Equity. The injection of capital will accelerate our growth plans as we aim to ensure people of all wealth brackets can receive independent financial advice and achieve their desired retirement outcomes.
In the midst of rising interest rates, inflation and a cost-of-living crisis, access to independent financial advice has never been more important. This is certainly true of those approaching, entering, or already in retirement. The investment will ensure My Pension Expert’s services can reach more and more people. 
Andrew Megson, executive chairman at My Pension Expert, said: “We are delighted to conclude the investment by Palatine. It will enable My Pension Expert to further build on its success over recent years and fast-track our growth as we deliver much-needed independent financial advice to people across the UK. I believe this is fundamental to improving people’s financial security in their retirement. 
“Palatine is the perfect partner to support this growth, and their strong Environmental, Social, and Governance credentials were a key factor in the decision to work with them. All the team at My Pension Expert are incredibly excited about building a fantastic future helping people to achieve their goals in retirement.”
Kieran Lawton, senior investment director at Palatine, added: “The My Pension Expert team have done an outstanding job to date, and we are very much looking forward to working alongside them to help the company grow quickly and reach its potential.
 “The need for services and support like that provided by My Pension Expert has never been more important. Our focus will be on supporting Andrew and the team through value enhancement initiatives across digital, technology, people, and sustainability in order to help them continue to build a highly trusted and fast-growing pensions advisory business.”
My Pension Expert was advised by Park Palace Corporate Finance, Addleshaw Goddard, and BDO. Palatine was advised by Gateley Legal, Kroll, and RSM.
As part of the investment, My Money Expert also completed a debt refinancing with Beechbrook Capital. The new package from Beechbrook includes potential for additional funds to be made available to the business to facilitate further expansion in the future.
Regarding the refinance, Beechbrook were advised by Pinsent Masons and My Pension Expert by Gateley Legal. 

### Should pension planners be concerned about market fluctuations?
Under normal circumstances, market fluctuations are nothing to fret about. It is common for markets, and consequently share prices, to move up and down in accordance with business developments and wider external events. 
But admittedly, the current economic environment is far from normal.
Inflation is soaring and expected to reach as high as 14% this year, and interest rates have reached a 13-year record high of 1.25%. Elsewhere, the conflict in Ukraine is contributing to skyrocketing energy bills, and all these combined are contributing to exceedingly slow UK economic growth and market volatility. 
Understandably, this will unnerve some retirement planners, as the value of their pension investments will be directly impacted by such complications.
Initial panic
Given the timing of these dramatic economic events, it is understandable that people may panic slightly. After all, the UK has just emerged from the shadow of Covid-19, which essentially forced the partial closure of the economy. And just as people were beginning to regain some financial confidence, the cost of living began to skyrocket. 
Indeed, recent research from My Pension Expert revealed that half (50%) of wealthy pension planners consider inflation to be the greatest threat to their retirement plan.
Consequently, many people may feel forced into making rash decisions to ensure their money holds its value in the long term. Indeed, almost half (58%) of wealthier investments claim that the current economic climate is driving them to consider riskier investments to make their money work harder. This is particularly worrying considering that just 32% have sought independent financial advice regarding their retirement investment strategy. 
Of course, for some, higher-risk investments could greatly benefit their retirement strategy. However, this can only be clear after a thorough audit of one’s financial situation, as well as the wider economic circumstances that influence them. Panicked decisions regarding stocks and shares without such due diligence could result in permanent losses and a great deal of long-term damage to their finances. 
The bigger picture
It is important to remember that pension investments are a long-term savings mechanism to fund one’s retirement. Therefore, whilst the short-term volatility and uncertainty might be worrying, the markets are more likely to settle over the long-term – and this should be considered when making decisions about said investments. 
With this in mind, it is vital to consult an independent financial adviser before making any changes to one’s retirement investment strategy. After all, independent financial advisers, like our team at My Pension Expert, can calculate a client’s risk appetite in accordance with their existing financial situation and their future goals and make the appropriate recommendations to maximise their savings and achieve the best retirement outcome to suit their needs. So, clients can be confident that their money is working as hard as possible, despite such volatility. 
Market fluctuations can be unnerving even for the most experienced investor, particularly within the UK’s current economic context. However, there is no need to panic and make immediate changes to one’s pension plan. Instead, Britons should remain calm, consider the bigger picture, and seek independent financial advice. In doing so, pension planners will ensure that they remain on track to their desired retirement outcome. 

### ESG Investments: The future of pension planning?
Environmental, Social, and Corporate Governance (ESG) have taken hold of the financial services industry for some time now. Companies across all sectors are waking up to public pressure and implementing the various ways in which they can change to make their business more sustainable. 
This approach to business operations isn’t new. In fact, campaigns calling for major financial institutions to incorporate ESG first gained prominence in the mid-noughties. Since then, the movement has gained momentum, with countless reports and investigations supporting its benefits. 
Indeed, when considering their investments, it appears the British public are becoming more conscious about where their money is going and the impacts that it has on society. 
Clear interest in ESG
According to recent My Pension Expert research, over two-fifths (43%) of UK adults aged 40 and over understand what ESG means, highlighting an increasing awareness of the importance of sustainability principles in investing. 
Naturally, as more people have become aware of ESG, there has been a spike in interest in government policies to promote ESG practices within financial services. My Pension Expert found that more than two in five (43%) support the UK government in placing pressure on pension schemes to transition away from investments contributing to deforestation. Over a third (36%) also support government policies which force pension schemes to mitigate climate change. 
Newly garnered interest in these policies suggests there is support for government action towards promoting greener practices within pension schemes.
Yet, this is somewhat contradicted when looking at the number of Britons that have factored ESG into their retirement investment strategy – just 15% of adults aged 40 and over. Meanwhile, only 12% stated that they conduct thorough due diligence to ensure their pension investments are in keeping with their ESG preferences.
The question then is, why aren’t individuals eager to incorporate ESG into their own retirement plans? 
Lack of information 
As the saying goes, information is key. Which is wherein the problem lies. 
My Pension Expert’s research found that almost half (45%) of pension planners would like pension schemes to make ESG information more accessible. The insufficient information at hand for planners to conduct thorough research and make informed decisions about sustainable investments may explain the disconnect between positive attitudes to ESG and the lack of uptake in retirement strategies. 
Moreover, a lack of information could lead to confusion and misrepresentations of ESG. While awareness of the concept has increased, much of this is focused on the environmental aspects. Meaning many do not have the same level of understanding when considering the social and corporate governance aspects. 
As such the government and regulatory bodies must work together to establish a policy of transparency ensuring that pension providers and schemes publish clear and accurate information regarding ESG practices. This should be conducted by making information easily accessible to consumers on a business’s website. Accordingly, pension planners can find accurate information allowing them to consider whether the provider’s strategy is in keeping with their sustainable investing goals. 
Of course, independent financial advisers will also play a key role in helping planners to better understand ESG and guide clients towards a strategy that falls in line with the individuals’ personal preferences. For example, our team at My Pension Expert have the knowledge and expertise to identify the schemes or investments which would suit an individual’s principles, whilst ensuring they achieve the best retirement outcome possible. 
Amplified awareness of ESG and enthusiasm for government policies that embrace it are heartening. However, as our research highlights, there is still plenty of work to be done when it comes to encouraging pension planners to adopt ESG into their own strategies. Regulatory changes will be crucial. Likewise, improving access to independent advice will put planners in a better position to make decisions on sustainable strategies. Through these changes, planners can acquire a retirement strategy that adheres to their principles, whilst securing them the best retirement income.    

### My Pension Expert delights at the RHS Malvern Spring Festival
You sow the seeds early, tend to the plants regularly and diligently, and then you get to enjoy the flowers that bloom. In many ways, pension planning and gardening are the same.
That's why My Pension Expert were proud to be a headline partner at last weekend’s RHS Malvern Spring Festival. 
RHS Malvern Spring Festival
Tens of thousands gathered at the Three Counties Showground in Worcestershire for the fantastic four-day event running from Thursday 5th to Sunday 8th, to enjoy the extravagant RHS show gardens. 
Visitors got the chance to admire the Malvern floral marquee and revel in the festivities by enjoying the show gardens and variety of local produce and shopping arcades, including the new permanent garden commissioned in the showground to mark The Queen’s Platinum Jubilee.
Making its triumphant return, after last year’s unfortunate cancellation due to pandemic restrictions, the show was once again a fantastic opportunity for festivalgoers to celebrate the rich history of the RHS, while crucially supporting local enterprises – a cause that My Pension Expert have always been passionate about. 
Further, this year’s festival was the organisers' greenest yet, with the adoption of sustainable practices such as encouraging visitors to bring their own shopping bags and utilise Showground water bottle refill stations. Indeed, a welcome change and one that matches with the values of My Pension Expert, as we adopt Environmental, Social and Corporate Governance (ESG) in all aspects of our business and constantly seek to improve this.
Festival Line-Up
Meanwhile, the festival renowned for its line-up hosted a number of famous faces; horticulture royalty such as Monty Dom and Arty Anderson made their appearances, as well as many other speakers who delighted with a range of topics across the show’s various stages. The My Pension Expert team particularly enjoyed listening to world-famous chef, Raymond Blanc, regarding British Produce (although sadly, we weren't invited to help out with the tasting!).
Better yet, this year’s line up included rowers Jessica Oliver and Charlotte Harris of the My Pension Expert sponsored Team Wild Waves to give a talk titled “Breaking Bias and World Records, with Atlantic Rowers Team Wild Waves”. These inspirational women shared their tough training experiences, and how they overcame numerous challenges to smash the world record by five whole days. 
Finally, we had the privilege of meeting Princess Anne when the royal attendee visited the My Pension Expert booth on the Friday. The Princess Royal is a patron of the RHS and was at the event to present an award.
We're delighted to see the festival’s turn out and proud to collaborate with the Royal Horticultural Society playing a part in such a much-loved event! We can’t wait until next year! 

### Drawdown vs annuities during the cost-of-living crisis
The UK is undeniably in the grips of a cost-of-living crisis.
Inflation has reached its highest rate in thirty years at 7% and is expected to soar even higher throughout the year. Adding to this pressure is the soaring cost of energy prices and market volatility.
Consequently, individuals are seeing their budgets stretched beyond recognition – and UK retirees are no different. Without a guaranteed wage every month, those in retirement will likely be concerned about how they can afford to uphold their current lifestyle.
Fortunately, however, there are financial options available to help individuals weather the financial storm and uphold their financial health, even in retirement….
Guaranteed income
In times of crisis, many individuals crave certainty and stability. And for retirees, this could be offered in the form of an annuity.
An annuity is a source of retirement income, which can be bought with all, or a portion of one’s pension. It provides the retiree in question with a guaranteed income for the rest of their lives (or for an agreed period of time, in the case of a fixed-term annuity).
Annuity rates, which determine the amount of income an individual will receive in return for their pension, have also seen a modest increase in 2022, adding further to their appeal. This is mainly because interest rates have been gradually rising, reaching 0.75% in March this year. This means that retirees are likely to receive a more generous income in exchange for their pension.
It is certainly possible to understand why someone might consider taking out a fixed-term annuity in 2022. Given the financial uncertainty, the guarantee of a regular income for several years, until economic situation begins to settle, would certainly offer reassurances to retirees.
That said, an annuity certainly has some drawbacks… 
Freedom and flexibility
One of the key issues with annuities is their inflexibility. Once an individual agrees to receive a regular income at a certain annuity rate, they are locked in until their contract with their annuity provider ends. Their income will not be impacted by any positive market movements or further increased interest rates. Additionally, the proportion of an individual’s pension has no further opportunity to grow once it is used to purchase an annuity – once it’s gone, it’s gone.
Accordingly, some retirees might find their financial situation is better suited to a flexible-access drawdown. This product gives retirees the freedom to decide exactly how much income they want to receive at any given time. So, if they are worried about draining their pension pot too quickly, they can reduce the income they receive and increase it just a few months later.
It also allows retirees to continue growing their pension pot, even throughout retirement. This is because the proportion of the pension they do not withdraw remains invested within their pension fund, so it can continue to grow over time.
Of course, this can leave one’s retirement savings vulnerable to market fluctuations – and this can admittedly be unnerving for some people. However, it also means that their savings will benefit from positive market changes, which leaves scope for their pot to grow alongside the UK’s economic recovery.
Annuities or drawdowns?
Of course, this begs the question: which retirement income option should retirees choose: Annuities of flexible-access drawdowns?
The answer is not clear-cut. The right option will depend on a variety of factors, including an individual's financial situation, retirement goals and their risk appetite.
Of course, there is no one-size-fits-all retirement strategy. And as such, retirees should seek independent financial advice before making a decision. Indeed, our team of qualified advisers at My Pension Expert, have the knowledge and expertise to analyse an individual's unique set of circumstances and make tailored recommendations to help them secure the best retirement outcome possible. For some, this could mean purchasing an annuity, or for others, it could mean entering a flexible-access drawdown.
These are uncertain times. Luckily, however, there are financial options to help retirees maintain financial security – the key is to seek advice before making a financial decision. In doing so, people will have the peace of mind that their finances are under control, despite this challenging economic situation.

### Do retirees need to maintain a strong credit score?
Many Britons assume that their borrowing days are behind them by the time they reach retirement as they shift their focus towards wealth preservation as opposed to credit concerns. As a result, credit scores are no longer considered to be important, ultimately causing the score to fall.
However, credit scores can continue to be a useful tool for individuals, even when they have retired…
Why are credit scores still important?
Credit scores are an important tool to help individuals access to finance and achieve their financial ambitions. And it is no different for retirees. Indeed, by accessing various sources of finance, retirees are able to maintain or improve their lifestyle in retirement.
For example, if someone wants to move house – to downsize their property or move to a more affordable area – a mortgage will likely be required. Mortgage applications are heavily impacted by an individual’s credit score; they determine whether their application is approved and the interest rates the individual must pay. Therefore, it is advisable for retirees to maintain a stronger credit score to secure the best mortgage deal possible.
Credit scores will also be useful for retirees looking to secure lower monthly bills. Indeed, refinancing one’s mortgage or loan to achieve lower interest rates and, consequently, monthly bills. However, a strong credit score will be required to achieve this, as it proves to lenders that the borrower in question is reliable and worthy of a lower interest rate.
Credit scores can influence a person’s access to various other products, ranging from car insurance to mobile phone contracts – and unsurprisingly, those with the best scores are more likely to achieve the best deals.
The question, therefore, is how can retirees maintain strong credit scores?
Maintaining a strong score
First and foremost, it is advisable for retirees to check their current credit score, understand their current status, and determine whether action is needed to improve it. This is usually accessible via the UK’s three main credit agencies: Experian, Equifax and TransUnion. Alternatively, a person’s complete credit report can be found on free-to-use platforms such as ClearScore or Credit Karma.
Once a clear view of one’s credit score has been established, retirees can take steps to build up and maintain a strong score.
Ensuring debt and bill repayments, such as for one’s mortgage or credit cards, are paid on time is a strong start. This demonstrates that the individual is reliable with repayments and will consequently result in a stronger credit score.
Keeping balances on existing credit cards below their limit will also help to maintain a strong score. Experts tend to recommend a utilisation rate of 30% or less; however, provided that the debt is repaid on time, there will be flexibility in their figure.
Even small actions such as remaining on the voting register can help retirees maintain a strong credit score, as many lenders use the electoral roll to verify the identity of a credit applicant.
That said, maintaining a strong credit score may seem like an overwhelming prospect for some people, and many might not know where to start or how it might impact their retirement outcome. As such, retirees would be wise to seek independent financial advice before taking any decisive action. Indeed, our team of advisers at My Pension Expert will assess an individual’s financial situation, as well as their future goals, and help them decide on a financial solution that will best suit their needs.
Whilst many people assume they won’t need to access finance throughout their retirement years, situations can change at the drop of a hat. Accordingly, having a strong credit score in one’s back pocket can be extremely useful to help retirees access finances if required.
As always, however, seeking financial advice before taking definitive action is vital; this will ensure that retirees are able to strengthen their financial position without damaging their current or future prospects.

### The changing face of financial advice
This week marks the second anniversary of the first national Covid-19 lockdown. Like many organisations across all sectors, the financial services industry had to adapt quickly to the social distancing rules imposed by the UK government, with all adviser-client interactions carried out virtually for much of the pandemic period.
Yet, this embracing of the tech revolution has proved incredibly beneficial for the industry. Indeed, the change in working practices has been positive for advisers and consumers alike as access to financial advice becomes more readily available to retirement planners.
The switch to virtual services
Prior to the pandemic, in-person meetings between advisers and clients were the norm, with this sort of interaction perceived as integral to building relationships and making important decisions throughout the retirement planning process.
However, research from the end of last year found that nearly a third (31%) of people that had received financial advice had used remote advice channels for the first time since the UK first entered lockdown in 2020.
Evidently, over the last two years, advisers' approaches to interactions have changed, with consultations with clients being conducted through telephone, and video calls replacing the need for face-to-face meetings. In short, this has provided a constant line of connection between advisers and people seeking financial advice, ensuring that pension planners have support to hand when they need it the most.
In many ways, remote practices of delivering advice have created a more efficient and streamlined approach to the financial advisory process whilst improving wider national accessibility. For example, an individual based in Cornwall could now speak to an adviser from Yorkshire without needing to dedicate time or resource to travel for a face-to-face meeting. Likewise, the process is now easier than ever, which might make those who are put off by lengthy procedures and financial planning procedures more inclined to seek advice.
Clients have certainly welcomed the switch, with more than half of advised individuals (56%) stating that they are now happier than they were before the lockdown, given the switch to receiving advice remotely.
Therefore, the industry must strive to continue embracing tech-based approaches. Coupled with excellent independent financial advice, we must keep up the progress and go a step further in improving the accessibility of financial advice.
Improvements in platforms
Retirement is a time of significant change in lifestyle for many people, as they look to move away from work and start making financial choices with their pension in mind. Therefore, they must ensure that they are maximising their financial well-being and getting their finances in order.
It is important that retirement planning involves an open-door system that enables all savers to receive the best advice and information regarding their savings and investments, no matter their occupation or where they are located in the country. This can be achieved by further progressing tech-based approaches alongside encouraging more individuals to seek independent financial advice.
Certainly, future financial advice should continue to aim for improved engagement from pension savers. Advisers often struggle to get people to attend regular reviews, which for those years away from retirement may feel unnecessary at times. So, a lighter tech-based approach utilising online apps, booking systems, and instant chat services would actively encourage engagement from savers across all age ranges.
The major advantage of such platforms is their simplicity for users. Financial advisers can maintain simple and clear lines of communication through emails to clients to provide updates outlining clients' progress with their pension pot and whether they are on track to meet their retirement goals. They can also send information, including topics of interest, such as new investment opportunities and industry news. This approach not only allows clients better access to their savings and a more informed view of the pension landscape but also ensures a close relationship between clients and advisers.
Ultimately, as tech-based solutions take hold of the financial planning industry, it ultimately lowers the cost of advice and makes it more accessible to the masses. And, certainly, considering more than half (53%) of UK adults are now seeking financial advice, this is a step in the right direction.

### Pensions explained - Are annuities still relevant?
Annuities were once considered the bread and butter of retirement finance. 
Indeed, it was standard practice for individuals who reached their desired retirement age to withdraw 25% of their pension as a tax-free lump sum and use the remaining 75% to purchase an annuity. And in doing so, their savings would be converted into an annual pension and a guaranteed income for life (or a pre-agreed period). 
However, the introduction of the pension freedoms in 2015 shook up the system. Now Britons could not only access their pension at the age of 55, but they could explore alternative retirement finance options such as flexible drawdowns or even investments. 
Consequently, annuities fell out of favour…
A less appealing option?
It is possible to see how annuities might struggle to compete with more flexible and potentially more lucrative retirement finance options. 
For example, flexible drawdowns enable individuals to withdraw as much or as little income from their pension as they wish, whilst allowing what they don’t take out to remain invested. As such, the pot can continue to grow over time. An annuity does not allow for such flexibility; once their income figure is agreed upon, this cannot be changed. 
Another factor one must consider is annuity rates, the percentage by which an individual’s annuity will grow each year. They are usually shown as how much money a person will get per £100,000 they pay to the annuity provider. 
So, for example, an annuity rate of 5% would mean a retiree will get £5,000 for every £100,000 they invest; this would mean that paying an annuity provider £50,000 would result in receiving £2,500 each year. 
Annuity rates are determined by numerous factors, including life expectancy, the health of an individual, the size of their pot, and interest rates. In recent years, annuity rates have not been particularly generous due to a combination of rock-bottom interest rates (which until recently sat at record lows of 0.1%) and the population’s longer life expectancy. As such, people may feel that they are getting less for their money with an annuity and instead look to other more lucrative forms of retirement income.  
And such factors certainly spur the question; will annuities fade into obscurity? 
A case for annuities
One could argue that annuities could still be a viable option for some people, given certain circumstances. 
For example, interest rates are gradually beginning to rise again, which will spur an increase – albeit a modest one – in annuity rates. As such, annuities may begin to look like better value for money. From some people. 
Additionally, in times of uncertainty, they can offer some welcome reassurances. For example, retirees may have most of their pension tied up in stocks and shares. As such, the value of their pension could fluctuate dramatically throughout periods of market volatility. Accordingly, it might be beneficial for such retirees to purchase a fixed-term annuity. This would guarantee them an income for a predetermined period of time whilst they wait for markets to stabilise and their pension investments to restore their value. 
That said, annuities will not suit everyone’s personal circumstances. So, it is vital that individuals seek independent financial advice before making any final decisions. For example, My Pension Expert’s team of advisers will review a person’s financial situation, risk appetite, and retirement goals before making recommendations to help them achieve the best possible retirement outcome. For some, this may involve weaving a fixed-term annuity into their strategy, but it will depend on their personal circumstances. 
Whilst annuities may no longer be a staple in Britons’ retirement strategies, they are still worthy of consideration. Indeed, the security of a fixed income in times of uncertainty could prove to be a valuable financial tool throughout retirement. As always, however, individuals should seek advice before making a final decision. In doing so, they will ensure that they achieve the financially comfortable retirement they deserve.

### Could your pension be the key to solving the climate crisis?
Global warming. It’s an issue of huge concern that, despite best efforts amongst individuals, is showing no signs of going away. Forecasts from the United Nations suggests that at its current rate, more than 140 million people worldwide will need to migrate from their regions by 2050, as conditions worsen to create uninhabitable environments.
We know the importance of living sustainably: the mantra reduce, reuse, recycle impressed upon many from a young age. Yet what if the key to solving the climate crisis is actually locked away in your savings account?
In the current economic climate, more and more people are turning to investments to try to preserve the value of their assets in the face of low interest rates and rising inflation, which recently hit its highest rate for 30 years. In fact, at the end of 2020, it was estimated that there was over $35 trillion (or nearly £27 trillion) held in invested pension funds worldwide, whilst asset management companies held a whopping $103 trillion in total. This staggering number is growing year on year, and reflects the money held in invested assets as people attempt to protect and grow their wealth.
But how this money is invested could determine the future of our planet.
Say hello to sustainable investing.
Sustainable investing is a method of investing where assets are invested into funds that help to promote sustainable development. There are numerous ways in which these funds can be selected, and they can include anything from investing in renewable energies, to finding cures to diseases. Sustainable investing also takes into account business impact; invested funds can help to address issues such as world hunger, international health and education, or even equality, and businesses that impact the world negatively are excluded.
What’s more, you don’t have to know everything about investing or research hundreds of companies to invest your money sustainably. An independent financial adviser can offer guidance and suggest ready-made sustainable portfolios that meet your personal requirements, so all of the hard work is done for you.
It is estimated that it would cost $50 trillion to stop global warming before 2050. That’s under half of the currently invested assets worldwide. Imagine what the impact could be if everyone invested sustainably.
Thinking about spending more time doing the things you love?
If you're contemplating retirement, or want to discuss investment options for your savings, talk to My Pension Expert for advice that could help you improve your income and grow your wealth*. We offer access to discretionary managed investment portfolios and a range of retirement options to suit your needs, so you can be sure that your hard-earned savings are being well looked after. Speak to us today!
*Invested capital is at risk.

### What is causing Britain’s will writing problem?
Discussions about wills and death are an uncomfortable yet necessary part of life. As such, the topic of will writing cannot be ignored. They are a vital tool that ensures that an individual’s assets are divided exactly how they want when they die.
Yet, almost three in five (59%) Britons still do not have a will in place. It is vital to understand the crux of the issue and ease people’s nerves about creating a will.
What is causing the widening will gap?
There are numerous reasons which could influence a person’s decision to create a will.
Firstly, some people may simply be unaware of the consequences of not having a will, creating a distinct lack of urgency. Indeed, figures from Unbiased suggest that over a quarter (26%) of Britons plan to write a will “later in life”.
However, failure to have a will can lead to major complications for loved ones later down the line. For example, if an individual dies unexpectedly without a will, their assets are subjected to intestacy laws. This essentially means that an individual’s assets can only be divided between close family members, including spouses, parents, siblings or children. Unmarried partners and close friends are consequently left out of the will, despite the original wishes of the deceased.
Another leading reason for not having a will is the misconception that an individual must have a minimum number of assets before writing one – shockingly, a fifth of UK adults believe this, according to Unbiased’s aforementioned figures. This feeds into the somewhat dangerous misconception that wills are only for the wealthy few. This could not be further from the truth. There is no minimum when it comes to wills; every individual can, and should, assess the entirety of their estate, regardless of its size.
What’s more, people will inevitably have more assets than they think, from pensions and savings accounts to investments and illiquid assets such as properties, cars, or art. So, even if one assumes that they have very few possessions or assets to divide between loved ones, conducting an inventory and creating a will is always a valuable exercise. After all, it could save individuals from unnecessary stress later down the line.
A helping hand with will writing
For many individuals, one of the leading deterrents for producing a will is simply that they don’t know where to start. Luckily, however, they needn’t muddle through the process alone.
At My Will Expert, the will writing service from My Pension Expert, our team of qualified will writers are on hand to guide our clients every step of the way. From helping clients review their assets and create a will from scratch to will reviews and drafting lasting power of attorney documents, the team can offer expert insights to place clients’ minds at ease and set their affairs in order.
The idea of writing a will might seem like an overwhelming process, whilst various assumptions and misconceptions about wills will further feed the British reluctance to bite the bullet and create a will. However, Britons would be wise to make use of the expertise available to them, like My Will Expert, and kickstart the process of dividing up their assets. In doing so, they will provide welcome peace of mind to their loved ones later down the line.

### How are pensions divided during a divorce?
The ONS’ latest figures revealed that there were 103,592 divorces in 2020. Whilst this marks a 4.5% decrease compared to 2019, the data acts as a stark reminder that many couples are still taking on the difficult decision to end their marriage. And, of course, when it comes to divorce, all former couples must face the complicated process of dividing up assets.
Pension pots are often the largest financial assets most people will need to broach. With this in mind, it is important for individuals to understand how to approach dividing up one’s pension pot during a divorce.
Finding the total value
Before any formal decision is made regarding the pension division method, formerly married couples need to calculate the complete total of their pension savings. This must include all pension pots accumulated both before and after the ex-partners were married. In short, the total value must include everything but each persons’ state pension entitlement.
This might sound like an overwhelming task, so former couples might consider consulting an independent financial adviser to conduct a complete financial report to uncover any potentially lost pensions from each side. Whilst this service will come at a price (such a service usually costs around £1,000 to £1,500), it can relieve some stress from what will already be a painful time.
In an ideal world, once the total pension sums have been calculated, the pension split would be 50:50. However, factors can complicate matters; for example, one party may not have a pension at all. In which case, there may be some instances that require more complex division processes.
A fair split
There are several ways in which a pension can be divided if a straight 50:50 is deemed to be unfair.
The first option is offsetting. This is when the partner with the pension pot is able to keep the entire pension, whilst the other party receives more of the marriage assets (the value of which would equate to the total sum of the pension). This seems like a straightforward process; however, this might not be possible if the non-pension assets do not equate to the total value of the pension. Under such circumstances, alternative approaches will be required.
Earmarking – also known as a pension attachment order – might also be considered. This approach allows the party without a pension to receive income or a lump sum payment from their former partner’s pension pot in future, thereby ‘earmarking’ the pension for their benefit. However, it must be acknowledged that this approach can have some disadvantages; for example, the receiver of the income payments will have no say in the investment strategy of the pension, and if said receiver remarries, they may lose their entitlement to pension payments.
One final option to consider is pension sharing. In these cases, the partner without the pension will receive a share of the pension, which is transferred to them in their name. This will give the receiving party autonomy over their share of the pension, so they can decide to transfer their pension to another scheme if they choose. What’s more, this option also provides a ‘clean break’ for the former couple, so each party’s post-divorce activities (such as marriage or death) will not affect their share.
Divorce is always a painful process, and the complications that can emerge with dividing one’s pension pot can add another layer of stress to proceedings. However, by ensuring all parties understand the various options and seek advice where necessary, former couples should be able to achieve a fair pension settlement.

### What will rising inflation rates mean for retirement finances?
As inflation soars, pension savers and retirees must consider how this affects their retirement finances.
This week, it was announced that inflation rose to 5.5% in January, reaching its highest rates in 30 years. Additionally, the Bank of England predicts further price growth, surpassing 7% by the Spring. This hike will impact the personal finances of Britons across the country with spikes in prices in energy, fuel, and food – and unfortunately, pensions are not immune.
Of course, the immediate impact of inflation is cause for concern. However, one should not overlook the potential threat it can pose to individuals’ retirement strategies. Indeed, a recent survey amongst 550 affluent Britons, commissioned by My Pension Expert, revealed that half (50%) of respondents believe inflation is the biggest threat to their retirement plans.
Therefore, it is vital that individuals understand exactly what inflation might mean for their retirement strategy and, more importantly, how they can ensure they can still obtain the financially secure retirement they deserve.
Understanding the impact of inflation
Understandably, the main concern amongst pension planners is whether their hard-saved pension will hold its value against inflation in the long term, with many focusing on the final figure they will need in their pension pot to retire comfortably. However, an essential aspect of retirement planning is considering what you can buy with it; does it cover the cost of one’s retirement lifestyle? And while month-to-month price increases may not be obvious, continuous inflation over time will decrease the value of pensions pots as retirement income will not stretch as far. Meanwhile, savings and investments can also take a hit if growth does not match the increase in inflation.
These factors leave pensioners particularly vulnerable to the stresses of inflation. For example, according to Age UK, over half (52%) of over-65s are worried about rising energy bills compared to just 31% last month.
Such concern is prompting individuals to explore alternative routes to retirement to help their money retain its long-term value. For example, My Pension Expert’s aforementioned research found that over a third (34%) of wealthier pension planners had moved their money into investments to counteract the combined impact of inflation and low-interest rates.
Of course, exploring investment options could be a useful move when it comes to making one’s money work harder when faced with economic uncertainty. However, what is worrying is that people seem to be making major financial decisions without the help of qualified financial advisers – just 32% of wealthy pension planners have sought independent financial advice regarding their pension.
Such figures suggest that the pressures imposed by inflation are driving people to make rash, potentially ill-informed decisions regarding their retirement strategy. And this could jeopardise their long-term financial health.
However, individuals should not feel they must muddle through alone – help is on hand in the form of independent financial advice.
Seeking advice
Independent financial advisers – like our qualified team at My Pension Expert – are always on hand to help individuals review their retirement strategy and make adjustments in accordance with the current economic situation.
Indeed, they take into account a client’s current financial situation, future goals, as well as their risk appetite and make the appropriate recommendations to ensure their money is working as hard as possible, in a way that suits their specific needs. So, savers can remain on track to a financially secure retirement, despite inflation.
Continuous increases in inflation have the potential to create an incredibly stressful situation for savers – particularly if they are more vulnerable to the rising cost of living. However, with access to practical financial advice, savers will be able to mitigate the effects of inflation to achieve their desired retirement outcome.

### Music to our ears: We’re sponsoring the Cheltenham Jazz Festival
My Pension Expert are delighted to announce our sponsorship of the Cheltenham Jazz Festival 2022!
Making its hotly anticipated return following a two-year break due to the Covid-19 pandemic, the festival promises to celebrate its 25th edition in style. Taking place from 27th April to 2nd May in the beautiful Cheltenham Spa, this year’s festival will incorporate large scale shows, world premieres, masterclasses, family-friendly shows, and a wide range of free events!
Indeed, with musical giants such as Paloma Faith, Gregory Porter, and Imelda May set to grace the festival during one of the festival’s headline events, BBC Radio 2 Celebrates Jazz (coincidentally sponsored by My Pension Expert), this year’s Cheltenham Jazz Festival will undoubtedly appeal to everyone – from jazz experts to those just starting to dip their toe into the jazz scene.
Of course, the audience appeal is clear. But what exactly drew My Pension Expert into sponsoring this prestigious event?
Supporting the arts
My Pension Expert has always held an interest in supporting and nurturing exceptional talent. From our sponsorship of the world record-breaking rowing duo, Team Wild Waves, to our headline partnership with RHS Malvern Spring Festival 2022, we are thrilled to support individuals’ passions and offer them a platform to showcase their abilities.
Indeed, whilst the Cheltenham Jazz Festival always delivers with its major headline acts, My Pension Expert are also excited to hear the talents of local, lesser-known artists. And through our sponsorship of the event, we are delighted to offer our support to such talented individuals.
That said, it isn’t just about the artists themselves. The arts are incredibly important to local communities and the nation in general. Covid-19 placed a great deal of pressure on individuals’ mental health through various national lockdowns. Access to art such as music will have played a great part in helping people express themselves and – at least for a short while – enjoy some respite from the pandemic.
As such, we’re thrilled to be able to support a festival that encourages new talent to showcase itself, helping to create new fans of the genre and perhaps even some of the jazz superstars of tomorrow.
My Pension Expert are delighted to be able to support the arts and feed into the history of musical excellence created by the Cheltenham Jazz Festival. We can’t wait to enjoy established talent whilst discovering some hidden gems along the way!
Find out more about the Cheltenham Jazz Festival here.

### Should pension planners diversify their investment portfolios?
"Hedge your bets", so the saying goes. Whilst this may seem somewhat cliched, this philosophy is undoubtedly worthy of adopting when managing one's pension portfolio.
Indeed, building a diverse investment portfolio – one which sees an individual's portfolio contain a healthy mix of distinct asset types and investment vehicles – can offer multiple benefits. Perhaps the most attractive quality diversification provides is that it minimises the overall risk associated with the investment portfolio. This is because the person's investments are less vulnerable to industry or enterprise-specific risk.
Consequently, the portfolio is more likely to remain stable in the long term because not all investments are likely to perform poorly all at once. As such, it eases the pressure when certain funds underperform if other investments perform very strongly – undoubtedly reducing the stress of the individual investor.
An attractive proposition
Evidence certainly suggests that more and more individuals are now viewing investments, and more diverse portfolios, as an attractive mechanism to incorporate into one's retirement strategy.
Indeed, My Pension Expert recently commissioned a survey amongst 550 UK adults with at least £50,000 in investments (excluding property they own as their primary residence or money in savings accounts) to identify trends in popular investment strategies. The research found that 42% of respondents prefer to actively invest their money in assets instead of putting their money in traditional savings accounts or pensions. A similar number (44%) expect more of their retirement income to come from investments rather than a pension pot.
Such figures suggest that more and more individuals are open to the prospect of investments, and consequently, portfolio diversification. Worryingly, however, a substantial number seem to be failing to seek advice.
Indeed, My Pension Expert's research mentioned above found that just 25% of wealthy pension planners have consulted a wealth manager about their investment strategy. This suggests that, whilst appetite for investments - and diverse investment portfolios – is growing, investors could be putting their money in investments that don't suit their needs. Worse still, it could be exposing them to higher risk than they are able to manage.
The value of advice
Evidently, having a diverse investment portfolio will benefit investors and their retirement strategies. However, a diverse portfolio is pointless – unless such investments suit the individual's specific needs, goals, and risk appetite. As such, it is vital that Britons consult a wealth manager or independent financial adviser before making a final decision.
For example, our team of qualified experts at My Pension Expert's bespoke investment offering, Imperium Advice, offers tailored analysis and advice throughout the entire process – from an initial discussion to understand the clients' financial goals and risk appetite, to regular portfolio reviews and strategy updates. In doing so, clients can rest assured that their investment portfolio is being appropriately managed and all investments are geared to helping them achieve their long-term retirement goals.
Diverse investment portfolios can play an important role in developing one's retirement strategy. However, the key is to seek independent financial advice or consult a wealth manager to ensure that it is completely tailored to individual requirements and not exposing them to too much risk. In doing so, more and more pension planners will be able to achieve a stronger retirement outcome than they perhaps initially expected.

### Investments: A pension planner’s lifeline?
Investments have the potential to be lucrative sources of income, provided that an investor understands the various risks involved and consults an independent financial adviser before making a final decision.
As such, investments are growing in popularity amongst pension planners. In a recent survey of 550 adults with over £50,000 worth of investments (excluding property they own as their primary residency, or money in savings accounts), when addressing their retirement plans, over two fifths (42%) of respondents said they prefer to invest their money in assets outside of a traditional pension scheme. Additionally, 44% expect most of their retirement income to come from investments, rather than a traditional pension.
Given the potential for strong returns, this enthusiasm for investments is understandable. However, these assets are still not immune to the financial pressures driven by Covid-19. Indeed, almost half (48%) of pension planners are concerned about the ongoing impact of the pandemic on their investments.
So, what factors are driving these concerns?
Value concerns
Covid-19 had an almost immediate impact on people’s personal finances. As early as March 2020, before any national lockdown was announced, the Bank of England (BoE) announced that interest rates would be lowered to historic lows of 0.1%. Indeed, according to My Pension Expert’s aforementioned research, over two fifths (44%) of UK pension planners have been prompted to explore riskier investments to combat low interest rates.
Skyrocketing inflation is also a major concern amongst pension investors, with rates expected to reach 7% in April 2022 – its highest level since 1991. So much so, that half (50%) of wealthy pension planners consider it to be a major threat to their retirement strategy.
Evidently, there are widespread concerns about how investments can hold their value for one’s retirement. And under such circumstances, one would assume that savers would look to qualified financial advisers to help them adjust their retirement investment strategy – but this is not the case.
According to My Pension Expert’s research, just 25% of pension investors have consulted a wealth manager about their retirement investment strategy. Only slightly more (32%) have sought independent financial advice.
Such figures are concerning. After all, making a rash or ill-advised decision about one’s finances can have detrimental long-term repercussions.
Seeking professional advice
All investments come with an element of risk – and even retirement planners, who consider themselves to be experienced with investments are not immune to making a seemingly sound decision, which could backfire later down the line.
As such, savers must seek independent financial advice or consult a wealth manager before making any investment decisions. Their insight could prove invaluable to an individual’s investment strategy.
For example, clients of My Pension Expert’s new bespoke investment offering, Imperium Advice, was launched to provide an entirely personalised service to help pension investors achieve the best possible retirement income. From access to their own personal account manager and IFA, to regular market and portfolio updates, Imperium Advice ensures that investors have all the information they need to make informed decisions about their investments.
Investments have the potential to offer lucrative returns and transform an individual’s retirement finances, despite the economic turmoil. However, this is unlikely to be achieved without receiving regulated, independent financial advice. Investments will never be 100% free of risk. However, seeking bespoke advice ensures that people’s investments have the best possible chance at success.

### Responsible Business - Team Wild Waves: Journey’s end…
It’s difficult to believe that Team Wild Waves are nearing the end of their Talisker Whiskey Atlantic Challenge adventure.
The numbers speak for themselves. Throughout the challenge, Jessica and Charlotte will have travelled over 3,000 miles – which will have taken them a total of 1.5 million strokes to complete! And all this on just 4 hours of sleep every 24 hours.
So, how are they feeling about their monumental achievement? We were lucky enough to speak to the team to find out:
My Pension Expert (MPE): first things first, what specifically drew you to participate in this challenge?
Charlotte Harris (CH): We had gone through another smaller challenge called White Collar Fight Club where you learn to box over 3 months and then enter the boxing ring in front of 1,500 people whilst also raising money for the charity Mind. We loved the element of raising money, and whilst training for the boxing, we walked through a homeless park to get to the gym so were super keen to do something big to raise money for homelessness through Shelter.
Jessica Oliver (JO): We realised when researching homelessness that 32% of women end up homeless through domestic abuse and decided we had to raise money for Women’s Aid as well. What we loved about the boxing was learning something completely new to us so when Charlotte heard of the Talisker Whisky Atlantic Challenge through her work at Diageo, it was put on the table as a real option, and after the come down of the boxing, I immediately agreed.
MPE: Has the challenge prompted a long-term “love” of ocean rowing?
JO: It’s definitely prompted a long-term love of the ocean rowing community – the amount of unbelievable people we’ve met has been overwhelming. Everyone is so open, eager to help and share experiences and it’s incredibly refreshing. I’m not sure we’ll be rowing an ocean again, but we certainly will be joining new adventures with the girls from the communities we’ve met!
MPE: What do you think will be the most challenging aspect of the race? 
CH: There’s a few aspects to this, I think rowing at night for the first few nights will be incredibly challenging, but we plan on rowing as much as possible together to help our nerves! I think it will be difficult to deal with the monotony as well as the pain from rowing, 60 days is a LONG time. And finally, I think one of the most challenging things will be settling back into normal life having just had a life changing experience, how do you return to an office once you’ve rowed the Atlantic Ocean??
MPE: What do you think the first thing you’ll do/eat/drink when you get off the boat? 
CH: We are both in full agreement that we’ll probably want loads of fresh fruit and vegetables but in reality, we’ll probably have one giant burger washed down with a strawberry daiquiri!
MPE: What are you most looking forward to doing after you finish the challenge?
JO: Being able to say we’ve smashed it and done our families, friends and sponsors proud! Plus being able to enjoy some well-deserved rest and relaxation!
You can still donate to their brilliant charitable causes via the Wild Waves website, here.
Image Credit: Atlantic Campaigns.

### Introducing Imperium Advice - our new retirement service
My Pension Expert is delighted to announce the launch of Imperium Advice, our new bespoke retirement service.
As the UK’s leading at-retirement adviser, we pride ourselves on offering honest, practical advice, which we tailor to the individual needs of our clients, thereby putting them in the strongest financial position possible.
Imperium Advice builds on this premise, levelling up our advice offering by providing clients with a further personalised service for those who want to retain greater control over their retirement decisions.
Why Imperium Advice?
My Pension Expert recognises that no two clients are the same. Indeed, some clients desire greater control when making investment decisions, whilst some have more complex needs when managing diverse investment portfolios, pension income, or even inheritance.
This is why we have launched Imperium Advice. We wanted clients to have ultimate flexibility whilst receiving a personalised service to fit around their busy lives.
Imperium Advice delivers a bespoke service with tailored and discretionary managed investment portfolios. Each client has direct access to their own personal account manager, who delivers continuity of service. This account manager will act as the main point of contact for their client, enabling them to build a relationship and gain a comprehensive understanding of what the client wants to achieve with their investments.
Each account manager is an expert in retirement wealth planning and can offer truly advice.
What does Imperium Advice offer?
Following an individual’s enquiry with Imperium Advice, clients will have an initial phone consultation with a dedicated personal account manager, who will discuss their requirements and identify the best investment options to suit their circumstances. Clients will then receive these options in a detailed document via post and email, giving them the opportunity to review this information in their own time.
A second call with their personal account manager will be arranged shortly after, providing a client with the opportunity to ask any questions. If the prospective client is happy to proceed with the suggested options, they will be offered an appointment with their own financial adviser (IFA), who will conduct a further review of their circumstances to help the client determine the best option to suit their needs.
Once all options have been agreed upon, clients needn’t worry themselves with any administrative issues, such as investment or pension transfers. Their personal account managers handle all of the heavy lifting, whilst keeping them updated every step of the way.
From there, clients have the freedom and flexibility to control and alter their investment strategy as they see fit. They will receive regular communication and portfolio reviews, in addition to annual reviews conducted by their IFA, as well as quarterly market insight newsletters and advice regarding changing circumstances that might impact investments. This will ensure that clients are able to make the most informed decisions possible when it comes to their investments and secure themselves the best possible financial outcome. And, of course, they will always have access to their own IFA and account manager to provide valuable insight into different options available to them.
With Imperium Advice, we provide clients with the freedom and flexibility to control their own route to retirement, whilst offering them the gold standard service they deserve.
Curious to find out more about Imperium Advice? Visit our website for more information.

### An Alternative Christmas and New Year…
For most of us, Christmas and New Year marks a time to celebrate with our family and friends and perhaps indulge in some festive foods. That said, the same might not be said this year for Team Wild Waves, whom My Pension Expert are proudly sponsoring in the Talisker Whisky Atlantic Challenge.
As Jessica and Charlotte battle through this momentous challenge, we couldn’t help but wonder whether they were planning to mark the festive season with oceanic celebrations or maintain a ‘business-as-usual’ approach throughout the season and postpone celebrations until the end of the race.
Curiosity got the better of My Pension Expert, and luckily, the team were able to catch up with Wild Waves before they set off on their journey…
My Pension Expert (MPE): Do the team have any plans to make Christmas day special, such as packing some festive treats to enjoy?
Charlotte Harris (CH): We are allowed fun foods, but neither of us fancied a dehydrated Christmas meal, can’t say it appealed! So, we’ll be sticking to our usual food plan on the day itself.
Jessica Oliver (JO): The one thing we will be doing on both Christmas and New Year’s is making sure we put on the fancy dress we’ve brought! And of course, no festive fancy dress would be complete without a Christmas carol sing-along! We have a specific Christmas playlist with all the belters – we’re hoping that some of our fellow racemates will be keen to join in!
MPE: Are you having a belated Christmas when you get home?
CH: We haven’t discussed a belated Christmas, but it sounds like a good idea! After all, we don’t want to be missing out on all the family celebrations. That said, we do have Christmas presents for each other and some of the other ocean rowers as well as letters from parents and family. I think these will be sure to lift our spirits and make sure we still have a fantastic Christmas.
MPE: Do you think that the original intentions behind your fundraising efforts will resonate even more throughout the Christmas period as you continue your journey?
CH: Absolutely, for many people without homes, Christmas Day is just another day, and we think we can all take for granted having family and friends to visit and celebrate with. Especially as temperatures drop, the streets can be incredibly unkind in winter, and it really can be a terrible time for some.
JO: It’s also important to note that Domestic Abuse incidents do rise over the festive period, so I think raising money for Shelter and Women’s Aid and the importance of our cause will resonate even more with us over the Christmas Period.
My Pension Expert couldn’t be prouder of Charlotte and Jessica and their outstanding fundraising efforts. You can still donate to their brilliant charitable causes via the Wild Waves website here.

### What can pension planners expect in 2022?
2021 has been a year of great upheaval in the pension industry. From rising inflation and rock-bottom interest rates to a Department of Work and Pensions (DWP) scandal and the temporary suspension of the state pension triple lock, individuals have been up against it when it comes to their retirement planning this year.
Our executive chairman, Andrew Megson, has discussed how these events have played out at length, but it is worth restating the fact that a large majority of Britons (87%) have no confidence in the Government’s pension policy, according to recent research from My Pension Expert.
But beyond Government decision-making and broader fears about omicron, pension planners might now be wondering what 2022 has in store. Here are some things to consider…
Government review of the state pension age
Last week, the Government launched a new review of the state pension age. This will consider whether the current state pension age policy is appropriate based on regional data surrounding regional differences, inflation and the latest life expectancy (which has not risen at the expected rate), amongst other factors.
The state pension age is currently 66, with two further gradual increases already set out in legislation – respectively, this will be a rise to 67 for those born on or after April 1960, and a rise to 68 between 2044-2046, for those born on or after April 1977.
As such, if any further changes are called for in the Government’s review, they are unlikely to have any immediate impact on savers planning for retirement. However, the team at My Pension Expert would urge the Government to be transparent with pension planners about any potential plans to increase the state pension age and how this might affect them.
Certainly, for many individuals, life expectancy may not match up with their ability to continue working up to and beyond the current state pension age. Consequently, I would advise anybody unsure about how this will affect their finances to seek financial advice – an adviser will be able to access their existing financial situation and help them to develop a sustainable retirement plan.
Will ethical pension investments lead the way?
Given the focus on COP26 and broader discussions about climate change throughout 2021, the UK Government has already announced its plans to force pension schemes to mitigate against climate risks – making it the first G7 economy to do so. So, it is likely that more pension savers will explore ethical and sustainable investment options in the new year and beyond.
Indeed, My Pension Expert has already seen increased interest and uptake for ethical investments amongst clients. Better yet, we are seeing a growing number of pension schemes facilitating the demand for ethical and sustainable investment practices – a clear sign that the pension sector is moving in the right direction.
Triple lock predictions
One of the more controversial announcements this year saw the Government break its manifesto pledge to protect the state pension triple lock, which ensures that the state pension rises in line with inflation or average wage growth. The rationale behind the decision aims to reflect fairness to taxpayers, who will see an increase in National Insurance Contributions in 2022/23.
As things currently stand, the state pension triple lock will to be suspended in the 2022/2023 tax year, leaving many savers concerned about their personal finances and retirement prospects. Indeed, the majority of those polled in My Pension Expert’s aforementioned survey said that they opposed the decision, while almost two fifths (39%) said that they were concerned about how this would impact their finances.
But if in doubt – ask. For those concerned, My Pension Expert is on hand to answer any concerns or questions they may have about saving for retirement against this backdrop.
A call for reform
Admittedly, the prospect of reform is more of a wish than a prediction, but in 2022, savers would greatly benefit from the Government committing to a thorough review of current pension rules and regulations. Clearly, some simplifications are in order for the sector to avoid any future scandals, such as the DWP’s underpayment problems earlier this year, which saw thousands of Britons owed £8,900 on average.
According to that same My Pension Expert Survey mentioned earlier, the vast majority (64%) of Britons polled said they felt that simplifying the pension system would benefit those saving for retirement. No doubt, this would be a positive way to kick off the new year, allowing pension planners to save for their futures with clarity and confidence.

### Should Britons increase their workplace pension contributions?
Pension contributions, whilst vital to our financial wellbeing during retirement years, are often viewed with some contention.
Indeed, the fact that people are forbidden from accessing their own money until they reach the age of 55 – lest they incur a hefty tax bill of 55% – can be off-putting. As such, many people refrain from saving anything other than the bare minimum, so they can access their money whenever they want it.
This is understandable. Given the financial pressures placed on many individuals throughout the Covid-19 pandemic, some will have likely shifted their focus to immediate financial commitments, such as household bills or mortgage repayments. And as there are no immediate financial repercussions for paying minimal pension contributions, the thought of increasing pension will have fallen by the wayside.
However, saving more now could strengthen people’s financial situation later down the line…
Paying it forward
There are multiple benefits to increasing pension contributions.
At present, employers must pay a minimum of 3% into an employee’s pension pot, whilst the employee in question must pay a minimum of 5%. Whilst these contributions will gradually accumulate over time, this is still a fairly modest saving.
And with inflation rising rapidly, savers would be wise to consider increasing their contributions to ensure their pensions continue to hold their value over time. Luckily, there are mechanisms in place to reward employees who do so.
Some companies offer salary sacrifice pension schemes to employees, wherein employees agree to reduce their gross income, while their employer contributes that same amount into their pension pot. Doing so may seem like an expensive investment, but pension contributions are exempt from national insurance tax, so savers will ultimately be saving on their tax bill, whilst efficiently saving for their futures.
Even if one’s company does not offer a salary sacrifice pension scheme, it is still possible to increase their own personal contributions – even without the assistance of employers, savers will continue to benefit from the Government’s generous pension tax relief policy. Pension tax relief is paid in accordance with a saver’s tax bracket and can be a welcome addition to any pension pot, providing further motivation to continue pension contributions.
By contributing more into one’s pension pot now, the various benefits savers will enjoy, from employer contributions to pension tax relief, will enable them to reap the financial rewards later down the line.
Seeking advice on contributions
If people are ever in doubt as to whether to update their pension contributions, savers would be wise to seek independent financial advice.
For example, My Pension Expert’s team of advisers will review a client’s financial situation and recommend whether increasing pension contributions is necessary to help them achieve their retirement goals. They will also assess how much can be contributed without negatively impacting their present financial situation.
At the end of the day, it pays to plan ahead and contribute as much as possible into one’s pension pot, as early as possible. And, of course, savers should seek independent financial advice when in doubt. In doing so, more and more Britons will achieve the financially secure retirement they deserve.

### Protecting your pension from fraud this festive period
The Christmas period is usually a time for celebration, generosity and goodwill – that said, annual festivities can sometimes come at a high cost to pension savers. With the big day now less than 20 days away, most Britons will have much of their Christmas shopping underway, which can have enough of an impact on their personal finances. Adding to this, unfortunately, is the fact that scammers and pension fraud tend to be rife throughout the festive period.
To make matters worse, it was reported that the general state of affairs with pension scams has worsened, as average losses from fraudulent activity have more than doubled the typical figure reported last year. Back in July, complaint data from Action Fraud showed that the average loss this year so far had been a staggering £50,949, compared with £23,689 in 2020.
As such, pension planners would benefit from taking the necessary steps to protect themselves from losing their retirement savings so as not to dampen the festive spirit.
Here are some things to consider…
Understanding fraud
First and foremost, Britons must be aware of the common types of pension fraud and how they work to avoid falling prey to fraudsters.
Savers should be in the know about early pension release scams, which offer to help them release cash from their pension before they are 55. This may also be referred to as a ‘pension liberation’ or a ‘pension loan’, as it is often claimed that savers can ‘borrow’ money from their pension pots.
In this case, individuals are typically contacted out of the blue, via telephone, email, or even post, and funds are transferred from their legitimate pension to a scheme set up by the scam, which is usually based overseas.
At least, generally speaking, pension planners can only take money from their funds when they are 55 or older, except in certain exceptional circumstances. Otherwise, they could face lofty tax bills of 55%, as well as other additional charges on withdrawals. In the worst cases, savers may even risk losing all their money.
Savers should be equally conscious of pension review scams, which target savers by offering free pensions reviews – again, these fraudsters tend to operate by telephone calls, emails, text messages, and even advertisements on search engines.
Although the prospect of a free pension review may not seem too nefarious, all is not as it seems. Often, these companies are not regulated by the Financial Conduct Authority (FCA) even though they may claim to be – some scammers may also operate on the pretence that they are from the Government’s guidance service, MoneyHelper.
However, these scammers are not to be trusted. Their aim is to persuade individuals to transfer their hard-saved pensions into high-risk schemes, where their pension funds are invested in unfamiliar investments. Scammers will make big claims about the returns and cash sums promised by such investments. Because some of these scams are promoted as ‘long-term investments’, it may even be years before an individual realises something is amiss.
Staying diligent throughout the festive season
In short, most savers should be aware that taking cash from their pension before they reach the age of 55 is unlikely to be in their best interest. This is equally the case with unsolicited calls offering pension reviews or unregulated advisers – good things rarely come from these unexpected interactions. As such, individuals must ensure that they stay vigilant and do their due diligence on any companies or advisers offering free services.
Throughout the Christmas period, savers should be aware of some tell-tale signs: cold calls, as well as unsolicited text messages or emails, are usually a giveaway. In fact, a ban on cold calling about pensions came into place in January 2019, so this is something to bear in mind.
Likewise, pension planners should never feel rushed into making any rash decisions about their pension or giving over their personal bank details – particularly over the phone. So, it would be wise to take ample time to research any new potential pension schemes. Checking up on a company’s credentials on the FCA register would be a wise decision in this regard and reporting any suspected fraudulent activity to the FCA’s ScamSmart.
As is generally the case in life, if something sounds too good to be true, then it usually is. While it is sometimes possible for pension schemes to offer a significantly higher than average income than offered by other providers, this is rarely the case. If in doubt, individuals should seek advice from a registered independent financial adviser – doing so could save their retirement.

### Pensions Explained - What is the gender pension gap?
Discrepancies surrounding pension policy are nothing new in the UK – from changes to the lifetime saving allowance to the temporary suspension of the state pension triple lock.
And whilst the Government’s handling of such policies throughout the previous year have not been looked upon favourably – My Pension Expert’s recent research found that 87% of UK adults aged 40 and over have no faith in the Government’s handling of pension policy – it is fair to say that pension policy is being addressed in one way or another.
That said, there is one issue stirring the Government, and the pension sector in general, which is often overlooked – the gender pension gap.
Put simply, the gender pension pay gap is the percentage difference in pension income between female and male pensioners. As it stands, the pay gap sits at a shocking 40.3%, meaning that women could find themselves £7,500 worse off each year than men in retirement – and the gap is continuing to widen.
Such figures are particularly shocking – particularly in the wake of recent research from Age UK, which revealed that one in five UK women are now living in pension poverty. The question, therefore, is what is causing this escalating issue?
What causes the gap?
The pension gender gap is an incredibly complex issue. As such, there are various contributing factors.
Firstly, one cannot overlook the issue of the gender pay gap. As it stands, women earn 15.5% less than men; this essentially means that women will have less money to contribute towards their pension pot.
Further, women are three times more likely to take prolonged periods of time away from work than men. As such, women are more likely to step away from a workplace pension and consequently, miss out on employer pension contributions and pension tax relief.
The Department for Work and Pensions (DWP) may also have contributed to pension inequality. In September, it was revealed that the DWP underpaid retirees – most of whom were women – by over £1.1 billion in their state pension. Whilst it should be noted that men were also underpaid, most individuals affected were women, largely because they had outlived their partners and their state pension entitlement was not reviewed and amended in accordance with their changed situation.
All these factors are certainly worrying and, if left unaddressed, will only cause the gender pension gap to widen further.
What can be done?
As stated earlier, the pension gender gap is a complex issue. Therefore, there is no quick fix to this problem.
Clearly, the Government, as well as businesses, must commit to closing the gender pension pay gap. Indeed, ensuring that women have access to better opportunities to pursue senior roles within organisations, encouraging women to seek higher-paid roles, and making sure that men and women are paid equally for performing the same role will be vital in achieving this.
Further, the Government must address difficulties within the pension system itself and ensure that it is simplified and doesn’t disfavour women.
Whilst vital, it will inevitably take time to implement these changes – and even more so for women to see a noticeable impact on their retirement finances.
It would therefore be highly beneficial for women, who are worried about the state of their retirement finances to seek independent financial advice. For example, our team of advisers at My Pension Expert will conduct a thorough audit of a client’s current financial situation, as well as their retirement goals, and make tailored recommendations to suit their needs. Indeed, the solution will vary depending on the client; for some, building a varied investment portfolio may be the best route, whilst others may simply benefit from entering into a flexible access drawdown. The key is to seek advice sooner rather than later to counteract any potential financial shortfalls they may face in retirement.
The gender pension gap is a worrying societal issue and action from the Government and businesses is needed with immediate effect. However, as the UK waits to see ruling bodies implement change, the best option is to seek independent financial advice – doing so will help women to maximise their pension savings so that they can achieve the financially secure retirement they deserve.

### How can savers keep on track with their pension savings?
In theory, saving for retirement should be a straightforward process. Saving tends to start at the beginning of one’s adult life, either through a personal or workplace pension, and individuals tend to make regular contributions until they reach their target retirement age.
But of course, life can throw people curveballs, and savings patterns can be easily disrupted. Throughout the previous two years alone, savers have had to contend with various challenges, from changes in employment status due to Covid-19, to record low-interest rates and rocketing inflation. Consequently, people may feel like their savings plans will have been thrown off course.
However, this does not mean that savers cannot get back on track. Indeed, there are simple steps and precautions which can be undertaken to ensure that a financially secure retirement remains firmly within reach.
Consistency is key
Consistent pension contributions are instrumental to ensuring that retirement plans stay on track. Admittedly, this may seem difficult during times of financial hardship – particularly throughout the pandemic. That said, it is important to remember that cutting down on contributions now will mean that individuals have less income when it comes to retirement.
Savers should therefore refrain from pausing contributions. Instead, they might review their existing budgets and see if cuts can be made elsewhere. If this is unrealistic, savers should consider reducing contributions slightly to provide themselves with some financial breathing space.
The key is to maintain consistent contributions – otherwise, Britons may find themselves in deep water later down the line.
Track down lost pensions
Another key point is to ensure that savers have tracked down lost pensions. The modern workforce is accustomed to a regular job and career changes – indeed, research from Appjobs found that that UK residents are changing jobs over 17 times throughout their working lives. And with most job moves comes a new workplace pension scheme.
With savers acquiring so many pension pots throughout their careers, it can be very easy to lose track. In fact, research from My Pension Expert found that a quarter (24%) of savers find it difficult to manage multiple pensions.
So, it is vital to track down pension information, to understand the value of each pot and determine how best to manage it. The Government’s pension dashboard, which is due to launch in 2023, will certainly make it easier for savers to do this.
Until then, savers can use the Government pension tracker service, which helps people to find the contact details of previous employers' workplace pension providers. It may sound like a cumbersome process, but individuals may find that they have lost track of hundreds of pounds; this will certainly be a welcome contribution to retirement savings.
Seek Advice
One of the best ways to ensure pension savings are on track is to regularly review and adjust one’s retirement strategy to make sure it is suitable within changing economic contexts. This may sound like a complex task, but it needn’t be. Indeed, independent financial advice is on hand to help.
Advisers, like our team at My Pension Expert, are able to conduct thorough reviews of clients’ current financial situation and their financial goals and determine how they can best achieve them. For some, this may involve switching pension providers, whilst others may benefit from making investments to make their money work harder. The key with advice is that it is tailored to suit the needs of each specific client, so everyone can stay on track with their personal retirement strategy.
Better still, My Pension Expert’s advisers conduct annual reviews of clients’ retirement plans, and will always make recommendations if they feel the strategy should be amended.
As individual circumstances change, it may seem near impossible to remain on track with retirement strategies. However, provided that savers are diligent with their money and seek independent financial advice, Britons should be able to achieve the financially secure retirement they deserve.

### Why are annual pension reviews so important?
The purpose of creating a pension plan is to help individuals reach a financially secure position by the time they reach their desired retirement age. For some, this might entail creating a financial plan for thirty or even forty years into the future. 
In an ideal world, this would involve individuals creating a savings plan in the early stages of their career and said plan remaining largely unchanged throughout their working life. However, we do not live in an ideal world, and life can throw spanners in the works.
Changing circumstances
If the previous two years have taught us anything, it’s that individuals’ circumstances can change at the drop of a hat – particularly when it comes to financial circumstances.
For example, during the first wave of the coronavirus in the first half of 2020, many employees nearing retirement found their plans turned on their heads. Indeed, research from My Pension Expert found that during this period, one in eight (13%) of employees aged 40-67 were forced to delay their retirement as a direct result of the pandemic. Meanwhile, almost a tenth (9%) of this age group was forced into early retirement. 
And whilst people may have been able to adapt their pension strategy in accordance to changes in retirement deadlines, further economic turbulence throughout 2021, driven by rapidly rising inflation and interest rates uncertainty, is likely to have made the adjustments of the year before unfit for purpose. 
The need to make sudden and, at times, extreme changes to retirement plans can cause a great deal of stress and anxiety. However, some of this stress could arguably be avoided by conducting regular reviews of their strategy. 
The benefits of annual pension reviews
Critically, regular pension strategy reviews enable people to monitor the performance of their pension fund or funds closely. This means that they will be able to identify an underperforming fund and take action to ensure their money continues to work as hard as it should be. Without such monitoring, savers may only discover such underperformance when it’s too late to make changes and find themselves in financial difficulty later down the line. 
Further, annual reviews enable savers to change their retirement strategy in accordance with their changing circumstances. For example, people may find their risk appetite changes and consequently wish to move their pension into investments that match their preference. 
Making these changes gradually means that, should a person be impacted by sudden economic volatility or a change in financial circumstances, they have placed themselves in a stronger financial position, so they don’t panic and feel forced to make dramatic changes to their plan. 
That said, the thought of conducting annual pension reviews may seem unnerving for savers. Luckily, they needn’t muddle through the process alone – advisers are always on hand to help!  
For example, at My Pension Expert, following a client’s initial pension consultation, our advisers conduct regular reviews of the retirement strategy to ensure it is meeting their specific needs and goals. Furthermore, if our advisers feel change is required, they will communicate this to the client and search the market to find alternative options that suit their financial goals and keep their money working as hard as possible. 
It is impossible to completely future-proof one’s retirement strategy. However, it is possible to place oneself in the strongest possible financial position to cushion the blow of sudden economic shocks. As such, savers would be wise to commit to annual reviews of their pension strategy. Doing so will certainly help them to achieve the financially secure retirement they deserve. 

### Autumn Budget 2021: What does it mean for pension planners?
This time last week, pensions seemed to be within Chancellor Rishi Sunak’s firing line.
Indeed, in the lead-up to the Autumn Budget, rumours regarding cutting pension tax relief were relentless. Even on the morning of the Budget, there were suggestions that Mr Sunak intended to reduce the annual saving allowance, both of which would have dealt a significant blow to savers.
It could, therefore, be argued to be anti-climactic that pensions received little more than a passing reference during the announcement itself.
This will have initially caused savers to breathe a sigh of relief. After facing great disruption over the previous year – the temporary hiatus of the state pension triple lock and uncertainty over the state pension age, to name a few examples – people will have been thankful that pension policy was left untouched.
However, the silence regarding pensions speaks volumes about the state of the sector and the Government’s attitude towards savers…
Silence isn’t golden
The Government did not ignore pensions entirely. Indeed, Mr Sunak briefly mentioned that greater protection for workplace pension savers would be introduced to help individuals avoid higher scheme charges. This is promising and should encourage more people to save into their workplace pension scheme.
That said, this does not counteract years of pension policy mismanagement. Just a month ago, data revealed that the Department for Work and Pensions (DWP) underpaid hundreds of thousands of retirees on their state pension. Further to this, nearly 2.1 million UK pensioners are currently living in poverty. As our executive chairman, Andrew Megson, explained in The Daily Express, Financial Reporter, and Professional Paraplanner, more must be done to fix the pension system.
Indeed, the Autumn Budget would have provided the Government with an excellent opportunity to launch a thorough review into the existing processes and regulations surrounding pensions in a bid to simplify the system and improve transparency. Doing so would have reinstated a great deal of confidence back into the Government’s handling of pensions, as well as being a positive step to helping retirees out of pension poverty. Instead, the Government remained silent.
Of course, such investigations will take time to conduct. Likewise, system changes will take a long time to implement; we are unlikely to see immediate changes for some time.
That said, action could be taken by the Government to help pension savers as soon as possible.
Access to advice
My Pension Expert has long argued that the key to a financially secure retirement is seeking advice. After all, such advisers, like our own expert team, are equipped to review a person’s financial situation and future retirement goals and offer tailored advice to suit their specific needs.
As such, Government must do more to champion the benefits of independent financial advice and help Britons to access it. This will likely involve joining forces with regulatory bodies within the financial services sector to publicise information and case studies that outline the clear benefits to be gained by seeking independent financial advice. Better yet, they should actively direct savers towards regulated financial advisers, so they know exactly who to turn to. Doing so would be an incredibly positive and simple step towards ensuring that Britons understand the complexities of their pension, ensuring that they take appropriate action to avoid pension poverty.
Systematic change to the pension sector will take time. However, Mr Sunak was wrong to sidestep the issue entirely in the Budget. Over the coming months, My Pension Expert hopes to see the Government making a conscious effort to engage with Britons and working to improve their awareness of, as well as access to, independent financial advice. Doing so would be an excellent starting point to change the pension sector for the better.

### Flexible-Access Drawdown: The key to a stress-free retirement
‘Expect the unexpected’, or so the saying goes. And the previous two years have only strengthened this hypothesis.
The Covid-19 pandemic has proven to be a significant disruption for many people’s plans, from holidays and family reunions to career prospects – and the same can be said for people’s retirement strategies. After all, during the first wave of the virus, when the pandemic was at its height, research from My Pension Expert revealed that more than one eighth (13%) of individuals aged 40 to 67 were forced to delay their retirement as a direct result of the pandemic. Meanwhile, almost one in ten (9%) within this age group had to accept early retirement.
These figures highlight how unexpected events can force even the most organised retirement strategies to change at the drop of a hat. So, how can savers ensure that they can effectively adjust their retirement strategy without causing too much of a hindrance to their current lifestyle?
Alternative strategies
Thanks to the arrival of pension freedoms in 2015, savers have been granted greater autonomy over their pension savings and retirement strategies.
Prior to 2015, Britons all had to adopt the same retirement strategy: once they reached retirement age, they could take out 25% of their pension savings as a tax-free lump sum and use the remaining 75% to purchase an annuity. Whilst the security offered by an annuity, which offers a guaranteed income until they die, may suit some savers, the rigidity of such an offering simply will not suit the needs of others.
As such, following the introduction of pension freedoms, people have been able to access their pension savings once they reach the age of 55, allowing them to consider less traditional retirement strategies that suit their needs. For some, this may include investing in stocks and shares, whilst others may purchase property in the hopes that the prices will continue to rise and fund their retirement.
Whilst it is positive to see so many people considering alternative retirement strategies, however, the likes of property investment may present its own problems, as our executive chairman, Andrew Megson, has discussed at length in the likes of FT Adviser and Professional Paraplanner. Illiquidity makes it harder to access cash when savers need it most, and this may have proven particularly problematic to savers during the pandemic when they will have found themselves in need of instant cash to make ends meet.
As such, savers would be wise to consider a more flexible solution, which will allow them to access their savings as and when they need them: Flexible Access Drawdown.
Allowing for flexibility
Flexible-Access Drawdown is an invested retirement product, which allows savers access to their pension pot as and when they need it once they reach the age of 55. It gives people the power to decide how much income they receive from their pensions so they can take out more or less, as necessary. Further, it allows savers to leave the remainder of their pension invested, so it continues to grow as they receive their retirement income.
For many savers, such flexibility will be extremely welcome. It allows them to adjust the amount of income they receive in accordance with their financial circumstances – so individuals would have been able to access more of their funds if they faced a sudden change in employment status or a decline in regular income.
Whilst a strong retirement income option, it may not be suited to all savers, so people must consult an independent financial adviser, like our team at My Pension Expert, before making a final decision. Advisers will conduct a thorough assessment of a client’s financial circumstances, before deciding whether Flexible-Access Drawdown is the right fit.
Now, more than ever, flexibility is key to developing a sustainable retirement strategy – and Flexible-Access Drawdown could be the key to providing this and removing the stress from people’s retirement years.
For those curious to find out if they could be a suitable option for their retirement, download our latest guide here and make an appointment with one of our financial advisers. Doing so could certainly pave the way for a financially secure and stress-free retirement.

### Introducing Team Wild Waves - The world’s toughest row!
Today, My Pension Expert are incredibly excited to announce our sponsorship of the Wild Waves team as they embark on the “world’s toughest row”: The Talisker Whisky Atlantic Challenge.
Jessica Oliver and Charlotte Harris will embark on a 3,000-mile row across the Atlantic Ocean from the Canary Islands to Antigua and Barbuda. This gruelling journey is all in aid of two brilliant causes: Women’s Aid and Shelter. Jessica and Charlotte hope to raise £100,000 for their charities – and they are well on their way to achieving this, having raised over £17,000 already! You can contribute to these fantastic charitable causes by donating here.
The team have undertaken an intensive training programme to prepare them for the challenge, including 30-hour rowing sessions, vigorous health and safety courses, and mechanical training to fix any potential boating issues throughout the challenge.
To celebrate the sponsorship, My Pension Expert and Wild Waves hosted a launch at Doncaster Racecourse, where the team was able to showcase their newly designed boat and celebrate their future successes over the coming months.
This sponsorship marks yet another step in our commitment to environmental, social and corporate governance (ESG) policies in a bid to create a sustainable and socially conscious business.
With so few women within the field of financial services, My Pension Expert are honoured to be able to sponsor such an aspirational team. We hope that doing so will inspire generations of women to pursue such ambitious endeavours within the worlds of sport or financial services.
At My Pension Expert, we share Wild Waves’ passion for supporting vital charities that protect society’s most vulnerable people. As such, we will be organising numerous fundraising events to continue building momentum for Jessica and Charlotte’s tremendous endeavour. Admittedly, the charitable efforts might not be as taxing as the Talisker Whisky Atlantic Challenge, although we are particularly excited about the upcoming sponsored indoor row in the coming months.
We couldn’t be prouder of the Wild Waves team and can’t wait to hear all about their progress over the coming months.
Be sure to follow My Pension Expert’s Wild Waves blog and never miss an update on their exciting adventure.

### Pension investments: they're more accessible than you think
Thanks to the arrival of pension freedoms in 2015, individuals were given the choice to pursue less regimented retirement strategies, considering approaches beyond the traditional workplace or personal pension schemes. 
As such, many Britons have considered turning to investments as a fruitful option. Indeed, recent research from My Pension Expert revealed that over a quarter (26%) of UK adults approaching retirement age (40 – 54) intend to use pension investments to fund their retirement. 
However, despite their curiosity, a great number of people feel that they must conduct their own research to find the right investments for them, which can seem overwhelming. 
However, this needn’t be the case. My Pension Expert is here to help every step of the way.
Assessing client needs
When an individual decides to incorporate investments into their retirement strategy, it is not simply a case of reading the share prices of different businesses and making investments from there. While people are free to use this approach, it certainly isn’t advisable.
Instead, individuals should seek advice from an independent financial adviser. After all, investments come with risks, and jumping straight in without the help of an expert could increase this risk dramatically.
For example, when clients enquire about the investment proposition offered at My Pension Expert, our team of advisers consider an individual’s existing financial circumstances to assess their risk appetite – i.e. how much they are willing and able to lose, should investments go wrong. 
They will also assess individual investment preferences; for example, whether they would like to pursue passive funds which track a market index like the FTSE100, a market segment for a lower fund charge, or active funds which are more selective in which assets are bought and sold. Alternatively, clients may suit a blended approach, which creates a more diverse investment portfolio. 
From this assessment, an adviser can make suitable recommendations, which will enable clients to maximise their pension savings in accordance with their preferences and future retirement goals. 
Ongoing assistance
For most Britons, deciding which investments to make is just the beginning of the journey. Indeed, external factors may cause the value of shares to fluctuate, whilst alternative, potentially more lucrative investments may present themselves for consideration. 
So, at My Pension Expert, we are committed to providing our clients with ongoing advice to ensure that they achieve the best possible retirement outcome.
Clients receive annual reviews, which assess portfolio performances and allow for any strategy adjustments to be made. Additionally, clients are sent regular newsletters and factsheets to ensure that they can stay up to date with their money.
Investments have the potential to improve people’s pension savings dramatically, and they have never been more accessible to Britons. Provided they seek the right advice and carefully assess their needs, there is no reason why more and more people can’t explore their various investment options. 
Curious to find out more? Download My Pension Expert’s guide to pension investments here.

### How to find pension investments to suit your needs
Today, consumers face a constant barrage of choices. Whether choosing between a brand of chocolate or car insurance providers, Britons are constantly weighing up different options to find a service or product that best suits their needs. And it is no different when it comes to pension investments. 
Indeed, there are a plethora of retirement investments for individuals to choose from, be they traditional stocks and shares or alternative assets such as property and classic cars. Whilst some savers prefer to put their investment decisions in the hands of pension fund managers or wealth managers; others prefer to take a more active approach and decide exactly where their money goes. 
So, how can such individuals decide which type of investment suits their needs and will help them to achieve their retirement goals? 
Consider risk appetite
All investments come with an element of risk. However, there are some that are riskier than others.
Rather than being side-tracked by the prospect of high returns on investment, it is important for savers to consider the potential risks and costs involved. As such, individuals must calculate their risk appetite before investing their cash.
This can be calculated by conducting a thorough assessment of one’s finances, where an individual identifies the acceptable boundaries for risk. For example, they must determine how much of their investment they would feel comfortable losing, should its value decrease. Other considerations include how much of a loss they are prepared to take, without it affecting their ability to sustain their current lifestyle.
This assessment will help savers to discover their risk appetite and, more importantly, find investments to suit their needs. For example, someone with a low-risk appetite may opt for investments that offer modest returns but are less sensitive to market fluctuations, as this would likely result in steady growth over time. 
Flexibility in investments
Another factor to consider is the flexibility some investments can offer. Indeed, in this current economic climate, an individual’s financial situation could change rapidly, meaning they may need to access immediate cash to sustain their lifestyle. And some investments do not offer such an option. 
Take, for example, property or a classic car. Whilst the market value of these investments may be high, they are illiquid. This means that they cannot be readily sold or exchanged for cash, which can result in such assets having to be sold below market value if the owners have an immediate need to retrieve the funds. 
That isn’t to say that such investments are always sold below market price, provided that the owner is happy to bide their time for an appropriate buyer to purchase their assets at market price or higher. However, given the need for flexibility and obtaining cash from assets quickly, which many have required over the previous year, savers should think twice before committing to such rigid investments. 
Seek advice
Finally, seeking independent financial advice before committing to pension investments is vital.
Indeed, our team of advisers at My Pension Expert offer a thorough analysis of clients’ finances, as well as their financial goals in retirement, to determine the most appropriate investment strategy. In some cases, this may result in clients pursuing the discretionary fund management service provided by our partner, LGT Vestra. In other cases, our advisers may recommend more traditional retirement investment strategies – it all depends on the specific needs and appetites of clients.
There are so many pension investment options available to savers, and it can be difficult to determine which ones complement different strategies. As such, it is vital that Britons seek independent financial advice before they make a final decision. This may enable them to develop a pension investment portfolio that allows them to achieve the best possible retirement outcome. 

### Could gated investments hinder Briton’s retirement plans?
If something sounds too good to be true, it probably is, so the saying goes.
Whilst this statement tends to be dismissed as overly cynical and pessimistic, it certainly rings true in a large proportion of financial services propositions. One particular example springs to mind: gated investments.
Indeed, whilst they often promise generous returns and the possibility of maximising pension savings, they often impose significant restrictions on investments. Further still, this could inflict a great deal of damage on retirement savings.
As such, it is important for individuals to understand the risks of such investments.
What are gated investments? 
Put simply, gated investments are funds that can block investors from accessing their money. Such action commonly occurs within illiquid, open-ended funds – such as property – which are particularly sensitive to investor actions. As such, if too many investors withdraw their funds at once, the value of the investment can plummet. Fund managers, therefore, argue gating the fund can protect the value of people's investments.
This action may seem reasonable at face value, however preventing people from accessing their money as and when they need it can prove particularly problematic.
Take, for example, the Woodford Equity Income Fund. At its peak in May 2017, the fund held a record £10.7 billion; however, in May 2019, withdrawals were averaging £9 million per day. Consequently, on 3rd June 2019, fund withdrawals were blocked, trapping £3.7 billion of investors' money, with said investors still having to pay investment fees.
Clearly, this was a disastrous result for investors. That said, it's arguable that those who were using the fund to finance their retirement were dealt the greatest blow.
How do gated investments impact retirement plans
Many pension planners are attracted to open-ended funds, especially those within the property sector, because of the promise of strong returns. Particularly in a climate of high inflation and low interest, savers will likely be concerned that their pension is not working hard enough and may not be able to fund the entirety of their retirement. As such, gated investments appear to be a lucrative option.
However, given the economic volatility caused by COVID-19, many pension planners require the flexibility to rapidly adjust their retirement plans. And this inevitably means having instant access to their cash. After all, research from My Pension Expert found that nearly one in ten (9%) individuals aged 40 to 67 were forced to take early retirement because of the pandemic. Of course, if this group had money in gated investments, it would be near impossible to make an immediate withdrawal to cover the sudden loss of income.  
Evidently, gated investments are not best suited to retirement planners. That said, this does not mean that savers must make do with a retirement strategy that does not maximise their savings.
Seeking advice
There are a plethora of methods for people to maximise their pension savings, and independent financial advisers can help them find the path that best suits their needs.
Indeed, at My Pension Expert, our team of advisers thoroughly review a client's current financial circumstances, as well as their pension plan and retirement goals. Doing so enables our advisers to develop a realistic strategy that helps them to grow their savings. What's more, they also ensure that the client has the flexibility to adjust their plan in accordance with changing economic circumstances.
Whilst the appeal of gated investments is understandable at face value, Britons should think twice before committing to such investments. The restrictions that are put on investors could have a detrimental impact on short- and long-term finances. Instead, Britons looking to maximise their savings should seek help from an independent financial adviser. This will assist them in developing a secure and sustainable retirement financial strategy.

### Is investing in property a dangerous retirement strategy?
“Property is a better bet than a pension.” 
These are the words of the former Chief Economist at the Bank of England (BoE), Andy Haldane, who raised some eyebrows back in 2016 by suggesting that property is a better investment for retirement than a traditional pension. But is this truly the case? 
In the current economy, where interest rates remain low and inflation has risen to record levels, there is a clear case to be made for entering the property market. Especially given that house prices have rebounded at pace since the first lockdown, buy-to-let properties in the UK have thrived, increasing in value by 5.8% year-on-year. 
That said, although it may be prudent not to have all your eggs in one basket when deciding on a pension investment strategy, and property can comprise a valuable part of a retirement plan, Haldane’s assertion may be ill-advised for some. 
So, what should pension planners consider when weighing up their options? 
Volatile markets and hidden fees 
First things first, although the property market can be a good place to invest savings in the current climate, as investors will earn a rental income alongside the opportunity for long-term capital growth, it is important to note that house prices don’t always reliably head upwards.  
Indeed, the property market typically slows or falls in value whenever a recession hits. This means that individuals will likely see their property lose capital, as well as leaving themselves open to the possibility of negative equity, which happens when they have paid more money than the property is worth. This is seldom a problem for those with a pension pot, as many have enjoyed positive pension growth this year, despite the difficult economic climate. As such, property alone might not necessarily make for the most reliable stream of income in retirement.  
Equally, individuals should be mindful of ongoing costs associated with running a property, which might chip away at their retirement funds. This can be anything from landlord’s insurance, to maintenance fees for wear and tear, property management, letting fees, or even potentially furnishing the property. Letting fees alone are usually somewhere in the region of 15%, and this is before retirees have factored in any void periods where the property is vacant, which is likely to happen from time to time. Once again, this may leave retirees financially vulnerable if they have no contingency plan. 
Taxation and liquidity risk 
Tax burdens can be steep, too. Buy-to-let property owners typically end up footing a higher tax bill than before, owing to legal, stamp duty, and survey fees, as well as a number of taxation changes affecting landlords. For example, there is a 3% stamp duty surcharge for second homes, as well as increased capital gains tax. Together, this means that additional fees can accumulate, making the cost of buying then owning an investment property even steeper, potentially diminishing the returns needed to fund a person’s retirement. 
Liquidity poses yet another risk – that is, how easy (or difficult) it is for an individual to retrieve their money when they need it. Given that selling a property will likely take several months – if not longer – any retirees relying on the sale proceeds to fund their retirement will need to plan ahead and have a back-up plan in mind, in case the sale falls through or the market crashes.  
Put simply, those looking to property rather than a pension to fund their retirement must consider all these factors to ensure that this is a viable option for them. 
 Considering financial advice 
Like any financial asset, investing in property carries risk. If this is something an individual is seriously considering, it is vital that they seek independent financial advice first, as taking out tens of thousands of pounds from their pension pot to fund a property can have serious implications and tax penalties. 
 For some people, the risk may outweigh the reward. If this is the case, then an independent financial adviser (IFA) will be able to suggest an alternative pension investment that will see an individual through retirement more reliably. For example, retirees are likely to enjoy more tax relief from a pension pot, as these investments are sheltered from the likes of capital gains tax and stamp duty.  
Ultimately, owning a property as part of a wider investment portfolio can be a smart move, offering the potential for some impressive returns. However, individuals should not discount traditional pensions, which may offer more security and tax efficiency to set them up for retirement. 

### From phishing to phone calls: stop fraudsters in their tracks
Despite the efforts of the Government and financial services regulatory bodies to clamp down on fraudsters, their presence is more prevalent than ever.
Indeed, recent figures from UK finance revealed that savers lost a total of £135.1 million to investment scams in 2020. Worse still, payment service providers were only able to return £49 million – a mere 36% of the total amount stolen.
As scammers remain a clear and present danger to savers’ money, it is vital to understand the key warning signs to help Britons spot fraudsters and, more importantly, protect their hard saved pension pot…
Avoid suspicious emails
One of the more popular tactics adopted by scammers in recent years is the phishing email. These are emails that appear to be from financial advisers, pension providers or wealth managers, intended to trick people into parting with their money. 
The key to spotting these emails is the generic salutations, such as “Dear account holder” or “Dear valued member”. A person’s usual provider, bank, adviser etc., would refer to clients by name via email or call them directly if necessary.
Such emails also tend to include links to web platforms, which will require users to enter personal details or facilitate a fraudulent transfer. Legitimate companies would rarely – if at all – request this, so it is advisable for Britons to avoid clicking onto any links unless their legitimacy has been confirmed with their existing bank, pension provider, or wealth manager.
Likewise, it is always important to check the email address. If the correspondence comes from anything other than the specific email address of a legitimate company, the email should be deleted as soon as possible.
Unsolicited phone calls
Whilst pension cold calling was banned in 2019, many fraudsters still try their luck to catch adults off guard over the telephone. Because they believe the individual to be unnerved by the ‘out of the blue’ contact, they attempt to overwhelm them with jargonistic, yet vague, phrases such as ‘free pension review’, ‘one-off investment opportunity’, ‘cash bonus’ and ‘government endorsement’.
They also often refer to transferring funds ‘overseas’ and apply pressure to force savers into an instant decision about transferring their money.
A legitimate financial adviser, pension provider, or any other organisation or individual regulated by the FCA would never participate in any of the above. For example, My Pension Expert only reaches out to prospective clients once they have formally requested a meeting via our website and encourage clients to take their time to make any major pension decisions, following a consultation.
As such, any unsolicited contact from a so-called adviser is almost certainly fraudulent, and contact should be ceased immediately,
‘Too good to be true’ promises
Vitally, if an offer seems too good to be true, it likely is. For example, many scammers claim to have found a ‘legal loophole’ so that a saver can access their pension before the age of 55 – the current pension freedom age.
This is certainly not true, as early access to one’s pension, unless in the context of very specific circumstances, inevitably results in a huge tax bill, in addition to the money lost through the scam itself. So, an individual or company suggesting this is possible is clearly a fraud.
Britons must remember that all legitimate pension providers, wealth managers, and independent financial advisers will be on the FCA register. So, savers should search companies or individuals on the register if they are suspicious of any correspondence. If they are not registered, it is likely a scam.
The concept of pension fraudsters can be frightening. However, if savers are aware of the major warning signs and research any suspicious correspondence, the UK should experience a gradual decrease in the number of fraud cases over the coming years.

### In the Press - Why don’t savers trust fintech?
COVID-19 and social distancing measures have created a huge opportunity for retirement fintech platforms, but there still remains one obstacle standing in the way – indifference.
Although innovations like the Government’s pension dashboard, which will be ready for release in 2023, stand to completely transform savers’ relationship with their retirement finances, evidence suggests that many individuals might need some more convincing. According to our recent research, just 20% understand what the Government’s dashboard is and why it is being launched. Likewise, a staggering 84% do not believe the dashboard will change the way they manage their pension.
This is surprising, especially given that the platform will enable savers to view and manage all of their pension information from one destination, as well as the ability to chase up missing pension pots with ease – something that has, up until now, been mired with difficulties.
Clearly, greater action must be taken to boost consumer awareness about the dashboard, as well as fintech more generally, to set savers on the right path to retirement.
What is holding savers back?
First, it is vital to understand why individuals are so reluctant to embrace new fintech developments.
This apathy can be largely put down to the fact that the project has been subject to a number of delays, which are unlikely to inspire much confidence.
However, it is important to note the fact that Britons’ indifference towards retirement fintech seems to go far beyond just public sector schemes. Indeed, the majority (60%) of respondents to My Pension Expert’s aforementioned survey opposed their pension provider introducing more fintech solutions to help them manage their pension online. 
Given the fact that retirement poverty is a growing problem in the UK, with almost two million of today’s pensioners earning less than 60% of the UK’s average income, every penny counts at retirement age. Consequently, it is very concerning to see that the launch of the Government’s platform seems to be falling on deaf ears, given that the incentive is likely to go some way towards improving this state of affairs.  
A cross-sector effort
Ultimately, the Government has a responsibility to ensure that individuals are aware of the launch of their pension dashboard, as well as understanding how they will gain from the platform.
For example, it would be a positive start to see the Government being more forthcoming with information about the platform, whether this constitutes educational resources on their website, or investing resources into promotional campaigns and tutorials, to show individuals how to use it. This may seem premature, given that the dashboard doesn’t launch until 2023, but it will be a vital help for users, providing them with the firm foundations required to use the platform before it comes into place, as well as ensuring that the launch doesn’t fall flat.
Likewise, the financial services industry cannot afford to be complacent when it comes to launching the platform, either. Where regulatory bodies are concerned, there is also a duty to promote Government efforts that aim to increase pension engagement. As such, making information about the benefits of the dashboard more accessible will be very important indeed – hosting workshops and tutorials (live or virtual), for example, would be incredibly useful.
Meanwhile, independent financial advisors should focus on incorporating fintech education as a part of their service – encouraging clients to ask questions if they are unsure and offering advice as to how individuals can best leverage the dashboard to their advantage, for example. Indeed, at My Pension Expert, our team of advisers encourage clients to quiz them about the various ways in which fintech can enhance the management of retirement finances. Our team are constantly reviewing and analysing the latest fintech developments and are well-equipped to answer any pressing questions clients may have about how they could benefit from them.
Of course, there will be no quick fix to improving Britons’ trust in fintech, particularly when it comes to managing retirement finances. However, with improved access to information and open conversations with experts, an increased uptake in retirement fintech could be within the realms of possibility.

### Will fintech enhance pension engagement?
The UK is facing an ever-widening pension engagement gap. Indeed, research from My Pension Expert earlier this year found that almost half (46%) of UK adults over the age of 40 have not checked in on their pension savings within the previous year. 
There could be several reasons for this – for example, some may find pension information too complicated to follow, or they might have lost track of their multiple pension investments. Others may simply think monitoring one or more pension pots is too much hassle. 
That said, there could be a clear solution in the form of financial technology (fintech)…
The benefits of fintech
Incorporating fintech into retirement finance strategies could dramatically improve the way in which Britons engage with their pension. 
First and foremost, it could simplify the process of tracking down lost pensions. At present, if people want to track down lost pension pots (such as workplace pensions from previous jobs), they must use the Government’s Pension Tracing Service. Whilst useful for finding pension providers, the service does not offer any additional information about a person’s pension – it is up to the user to contact their provider themselves. 
To remedy this, the Government announced their plans for a Pension Dashboard, due to be launched in 2023, which promises to help Britons track down their various pots and view all their pension information in one convenient place. Such a tool will undoubtedly remove the effort of finding and managing multiple pots and investments. 
Even if individual providers were to adopt technology to grant clients better access to their pension information, engagement could be enhanced. Indeed, recent research from My Pension Expert found that almost two fifths (39%) of UK adults receive information from their providers but rarely read it in detail. So, rather than waiting for information to be sent to clients in the form of complicated quarterly or annual updates, providers might consider developing new platforms which allow clients to view simplified breakdowns of their pension investments so that they can monitor their progress. 
Evidently, technology has the potential to simplify pension management for many individuals. However, there appears to be hesitance amongst Britons to embrace such fintech. Indeed, six in ten (60%) of respondents to My Pension Expert’s aforementioned research would oppose their pension provider offering better technology to help them manage their retirement finances digitally. 
The question, therefore, is what can be done to change the minds of savers? 
Seeking advice
Of course, the Government, as well as providers and financial services regulatory bodies, should make information about the benefits of fintech readily accessible for consumers. However, savers must not underestimate the role of independent financial advisers in helping Britons to understand how technology could enhance their retirement finance management. 
Indeed, our team of advisers at My Pension Expert are not only able to offer tailored financial advice to help clients achieve their desired retirement outcome, but they can also help them to better understand how fintech will enhance their financial management. For example, an adviser will be able to answer any questions someone may have regarding online pension management and offer practical advice regarding how they could incorporate it into their retirement finance management to maximise their pension pot. 
New fintech developments may seem intimidating to some savers – particularly if they are not tech-savvy. However, provided that they have access to the right financial advice, it is likely that more and more people will soon become open to the idea of incorporating fintech into the management of their retirement finances. Doing so will certainly simplify many people’s pension management and help them to achieve their desired retirement outcome. 

### When should you switch pension provider?
Britons are notoriously disengaged with their pension schemes. Indeed, research from My Pension Expert found that 53% of Britons are satisfied to let their pension provider run their plans (workplace or otherwise) without any further investigation.
Admittedly, UK adults may have more immediate issues to deal with – particularly throughout the previous 18 months – however, this ‘out of sight, out of mind’ mentality can harm their future finances. So, it is vital that people explore the services and management strategy offered by their existing provider to establish whether the scheme suits their needs.
That said, it can be difficult to know whether existing providers are in line with one’s retirement goals. So, for those unsure whether to bite the bullet and switch providers, here are a few key points to consider…
Could my provider fees be lower? 
All pension providers impose management and administrative fees on scheme members. However, these fees vary between providers. For example, pension trusts set up before 2001, before stakeholder pension charges were capped, tend to be higher than modern pension schemes. This could ultimately remove a large chunk of retirement savings.
So, if savers are concerned about their fees, it could be worth investigating different provider options. After all, switching providers could lead to a significant reduction in costs.
Should I consolidate my pensions?
Today, the average employee can hold multiple jobs throughout their working life. As such, people are likely to hold multiple pension pots accumulated via various workplace pension schemes – and these can be easy to lose track of.
So, people struggling to maintain multiple pots would be wise to consider consolidating all their funds into one manageable pot. This will certainly be easier to keep track of, whilst allowing the pot to grow to a healthy size.
Could my pot be performing better? 
As with any investment, the value of one’s pension pot is likely to fluctuate over time in response to various external market factors. However, depending on how they are invested, certain schemes could perform better than others. This could be for a variety of factors, such as the scheme placing money in riskier investments or having a more diverse portfolio.
Individuals who may have a higher tolerance to financial risk (this will depend on their personal preferences and financial situation) may therefore be interested in switching providers who offer a greater risk-reward ratio. Of course, given the significance of this decision, independent financial advice must be taken before individuals make any major decisions. However, in the meantime, it could be beneficial to explore different scheme options to see if there is any potential to improve the performance of their pot.
Is my scheme flexible enough? 
Those with their pension in a drawdown scheme may be surprised to find that not all plans offer the same levels of flexibility. For example, some providers allow customers to set their own retirement income withdrawal limit; however, they will charge extra if a client wants to adjust this amount throughout the course of their retirement.
It would therefore be beneficial to understand the terms and conditions of adjusting withdrawal amounts in retirement. If an individual’s current scheme doesn’t offer suitable flexibility, switching providers could be beneficial.
A note on advice
As is the case with any major financial decision, people should not commit to switching pension providers until they have consulted an independent financial adviser.
At My Pension Expert, our team of independent financial advisers conduct a thorough audit of an individual’s financial situation, as well as discussing their retirement goals with the client, before making a final recommendation as to whether switching providers is necessary. Further, they conduct annual audits for clients to ensure that their existing provider remains appropriate, should circumstances change. This grants clients access to all the necessary information to make an informed decision about their pension provider.
Switching pension providers may sound difficult, but it needn’t be. Provided that people carefully consider their requirements and seek the appropriate financial advice, Britons should be able to find a pension provider to suit their individual needs and achieve their retirement goals.

### Five questions to ask your employer about your pension
Workplace pensions are rarely at the forefront of people’s minds when they start a new job. Questions, understandably, are more focused on getting to grips with how their company works and whether they will get on with their new teammates.
However, ignoring one’s workplace pension can cause long-term financial problems. Namely, losing track of pension pots and an increased risk of inadequate saving.
As such, employees should engage with their workplace pension as soon as possible. This will often involve questioning their employers about the finer details of their scheme.
So, what questions should employees be asking? As a starter for ten, we’ve outlined five key points to raise with employers.
Who is my pension provider? 
This may seem obvious, but you would be surprised how many people don’t know who provides their workplace pension. While this may not be an immediate concern, it can present problems when individuals choose to leave their current place of work, as it can be all too easy to lose track of previous workplace pots. Indeed, research from My Pension Expert found that a quarter (25%) of Britons aged 40 and over have lost track of pension pots and investments.
As such, knowing the name of one’s pension provider will help to track down pension pots later down the line using the Government’s pension tracking platform. Whilst the platform doesn’t reveal details of individual pensions, it provides the appropriate provider contact details, so users can track down older pots and get their retirement finances in order.
Is there a salary sacrifice option? 
It is certainly worth asking if employers offer a salary sacrifice scheme. This allows employees to give up part of their salary and place it in their pension pot.
Although the idea of a salary sacrifice may not seem overly appealing, this can be a tax-efficient method of saving for retirement, as reducing one’s salary means that savers will ultimately have to pay less income tax and National Insurance. As such, it is certainly an option worth considering.
Will my contributions be matched?
Under current government guidelines, 8% of an individual’s salary must be paid into their workplace pension. So, employees must pay a minimum of 5% into their workplace pension, and employers pay the remaining 3%. However, if an employee chooses to increase their pension contributions, some employers may increase their contributions to match.
Not every employer will offer this, but it is certainly worth asking the question. Given that the recommended monthly contribution is 15% of one’s salary, receiving a further helping hand from your employer could provide a welcome boost to retirement savings.
What are my fund charges? 
It's important to note that pension providers impose charges on scheme members, including running and administrative costs. Usually, workplace pension schemes charge less than individual schemes; however, they still vary from provider to provider and from scheme to scheme, meaning they have the potential to erode the value of people's pension pots over time. To overcome any nasty surprises later down the line, it is advisable for people to ask about charges upfront so that they can adapt their savings plan accordingly.
Do I have control over my pension investments? 
Everyone has varying degrees of risk appetite, as well as different investment preferences – for example, some may favour investments more in line with their personal values. So, those who feel strongly may consider asking their employer how much control they have over how their provider manages their money.
Some employers may offer Self Invested Personal Pensions (SIPPs), which allow people to choose where they invest their money. However, this option will not be available to everyone, so those who place great importance on their investment choices should contact their employer and explore other SIPP schemes, if necessary.
Workplace pensions may not seem like an immediate priority, but overlooking their importance could negatively impact people’s retirement finances later down the line. So, it is important to engage as early as possible. Further, if employees remain confused about their pension, they should seek independent financial advice to gain a comprehensive understanding. Doing so will ensure that more employees are able to make the most of their workplace pension and set themselves up for a positive financial future.

### Trusts: What are they and should I get one?
We all want to make sure that our loved ones are taken care of, even when we’re no longer around to ensure that this is the case.
As we’ve discussed previously, having a will in place is an excellent method of achieving this. After all, a will ensures that an individual’s assets are shared between friends and family exactly to their wishes, removing unnecessary complications from an already upsetting and difficult time.
That said, even if assets are carefully divided up within a will, they will still be subject to substantial inheritance tax (IHT) charges, which can pose a significant financial burden on those who have inherited assets.
Whilst IHT is largely unavoidable, there are some legal mechanisms that can reduce the charges imposed on assets when an individual dies: trusts.
What are trusts? 
Trusts are fiduciary relationships within which one party (the trustor) gives another party (the trustee) the right to hold title to property or assets to the benefit of a third party (the beneficiary).
Put simply; trusts allow individuals the opportunity to protect their assets, guaranteeing that loved ones have financial stability and security in the long term.
There are many benefits to having a trust. For one, they can help to reduce an individual’s IHT bill. This is because trusts can provide certain conditions where the assets in question do not belong to the individual per se. Instead, they belong to the trust and are controlled by the trustee. This means that they are considered to be outside of the individual’s estate and exempt from IHT charges.
They also help people to create long-term financial provisions for their loved ones. For example, they can enforce protections for their children’s inheritance in the event of their surviving spouse remarrying, or if their own children marry and then divorce.
Such protections can be invaluable to individuals in the long-term, not only because they provide financial support, but also to provide peace of mind to family members that their estate is being managed in a secure and tax-efficient manner.
Should I set up a trust? 
The broad assumption is that trusts are exclusively for the very rich who require widespread protections on their estate – but this is far from the truth. Indeed, people of any income level can benefit from a trust.
That said, there are many different types of trusts to suit the various needs and financial situations of different people. As such, it is vital to seek advice from a qualified professional before pursuing this route of asset management.
Trusts are an incredibly beneficial legal tool, so it is advisable for people looking to organise their estate to consider it as an option to protect their assets effectively. Provided they seek the appropriate legal advice, one would expect that more people could benefit from incorporating trusts into their estate management.

### Does it pay to make ethical pension investments?
Over the past decade, climate change has grown in prominence within the political sphere, with global leaders setting strict emissions targets in a bid to slow down the impact of global warming. Owing to this, businesses have also been encouraged to consider their impact on the environment seriously, and limit any negative implications where plausible.
As such, environmental awareness and ethical behaviours have grown amongst average consumers, with many evaluating their personal impact on the environment. This has caused many to direct their attention towards their financial behaviours – most notably, savers are increasingly realising that they can use their pension investments as a force for good.
Evidence certainly suggests that consumers are keen to invest their pension savings in more ethical schemes – recent research from NEST found that 71% of UK adults would opt for a fully or partially sustainable pension scheme given the choice. A further 68% of savers want their pension provider to consider their people and the planet, in addition to profits, when choosing pension investments.
Even younger generations, who are notoriously unengaged with pension savings, are keen to get more involved in ethical investments. According to a study from Aviva, an overwhelming majority (71%) of millennials expressed an interest in investing in environmental, social and government (ESG) or other ethical funds via their workplace pension scheme.
There is a clear and growing awareness of, and demand for, ethical pension investments. And whilst there are altruistic benefits to such investments, there are also potential financial benefits to consider.
The benefits of choosing ethical pension investments
There are two core benefits to ethical investing. The first, and perhaps most obvious, is that it ensures that environmental and socially responsible organisations receive the necessary cash-backing to survive in the long term, contributing to a more sustainable future.
Further to this, such investments also present opportunities for valuable financial gains. Indeed, the UK Government has recently announced plans to make pension schemes mitigate against risks related to climate change – making it the first G7 economy to do so. The government believes this approach will make it possible to identify best practices amongst pension portfolio managers. Such measures would suggest that pension investments are likely to be safer with firms that are prepared for climate change and similar environmental risks in the long term.
While seeking financial advice is, of course, necessary before making any major investment decisions, be they ethical or otherwise, it is apparent that there are potential gains to be enjoyed when pension investments are made morally. The question now is whether the pension industry is poised to meet this demand.
A force for change? 
With more and more consumers becoming increasingly conscious about mindful investment, one would expect more financial advisers to incorporate ‘greener investments’ into their tailored advice, where appropriate.
Indeed, at My Pension Expert, we have noticed an influx of clients asking our independent financial advisers about the wider impact of their pension investments on the environment. As such, our advisers have been sure to factor in clients’ concerns to ensure that any recommendations are appropriately ethical, as well as suiting a client’s financial requirements.
However, the onus is not just on advisers to make ethical investments. Indeed, pension providers and fund managers must also rise to meet the demand from savers and ensure that funds are placed with companies who have sustainability and financial responsibility in mind. If they do not, they will likely face issues, not just from investors looking to remove their funds in favour of more ethical practices but also from regulatory bodies if they fail to comply with the government’s legislation.
It is encouraging to see growing consumer demand for ethical pension investments. This more altruistic approach to investment will benefit not just the future finances of consumers but also the wider environment – contributing to a more sustainable world in which they can enjoy their hard-saved pension. And with the government supporting this move via new legislation, one would anticipate that many pension providers and fund managers will soon follow suit.

### Getting your estate in order: everything you need to know
Later life planning is often something that people like to put off until, well, later life.  
There have been many surveys showing that this is the case – for instance, data from 2020 revealed that three in five UK adults did not have a Will in place, which equates to a staggering 31 million people. And while every person has their own reasons for delaying the estate-planning process, creating a Will not only ensures that an individual’s wishes will be met after they pass away, but it can also offer some added assurance that their family will be provided for should the worst happen.
Although talking about what happens after a loved one dies can be difficult, we have compiled some key considerations to bear in mind, which ought to make the estate planning process that little bit easier.
First steps to estate planning
Firstly, Britons should make a note of all their assets and debts. Usually, assets will include property, pension funds (including a lump sum payment on death), bank and building society account savings, National Savings and premium bonds, motor vehicles, jewellery, antiques, and other miscellanea. Debts, on the other hand, will likely come in the form of mortgages, outstanding credit, bank overdrafts, loans, and equity release.
As a person’s assets and debts will naturally change in value throughout their lifetime, it would be wise to have assets valued regularly, if possible, to ensure that estimations are accurate.
Dividing an estate
Next, retirees should think carefully about how they would like to divide their estate and decide on beneficiaries to hand over their possessions to – beneficiaries can include a partner or spouse, children and other family members, as well as friends and charities. 
The simplicity of this process will vary from person to person. There are many situations in which it will be possible to divide assets equally between beneficiaries or simply leave everything to one person, but often the process is slightly more complicated. 
Broadly, there are four types of legacy individuals can leave to their beneficiaries: a pecuniary bequest, which means that individuals leave a fixed sum of money; specific bequests, which leave specific items to beneficiaries; reversionary bequests, which specify what happens to the asset if the person it is left to dies; and trusts, which are used to protect property that adults wish to hand over to their family.
Often, people will use a combination of these bequests to write their Will. How they decide to split their Will depends on several factors, including the personal circumstances of beneficiaries and their relationship to these individuals. This process can be tricky, so retirees would do well to seek the assistance of a Will writer, who can cut through the jargon to help distribute their possessions.
Inheritance tax
Next, individuals should check whether they will have to pay Inheritance Tax. Only a small percentage of estates are large enough to incur these fees – according to HMRC, only one in 20 estates pay it. However, it is vital not to be caught off guard.
Usually, there is no tax to be paid if the value of an estate is below the £325,000 threshold, which is known as the nil rate band (NRB). This is also the case if people decide to leave everything above the threshold to their spouse, civil partner, or an exempt beneficiary (such as a charity); or if they give away their home to children or grandchildren – in which case the threshold is raised to £500,000.
Any part of a person’s estate over the NRB could be liable for tax at the rate of 40%, and as such, they should factor this into their plans when writing a Will. These rules can be difficult to navigate, so if Britons run into any problems, they should remember that they can seek regulated advice from a professional Will writer to guide them through the process.
Choosing somebody to execute a Will
Finally, individuals should choose someone, or a number of people, to execute their Will. There’s no rule against people named in a Will as beneficiaries, also being an executor. Quite the contrary, in fact, many people choose their spouse or civil partner to be the executor of their Will. However, some decide to use a professional executor, such as a solicitor, to act for them.
Executors must be aged 18 or above, and up to four can act jointly at any given time. Retirees should bear in mind that it is usually helpful to enlist somebody with specialist knowledge, but executors can appoint an expert later on if they so wish.
After producing an initial draft and getting any preliminary conversations with loved ones out of the way, people may find that their plans, wishes, or circumstances change over the years. In these cases, it is wise to commit to regularly reviewing their Will to ensure that it still meets their wishes.

### Time is money: lifting the lid on ceding provider delays
Time usually benefits pension savers – generally, the longer an individual saves into their pension, the more it is likely to grow.
That said, there are occasions when time can work against a client, most notably when they are exercising their right to switch pension providers. By this, we refer to the delays imposed by ceding providers – pension scheme members’ existing providers – when releasing the funds of clients wanting to transfer to an alternative provider. 
Understanding ceding delays
After speaking with an independent financial adviser (IFA), some individuals will find that their needs are better met with another pension scheme provider. Should they wish to push ahead with the advice offered, the adviser will then set plans in motion and send out a letter of authorisation to the ceding provider.
This is where problems may begin to rear their head.
Advisers do warn clients to expect some delays with their transfer. After all, industry regulations ensure that ceding providers conduct thorough security checks before releasing clients’ money, to ensure it will not be going into a fraudulent scheme. It is expected that this process should take no longer than 28 days. 
However, there are no legal limits placed on the maximum amount of time it should take to process a transfer, leaving ceding providers with no sense of urgency. In extreme cases, My Pension Expert have seen transfers well surpass the standard 28 days, with some ceding providers taking an additional 85 days to release client funds.
Such delays come at an irretrievable cost to the client. This is because once the initial letter of authorisation is sent, the funds are removed from any investments within their existing scheme. As such, the funds are in ‘limbo’ until they receive the green light to transfer across to their new provider. And if the market moves throughout the transfer process, their pension pot will not grow accordingly. In My Pension Expert’s experience, some clients have been so unlucky as to lose almost £900 as a consequence of these delays – and this is money that they are unlikely to get back.
Unfortunately, all advisers can do is chase the ceding provider via telephone or email on behalf of the client, adding further frustration to the process. 
Clarity is key
Clearly, things must change. So, what can be done to improve this situation?
Put simply, the financial services industry requires a collaborative effort to drive any significant transformation. As such, retirement advisers and the industry at large must work together to make the transfer process more transparent.
For one, advisers must ensure that they are keeping clients in the loop every step of the way. This should begin by making the client aware of any potential delays that might crop up during the process so that they do not feel that they have been misinformed should a ceding provider default to lengthy processing times.
After sending out a letter of authorisation, advisers should reassure their client that they have taken sufficient action to instruct the ceding provider to release the funds. Likewise, IFAs would also do well to keep a running log of their contact, or any attempts to contact, the ceding provider. Doing so will allow clients to build up a record of evidence should they decide to pursue a claim against any obstructions to a transfer.
Furthermore, the FCA must actively work alongside organisations like The Pension Regulator and the Pension Advisory Service to produce coherent guidelines for best practice about the length of time it should take to process transfer requests. Above all else, this should ensure that providers are truly held to account so that individuals are not left out of pocket due to lengthy delays.
Ultimately, ceding companies must also acknowledge the part they have to play and come up with new processes to ensure that the client is always aware of any ongoing delays, as well as the reasons for why they have occurred. While overhauls will not happen overnight, a collective effort will be the antidote to unnecessary pension transfer delays, and the industry will start to see gradual yet positive change.

### Should savers continue contributing to a workplace pension?
“A little goes a long way”, as Charles Dickens once said.
Indeed, this quote resonates with many elements of our day-to-day lives, particularly when it comes to retirement finances. After all, even the smallest contribution to one’s pension pot now can make a big difference in later life.
This has particularly been the case since 1st October 2012, when the government introduced auto-enrolment for workplace pension schemes. All eligible employees – those earning over £6,240 a year – working within a business with one or more members of staff were automatically enrolled into their workplace pension. Every month, a small portion of their salary was placed into their pension pot, thereby contributing to their future retirement income. 
However, contributing to a workplace pension can be frustrating – after all, it may be disheartening for some to part with a percentage of their income without seeing any immediate reward for doing so. However, opting out of a workplace pension scheme could cause adults to miss out on certain benefits.
The benefits of a workplace pension
Saving into a workplace pension essentially entitles adults to “free money”. This is because all employers also contribute to each employee’s pension pot.
At present, employers are compelled to pay a minimum of 3% into an employee’s pension pot, whilst the employee in question must pay a minimum of 5%. This may not sound like much at first, however these contributions will gradually accumulate over time – so by the end of a person’s working life, their pension pot may have grown to a healthy size.
What’s more, workplace pensions are reasonably flexible, so an employee can choose to increase their contributions at any time. Indeed, My Pension Expert’s recent survey found that almost a fifth (19%) of UK adults aged 40 and over have chosen to up their contributions within the past year. In some companies, the employer agrees to match increases to pension contributions, so it’s certainly worth considering.
On top of this, the government tops up employee pension contributions further with pension tax relief. Pension tax relief is paid in accordance with a saver’s tax bracket and can be a welcome addition to any pension pot, providing further motivation to continue pension contributions.
Naturally, dedication to such saving will greatly benefit people as they approach retirement age. The more they save earlier in their life, the more opportunity the pension may have to grow comfortably over the years.
Points to consider
Of course, it is important to acknowledge that for some, making regular pension contributions may be challenging. After all, the financial pressures caused by COVID-19 have forced some to focus on more immediate financial goals, such as mortgage repayments or paying utility bills, rather than retirement. Indeed, My Pension Expert’s aforementioned research revealed that 7% of people were forced to reduce their pension contributions over the previous twelve months. 
Whilst understandable, it is more beneficial for adults to avoid pausing their pension contributions, if possible. Indeed, doing so will inevitably result in a smaller pension pot by the time individuals reach retirement age – and this realisation could cause panic.
Instead, savers should consult an independent financial adviser before making any major decision about their retirement finances. Advisers review all elements of a person’s retirement strategy and make appropriate recommendations to help people save more effectively – meaning that savers should be able to proceed with their retirement strategy without hindering their current financial situation. 
Workplace pension schemes are an incredibly useful tool to prompt people to start saving as early as possible for their retirement – and they will undoubtedly continue to play a prominent role in many people’s retirement strategies. However, those who are worried about the immediate financial consequences of their pension contributions would be wise to seek financial advice. Doing so will be a positive step in sustaining their present and future financial health.

### How to manage debt in retirement
Struggling with debt during retirement is much more common than many people assume.
While some credit cards impose maximum age limits on credit applications, there are many others that do not. As such, some retirees decide to borrow money in order to rapidly inject cash into their retirement income.
Of course, taking on debt is not necessarily a bad thing. When managed effectively, it can be an incredibly useful tool for some. That said, if left unchecked, it can easily spiral out of control and land some retirees in trouble.
Luckily, however, retirees can undertake a few simple steps to help them regain control of their finances.
Sort out priorities
As is the case with most issues – financial or otherwise – it is always best to tackle debt head-on. As such, retirees should be honest with themselves about exactly how much they owe.
This can be done by writing down how much money the individual owes and to whom. From there, it will be possible to understand which debts need to be paid off first. Start first with the most urgent debt, such as mortgages or Fines and County Court Judgements (CCJs) for debt.
This will ensure that retirees don’t fall behind on important payments which, if missed, could jeopardise their lifestyle.
Draw up a budget
Having prioritised their debts, retirees should then be able to draw up a repayment plan – and creating a budget is vital in this.
To start with, retirees should calculate exactly how much monthly income they have. This should include state pensions, personal pensions, annuities and any other income they may receive. They should then deduct expenses from this income, such as food shopping, bills and loan repayments.
Doing so will help retirees to understand how much disposable income they will have when making the repayments. Better still, it will also help them to identify and cut out frivolous spending, at least until the debt has been repaid.
Source extra income
If, after drawing up a budget, people feel they don’t have enough disposable income to live comfortably, it could be worth considering re-joining the workforce
However, this does not necessarily mean returning to the 9-to-5 routine. Retirees could take on part-time work, or even go freelance with their previous profession or skill. Even a small boost to income could help adults to pay off their debt more quickly and sustain their current lifestyle.
Consider consolidation
Another option, which retirees could consider is consolidating debt at a lower interest rate.
Debt consolidation involves taking out a new loan to pay off multiple outstanding debts, thereby reducing the debt itself into one manageable monthly repayment. However, it should be noted that some lenders do impose early payment charges, so retirees should ensure that they understand the terms and conditions before committing to this strategy.
Ask for help
Of course, before making any major decision regarding debt, retirees should always seek independent financial advice.
Advisers, such as our team of experts at My Pension Expert, review each individual’s financial situation holistically, and offer the appropriate recommendations to suit their needs. From there, the client in question will be able to develop a sustainable debt repayment plan.
Debt management may seem overwhelming at first, particularly if people feel that it is spiralling out of control. However, by remaining calm and seeking advice, retirees will be able to effectively tackle their debt and regain control of their finances.
 

### What is the difference between advice and guidance?
“What’s the point in seeking financial advice when I can get guidance for free?”.
We regularly get asked this question by clients. And such queries are understandable, to a point.
At face value, free guidance – either from an individual or a website – is very similar to advice. Both have the aim of helping people to better understand their financial needs and priorities based on their current circumstances. And because guidance is free, many people feel that it is the superior of the two. Indeed, recent research from My Pension Expert found that almost two thirds (65%) of UK adults prefer to seek free guidance online rather than consulting an independent financial adviser.
However, there are some fundamental differences between guidance and advice. And as is the case with any decision, it is important to understand all the facts before deciding which option to utilise.
What’s the difference? 
Guidance is free, impartial recommendations to help an individual make decisions about their finances. As a rule of thumb, guidance is generic and suggests what an individual “could” do to better their financial situation.
An example of this would be the Financial Conduct Authority’s (FCA) Investment Pathways. This guidance helps people approaching retirement age, who may have received prior recommendations about their retirement finances, to achieve better retirement outcomes. Following a short questionnaire about their financial situation, the individual is directed towards one of four investment options.
Notably, however, guidance which falls outside the remit of the FCA’s website is unregulated. What’s more, as this guidance – even the Investment Pathway scheme – is general in nature, it does not take into account the complexities of a person’s financial situation or their long-term goals.
In contrast, independent financial advice is regulated by the FCA and involves a detailed analysis of an individual’s personal finances and financial goals. Following this analysis, the adviser is able to make tailored recommendations about pursuing a specific product or service. What’s more, they help the client to develop a long-term strategy to achieve their financial goals.
The fact that the advice is regulated also means that clients are protected by the Financial Ombudsman Service and the Financial Services Compensation Scheme, so individuals can protect their money if the recommendations they follow go awry.
The deciding factors
As is frequently the case, many people will make their final decision in accordance with cost. As My Pension Expert’s aforementioned research revealed, three quarters (75%) of adults consider financial advice to be expensive; therefore, it is highly likely that people may think it more cost-effective to use free guidance.
However, advice is not as expensive as many assume. Indeed, at My Pension Expert, we only charge clients if they decide to pursue the recommendations of our expert advisers. Advice is not exclusively for the super-wealthy: anyone can receive independent financial advice, regardless of their circumstances.
So, at such little cost, it certainly seems logical for savers to protect their future finances and seek regulated financial advice, as opposed to essentially guessing their best financial option in accordance with generic advice.
At the end of the day, it is up to the individual as to whether they opt for free guidance or independent financial advice. However, it could certainly be more beneficial for people to pursue the latter. The fact that it is regulated and tailored towards a client’s specific needs ensures that clients are able to make informed decisions with minimal risk to their cash. Any other form of financial guidance could put their financial futures at risk.

### What are the riskiest investments for pension planners?
The objective of most pension planners is to maximise their pension pot, so that they are able to maintain their current lifestyle throughout retirement. And for many, the most effective method of achieving this is by making prudent investments which offer strong returns.
Pension providers usually provide this service for savers. They monitor market trends and make decisions which will facilitate the growth of their clients’ pension pots, whilst exposing them to minimal risks. That said, some people prefer to take a more active role in their retirement strategy and make investment decisions themselves.
Neither approach is wrong, provided that the saver makes informed decisions and seeks financial advice where necessary. However, those making their own decisions should be aware that certain investments could pose more risk than others.
Gated investments 
Gated investments are ones which can essentially block investors from withdrawing their money from an investment fund. Technically, any fund can become gated, but the most common examples tend to be open-ended property fund and of course, the infamous Woodford Equity Income Fund.
The reasoning behind this may be well-meaning on the surface. Indeed, directors may choose to ‘gate’ the fund to protect its value for all shareholders – if too many investors withdraw their money in one go, the value of the fund, as well as people’s investments, could rapidly decrease.
That said, gated investments can be a source of great frustration for many pension investors, leaving them without easy access to their funds. Particularly during the coronavirus pandemic, many people’s employment status changed; research from My Pension Expert revealed that almost one in ten (9%) of adults aged 40-67 were forced to take early retirement because of the pandemic.
Further, retail property funds are typically illiquid, as selling the property itself can be a long and drawn-out process. As such, consumers should avoid this form of risk when they reach retirement. My Pension Expert receives numerous enquiries form new clients who cannot access their pension funds and draw an income because the property fund they are invested in has been “gated”. Returns in a number of property funds have been strong but the success of these funds is ultimately useless if investors cannot access their money when they need to.
Consequently, people who may need quick and easy access to their pension funds should avoid these types of investments.
Illiquid investments
Illiquid investments could also pose issues for pension planners. These are investments which cannot be easily sold or exchanged for cash, without a substantial loss in value. This is usually because there is a lack of investors to purchase the assets once they have been sold.
Common examples of illiquid investments include real estate, cars, antiques, private company interests, as well as some collectables and art pieces. Stocks that trade on over-the-counter markets (i.e. stocks which are traded between two parties, without the supervision of an exchange, as opposed to stock market trading), are also considered illiquid because there are fewer buyers interested in the assets.
These investments can present a great risk to investors, particularly during times of market turmoil. This is because holders of such investments are often unable to unload them at all, or unable to do so without losing money. This can be particularly problematic for pension planners who, especially throughout the market volatility caused by the coronavirus pandemic, might need to rapidly sell such assets or investments in exchange for cash to finance their retirement.
Retirees’ circumstances can change at any time. As such, they should ensure that they are able to access their funds whenever necessary, without them losing value or jeopardising their financial futures.
So, anyone personally managing their retirement strategy should seek independent financial advice. Advisers will be able to assess all elements of a client’s financial situation, as well as their risk appetite, and recommend the most effective investments to suit their needs and goals.
Of course, every investment presents an element of risk. However, investments, particularly when it comes to pension investments, should never carry unnecessary risk. That said, through careful research, and seeking advice where possible, pension planners should be able to invest with confidence and plan for a comfortable retirement.

### A beginner’s guide to risk appetite
We’ve all heard of the concept, ‘risk-reward': when an individual is prepared to take a greater risk to receive a greater reward.
This notion remains relevant to this day, particularly when it comes to retirement investments. Such investments carry inevitable risk. That said, some carry more than others, and should be treated with more caution.
In some cases, pension planners seem willing to overlook the risk factor of many investments because the promise of reward is too tempting. Indeed, recent research from My Pension Expert revealed that one in eight (13%) of UK adults have moved some or all of their pension pot to a high-risk investment over the past five years, in order to increase its value.
There is a danger of savers focusing too heavily on the potential rewards, as opposed to the risk. Failing to fully comprehend investment risks, as well as one’s capacity for loss, could be detrimental to their financial futures.
As such, before any investment decision is made, it is vital for savers to determine their risk appetite. This may seem like an overwhelming task. But on the contrary, it is far simpler than many people assume.
Key considerations 
There are three key points to bear in mind when calculating one’s risk appetite.
Firstly, savers should consider their personal attitude towards risk. They must consider, for example, how comfortable they would feel if they were to place part or all of their pension savings in an investment that is very sensitive to market fluctuations. If they would not be happy to do so, this would indicate that they may not be open to riskier investments.
Secondly, savers should consider their investment goals – this should take into account their investment timeframe, as well as their need for returns. This will help savers to determine how quickly they will need to see a return on their investment. Indeed, if someone requires rapid returns, their investment strategy will differ greatly from those who are willing to wait for ten years to access their cash.
Finally, people must factor in their own financial situation, and calculate how much they can afford to lose if their investment fails. So, if an individual would struggle to keep up with their household bills if a particular investment were to end badly, it is likely that their risk appetite would be lower than someone who may not feel as much of a financial hit in the same situation.
Of course, it is possible to calculate one’s risk appetite unaided. However, without in-depth knowledge about their finances, or indeed investments, it would be advisable to consult an expert.
The value of advice
As with any major financial decision, savers would be wise to seek independent financial advice – and the case is no different when it comes to pension investments.
Financial advisers will be able to conduct a thorough audit of a client’s financial situation, investment goals, and personal preferences to offer an accurate indication about their risk appetite. From there, an adviser will be able to make recommendations as to the appropriate investments to meet their needs.
At My Pension Expert, for example, our team of experts use a range of portfolios with varying risks to suit our client’s specific needs – from the appropriate level of diversification to tailored professional management.
Every investment comes with its own level of risk. However, it is important to understand what level of risk is compatible with each individual’s risk appetite. So, savers should think carefully about their finances, and seek advice accordingly, before making any major investment decision. Doing so will certainly help them to maximise their pension pot, without unnecessary risk.

### Is it possible to boost my income in retirement?
No one likes to find themselves short of cash. However, in retirement, this can be particularly troubling.
Concern over whether individuals have enough money to retire on is common. However, the coronavirus pandemic has accentuated with issue – My Pension Expert’s research found that nearly one in ten (9%) of adults aged 40 to 67 have been forced to take early retirement as a result of COVID-19, suggesting that respondents may not have been able to save as much as they initially had planned for their retirement.
As such, some may experience shortfalls in cash and be faced with the prospect of scaling down on the quality of their retirement, in order to ease the financial strain.
Luckily, there are some simple ways in which retirees can boost their income throughout retirement….
Check what you’re owed
First and foremost, it’s important for retirees to check whether they are eligible for certain benefits.  Surprisingly, £3.5 billion worth of benefits go unclaimed by older adults each year – so it’s certainly worth whilst to check eligibility.
Pension benefit, for example, can help those over state retirement age, who are struggling to make ends meet. This benefit allows pensioners to claim top ups on their weekly income in the form of guarantee credit, as well and savings credit, in the case that a retiree has extra savings or higher income than the basic state pension. While it should be noted that savings credit is only available to those who reached state pension age before 6th April 2016, single retirees could claim up to £187.72 per week, whilst couples can claim up to £280.82 if they are eligible.
Other possible benefits include housing benefit or attendance allowance, and they can all add up and could help those struggling to make ends meet.
Going back to work
Another potential option for retirees is returning to work. Indeed, a quarter of Britons are “unretiring” in a bid to boost their income.
However, this needn’t mean returning to the standard 9-to-5 routine – today, there are plenty of flexible working options to help retirees bring in a bit more income. For example, returning to work part-time, or pursuing freelance work could offer a great opportunity for retirees to increase their income, without the stress of returning to the office.
This may do more than support finances. Studies have shown that individuals who have “unretired” experience improvements in their mental and physical health, so it is certainly a point worth considering!
Equity release
That said, some retirees may not want to return to work, and may not be eligible for state benefits. In which case, equity release may be worthy of consideration.
Anyone over the age of 55 is eligible for equity release, provided that they own their own home. This enables individuals to unlock the money tied up in their property and give their retirement income an immediate cash injection.
Equity release comes in different forms, such as lifetime mortgages or home reversion plans, so it would be wise for pensioners to thoroughly explore their options, before committing to this form of retirement income.
That said, equity release has its drawbacks, and it will not be the right option for everyone. So, it is vital to seek independent financial advice before making a final decision. Luckily, advisers at My Pension Expert are always on hand to guide retirees through the various options available.
It can be a worrying to suddenly experience a shortfall in cash, particularly during one’s retirement years. However, it is vitally important for individuals not to panic, explore the possibilities open to them, and seek advice when necessary. Doing so will enable retirees to give their income a healthy and enjoy the financially comfortable retirement they deserve.

### How can advisers restore public trust?
Trust – or lack thereof – has been a long-standing issue within financial services.
Previous scandals within the industry, such as fund mismanagement and poor investment practices, combined with the general lack of transparency within the financial services sector has done no favours to its reputation. The real tragedy, however, is that this deters many people from seeking independent financial advice.
Presently, there should be high demand for independent financial advisers (IFAs). The financial pressures caused by COVID-19 have meant that the financial strategies of many individuals have been turned on their head. People have been forced to dip into their life savings, give up on savings goals entirely and, in some cases, take early retirement due to being made redundant. In these circumstances, you would be forgiven for assuming that Britons would eagerly seek professional advice to help them adapt to their finances.
However, this is not the case. According to a recent survey of over 2,000 UK adults conducted by My Pension Expert, less than two thirds (38%) of Britons have ever sought the help of an IFA.
So, why are people so reluctant to seek advice?
Poor experiences
Evidence suggests that public perceptions of IFAs are shaped by previous negative experiences.
Indeed, My Pension Expert’s aforementioned research revealed that almost one in five (18%) people have lost money after following the recommendations of an adviser in the past – shockingly, one in eight (13%) have experienced this within the past year alone. Worse still, over a quarter (26%) of people have been pressured by an IFA into purchasing a financial product despite not fully understanding what it was.
Whilst the Financial Conduct Authority (FCA) clamped down on such unethical practices with its retail distribution review (RDR), the reputational damage to advisers had already been done. Consequently, the majority (57%) of Britons still do not trust financial advisers.
This lack of trust means that many people may feel they have no other choice than to muddle through their financial strategy unaided. And with so many complex financial products available to choose from, making a decision without professional insight or advice could prove detrimental to people’s long-term finances.
It is clear that the industry must take swift action to restore public trust and ensure that people are making informed financial decisions to suit their circumstances.
The question is, how?
Rebuilding public trust
Naturally, the financial services industry will not rebuild public confidence overnight. This will take time and careful planning. That said, Britons are already beginning to vocalise the changes they want to see from the sector.
Indeed, My Pension Expert’s aforementioned research revealed that an overwhelming majority (78%) of adults want to see unethical IFAs face harsher punishments. Meanwhile, a similar number (73%) believe that tighter regulations surrounding financial advice would help to restore trust.
Access to information could also prove vital in this process; 72% of Britons claim that they would be more likely to engage with IFAs if the FCA better publicised the benefits of seeking advice. For example, people may not be aware that a regulated adviser is obligated to restore a client’s original financial position if their recommendations resulted in the client in question being worse off. In all likelihood, if more people were aware of this, they might be more willing to consult an IFA before adjusting their financial strategy.
Ultimately, it is up to the FCA and advisers themselves to work together to restore public trust. Of course, changes will take time, but it is vital that steps are taken to improve transparency within financial services and clamp down on unethical practices. Doing so will go a long way in encouraging Britons to engage with IFAs, and subsequently protect their financial futures

### What prevents savers from switching pension providers?
What makes a “good deal”?
According to a recent survey from O2, six in ten Britons believe that a good deal means getting more of a product for their money. Meanwhile, a quarter (25%) of adults argue that receiving additional benefits beyond the initial purchase, such as exclusive offers or third-party services, help them to establish whether a purchase is “good value”.
Evidently, Britons struggle to agree on what makes a product good value. What is clear, however, is that Britons are all keen to secure a good deal – and almost half (48%) of people hate feeling that they’ve missed out on one, according to the aforementioned study.
This is not just the case for domestic products. Many people also adopt this logic when managing their finances, comparing the prices of numerous products, from mortgages to credit cards.
However, many Britons abstain from taking this approach when it comes to their pension.
By not shopping around and comparing pension providers, UK adults risk sticking with a pension scheme that does not suit their specific needs – and this could leave them worse off in the long run.
So, why do so many adults refrain from exploring their different options?
It’s too much hassle…
Many adults are under the false pretence that exploring different pension provider options – not to mention actually switching providers – is incredibly confusing and time consuming. So, many people decide it is easier to keep their pension pot with their existing provider.
This is why My Pension Expert works tirelessly to take on the brunt of the hard work for clients.
After an initial conversation, to understand a client’s financial situation and retirement goals, the team of experts search the retirement finance market, to find a provider to suit a person’s specific needs. It is then up to the individual to decide whether switching providers is the right option for them.
If they decide to switch providers, My Pension Expert also takes on as much paperwork as possible – removing all the hassle from the client. By eliminating the majority of the time-consuming searching and admin, savers should feel empowered to explore different pension options.
It’s too complicated…
Another obstacle preventing people from shopping around for a better pension deal is the confusion caused by various pension products.
The pension industry can be confusing at the best of times. Indeed, recent research from My Pension Expert revealed that 47% of people approaching retirement age (40-67) find researching different retirement finance options to be too complicated a task.
However, the complexities of the market should never prevent someone from finding their ideal pension provider. Those struggling to understand their various pension options would be wise to seek independent financial advice.
Regulated financial advisers will clearly explain the various benefits and drawbacks of different pension providers to their clients. This will help savers to understand exactly how each option will impact their retirement. So, individuals can investigate different providers with confidence.
It’s too expensive… 
Finally, many people are reluctant to switch pension providers because they believe it will be too expensive.
It is true that savers can be charged transfer fees when switching providers. These are often applied by the existing provider in the form of an exit fee. This fee will vary for different providers. In some cases, it will be a flat fee. But, in other cases, it could be a percentage of the fund, meaning that those with a bigger pension pot could face higher transfer costs.
Although, it is important to remember that, if switching to a provider which better suits their needs, the transfer fees could be worth it. Further, most charges are taken out of the balance of an individual’s pension pot, which can make the process far less painless.
Naturally, before making a final decision, it is important for savers to understand the terms and conditions and consult a financial adviser where possible. Doing so will ensure that they are not caught out by any surprise costs, should they choose to switch providers.
Ultimately, savers should consider whether their existing pension provider will enable them to achieve their retirement goals. If there are doubts, it may be wise to consult an expert, and explore different options. In some cases, switching may not be the right course of action – but at least savers will be reassured that they are on track to achieve the financially secure retirement they deserve.

### The Budget 2021: The Pension Industry’s Wishlist
The previous twelve months have been extraordinary in terms of Government spending.
With the coronavirus pandemic causing the UK to enter into three national lockdowns, the Government had no choice but to intervene with financial support for individuals. Indeed, the likes of the furlough scheme and coronavirus business interruption loans have proved vital to keeping businesses and households afloat.
Whilst necessary, such schemes were incredibly costly. Official figures state that the Government has borrowed £270.6 billion between April 2020 and February 2021 to pay for them – which is £222 billion more than a year ago. Now, Chancellor Rishi Sunak must face the difficult task of footing the bill.
Consequently, rumours are rife that Mr Sunak will use the Budget 2021 on 3rd March to announce his plans to pay for COVID-support schemes, and the financial services industry fears that pensioners will bear the brunt of these costs. Indeed, speculation regarding the affordability of pension tax relief or the state pension triple lock are doing nothing to calm the nerves of retirement planners.
However, the pension industry has its own Wishlist for this years’ Budget…
Safeguarding pension tax relief benefits
Pension tax relief is one of the most effective methods of incentivising Britons – young and old – to save for their future.
Put simply, when an individual pays into their pension scheme, the money that would have gone to the Government as income tax is put into their pension scheme instead. It is paid in accordance with the highest rate of income tax an individual pays. So, a basic-rate taxpayer will receive 20% in pension tax relief. Meanwhile, higher and additional rate taxpayers receive 40% and 45% respectively.
However, this is an inevitably expensive scheme, and it is rumoured to be under review ahead of the budget – particularly when it comes to the maximum limit an individual can save in order to receive the relief. Presently, the annual savings limit is £40,000. Although recent analysis suggests that reducing the limit could produce billions in savings for the Government.
Many within the pension sector hope that this will not be the case. After all, thousands of people build their entire retirement strategies around the assumption that they will receive tax relief on their pension savings. So, reducing the annual limit might leave savers worse off in retirement, or even discourage younger people from saving into a pension altogether.
Preserving the triple lock
The state pension triple lock has proven vital to keeping thousands of pensioners above the poverty line throughout retirement.
Introduced in 2010, the triple lock ensures that the state pension does not lose value against inflation, by guaranteeing it will increase by 2.5% each year. In fact, recent research from the Pension Policy Institute has highlighted its importance, by revealing that, for poor pensioners, three in every four pounds of their retirement income comes from the state pension.
Similar to pension tax relief, however, this is a costly policy. And with recent figures suggesting that scrapping the policy entirely could lead to savings of t approximately £14 billion by 2023, many are concerned that the Chancellor may use the Budget to announce the end of the triple lock entirely.
However, doing so could have a upend many people’s retirement plans. So, many will be hoping that the Chancellor will leave the triple lock untouched, or at the very least, announce a viable alternative before making any changes to the triple lock, to ensure future generations of retirees are not left struggling to make ends meet.
Prioritise protection
Finally, the pension industry would benefit from the Chancellor do more to protect consumers against pension scammers. The problem of scammers has been present for many years; however, the coronavirus pandemic appears to have only heightened the issue.
The financial pressures caused by COVID-19 have left many people uncertain about their retirement. And unfortunately, scammers are quick to jump on this uncertainty, and take advantage of vulnerable savers. Indeed, recent research from My Pension Expert revealed that over one in ten (11%) Britons were targeted by pension scammers within the first half of 2020 alone.
It is therefore vital that the Chancellor uses the Budget to announce new protective measures for pension savers. Such protection could be achieved using a combination of educational tools and improving consumers’ access to independent financial advice. This will empower adults with the knowledge to identify fraudulent behaviour and understand where they can turn to for legitimate pension advice.
Naturally, the Government must take steps to repay public debt. However, it would be unfair to place the costly burden on retirement savers.
Instead. The Chancellor should look to offer greater protections for savers and ensure all have access to affordable financial advice. Such action will undoubtedly improve the prospects of current and existing generations of retirees.

### What happens to your pension when you get divorced?
Unfortunately, divorce is a sad reality for many couples. And it is surprisingly common amongst older generations.
In 2017, the Office for National Statistics published a report, outlining marriage and divorce rates amongst adults aged 65 and over. The research revealed that from between 2005 and 2015, divorces amongst men within this age group increased by 28%; the figure rose by over a third (38%) amongst women.
As is the case with all divorces, former couples must divide up their assets. From houses and cars to living room furniture, everything must be split between the two parties. However, one element tends to be overlooked: the couple’s pension.
A pension is just as important as any other asset held by the couple and should therefore be included within the divorce settlement. However, it might not be as simple as just splitting the pension pot down the middle.
So, it is important to understand the basics about dividing a pension.
 
Understanding the value
First and foremost, couples must understand exactly how much the pension pot is worth.
This can be a complicated, particularly when defined contribution (DC) pension schemes are concerned, as the value of the pot can fluctuate, depending on the scheme’s investments.
In these circumstances, it is vital that former couples do not estimate the value of the pot. Instead, it would be beneficial to seek professional financial advice and commissioning an independent pension sharing report.
These reports are admittedly costly – the price can range from £1,000 to £1,500. However, it will be an incredibly useful tool throughout the process, as the report helps the divorce lawyers to better understand the former spouses’ assets and make the appropriate recommendations.
 
Types of division 
Once the value of a pension pot is determined, the couple and their lawyers must then agree how the pot is split.
There are three main methods of dividing a pension pot. The first, and most common method is off-setting. This allows one party to take the entirety of the pension pot, whilst the other is given other assets of equal value. This could be anything from a cash lump sum to property. For some couples, this method is easier and therefore less painful than having to deal with the technicalities of pension division.
Another method involves splitting the pension between the parties. This option was first introduced in 2000 and allows the pot to be fairly divided between the two parties. This allows both parties to either move their share to a different scheme of their choosing, or leave it invested with their existing provider.
A final option for division is earmarking. This involves allocating parts of the pension fund to each party, so that that are both are entitled to some form of retirement income, once they are able to access it. However, the process of fairly allocating parts of the pension fund can be complicated and painful. Therefore, many former couples prefer to either off-set or split their pension pot.
Of course, the way in which a pension is divided will depend on the preference of the couple, the advice of their lawyers, and their financial requirements. So, consulting an independent financial adviser, in addition to legal counsel is advisable. Doing so will ensure that both parties are able to understand their various financial options and reach a mutually beneficial agreement.
Divorce is naturally a painful and complex process. But splitting up a former couple’s pension pot needn’t add further stress. Taking time to understand all options available and seeking advice where possible will certainly help to progress proceedings in the most efficient way possible.

### Everything you need to know about pension tax relief
As the influential psychologist B. F. Skinner theorised, behaviour is determined by its consequences, be they rewards or punishment. And it is this theory that appears to have driven the UK Government’s pension tax relief policy.
Put simply, pension tax relief is a reward from the Government for saving for one’s future. This means that when an individual pays into a pension, a portion of the money that would have gone to the Government in tax goes into their pension pot instead.
Whilst many savers are aware of the benefits of pension tax relief, few are aware of how it works in practice. And it is important to know the greater details of the policy, otherwise, savers could find themselves facing some unexpected charges…
How does it work? 
A person receives tax relief whenever they contribute to their pension; the tax relief is paid at the highest rate of income tax an individual pays.
This means that base-rate taxpayers (those earning between £12,501 and £50,000) receive 20% pension tax relief. Meanwhile, higher rate taxpayers (earning £50,001 to £150,000) receive 40% and additional rate taxpayers (earning over £150,000) 45% tax relief on their pension contributions.
To offer a practical example, if a basic rate taxpayer wanted to contribute £100 into their pension, the Government would pay an additional £20 into their pot, on top of the contribution, instead of taking away £20 as tax. Similarly, the Government would top up high and additional rate taxpayer contributions by £40 and £45 respectively.
Claiming tax relief
There are two methods of claiming tax relief. The first is pension tax relief from “net pay”, which is used by the majority of workplace pension schemes. With this method, very little action from the saver is required – the pension contribution is deducted from an individual’s salary, and the Government automatically tops up their pension pot in accordance with their highest rate of income tax.
The second method is pension relief “at source”, which is used by personal pensions and some workplace pension schemes. For basic rate taxpayers, this is fairly straightforward: an individual pays 80% of their desired contribution (personally or via their employer), and then their pension provider sends a tax relief request to HMRC. This is subsequently added to their pension pot.
However, under this system, higher and additional rate taxpayers must complete a self-assessment tax return, in order to receive the relief they are owed.
Is there a limit to pension tax relief? 
It is important to note that there is a limit to the amount an individual can save into their pensions on an annual basis. This is known as the pensions annual allowance.
Currently, the allowance is £40,000. This means that if a person were to save more that £40,000 into a pension pot over the course of a year, it would be subject to income tax at the highest rate of income the individual in question pays, rather than receiving tax relief.
Although, it should be noted that it is possible to carry forward unused allowances for the previous three years, provided that the saver was a member of a pension scheme for the duration.
Pension tax relief is a great motivational tool to prompt individuals to save for their retirement. However, it is important to understand the basics so that Britons are able to save for the future in the most tax-efficient way.
Of course, expert financial advice is always available to those who are still struggling to get to grips with pension tax relief. An adviser will be able to explain exactly how it impacts their retirement finances in clear, jargon-free language. Doing so will allow adults to be rewarded for planning for their future, without worrying about being hit with an unexpected tax bill.

### Have I left it too late to save for retirement?
For many UK adults, it will feel like only yesterday that they were just starting out in their chosen careers. Retirement would have felt like centuries away, and so required little-to-no thought whatsoever.
Indeed, over two fifths (42%) of UK adults aged 40 to 67 have no clear retirement strategy in place, as they were putting it off until a later date, according to a recent study conducted by My Pension Expert.
Of course, the sudden realisation that they may have insufficient savings to enjoy a comfortable retirement can be jarring. Luckily, however, it is never too late to develop a retirement savings strategy.
For those concerned about the size of their current pension pot, here are five key steps to developing a sustainable retirement plan, at any age…
Keep calm and increase contributions
First and foremost, savers must not panic. Doing so could lead to making rash, ill-informed decisions, which could be damaging to long term finances.
In fact, the simplest, yet most effective method to grow one’s pension pot is to increase contributions to a workplace pension scheme. With workplace pension schemes, employers are obligated to match their employees’ contributions – and this is on top of tax relief. So, those looking to grow their pot should speak to their employer about increasing the amount they put into their pot each month – the more they contribute, the more they will receive from their employer!
Track down different pots
The modern jobs market has become much more fluid over the past few decades, meaning that it is much easier for employees to change jobs. In doing so, many Britons amass multiple pension pots throughout their working lives. This can make it difficult to keep track of savings, particularly for those who have long-established careers. Indeed, almost a third (31%) of UK adults aged 40 to 54 admit to losing track of their numerous pension pots, according to research from My Pension Expert.
So, those worried about the size of their pension pot should use the Government’s useful tracking tool, to find their pension providers from old workplace pension schemes. Although this tool does not inform savers about the value of their old pot, it provides them with the right contact information, so that they can find out further details about their pot. After all, even small pots will help to boost an individual’s retirement savings.
Tactical delays
Retirement age is no longer regimented. Whilst Britons can collect their state pension at the age of 67, it does not mean they are obligated to do so. Instead, savers might consider working a little bit longer to continue building up their pension pot. Delaying formal retirement could also mean that retirees will receive a higher state pension; an individual’s state pension increases by 1% for every five weeks it deferred.
Another viable option could be a phased retirement. This involves reducing the number of hours an employee works. This way, an individual can continue to contribute to their pension pot and enjoy tax relief on their contributions (provided they are under the age of 75), whilst still receiving an income.
Consider alternative routes to retirement
Whilst traditional pension schemes or savings accounts are still highly popular methods of saving for retirement, today more and more Britons are keen to explore different ways to make their money work harder.
Indeed, My Pension Expert’s aforementioned study revealed that almost a quarter of 40 to 54 year olds expect the majority of their retirement income to come from alternative investment options (such as property, stocks and shares or LISAs) as opposed to traditional pension schemes. So, for those looking to make potentially substantial gains on the pension, certain investments may be worthy of consideration.
Of course, such investments present the possibility of making generous gains on savings. However, all investments do come with risk. So, before committing to such a retirement strategy, savers should carefully consider their risk appetite.
Ask an Expert
Perhaps the most important point to remember, is that savers don’t need to muddle through the retirement maze alone. Instead, I would urge savers to seek independent financial advice.
Regulated financial advisers will conduct a thorough audit of a client’s financial situation and use all the information on hand to create a tailored financial strategy to suit their needs. For later savers in particular, advisers are an invaluable tool in helping them to achieve a financially secure retirement.
Of course, the earlier one starts planning for retirement, the better. However, that does not mean that those who delayed retirement planning until their 40s or even 50s should give up on their retirement dreams. By simply remaining calm and seeking advice where necessary, Britons of all ages can plan for the future with confidence.

### When should you take out your 25% tax-free pension lump sum?
According to research from Resolution Foundation, once an adult reaches the age of 50, they start to become happier with their lives. This could be due to multiple reasons, ranging from career satisfaction to a more fulfilling personal life.
Another reason could be the fact that they are nearing the age of 55, which means they are a step closer to tapping into their pension savings, and withdrawing a tax-free lump sum from their pension pot.
This will be an enticing offer for many savers, particularly in the context of COVID-19. After all, the pandemic has driven one in sixteen (6%) of adults over the age of 40 admit to withdrawing part or all of their pension without seeking any form of financial advice, according to a study by My Pension Expert.
However, there are certain rules savers must abide by to access their pension.
The rules of withdrawal
Put simply, once an adult reaches the age of 55, they are legally able to access their pension, as attempting to do so before could result in a huge tax bill. From there, they are able to withdraw 25% of their pension pot completely tax-free.
This essentially crystalises a person’s pension scheme, meaning that it can then be used as a source of income. So, once the 25% lump sum has been withdrawn, any further pension withdrawals are taxed as income.
Following the initial withdrawal, it is up to the retiree to decide what they do with the remaining 75%; they could for example buy an annuity, or a flexible income drawdown.
Many adults are still keen to take advantage of the tax-free lump sum as soon as they reach the age of 55. Whilst some choose to invest the sum in an ISA or stocks and shares to make their money work harder, others may use the money to pay off their mortgage or credit card debt.
However, does this mean that all adults should withdraw cash from their pension as soon as they reach the age of 55?
Potential benefits
Of course, many savers could stand to benefit from withdrawing their tax-free lump sum as soon as they reach the age of 55.
Indeed, it can be incredibly beneficial in funding the early part of an individual’s retirement – particularly for those whose retirement income is likely to sit above the tax-free annual allowance of £12,500.
Taking out the lump sum sooner rather than later could also be useful for people looking to diversify their retirement savings investments. Having the flexibility to invest 25% of a pension pot into promising stocks and shares, for example, whilst the remaining 75% continues to grow in the original pension scheme could certainly help individuals looking to make their retirement savings to work harder.
That said, investments like these will naturally come with risks, so savers should assess their risk appetite and seek advice before making a final decision.
Pause for thought 
 Of course, an earlier withdrawal of the 25% lump sum might have inevitable drawbacks for savers.
Primarily, keeping the entirety of one’s pot in a pension scheme means that the saver can continue to enjoy tax-free growth on their savings. What’s more, the pot is protected from inheritance tax, should the saver in question die earlier than expected.
What’s more, accessing funds earlier than necessary could reduce an individual’s ability to make future contributions to their pension savings. So before withdrawing any cash, it is vital to check the details with one’s pension provider.
At the end of the day, everyone has different needs when it comes to their retirement finances. Some savers might benefit from withdrawing their 25% tax-free lump sum as early as possible, whilst others might not, depending on their individual circumstances.
In general, it is advisable for savers not to withdraw any money unless they have devised a retirement strategy with an independent financial adviser. Doing so will ensure the correct management of one’s pension pot, thereby enabling Britons to enjoy a financially secure retirement.

### What has 2020 meant for the pension industry?
COVID-19 has upended every element of Britons’ lives throughout 2020 – and retirement strategies have been no exception.
The virus has driven changes in many people’s employment statuses, with My Pension Expert’s recent survey of over 920 UK adults aged 40 and over revealing that one in ten (9%) of respondents aged between 40 and 67 have been forced to take early retirement.
Given the potential for employment and financial situations to change rapidly, there has been a much greater need for flexibility when it comes to accessing pension pots. Consequently, over the past twelve months, more consumers have been demanding less regimented products such as Flexible Drawdowns over more traditional annuities.
These trends have been well-reported in the national press throughout 2020, with My Pension Expert also offering insights into the ways in which Britons can overcome pension panic in the wake of the coronavirus pandemic, as well as the various benefits and drawbacks of annuities and Flexible Access Drawdowns.
However, it is not just COVID-19 that has shaken-up the pensions sector in 2020. This year has seen numerous other pension policy changes, which may have slipped under the radar…
RPI Changes
On the 25th November, all eyes were on Chancellor Rishi Sunak as he announced the Government’s Spending Review. However, following the main announcement, the Government quietly released documents which announced reforms to the Retail Price Index (RPI) – which is currently used to calculate inflation increases for financial products – due come into place after 2030.
The reforms will involve aligning the RPI with the Consumer Prices Index, including owner occupiers' housing costs (CPIH). This is measured differently to the RPI and tends to be approximately 0.8% lower, which will have a knock-on effect on retirement finances.
Indeed, the likes of final salary pensions and some annuities, which see their value rise directly in relation to the RPI, will likely experience a much slower growth rate. Consequently, it will likely force many consumers to rethink their existing retirement strategies.
Pension freedom age changes
Another development in 2020 has been the Government’s confirmation that the age at which people can access their pensions will increase from 55 to 57 in 2028. This age increase had been touted since 2014, although legislation was never formally introduced.
However, in September it was confirmed in a parliamentary questions’ session that legislation for this age increase will be presented “in due course”. According to the economic secretary to the Treasury, John Glen, the increase in minimum age is reflective of trends in longevity and aims to ensure that pension savings can provide for later in life.
New consultations
Whilst it might not have attracted national headlines, another important event for the pension sector is the Government’s new consultation on restructuring pension schemes’ general levy.
This consultation, which will close on 27th January 2021, outlines three potential options to increase the general levy on occupational and personal pension schemes. Although, the Government has voiced its preference for one option, which would involve increasing rates but introducing separate levy rates for defined benefit (DB), defined contribution (DC), master trust and personal pension schemes. 
Of course, this does not mean that any changes are set in stone as yet. It is clear the Government wants to gauge public and industry opinion before committing to any major changes. However, it is clear that policy makers are keen to drive further change within the pension sector – so watch this space.
What do these changes mean for savers?
Overall, the most pressing question is how will these proposed changes impact current and future generations of retirees?
It is highly likely that they will provide many individuals with the incentive to review and update their retirement strategies. This may involve beginning saving earlier, or even diversifying their existing pension investments.
Of course, it will mean that more and more savers will require financial advice. The pension industry is complicated, and these changes will likely add further levels of complexity, so savers would be wise to seek tailored advice from a regulated expert before making a final decision about their retirement finances.
Whilst the Government has given plenty of notice for many of these changes, future generations of retirees must do what they can to prepare. Starting to save as early as possible is a good start, however, it is of the utmost importance to seek independent financial advice. Doing so will ensure that pension planners are able to secure the best possible outcome when they decide to retire.

### All you need to know about junior pensions
For many parents, providing a degree of long-term financial security to their children is one of their main priorities. Funding for further education, a deposit for their first home, a nest-egg for their wedding day – there are many life events that parents save money for on behalf of their children. But what about their retirement?
The thought of parents contributing to their children’s pensions might seem odd to some. Why, you might ask, would you lock away money for them until they are 50, when there are so many more immediate reasons they might need it? Yet it is surprisingly common, with many junior self-invested personal pensions (SIPPs) available in the UK.
So, how does a junior pension work, and what are the pros and cons of investing in one?
How does a junior SIPP work?
Child pensions are tax-efficient options for putting aside money to give your offspring a financial head-start as they get older. A junior SIPP follows a similar model to an adult version; the money is invested in a variety of assets and benefits from tax relief. However, there are some differences.
With an adult SIPPs or personal pensions, the holder can invest as much as 100% of their earnings each year, and can receive relief on their contributions up to a ceiling of £40,000. A junior SIPP, meanwhile, currently has a maximum allowance of £2,880 – that is to say, this the most that a parent could invest into the junior SIPP each year, with the child then benefitting from 20% tax relief on top of this, taking the total to £3,600.
They can be started for anyone under the age of 18.
The pros and cons
There are numerous reasons for and against a junior SIPP. On the one hand, parents are often eager to build up a retirement fund for their children – after all, the majority of Britons in full-time work say they regret not saving into their pension early enough. A junior SIPP will ensure that children do not fall into the same trap.
The tax benefits, over many years, also provide an attractive option to slowly build a nest-egg. Junior SIPPs are often flexible, too - the holder can invest from as little as £20 a month, and they can make their investments as either regular instalments, or sporadic lump sums.
Furthermore, as with many investments that are made over such a long period of time, a child pension stands to benefit from a serious amount of compounding, as well as tax relief. This means the amount eventually passed down could significantly surpass the amount the parents have themselves invested.
However, there are potential downsides, too. Perhaps the most notable of these is the fact that a child pension cannot be accessed until they reach the age of 57 - and this could change in the future. Some parents enjoy this fact, as it avoids the risk of the child spending the money rashly at the age of 18, for instance. Yet if they are struggling to get onto the property ladder or have a sudden need to access the money sooner, they might be far less grateful about having a retirement fund locked away.
Parents must also be careful not to over-commit financially to a child’s pension if their own retirement finances are not in good health, or if they need the money themselves in the short-term.
As with any financial decision – particularly one that involves long-term investments – it is vital that people seek advice. An independent financial adviser can assess all elements of an individual’s financial circumstances and offer guidance on the products, savings and investments best suited to their situation.

### How to plan for an unexpected retirement
Social distancing measures brought about by the coronavirus pandemic has made it difficult to make plans even a week in advance. Even as we enter into December, it is nearly impossible to make any firm social commitments ahead of the new year.
However, COVID-19 has not just taken a toll on social plans. The pandemic and subsequent recession have inevitably impacted people’s job security, and consequently, their financial situation.
Understandably, this has led many people to focus on their short-term financial strategies, ensuring that they have enough in the bank to withstand potential upheavals to their employment situation.
So, for many people, building a financial buffer will likely take precedence as far as planning for the future is concerned. Particularly in the wake of the recession, many personal finance experts recommend starting an emergency fund consisting of at least three months’ worth of one’s salary. This should ensure that, if faced with redundancy, individuals have some money to survive on whilst they look for another job.
Of course, this is sound advice; but what about those who are unlikely to seek re-employment?
Indeed, a three-month financial buffer is unlikely to be enough to last throughout retirement…
Unexpected retirement
COVID-19 and the subsequent onset of a recession has upended many people’s retirement plans. In a recent survey of over 900 UK adults aged 40 and over, My Pension Expert discovered that almost one in ten (9%) of respondents aged 40 to 67 were forced to take early retirement as a direct consequence of the pandemic.
The prospect of regular monthly income drying up is daunting in itself. However, this situation could be even worse for those who are unlikely to take on another job, despite not having saved as much into their pension pot as they intended. 
The majority of workers will have been saving into a workplace pension scheme (or schemes) throughout their career, and it is likely that many older workers will have some retirement funds saved. However, if they were originally planning to retire later in life, they may not have been able to save adequate funds to sustain a comfortable lifestyle.
To complicate matters further, many older workers lack a clear retirement plan. A further look into My Pension Expert’s aforementioned research reveals that two fifths (42%) of adults aged between 40 and 67 have no clear strategy for retirement in place.
Luckily, action can still be taken to improve one’s retirement prospects.
Is it too late to plan for retirement?
Although the later retirement planning is left, the more assistance will be needed, it is never too late to develop a strategy.
The key is not to panic, as this can lead to savers rushing into ill-informed financial decisions, which could leave them out of pocket in the long-term.
Instead of going it alone, those concerned about their lack of retirement plan should seek independent financial advice. Advisers are able to review an individual’s financial situation and offer methods in which they can make their retirement savings work harder. From alternative investment options and flexible drawdowns to annuities, there are retirement finance options to suit everyone’s individual needs.
Of course, the earlier savers develop a retirement strategy, the better - even if it must be amended to adapt to changing circumstances at a later date. However, those who have left retirement planning until later in life need not panic. Instead, I would urge adults to seek independent financial advice in order to develop a sustainable retirement savings strategy. Doing so will allow individuals to look to the future with confidence.

### LISA: A viable alternative to a pension?
In 2017, a new saving product launched to significant interest: the Lifetime ISA, or LISA. Within two years, almost 300,000 LISAs had been set up in the UK, and they remain popular. 
LISAs allow an individual to save up to £4,000 every tax year towards a first home or their retirement – the state then adds a 25% bonus on top of what is saved, meaning the account holder could benefit from an additional £1,000 per year towards their savings. As a result, they have become a rival product to traditional pension schemes; however, they have limitations that mean they are not appropriate for everyone.
Limitations of LISAs
Most notably, only those aged from 18 to 39 can set up a LISA. As stated, the maximum that can be paid in each tax year is £4,000.
Money can then be withdrawn from the pot, including the state-funded bonus cash, at any time in order for the holder to buy their first home (they cannot already own a property). Alternatively, money can be withdrawn once the account holder turns 60. A 20% penalty applies if withdrawals are made before the age of 60 and not used for a first home deposit – this penalty will increase to 25% as of 6 April 2021.
Beyond the age restrictions applied to LISAs, there are other potential drawbacks when considering this option as part of a retirement finance strategy.
Firstly, the £4,000 a year that can be paid into a LISA counts towards an individual’s annual £20,000 limit that they can save in ISAs. Further, the 25% state-funded annual bonus is no longer provided once the account holder reaches the age of 50, meaning the attractiveness of LISAs is largely removed as an individual gets closer to retirement.
The desire for alternatives
Clearly, in light of such restrictions, LISAs will not be a suitable retirement finance option for many UK adults. After all, they are primarily designed to get younger adults saving towards home ownership or retirement.
However, the popularity of the product among those in their 20s and 30s underlines the desire shared by many Britons to explore investments and savings options outside of traditional pension schemes.
A study among 2,000 people commissioned recently by My Pension Expert’s found that 38% prefer to choose their own investments or savings accounts rather than rely on a pension provider to manage their retirement funds. Indeed, almost one in five (19%) over-40s in the UK expect to derive most of their money during retirement via alternative investments, rather than a traditional pension.
Whether it’s an ISA (or LISA), an alternative investment or a pension product such as an annuity or flexible drawdown, it is essential that pension planners seek advice before making any decision. There is a great deal at stake – one’s ability to live comfortably during retirement relies on sound financial planning.
This is just as true for people with traditional pension investments as it is for those considering alternatives. For instance, having analysed FCA data, over the weekend the Sunday Times reported that in the 12 months prior to March 2020, 57% of annuities sold in the UK were by pension providers or insurance firms to their existing customers.
This comes in spite of the introduction of Pension Freedoms in 2015 to encourage a more transparent practice that ensures pension planners know where to find the best deal. In fact, failing to shop around with rival providers when searching for an annuity could cost pension savers with a £100,000 pot as much as £23,000 over a 30-year retirement, the newspaper states.
As with all decisions regarding one’s pension, the question remains: can you really afford not to seek independent advice?

### Everything you need to know about Flexible-Access Drawdown
At a glance, Flexible-Access Drawdowns appear to be one of the simplest retirement finance products, particularly when compared to the more rigid products, such as annuities or capped drawdowns.
Flexible-Access Drawdown allows retirees to take out as much, or as little, as they would like from their pension pot, while leaving the remainder invested in their pension scheme to (hopefully) grow in value. They enable retirees to continue to build up benefits from other pension arrangements, such as defined benefit or defined contribution schemes.
What’s more, Flexible-Access Drawdowns enable savers to withdraw a 25% tax-free lump sum from their pension pot as soon as they reached the age of 55.
However, this does not mean that a Flexible Drawdown is the perfect retirement finance option for everyone…
Points to consider
As is the case with all investments, there is a level of risk associated with a Flexible-Access Drawdown. Leaving one’s pension pot invested will mean that its value will rise and fall in reaction to market changes.
Many retirees will accept these investment-related risks. However, there remain additional rules, which could complicate retirement strategies.
For example, there is a lesser-known rule surrounding the 25% a person can withdraw as a tax-free lump sum. Many retirees withdraw this sum as soon as they reach the age of 55; others choose to wait. However, with some Flexible-Access Drawdown plans, there are time restrictions, which mean that individuals would lose the opportunity to withdraw their 25% if they wait too long.
Additionally, when a saver chooses to withdraw income, it will be subject to tax at the individual’s marginal rate of income tax. This rate is dependent on how much someone decides to withdraw; for example, withdrawing large amounts in one go could result in a larger tax bill.
It is also important to note that pension providers are not compelled to offer Flexible-Access Drawdowns as a retirement finance option. So, finding a provider that does offer this option will require research, and understanding exactly what their retirement needs are.
The value of advice
Entering into a Flexible-Access Drawdown plan not only requires a pension planner to research various providers, but they must also have a strategy for when they plan to withdraw funds. This strategy ought to be tax efficient as well as offering the individual a comfortable retirement.
Consequently, it is absolutely vital that savers seek independent financial advice before making a final decision. Advisers are able to assess an individual’s current financial situation and help them to develop a tailored retirement plan suited to their needs.

### Should you diversify your pension investments?
The 2015 pension freedoms dramatically changed the way in which people approach their retirement finances.
Prior to the introduction of the pension freedoms, there was one main option when preparing for retirement; save into one’s pension pot and, once ready to retire, take out 25% as a tax-free lump sum and use the remaining 75% to purchase an annuity, which would provide a guaranteed income for life.
Today, people are far more diverse when creating their retirement strategies. Indeed, a new survey of over 500 full-time workers in the UK aged over 40 commissioned by My Pension Expert revealed that one in five (19%) plan on using alternative savings mechanisms (such as investments and ISAs) to fund their retirement, instead of a traditional pensions scheme. Interestingly, 18% of over-40s have invested in property with a view to funding their retirement, while a further 12% have invested in art or classic cars for the same reason.  
There is a clearly growing appetite to diversify pension investments. However, whilst the arrival of the pension freedoms has contributed to this trend, there are certainly other factors that have come into play in 2020.
Making savings work harder
There appears to be concern among the population that their savings are simply not working hard enough. This is understandable, given the market volatility in the wake of the coronavirus pandemic and the subsequent recession.
Pension investments have inevitably dropped in response to the economic shock. Consequently, 17% of UK adults over-40 have withdrawn part or all of their pension investments in 2020 because they were losing value.
People are evidently wary of being too heavily dependent on one retirement savings method. However, diversifying pension investments might not be the right option for some pension planners.
Developing the right retirement strategy
Diverse retirement strategies can offer a very effective method of maximising people’s pension funds.
Although, it is important to remember that investing in various stocks and shares, properties or pieces of artwork might not be the right best option for some. Indeed, in an economically volatile environment, many pension planners are keen to react quickly to events, chopping and changing their financial portfolios. However, this can lead to consumers making rash and potentially ill-informed decisions.
For those who are worried about how hard their retirement finances are working, the key is to take into account all existing pension pots and investments, as well as the options that are available to choose from, before then making a decision of where to place one’s savings. Crucially, savers should seek independent financial advice during this process.
The expertise of a financial adviser is invaluable; not only do they analyse the status of a person’s existing pension pot (or pots), but they also take into consideration their wider financial situation, as well as their goals for retirement. From there, a suitable retirement strategy can be created.
For some, this may include alternative pension saving methods, such as investing in the stock market or a second property. For others, it may be more effective to take the more traditional savings route, such as a personal pension plan, on top of a workplace defined contribution pension.
There is no “right” way to save for retirement. However, the key is for people to take their time when deciding on their own approach and, importantly, to seek advice where possible.

### How would negative interest rates impact your retirement plans?
For the past twelve years, interest rates have remained consistently low.  
In 2007 rates sat comfortably at 5%. However, with the onset of the 2008 recession, they plummeted to 2%; and in 2009, rates dropped even lower to 0.5%. Since then, rates have hovered between 0.75% and 0.25%.
Although, the arrival of the coronavirus brought about economic shockwaves, which required urgent action. Consequently, in March 2020 the Bank of England attempted to boost businesses’ and consumers’ confidence by cutting interest rates to a historic low of 0.1%.
Will base rates fall lower?
With the Bank of England’s next interest rates decision due on Thursday 5th November 2020, rumours that rates could fall into negative territory are rife; and nerves amongst savers are high.
Such rumours are not entirely groundless. Earlier this month, the Bank’s deputy governor and chief executive of the Prudential Regulation Authority, Sam Woods, wrote to UK firms requesting that they “detail the readiness to deal with a zero rate or negative rate” decision. What’s more, leading policy maker, Gertjan Vlieghe, voiced his support for introducing negative interest rates, arguing that they had not been “counterproductive” in the past.
Whilst it remains unclear as to whether the Bank of England will drop interest rates below zero, the concept is clearly under serious consideration. Indeed, there are some benefits that will come with such low rates, however, they have the potential to upend people’s retirement strategies.
How will negative rates impact pension planners?
Negative interest rates will have an inevitable impact on annuities – retirement finance products which are purchased with a pension pot and offer retirees a monthly income for the rest of their lives (or a fixed period of time) – which could pose an issue for retirement planners.
Annuity rates, which are used to calculate how much will be paid to a retiree, are influenced by numerous elements, although they are closely tied to interest rates. So, when the Bank of England decides to push down interest rates, annuity rates fall alongside them.
Life expectancy is also a deciding factor; essentially, increasing life expectancies aids the decline of annuity rates. This is because, the longer a retiree lives, the longer an annuity provider will have to pay them an income. And with pensioners living longer and base rates at historic lows, annuity rates have continued to decline.
Salvaging retirement plans
However, savers who are still curious about their annuity options would be wise to shop around to find the best deal available.
Indeed, some providers can offer more generous annuity rates, particularly if they specialise in certain products, such as enhanced annuities – products tailored to those with a medical condition that shortens their life expectancy – or investment-linked annuities, while some might even take into account where individuals live.
As is the case with any major financial decision, seeking independent financial advice before making a final choice is vital. Advisers will take into account the entirety of a saver’s circumstances and help them to develop a tailored retirement strategy to suit their specific needs. Thus, savers will be able to form a sustainable retirement plan, even if interest rates decline further.
The prospect of negative interest rates is a daunting one, as it plunges UK consumers into greater uncertainty. However, it is vital that savers remain calm, and consult an independent financial adviser to protect their hard-saved cash.

### When is the right time to create a will?
Planning and writing a will can make people uncomfortable. Consequently, many try to put it off until they are well into their 50s. Indeed, the average age of a testator – a person who holds a valid will – is 58, while over half of wills in the UK are held by individuals aged between 50 and 70.
There are various reasons why younger generations do not feel the need to create a will. Firstly, many assume that they are too young to worry about organising their estate. Others may feel that they do not have enough assets to justify creating a formal will.
However, putting off writing a will indefinitely can lead to complications further down the line. If a person died unexpectedly without writing one, it could make for additional distress for loved ones during an already difficult time.
When can you start writing a will?
Unfortunately, unexpected tragedies can befall people at any point. So, it is beneficial to be prepared and begin setting one’s financial affairs in order sooner rather than later.
Any UK adult (aged 18 and over) is able to hold a valid will. While it is possible to hold a privileged will once an individual reaches the age of 16, these do not hold the same status as they do not abide by the legal formalities (i.e. it is signed by the adult meaning to give effect to the will, in the presence of two independent witnesses).
A privileged will is a good starting point, however once someone formally becomes an adult, it would be advisable to ensure the document is legally recognised. Doing so will mean that an individual’s final requests are not left open to interpretation.
So, why is it so important for an individual to begin planning their will early?
The benefits of forward thinking
Importantly, early planning gives individuals, as well as their friends and family, peace of mind that their estate is organised. In turn, this will minimise any unnecessary stress when they die.
There are intestacy laws in place, which mean that if someone dies without a will, their assets can be divided between family members. However, this takes all autonomy away from the deceased.
This means that the estate can only be shared between close family members such as parents, spouse, siblings and children. As a result, unmarried partners and other friends will receive nothing, even if the deceased individual intended to leave certain belongings to them.
Additionally, writing a will could reduce the amount of inheritance tax that might be payable. This is because without a will, a person’s assets will be disputed in accordance with the intestacy rules. Producing a will should help to avoid such complications.
Of course, the technicalities of will writing can seem overwhelming. So, seeking professional advice is a vital step.
The importance of advice
Will writing, much like planning for one’s retirement, can be a complicated business. So, it is vital that people seek advice from a qualified legal expert when creating the document. From ensuring clear and concise language, to making provisions for inheritance tax, a legal expert will be able to guide individuals through the will-writing process.
It is for this reason that My Pension Expert has partnered with Simpler Law. We believe that consumers deserve to have complete control over every aspect of their financial futures. So, by referring pension planners looking to create or update a will to the experts at Simpler Law, our clients can enjoy peace of mind that all of their affairs are in order for when they die.

### How to safeguard your retirement savings
Today’s economic climate poses some serious challenges for people’s finances.
The coronavirus pandemic alone poses a large threat. With millions of people finding themselves on furlough, or being made redundant, thousands of UK households’ finances will likely become extremely strained in the months ahead.
And already this month more pressure has been placed on consumers’ finances. Firstly, the Bank of England decided to keep interest rates at a historic low of 0.1%; and this was swiftly followed by the announcement that the UK had officially entered into a recession.
That said, confirmation that the UK is in recession was expected. And the news that the economy contracted in Q2 2020 (for the second consecutive quarter, thereby officially marking the start of a recession) actually masks the fact that there was already growth in the months of May and June, albeit small growth.
Nevertheless, the current circumstances inevitably generate a great deal of uncertainty. Thus, it has become more difficult to plan for the future – particularly when it comes to retirement planning. Unfortunately, this can lead to a great deal of panic.
What causes pension panic?
Pension panic is a common feeling among those approaching retirement age; and it is usually caused by a lack of understanding about how their pension works. Indeed, a recent survey of over 2,000 UK adults commissioned by My Pension Expert revealed that almost a third (32%) of respondents do not know how their pension works, or where it is being held.
Furthermore, our research found that almost one in ten (9%) Britons aged between 40 and 67 have been pushed into and willingly taken early retirement as a result of the pandemic. Worryingly, over two fifths (42%) of this age bracket have yet to develop a clear retirement plan.
Unfortunately, this knowledge gap, coupled with economic turmoil, creates the perfect storm for pension panic. This can, in turn, lead to detrimental financial decisions.
Poor decisions
It is common for most ill-advised decisions regarding retirement finances to be driven be a fear of not having enough money to retire on.
Indeed, over one in ten (12%) of those surveyed by My Pension Expert admit to moving some or all of their pension pot into a more high-risk investment in 2020 with the hope of increasing its value. Meanwhile, the financial pressures caused by the coronavirus pandemic have led to 6% of people aged 40 to 67 to withdraw money from their pension without seeking advice.
Such strategies are risky and could result in consumers unwittingly emptying their pension pot.
Protecting your pension pot
Positively, there are ways consumers can safeguard their pension pot. Firstly, there is an option to temporarily pause pension withdrawals. Most drawdown schemes allow clients to keep a few years’ worth of savings separate from their pension investment – this means they are able to leave the value of their investments to stabilise, without being left out of pocket.
That said, this route may not suit everyone. In this case, consumers could consider switching from fixed sum to fixed percentage withdrawals. This means consumers will be able to withdraw a percentage of whatever it left in their pension pot, rather than taking out a fixed lump sum. While it might result in a short-term decrease in income, it will reduce the amount being withdrawn over time, thereby ensuring retirement savings last longer.
Consider alternatives
Consumers must remember they are not wedded to their existing retirement income provider. On the contrary, they have the freedom to investigate different options to suit their circumstances.
For consumers looking to access extra cash, equity release might be a valid option. This term refers to a range of products which enable homeowners aged over 55 to access cash tied up in their primary property. Equity release can come in the forms of a lifetime mortgage, when a consumer takes out a mortgage on their primary residence while still maintaining ownership; or a home reversion, when individuals sell part or all of their home to a reversion provider in return for a lump sum or regular payments.
Alternatively, consumers could use part or all of their pension pot to purchase an annuity – a product which offers retirees a guaranteed income for life (or for a pre-determined period of time). This option could be particularly useful for those who struggle to keep track of their pension investments and crave the reassurance of a regular income.
Making an informed decision
Of course, these options will not be right for everyone; so, it is vital that consumers do not to rush into a final decision.
Instead, pension planners must seek independent financial advice. Advisers will be able to simplify the complex retirement finance options on the market and help people understand which route suits their circumstances.
Further, FCA-regulated financial advice safeguards consumers’ financial situation. Put simply: if a consumer follows an advisers’ recommendations but this leaves them worst off, the adviser in question must reinstate their original financial position. Such security enables consumers to explore their various options with confidence.
Today’s economic uncertainty inevitably poses challenges for millions of UK consumers. However, it is important that consumers remain calm and avoid making rash decisions. Instead, they should seek expert advice. Taking the advised route will not only protect their hard-saved cash but it will help them to achieve the financially secure retirement they deserve.

### What do you need to know when switching pension providers?
Searching for the right pension provider may seem like an overwhelming and incredibly time-consuming task.
Such assumptions result in many consumers settling for “big brand” providers, rather than shopping around. Indeed, many assume that renowned household brands will provide the best deals. However, this is not always the case; and failing to research different options could mean savers are stuck in a scheme that does not suit their specific needs.
So, for those questioning the suitability of their existing provider, what factors need to be considered before a final decision is made?
Consumer protections
Many consumers are reluctant to shop around for a better deal because they worry about the level of protection other pension schemes will offer. In other words, people tend to have concerns about what will happen to their money, if the pension provider is unable to pay their pension.
Luckily in the UK, all FCA authorised pension schemes offer the exact same protections. This means that if a provider is unable to pay a client their pension, they are entitled to be compensated for up to 100% of the value of their pension pot. Claims can be made under the Financial Services Compensation Scheme.
This reassurance offers consumers the freedom to explore numerous pension schemes, safe in the knowledge that their money will be protected.
Although, if there is any uncertainty about a provider or scheme, consumers should always consult the FCA’s online register. If the scheme or provider in question is not on the register, it would be advisable to proceed with caution – the same protections might not be in place and consumers could lose out financially.
Tailor to retirement strategies
Consumers must also consider whether a pension provider suits their personal retirement strategy.
It’s important to understand individual saving preferences before committing to a pension provider. Some providers, for example, set minimum and maximum contribution limits. This might work for some people, but others may want to contribute more or less than this. Additionally, providers may not allow one-off lump sum contributions, which may not benefit those wishing to place a sizable portion of an annual bonus in their pot.
Consumers should also consider their appetite for risk when researching differed providers. For some, a diverse pension fund may seem more attractive, with the risk spread out over numerous investments. Others, meanwhile, may enjoy increasing the risk to potentially receive a higher reward on their pension.
Understanding one’s personal retirement strategy will undoubtedly help to pinpoint ideal qualities in a pension provider, thereby making the search much more streamlined.
Competitive rates
Similar to other financial products, such as savings accounts or mortgages, competitive rates should be central to the decision-making process. Rates can vary widely between providers, so it’s important to shop around and compare.
Additionally, providers are often willing to compete for prospective clients and price-match rates. As such, consumers shouldn’t be afraid to ask prospective providers to match better rates available on the market. Savers may be pleasantly surprised by the rates they could ultimately achieve.
Don’t ignore the small print
As is the case with any major financial decision, it is important to understand the small print, in order to avoid any hidden charges.
For example, some providers apply exit fees which can make it harder to switch providers in the future. Needless to say, consumers prone to shopping around for a better deal would be wise to avoid providers with such a policy.
If in doubt, seek advice
If faced with uncertainty, consumers should seek independent financial advice. Advisers will take into account an individual’s financial circumstances and work with the client to find the most suitable pension provider available.
Whatever one’s requirements for a pension provider, there are plenty of options available. However, it’s important not to rush into any decisions. Conducting thorough research and seeking advice where necessary will certainly help to set consumers on the path to a financially secure retirement.

### What Happens to My Pension When I Die?
When you’re planning your pension strategy you’re bound to wonder what’ll happen to your pension savings and income when you die.
Wondering whether your family will receive your pension after you die, or if the pension provider will keep it, is an understandably big question. The good news is that there is a death benefit to your pension once you’ve started to receive a pension income from your savings (also known as crystallising your pension).
How your pension is paid out to your beneficiary will vary depending on the type of pension you have. Here, we’ll take a look at the different pension options and their death benefits, so that you can find out which might be the best option for you.
Remember, if you ever have questions about finding the best pension plan for your personal circumstances, our experts are on hand to help.
Single vs Joint Lifetime Annuity
You can choose to have a single or joint lifetime annuity. Each has different death benefits options.
A single lifetime annuity allows you to include a guarantee period. This can be anything from 3 to 30 years: the choice is up to you. This ensures your beneficiary will receive the same income you would have done, for the period of the guarantee. The length of the guarantee may affect the income you receive from your pension.
A joint annuity works slightly differently. Payments from your pension income are guaranteed until the death of the second named recipient of the annuity (the annuitant). The amount the second annuitant receives depends on the percentage you agreed to cover them for. This could be 50%, 60%, or 100% of the income you were receiving, depending on which option you choose. Again, the amount you choose can affect the pension income you’ll receive before the death benefit comes into force.
Fixed Term Annuity
A Fixed Term Annuity involves a Guaranteed Maturity Amount (GMA) at the end of the agreed term.
Your beneficiary won’t lose any money if you pass away during the fixed time period of the annuity. The GMA, plus any income you would have received during the Fixed Term Annuity, will be paid to your beneficiary in full.
For example: you’ve chosen to take out a 10 year Fixed Term Annuity, but pass away in the fourth year. Your beneficiary will receive the remaining 6 years’ income plus the GMA.
Flexi-Access Drawdown
There are two options for the beneficiaries of flexi-access drawdowns. The first is a straightforward lump sum payment when you pass away.
The second option allows the beneficiary to keep the investment with the provider, withdrawing money as and when they choose to.
Both options have their advantages and disadvantages: a lump-sum payment, for example, frees up a large amount of capital to the beneficiary. This is useful for their own investment opportunities – but could affect their tax circumstances.
Seek personalised expert advice
Financial planning for your retirement is confusing as there are so many options available to you. Knowing that your loved ones will receive the best financial solution from your pension when you pass away is a big part of finding the most suitable pension plan for your personal needs.
Our expert advisers will be able to explain each of these death benefits in much more detail, based upon your personal circumstances. They’ll help you to understand the impact of selecting death benefits will have on your pension income, too.
Call our retirement specialists on 0800 689 9335 for impartial advice about your pension – and death benefits – options.

### Household Names Aren’t Always the Best Option for Your Pension.
Selecting a pension provider because you recognise the brand name may not secure you the best financial strategy for your future retirement.
It’s easy to choose familiar brand names because we recognise and feel comfortable with them. We do this all the time, from food shopping to choosing an internet provider.
However, there’s a good reason why comparison websites and guides have sprung up for every industry in recent years. Choosing a brand name because it’s familiar won’t always give you the best option for your personal circumstances.
In an age where we’re always encouraged to ‘shop around’ to find the best deals, the same applies to finding a pension income provider, too. Here’s why – and how – you should make sure you’re getting the best pension deal by looking beyond the household brand name providers.
Protection
Clients often ask us about the level of financial protection their pension plan will receive. It’s understandable: there have been several financial services household names collapse in recent years, so you want to make sure your money is safe.
In the UK, you’ll receive the same level of protection from any scheme registered with the Financial Conduct Authority. A regulated provider will offer protection under the Financial Services Compensation Scheme, no matter if they’re a household name or a small local company.
This means you should remain confident when you’re shopping around with a pension provider that your money will have the same level of protection, as long as the company is FCA-registered. You can access the best plans suited to your personal circumstances without needing to stick to recognisable brand names.
Competitive Rates
Just as with other financial products, or even household services like electricity suppliers, the best rates come to those who do their research. The rates between providers can vary wildly and providers are also often willing to price match or even beat competitors if you have found a better price elsewhere.
This means that you can find a provider that ticks all of the boxes to suit your personal needs – then ask them to match the better rates you’ve seen offered by another provider in order to secure your business.
Professional Advice
Sticking with a household brand because you recognise the name could mean you’re missing out on the best options for your personal circumstances. You risk being worse off financially if you don’t take advantage of shopping around to find the best rates, including providers that aren’t household names.
Independent financial advisers help to review all of your options. They’ll know the best providers to look at based upon your personal circumstances – and that includes lesser-known brands you may not have heard of before.
Independent financial advice has become especially important since the Pension Freedoms Act in 2015, which broadened pension income options available to customers. Shopping around for the best pension provider means you can access better deals – but an independent adviser will be able to do the legwork for you.
Review your options with our independent financial advisers to make sure you’re getting the best pension plan for your needs. Contact our team today on 0800 689 9335 to find out if our team can help you find a better pension provider to boost your retirement income.

### How is Pension Income Taxed? And How much is exempt?
Income during retirement is taxed in the same way as when you're working. The amount of tax you pay is dependent on your Personal Tax Allowance; this is the amount of money you can earn in a financial year before paying any tax. At the time of writing this post, the standard personal tax allowance in the UK is £12,500. In this post, we’ll be looking at why pension income is taxed, how much of your fund is exempt from income tax, and how the type of income option you decide to take can affect your tax position.  
Wait, am I paying tax twice? 
It's a common misconception that having tax deducted from your pension income means that you've paid tax twice; once during employment and then again in retirement. This is incorrect. When you receive income through your employer, your pension contribution is taken from your pay before tax is calculated, meaning that if you earn £2000 per month, and your pension contribution is 3% then the amount of tax you pay is calculated on £1940, the amount remaining after you've made your pension contribution.  
Therefore, when you take an income from a pension either while you are still in employment, self-employed, or when you've retired, that income contributes to your annual income and any income over your Personal Tax Allowance is taxed in line with the relevant tax bracket.  
Tax-free Lump Sum
The good news is that you can usually take up to 25% of your pension savings as a tax-free lump sum, regardless of whether you plan to take a regular income from your fund straight away. For example, it may be that you're approaching 55-year-old, have no plans to retire yet or take an income, but you'd like to access some of your £150,000 pension savings to make home improvements. One option would be to take your £37,500 tax-free lump sum and then put the remainder into a Flexible-Access Drawdown plan, taking no income and leaving the fund invested with the view to grow it further. It's important to remember that, as with any investment, there are no guarantees and the overall fund value could decrease as well as increase. 
Annuities 
An annuity is probably the most straightforward form of income to calculate tax from; this is because it commonly provides a guaranteed fixed income, like a salary during employment. When setting up your annuity, you'll be advised of what your annual income will be; this is with any other income which could include:  
 	Salary, if still in employment.  
 	State pension. 
 	Any other private pensions.  
 	Rental income from property assets. 
 	Income from Investments, Shares etc.    
Your total annual income and anything over your Personal Tax Allowance becomes taxable income and will be taxed at the applicable rate.  
Drawdown 
Although, based on the same tax rules, it can be slightly harder to calculate the tax payable from a Flexible-Access Drawdown plan; this is because the annual income may not be a set amount and could change throughout the year depending on how you choose to draw from the plan. For example, you may have chosen not to take a regular income but instead draw from it as required.  
Regardless, the income you take from the plan in any given year makes up part of your annual income, and anything above your Personal Tax Allowance is taxable at the applicable rate. It's important to note that taking a single, large withdrawal from your fund could push you into a higher tax bracket for that year. As such, it's important to receive ongoing financial advice when in Drawdown to assist you in making tax-efficient decisions and planning. The team at My Pension Expert provide this to our clients through an annual review, although your Independent Financial Adviser is available to you all year round.  
If you have any questions or concerns about how your pension income will be taxed feel free to speak to one of our Retirement Specialists who will be happy to answer your questions or arrange a discussion with one of our friendly Independent Financial Advisers. 

### Celebrating the Women of My Pension Expert
To mark International Women’s Day on Friday 8th March 2019, we would like to celebrate all the amazing women who work across the My Pension Expert business group and the critical roles they play in delivering specialist, Independent Financial Advice to our clients.
As the UK’s number one at-retirement financial advice firm*, My Pension Expert is proud of the talent we attract and grow within our business. We also work closely with Doncaster College to provide apprenticeships to students looking to build a career within the financial services sector.
Below we have highlighted just a handful of profiles from our female workforce.
Evie Coles - Apprentice, Pensions Analysis Team
Evie joined My Pension Expert recently as an apprentice studying with Doncaster College.
As part of our Pensions Analysis Team Evie is responsible for reviewing our client’s existing pensions to ensure that they can transfer their fund away and do not miss out on any benefits by doing so. She plays a vital role in achieving My Pension Expert’s promise of putting every client in the best possible financial position. Evie hopes to set up her own business utilising the skills learnt in her apprenticeship.
Caitlin Jordan – Accounts Apprentice, Finance
Caitlin first began working with My Pension Expert in 2016 when she completed a voluntary placement as part of her Duke of Edinburgh award before joining the team full-time in July 2017.
As an invaluable member of our core finance team, she has gained experience and insight as well as qualifications. Upon completing her apprenticeship, Caitlin has ambitions to further her studies and become a chartered accountant.
Katie Winks, Business Development Manager
Katie has worked at My Pension Expert for over three years and started her career here as a Retirement Technician; providing clients with their initial consultations and helping them understand the various options available to them in retirement.
In January 2019 she celebrated promotion to Business Development Manager and now manages our relationships with partners to offer our expertise to their clients.
Claire Faulkner-Green – Risk & Compliance Oversight Officer
Claire joined My Pension Expert in 2015 and will soon celebrate four years of service with the business. Joining as a Retirement Technician before moving across to our compliance team as a Compliance Associate, she was promoted to Risk & Compliance Oversight Officer in 2018.
Her role ensures our customers receive the same consistent, excellent service, and supports clients in settling any dispute or concern with their pension provider.
“We’re striving to improve access to careers in financial services. We will continue to develop the talent of our future and existing workforce and help them to reach their full potential”.
Andrew Megson, Executive Chairman
*UK’s number one at-retirement financial advice firm based on independent Trustpilot reviews, March 2019.

### Act now to reap the rewards of retirement
Political uncertainty, conflicting information, a crowded market and biased advice can make it difficult to make a decision about your pension. 
And with the focus for so many years being on paying off mortgages, supporting family and saving for a rainy day, making the move to ‘cash in’ your pension is not only intimidating but confusing too!
Why not give one of our friendly Retirement Technicians a call today free on 0800 6899 335.
But waiting to make retirement plans could actually cost you money.
If retirement is a real prospect for you and you’re counting down the days to your third age, one where you dictate the routine of each and every day, then we recommend seeking advice now and being aware of the consequences delays can have. 
Mrs Potter, 70, waited five years after she retired to find the right solution for her pension. This delay cost her over £21,500 - to recuperate that money back would require Mrs Potter living another 48 years!
And, Mr Vesey, 58, took seven years to decide what to do with his pension after retirement and missed out on a further £16,000 that he could have enjoyed in his pension pot.
At My Pension Expert, we don’t want to alarm anyone but we do want you to understand your options and find the right solution – we offer independent advice on choosing the right product to fit your personal circumstances.
Having helped over 10,000 customers find the right pension outcome we understand the difficulties those about to retire face. 
So, we’ve prepared a step-by-step guide:
Step 1: Make plans before you retire
Before your regular income stops, start researching the impact retirement will have on you. There are lots of different products available and when it comes to pension income options one size definitely doesn’t fit all (can we add a link in here about different types of pension products?)
Step 2: Know the type of pension you have and its value.
Understand the type of pension you have and ensure you have all the information you need from your existing and previous employers. It may seem obvious, but before you retire, take the time to speak to your manager or HR contact, to get the details of the pension you’ve been paying into over the years, along with the policy number and contact information.
Step 3: Don’t forget your state pension.
You can find how much you can get and when, directly from the government.
Step 4: Plan your retirement budget
Think about your outgoings and how much money you will need to maintain your lifestyle comfortably. You can do this online using this very helpful Money Advice Service tool.
Step 5: Explore your options
Armed with a good grasp on where you stand, now it’s time to shop around, this is where we can help you understand the market and find the most appropriate path for your pension.
Step 6: Seek advice which considers all your personal circumstances
Health, wealth and lifestyle, as well as your plans for the future, will help determine the best product and provider that delivers the maximum retirement income tailored to your individual circumstances.
And finally, remember the pension freedoms, introduced in 2015, mean you can do anything you like with your pension pot. There are many options available for retirement and some will be more suitable than others, so it’s incredibly important to shop around. And sooner rather than later!
Why not give one of our friendly Retirement Technicians a call today free on 0800 6899 335.

### Why Brexit Has Put Pressure On Pension Incomes?
As the referendum dust settles and the ripple effect sets in, people looking to retire are asking themselves if the current turmoil caused by Brexit will affect their pension. We explore the difficult decisions that could lie ahead for soon to be retirees, and why those looking to fund their retirement through an annuity should do so sooner rather than later.
What's The Appeal Behind An Annuity?
To ensure a reliable, fixed income throughout retirement, many pensioners opt to buy an annuity with their savings. This provides financial security for the rest of your life.
Knock On Impact: How Are Annuities Affected?
With the Brexit outcome continuing to shake the UK economy, volatility and confusion are rife in the pension market. The first blow arrived in the form of confirmed cuts, with two key providers both announcing that they'll now pay lower rates to those seeking an annuity.
In other words, as the effects of Brexit sink in, you risk getting paid a smaller pension. The is because gilts and annuity rates go hand in hand; as gilts drop, eventually so do annuity rates. Unfortunately, the Brexit outcome has led to gilt yields plummeting - meaning that annuity rates are soon to be affected.
Time Constraints: Get A High Rate While You Can
Brexit's domino effect on annuity rates means that, if you're planning on purchasing an annuity, time is of the essence.
Director at My Pension Expert, Scott Mullen explains: "Annuity rates and gilt yields have been dropping over the last year. The events following the referendum have given new momentum to that trend."
As such, he advises that, if you're actively seeking an annuity, you need to act fast. Securing a rate now before they plummet means you'll get a greater fixed guaranteed outcome throughout your retirement.
So Many Options, So Much Change
Not just annuities are affected here. As the economic ground continues to shift following Brexit, many unforeseen changes are likely to affect those looking to retire. For instance, if the UK sees a reduction in the number of migrants, demand for housing will fall. In turn, this will affect house value and as such could impede equity release.
Combine this with the fact that, as of April 2015, you now have flexibility in how you spend your pension pot, and it's easy to see why many people feel anxious about their retirement finance plan.
How Can An Independent Financial Advisor Help?
Whether you're interested in an annuity, drawdown, or any other option for your pension, the recent Pension Freedoms and current market volatility means that speaking to an Independent Financial Adviser (IFA) has never been more important.
Pensions Minister Ros Altmann highlights the need for caution when it comes to choosing your pension path in any instance, as not all options will be suitable for you: "I really would urge you to seek independent advice before deciding what is best for you."
With this in mind, don't panic and make rash, uninformed decisions. As recommended by Money Helper, an IFA can give you advice specific to your pension. You can get a head start on falling annuity rates, and speaking to an adviser can help you to figure out the best plan for your pension pot depending on your personal circumstances.
For peace of mind as you plan your retirement, contact My Pension Expert for a free, no obligation consultation.


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### Carry Forward Pension Allowance Explained
The carry forward pension allowance rules can be particularly useful for people whose income or pension contributions vary, as well as those who receive a bonus, sell a business or want to make a larger pension contribution before retirement.
This guide explains how carry forward works, who qualifies and how relevant earnings, the tapered annual allowance and the Money Purchase Annual Allowance can affect the amount available.
What Is Carry Forward Pension Allowance?
Carry forward pension allowance allows you to use any unused pension annual allowance from the previous three tax years in the current tax year. This could increase the amount you can contribute into your pensions without triggering an annual allowance tax charge.
You do not need to apply to use carry forward. Instead, it is considered when assessing whether your total pension savings exceed the annual allowance available to you. However, you should retain clear records showing how much allowance was available and used in each relevant tax year.
How Carry Forward Works in Practice
To use unused allowance from an earlier tax year, you must have been a member of a UK-registered pension scheme during that year. You do not necessarily need to have made contributions. Active, deferred and pensioner members may all meet this requirement.
For example, someone who used £30,000 of a £60,000 annual allowance in a previous tax year may have £30,000 available to carry forward, provided they meet the relevant conditions. This unused amount could then be carried forward once their current year's allowance has been used.
Carry forward does not allow pension contributions to be backdated. The contribution is made in the current tax year, but unused allowance from previous years is considered when it is assessed against the annual allowance rules.
How the Annual Allowance Works
For the 2026/27 tax year, the standard pension annual allowance is £60,000. It applies across all your private pensions and measures the total value of pension savings made during the tax year, known as the pension input amount.
For defined contribution pensions, this generally includes:
Personal contributions, including tax relief added by the pension provider
Employer contributions paid into your pension during the tax year
Third-party contributions made into your pension on your behalf
For defined benefit pensions, the pension input amount is based on the increase in the value of your pension benefits rather than the contributions paid.
The annual allowance is the amount of pension saving you can normally make without incurring an annual allowance tax charge. If your pension input amount exceeds your available allowance, the excess may be added to your taxable income and taxed at your marginal rate.
Your personal annual allowance may be lower if the tapered annual allowance or the Money Purchase Annual Allowance (MPAA) applies. It is therefore important to establish your available allowance before calculating any annual allowance pension carry forward.
Who Can Use Carry Forward Pension Allowance?
You may be able to use carry forward pension allowance if your pension input amount exceeds your available annual allowance and you have unused allowance from one or more of the previous three tax years.
To qualify, you must have been a member of a registered pension scheme during each tax year from which you want to carry forward unused allowance. However, you do not need to contribute to the same pension scheme when using the allowance.
Carry forward may be useful if:
Your income has increased
You have received a bonus or irregular payment
You are self-employed with fluctuating profits
Your employer wants to make a larger pension contribution
You are approaching retirement and want to increase your pension savings
You have previously contributed less than your annual allowance
Having unused annual allowance does not automatically mean you can make larger personal contributions that qualify for tax relief.
How to Calculate Unused Allowances
To work out how to carry forward pension allowance, calculate your pension input amount for the current tax year and the previous three tax years, then compare it with the annual allowance available in each year.
The basic process is to:
Identify your annual allowance for each year, taking any tapering or MPAA restrictions into account.
Calculate your pension input amount for each year.
Subtract your pension input amount from the available annual allowance.
Use the current year's allowance first, then any unused allowance from the earliest of the previous three tax years.
Unused allowance is always taken from the oldest available tax year first, as any remaining allowance expires after three years.
Illustrative Carry Forward Calculation
Below is an illustrative example for someone who wants to make total pension savings of £100,000 during 2026/27 and has not used any of their current-year allowance.
Tax yearAnnual allowancePension input amountUnused allowance2023/24£60,000£40,000£20,0002024/25£60,000£50,000£10,0002025/26£60,000£45,000£15,0002026/27£60,000£100,000£0 unused allowance (£40,000 requires carry forward)
The first £60,000 uses the 2026/27 annual allowance. The remaining £40,000 is covered using unused allowances from the three previous tax years, leaving £5,000 of unused allowance from 2025/26 that could still be available in the following tax year, provided it is within the three-year carry forward period.
More complex calculations may be needed where the tapered annual allowance applies, defined benefit pensions are involved, or unused allowance has already been used in an earlier tax year.
Relevant Earnings for Carry Forward
Carry forward can increase the annual allowance available to you, but it does not increase the amount of personal contributions that qualify for tax relief.
Tax relief on personal pension contributions is generally limited to the higher of:
100% of your relevant UK earnings for the tax year
£3,600 gross if you have little or no relevant UK earnings
For example, if your relevant UK earnings are £30,000, you would not normally receive tax relief on a personal contribution of £60,000 simply because you have unused annual allowance available.
Employer contributions are not subject to the same relevant earnings limit, although they still count towards the annual allowance.
Earnings Limits and Tax Relief Rules
Relevant UK earnings generally include employment income, bonuses, overtime and profits from self-employment. They do not usually include pension income, dividends, savings interest or most rental income.
The annual allowance and relevant earnings limit are separate tests. To receive tax relief on a personal contribution, you need to have:
Sufficient annual allowance, including any carry forward
Enough relevant UK earnings in the current tax year
This distinction is an important part of understanding HMRC carry forward pension allowance rules.
Tapered Annual Allowance and MPAA Restrictions
Some high earners may have a reduced annual allowance under the tapered annual allowance rules. Where this applies, unused allowance is calculated using the reduced allowance for each relevant tax year.
Different restrictions apply if you have triggered the Money Purchase Annual Allowance (MPAA), usually by flexibly accessing a defined contribution pension. The MPAA is currently £10,000, and unused annual allowance cannot be carried forward to increase this limit for defined contribution pension savings.
People with both defined contribution and defined benefit pensions may have additional considerations, so calculations may become more complex.
Using Current-Year Allowance First
The current tax year's annual allowance must always be used before any unused allowance from previous years.
If additional allowance is needed, unused allowance is taken from the earliest of the previous three tax years first. Any allowance that falls outside the three-year carry forward period expires and can no longer be used.
Common Carry Forward Mistakes
Errors can result in an unexpected annual allowance charge or a personal contribution that does not qualify fully for tax relief.
Common mistakes include:
Assuming everyone has three years of unused allowance
Forgetting the pension scheme membership requirement
Ignoring employer contributions
Confusing net and gross contributions
Assuming carry forward overrides the relevant earnings limit
Failing to account for tapering or the MPAA
Miscalculating defined benefit pension growth
It is also worth checking whether unused allowance was already used in an earlier tax year, as an amount cannot be carried forward twice.
Carry Forward for Employers and Businesses
Employer contributions can help employees, directors and business owners make larger pension contributions. Unlike personal contributions, they are not limited by the employee's relevant UK earnings, although they still count towards the annual allowance.
For Corporation Tax relief, contributions generally need to be made wholly and exclusively for the purposes of the trade and are usually treated as paid when received by the pension scheme.
Businesses considering substantial employer contributions should review both the individual's available pension allowances and the company's wider tax position.
When To Seek Professional Advice
The carry forward rules can appear straightforward, but calculations become more difficult where income is high, several pensions are held or defined benefit pension growth must be assessed.
Professional advice may be useful if:
You are unsure how much unused allowance remains
Your income could trigger the tapered annual allowance
You have flexibly accessed pension benefits
You belong to a defined benefit scheme
A large employer contribution is being considered
You want to contribute close to your relevant earnings limit
You may already have exceeded the annual allowance
My Pension Expert can review your pensions and help you understand how carry forward pension allowance could fit into your wider retirement strategy.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension and tax rules depend on individual circumstances and may change in the future. The value of investments can fall as well as rise, and you may get back less than you invest.

### Are Annuities Worth It? Pros, Cons and Alternatives
If you're approaching retirement, deciding how to turn your pension savings into an income is one of the biggest financial decisions you'll make. While a lifetime annuity can provide a guaranteed income for life, other options such as pension drawdown or taking cash offer greater flexibility.
This guide explains the advantages and disadvantages of annuities, how they compare with other retirement income options, and the situations in which they may or may not be the right choice. If you're asking, "Are annuities worth it?", understanding the benefits and trade-offs can help you make a more informed decision.
What an Annuity Gives You in Retirement
An annuity is a financial product that converts some or all of your defined contribution pension into a regular income. Instead of leaving your pension invested and making withdrawals yourself, you exchange your pension savings for guaranteed payments from an insurance provider.
Depending on the type of annuity you choose, payments may continue:
For the rest of your life
For a fixed period
For your lifetime or your partner's
For many people, the biggest benefit is certainty. Your income continues regardless of stock market performance, making it easier to budget for everyday living costs throughout retirement.
However, buying an annuity usually means giving up access to the pension fund used to purchase it. For that reason, it's important to consider whether guaranteed income is more valuable to you than maintaining flexibility.
Why Annuity Rates Matter
If you're wondering whether annuities are worth it in the UK, the answer will often depend on the annuity rates available at the time of purchase and your individual circumstances.
The annuity rate determines how much guaranteed income you receive in exchange for your pension savings. Even small differences in rates can affect your retirement income over many years.
Several factors influence the income available, including:
Your purchase age
Your health and lifestyle
The size of your pension pot
Interest rates and market conditions
The type of annuity you choose
For example, selecting inflation protection or a joint-life annuity may reduce your starting income but provide greater financial security over the long term.
It's also worth remembering that rates vary between providers, so accepting the first quote you receive may not provide the best outcome.
The Main Advantages of Annuities
Annuities continue to play an important role in retirement planning because they provide certainty, something many other pension products cannot.
Guaranteed income for life
One of the biggest reasons people choose an annuity is the reassurance of knowing exactly how much income they will receive each month. Unlike drawdown, payments are not affected by market movements once the annuity has been purchased.
Protection from investment risk
Keeping your pension invested means its value can rise and fall. An annuity removes this uncertainty by providing an agreed level of income regardless of how financial markets perform.
Easier budgeting
Knowing your income in advance can make it easier to plan household spending and cover essential costs such as utilities, food and housing. Many retirees use an annuity to provide a reliable foundation of guaranteed income alongside their State Pension.
Less ongoing management
Once an annuity is in place, there are no investment decisions or withdrawal strategies to manage. This simplicity appeals to people who no longer want the responsibility of monitoring investments throughout retirement.
Flexible options
Modern annuities offer more choice than many people realise. Depending on your needs and retirement goals, you may be able to include additional features such as inflation protection, income for a spouse or partner, or guaranteed payment periods.
OptionBenefitInflation-linked annuityIncome designed to increase over time.Joint-life annuityContinues paying an income to a spouse or partner after your death.Guaranteed periodPayments continue for a minimum number of years, even if you die sooner.Enhanced annuityMay provide a higher income if you have qualifying medical conditions.
Although these options may reduce your starting income, they can provide valuable protection for you and your family.
The Main Disadvantages of Annuities and Trade-offs
While annuities offer valuable guarantees, they are not the right solution for everyone.
Limited flexibility
The biggest drawback is that purchasing an annuity is usually irreversible. Once you've exchanged your pension savings for guaranteed income, you cannot normally access that money again.
Fixed income
Unlike pension drawdown, annuity income is generally fixed by the terms of the contract. This can make it difficult to increase your income if your spending changes later in retirement.
Inflation risk
Unless you choose an inflation-linked annuity, your income will usually remain level while the cost of living may continue to rise. Over time, this can reduce your income's spending power.
Less to leave to beneficiaries
Annuities may provide fewer opportunities to leave money to your family. While options such as joint-life annuities and guarantee periods can help, they often reduce the starting income available.
AdvantagesTrade-offsGuaranteed lifetime incomeLimited flexibilityNo investment riskLittle or no growth potentialEasier budgetingUsually irreversiblePeace of mindMay leave less to beneficiaries
Before purchasing an annuity, consider which of these factors is most important to your retirement plans.
Annuity vs Drawdown: How to Compare
When deciding whether pension annuities are worth it, it's useful to compare them with the main alternative: pension drawdown.
An annuity provides guaranteed income, while drawdown keeps your pension invested and allows you to decide how much income to withdraw. Both options have advantages, and the right choice depends on your retirement priorities.
FeatureAnnuityPension DrawdownGuaranteed income✓XFlexible withdrawalsLimited✓Investment growth potentialX✓Exposure to market riskNone after purchase✓Risk of running out of moneyLowHigherPotential to leave money to beneficiariesLimitedUsually greater
If your priority is financial certainty and knowing your essential living costs are covered, an annuity may offer greater peace of mind. If you value flexibility and are comfortable accepting investment risk, drawdown may be a better fit.
When a Blended Retirement Strategy May Work
Choosing between an annuity and drawdown doesn't have to be an all-or-nothing decision, and many retirees combine both options to create a balanced retirement income strategy.
For example, part of a pension pot could be used to buy an annuity that covers essential monthly expenses, while the remaining pension stays invested in drawdown for flexible withdrawals.
This approach may provide:
Guaranteed income for essential spending
Flexibility for discretionary purchases
Continued investment potential
Greater control over how retirement income is taken
A blended strategy can offer the reassurance of guaranteed income without giving up all the flexibility of drawdown.
Inflation-Linked, Joint-Life and Guarantee Options
The value of an annuity isn't determined by income alone. The options you choose can make a significant difference to both your financial security and the amount your beneficiaries may receive.
An inflation-linked annuity increases payments over time to help protect your income against rising living costs. Although the starting income is lower, it may provide greater value over a long retirement.
A joint-life annuity continues paying an income to a spouse or partner after your death, while a guaranteed period ensures payments continue for a minimum number of years, even if you die sooner than expected.
These features reduce the initial income available, but they may be worthwhile depending on your circumstances and family priorities.
Enhanced Annuities and Health Disclosures
If you have certain medical conditions or lifestyle factors, you may qualify for an enhanced annuity, which pays a higher guaranteed income. This is because insurers assess life expectancy when calculating payments.
You may qualify if you have conditions such as:
Diabetes
Heart disease
High blood pressure
Certain respiratory conditions
Some forms of cancer
Smoking, taking regular prescription medication or being overweight may also increase the income offered.
Providing accurate health information when requesting quotes is important, as even relatively minor conditions could improve the income available.
Why Shopping Around Can Change the Outcome
One of the biggest mistakes retirees make is accepting the first annuity offered by their pension provider.
You don't have to buy an annuity from the company that currently manages your pension. Using the Open Market Option enables you to compare quotes from different providers, and the difference in retirement income can be significant.
When comparing providers, consider more than just the headline income. Also compare:
Inflation protection
Joint-life options
Guarantee periods
Eligibility for enhanced annuities
Customer features and support
Shopping around can help ensure you receive the most suitable annuity for your circumstances.
When Is the Best Time to Buy an Annuity?
There is no single age at which buying an annuity becomes the right decision. Some people purchase an annuity as soon as they retire, while others delay until later in retirement after using drawdown for several years.
The right time depends on your individual circumstances, including your income needs, current annuity rates, your health, other sources of retirement income and whether you still want the flexibility to keep your pension invested.
Rather than focusing solely on age, consider whether guaranteed income would improve your financial security at the point you're planning to buy.
When to Seek Professional Advice
While an annuity may provide valuable certainty, it's important to consider how it fits alongside your other sources of retirement income and whether alternatives such as drawdown or a blended approach may be more suitable.
You may benefit from regulated financial advice if you:
Are unsure whether an annuity or pension drawdown is the right option for you
Want to compare different types of annuities and their features
Have health conditions that could qualify you for an enhanced annuity
Need to balance guaranteed income with flexible access to your pension savings
Want to provide an income for a spouse, partner or other beneficiaries
Are comparing quotes from different providers before making a final decision
Have multiple pension pots and want to understand the best way to use them as part of your retirement income strategy
My Pension Expert’s experienced advisers provide personalised pension advice to help you make informed decisions about your retirement income.
Whether you're considering an annuity, pension drawdown or a combination of both, we can help you compare your options and build a retirement strategy that's tailored to your financial goals and long-term needs.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Whether an annuity is right for you will depend on your individual circumstances. Pension and tax rules may change in the future.

### How to Grow Your Pension Fund: Practical Steps for Savers
Growing your pension fund often comes down to making the most of the opportunities already available. Increasing contributions, benefiting from employer payments, claiming tax relief and reviewing your investments can all help improve your retirement savings.
This guide explains how to grow your pension fund, the practical steps you can take and the factors to consider before making changes.
Why Small Pension Changes Can Compound Over Time
Your pension does not grow from investment performance alone. Several factors work together to increase the value of your retirement savings over time, including:
Personal contributions
Employer contributions
Pension tax relief
Investment returns
Investment returns can generate further returns over time through compound growth. Even relatively small increases to your monthly contribution could make a noticeable difference by retirement, particularly if your employer also contributes more or your additional payments receive tax relief.
Although starting early provides more time for growth, reviewing your pension later in your career can still be worthwhile, especially if your income has increased or your financial commitments have reduced.
If you're wondering how to make your pension grow, making small improvements consistently can often be more effective than making occasional large changes.
Increasing Contributions and Using Employer Matching
Increasing your pension contributions is one of the most effective ways to grow your pension. Even relatively small increases can make a meaningful difference over time, particularly when combined with employer contributions, tax relief and potential investment growth.
Many people review their pension contributions after a significant life or financial change. This might be following a pay rise, receiving a bonus, paying off a mortgage or moving to a new job. Increasing your contribution whenever your salary increases can be a simple way to save more without making a substantial change all at once.
Before increasing your own payments, it is worth checking whether your employer offers contribution matching. Some employers will increase the amount they pay into your pension when you increase your own contribution, up to a specified limit. Failing to take advantage of this could mean missing out on valuable retirement savings.
Before making any changes, ask yourself the following questions:
QuestionWhy it mattersDoes my employer offer matching?You may receive additional employer contributions.What earnings are contributions based on?Payments may be based on qualifying earnings or your full salary.Can I make additional regular payments?This may provide a simple way to increase your pension savings.Can bonuses be exchanged for pension contributions?Salary or bonus sacrifice may be available.
Increasing pension contributions should always be balanced with your other financial priorities. Maintaining an emergency fund, managing debts and keeping enough accessible savings for unexpected expenses remain important. 
Making the Most of Pension Tax Relief
Tax relief increases the amount invested in your pension by returning some of the Income Tax you would otherwise have paid.
How Pension Tax Relief Works
How you receive tax relief depends on your pension scheme. Some providers automatically claim basic-rate tax relief and add it to your pension, while higher- or additional-rate taxpayers may need to claim any extra relief through HMRC.
If your employer offers salary sacrifice, this may provide an additional opportunity to increase pension savings tax-efficiently. Under this arrangement, you exchange part of your contractual salary for an employer pension contribution, which can reduce Income Tax and National Insurance. However, salary sacrifice is not suitable for everyone and may affect other employment-related benefits.
Contribution Limits and Carry Forward
Before making larger contributions, remember that tax relief is normally limited by your relevant UK earnings and the annual allowance. If you have unused annual allowance from the previous three tax years, carry forward may allow you to make a larger contribution, provided you meet the qualifying conditions.
Understanding Pension Investment Options to Grow Your Pension
Your pension contributions and tax relief are invested to grow your retirement savings. How those investments perform can significantly affect the size of your pension pot.
Most defined contribution pensions invest in a combination of:
Shares, which offer the potential for higher long-term growth but can experience greater short-term fluctuations in value.
Bonds, which involve lending money to governments or companies and generally provide more stable, but often lower, returns than shares.
Property, which can provide diversification and the potential for both rental income and capital growth, although values can also rise and fall.
Cash and money market investments, which are usually lower risk but may not keep pace with inflation over the long term.
Overseas investments, which provide exposure to global markets and can help diversify a pension portfolio beyond the UK.
No single investment approach is right for everyone. If you're considering how to make your pension grow, choosing investments that match your retirement goals and attitude to risk is just as important as increasing contributions.
Reviewing Fees, Old Pots and Performance
Regular reviews can help you understand whether your pension remains on track to meet your retirement goals.
You may wish to review:
Your pension value
Contribution levels
Investment performance
The charges you pay
Old pension pots
Retirement plans
Beneficiary nominations
Charges can reduce long-term investment growth, but the cheapest pension is not always the best. Consider value for money alongside investment choice, service and features.
Adjusting Risk as Retirement Gets Closer
Many pension providers gradually reduce investment risk as you approach retirement. This can help protect your pension from significant market falls shortly before you begin taking benefits.
However, if you plan to keep your pension invested through drawdown, reducing risk too early could also limit future growth. Review your selected retirement date regularly to ensure your investments remain appropriate.
Default Funds vs Self-Selected Funds
Most workplace pensions automatically place members into a default investment fund. These funds are designed for a broad range of savers and suit many people.
Choosing your own funds provides greater flexibility but also requires ongoing monitoring. Any investment decisions should reflect your objectives, retirement plans and attitude to risk.
Diversification and Investment Risk
Diversification means spreading investments across different asset types, sectors and regions to reduce reliance on any single investment.
Although diversification cannot eliminate risk, it may reduce the impact of poor performance in one area. Long-term investment decisions should be based on your objectives rather than short-term market movements.
When Consolidation May or May Not Help
Combining old pensions can simplify administration and make it easier to monitor your retirement savings. In some cases, it may also reduce charges.
However, transferring pensions could mean losing valuable guarantees, protected benefits or favourable charging structures. Always compare the benefits of both pensions before transferring and consider financial advice where appropriate.
Keeping Your Pension Plan on Track
If you’re wondering how to grow your pension fund, focusing on the basics can often have the greatest impact.
A regular review should include:
Checking your contributions
Maximising employer contributions where available
Ensuring you receive all available tax relief
Reviewing your investments
Comparing charges
Assessing old pension pots
Reviewing your plans each year or after major life events
My Pension Expert can help you review your pensions, understand your options and build a retirement strategy tailored to your circumstances.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension and tax rules depend on individual circumstances and may change. The value of investments can fall as well as rise, and you may get back less than you invest.

### Salary Sacrifice: How It Works and the Pension Tax Advantages
For many employees, salary sacrifice can improve the overall value of workplace pension contributions. However, it is important to understand how the arrangement works, who can benefit most, and the potential trade-offs before deciding whether it is right for you.
This guide explains salary sacrifice pension arrangements, the tax advantages they can offer, and the key considerations to keep in mind.
What Is Salary Sacrifice Pension and How Does It Change Your Contract
A salary sacrifice pension arrangement is a formal agreement between you and your employer.
Under the arrangement, you agree to reduce your contractual salary by a specified amount. In exchange, your employer agrees to pay that amount directly into your pension as an employer contribution.
This means the pension contribution is no longer treated as an employee contribution. Instead, it becomes an employer contribution made on your behalf.
Without Salary SacrificeWith Salary SacrificeSalary: £40,000Contractual salary: £38,000Employee pension contribution: £2,000Employer pension contribution: £4,000*Employer contribution: £2,000Employer contribution: £4,000*
*Illustrative example only
When considering a salary sacrifice pension, the key point is that your contractual salary changes. This is different from simply making pension contributions from your pay after salary has been calculated.
Because the arrangement alters your employment contract, employers normally require you to formally agree before joining.
How Pension Salary Sacrifice Saves Income Tax and NICs
One of the main attractions of a salary sacrifice pension is the potential tax efficiency. Because your contractual salary is reduced, you generally pay Income Tax and employee National Insurance on a lower amount of earnings. At the same time, the sacrificed salary is paid directly into your pension by your employer as an employer contribution.
Employee savings: Because your contractual salary is lower, you may pay less Income Tax and less employee National Insurance on your earnings.
Employer savings: Your employer may also pay less employer National Insurance. In some cases, employers choose to pass some or all of these savings into your pension through additional employer contributions.
The overall effect is that more of your money may go towards retirement savings rather than tax and National Insurance. When considering how a salary sacrifice pension works, the savings arise because pension contributions are made before Income Tax and employee National Insurance are calculated on the sacrificed salary.
Worked Examples for Basic-Rate and Higher-Rate Taxpayers
The exact benefit depends on earnings, tax rates and contribution levels. The examples below are simplified and intended for illustration only.
Example 1: Basic-rate taxpayer
 Standard Pension ContributionSalary SacrificeGross salary£35,000£35,000Salary sacrificed£0£2,000Taxable salary£35,000£33,000Pension contributionEmployee contributionEmployer contributionPotential NIC savingNoneYes
Because the employee's taxable salary is reduced, National Insurance contributions may also be lower.
Example 2: Higher-rate taxpayer
 Standard Pension ContributionSalary SacrificeGross salary£70,000£70,000Salary sacrificed£0£5,000Taxable salary£70,000£65,000Pension contributionEmployee contributionEmployer contributionPotential NIC savingLimitedYes
For higher earners, salary sacrifice can sometimes provide additional efficiency because both Income Tax and National Insurance are reduced on the sacrificed amount. The exact savings will depend on your circumstances, tax position and your employer's scheme design.
Although these examples are simplified, they show how reducing contractual salary can lower the amount of Income Tax and National Insurance paid while maintaining or increasing pension contributions. The exact benefit will depend on your earnings, tax band and your employer's salary sacrifice policy. Personalised calculations are usually needed to understand the potential savings.
Important Considerations Before Choosing Salary Sacrifice
Although salary sacrifice can offer tax and National Insurance savings, it is not suitable for everyone. Before joining a salary sacrifice arrangement, it is important to understand the potential drawbacks as well as the benefits.
Key considerations include:
Reduced contractual salary may affect mortgage affordability and certain salary-related benefits.
Statutory payments, such as Statutory Maternity Pay or Statutory Sick Pay, may be affected depending on your circumstances.
Employer policies vary, so not every employer shares their National Insurance savings through additional pension contributions.
Lower earners may not be able to participate if salary sacrifice would reduce earnings below the National Minimum Wage.
Understanding these points before signing up can help you decide whether salary sacrifice is appropriate for your circumstances.
How Employer NIC Savings May Be Shared in Your Pension
When an employee joins a salary sacrifice arrangement, employers often benefit from lower employer National Insurance contributions. Some employers keep these savings, while others choose to share some or all of them by making additional contributions to employees' pensions. Not every employer operates salary sacrifice in the same way.
How these savings are used will depend on your employer's policy. For example, they may:
Keep the National Insurance saving, meaning your pension receives the standard employer contribution.
Share part of the National Insurance saving by making an additional contribution to your pension.
Share all of the National Insurance saving, increasing the amount paid into your pension even further.
It is worth checking how your workplace scheme operates, as even relatively small additional employer contributions can have a meaningful impact on your retirement savings over the long term.
When Salary Sacrifice Can Be Especially Valuable
Salary sacrifice is not equally beneficial for everyone. However, there are situations where it may provide advantages.
It may be especially valuable if you:
Pay higher-rate or additional-rate tax
Make significant pension contributions
Want to maximise workplace pension saving
Receive employer National Insurance savings as additional pension contributions
Are affected by Child Benefit tax charges
Are approaching the personal allowance taper threshold
Because salary sacrifice reduces contractual earnings, it can sometimes help reduce adjusted income for certain tax calculations. For some people, this can create planning opportunities beyond the immediate National Insurance savings.
It may also be useful for employees who want to increase pension contributions without significantly reducing their take-home pay. Where employers share their National Insurance savings, salary sacrifice can further improve the overall value of workplace pension saving over the long term.
Risks, Trade-Offs and Who Should Take Extra Care
While salary sacrifice can be attractive, it is not suitable for everyone. Reducing contractual salary can affect calculations used for borrowing, statutory payments and some workplace benefits. It is important to understand these implications before making changes.
Salary Sacrifice vs Relief at Source and Net Pay
There are several ways pension tax relief can be delivered.
MethodHow It WorksSalary sacrificeSalary is reduced, and employer contributions increaseRelief at sourcePension provider claims basic-rate tax relief from HMRCNet pay arrangementPension contributions are deducted before Income Tax is calculated
A salary sacrifice pension arrangement can provide National Insurance savings in addition to pension tax relief, which is one reason it may be attractive compared with other methods.
Impact on Mortgage Affordability and Statutory Payments
Because salary sacrifice reduces contractual salary, some lenders may consider a lower income figure when assessing borrowing applications.
Salary sacrifice can also affect certain statutory payments, including:
Statutory Maternity Pay
Statutory Paternity Pay
Statutory Adoption Pay
Statutory Sick Pay
The impact depends on earnings levels and individual circumstances.
If you are planning to apply for a mortgage or expect to rely on statutory benefits, it is worth checking the implications before joining.
National Minimum Wage Restrictions and Lower Earners
Salary sacrifice cannot normally reduce earnings below the National Minimum Wage. This means salary sacrifice may offer fewer advantages for some lower earners than for higher earners.
Employers must ensure salary sacrifice arrangements comply with National Minimum Wage legislation. As a result, the benefits may be more limited for employees with lower earnings.
Personal Allowance Taper and Child Benefit Planning
For higher earners, salary sacrifice can sometimes provide additional planning opportunities.
Reducing contractual salary may help:
Reduce adjusted net income
Preserve entitlement to Child Benefit
Reduce the impact of the personal allowance taper
Improve overall tax efficiency
These considerations can become particularly important where earnings are close to key tax thresholds.
Questions to Ask Your Employer Before Signing Up
Before joining a salary sacrifice arrangement, it can help to ask:
How much pension contribution will be made?
Will the employer's National Insurance savings be shared?
Can I opt out later?
How often can contribution levels be changed?
Will salary sacrifice affect other workplace benefits?
How are bonuses treated?
Every employer operates salary sacrifice slightly differently. Understanding how contributions are calculated, whether employer National Insurance savings are shared and how the arrangement affects other workplace benefits can help you make a more informed decision.
When to Seek Advice
A salary sacrifice pension can be highly effective, but it is not always the right solution for every employee.
You may want to seek professional advice if:
You are a higher-rate or additional-rate taxpayer
You are affected by Child Benefit tax charges
You are close to the personal allowance taper threshold
You are planning significant pension contributions
You are concerned about mortgage affordability
You are unsure how salary sacrifice affects your wider finances
At My Pension Expert, we can help you understand whether salary sacrifice fits your retirement strategy and how it interacts with pension contributions, tax planning and long-term financial goals.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future. The value of investments can fall as well as rise, and you may get back less than you invest.

### What Is a Stocks and Shares ISA and How Does It Work?
A stocks and shares ISA is a tax-efficient investment account that allows you to invest in assets such as funds, shares and bonds. Because your money is invested, its value can rise and fall, and you could get back less than you invest. Unlike a cash ISA, which earns interest, a stocks and shares ISA offers the potential for long-term growth.
This guide explains what a stocks and shares ISA is, how it works, the main tax benefits, the risks to consider, and how it compares with a cash ISA.
What Is a Stocks and Shares ISA and How Does the Tax Wrapper Work
If you're wondering what a stocks and shares ISA is, it is a type of Individual Savings Account that allows you to hold investments in a tax-efficient way. The ISA itself is often described as a “tax wrapper” because it protects the investments inside it from certain types of UK tax.
This means you do not usually pay Capital Gains Tax on profits made within the ISA, and you do not usually pay Income Tax on dividends or interest received from investments held inside it.
You can usually open a stocks and shares ISA through an investment platform, financial adviser, bank or investment provider. Once the account is open, you can choose investments yourself or select a managed option, depending on the provider.
What You Can Hold Inside a Stocks and Shares ISA
A stocks and shares ISA can usually hold a wide range of investments. The exact options depend on the provider, but they may include:
Investment funds
Individual company shares
Exchange-traded funds
Investment trusts
Corporate bonds
Government bonds
Cash held temporarily before investing
The range of options means a stocks and shares ISA can be used in different ways. Some people choose ready-made portfolios, while others prefer to select individual investments. The right approach depends on your goals, confidence and attitude to risk.
Annual ISA Allowance, Eligibility and Contribution Rules
Each tax year, you can pay up to the annual ISA allowance across your ISAs. The current overall ISA allowance is £20,000 per tax year. You must usually be aged 18 or over and be a UK resident to open a stocks and shares ISA.
The allowance applies across different types of ISAs, including cash ISAs, stocks and shares ISAs, innovative finance ISAs and Lifetime ISAs. Lifetime ISAs have their own additional contribution limit, which forms part of the overall ISA allowance.
The example below shows how the annual ISA allowance can be used:
ISA typeExample contributionCash ISA£8,000Stocks and shares ISA£12,000Total ISA contributions£20,000
The total amount you contribute across all your ISAs must not exceed the annual ISA allowance.
The Tax Benefits on Dividends, Gains and Reporting
The main stocks and shares ISA tax benefits relate to dividends, capital gains and tax reporting. Investments held outside an ISA may be subject to tax if they generate dividends or capital gains above available allowances. Inside a stocks and shares ISA, these returns are usually sheltered from UK tax.
Dividends - Dividends received from investments held within a stocks and shares ISA are usually free from UK dividend tax.
Capital gains - Profits made when selling investments inside an ISA are usually free from Capital Gains Tax.
Interest - Interest earned from eligible investments held within the ISA is usually free from UK Income Tax.
Tax reporting - In most cases, you do not need to report ISA income or capital gains on a Self-Assessment tax return.
These tax advantages can be particularly valuable for long-term investors, as tax-efficient growth can make a meaningful difference over time. However, tax rules can change, and the value of any tax benefits will depend on your individual circumstances.
Important Considerations Before Investing
Although a stocks and shares ISA offers valuable tax advantages and long-term growth potential, investing always involves risk. Before investing, it is important to understand that:
The value of investments can rise and fall, and you could get back less than you invest.
Market volatility means investment values may fall, particularly over shorter periods.
Timing matters, as selling investments during a market downturn could reduce the value of your investment.
A stocks and shares ISA is generally better suited to medium- or long-term investing than short-term savings.
Understanding these risks alongside the potential benefits can help you decide whether a stocks and shares ISA is appropriate for your circumstances.
The Risks of Investing and Why Timescale Matters
A stocks and shares ISA is not the same as a savings account. While the potential for long-term growth can be greater than with cash savings, investment values will fluctuate over time. This is why timescale is one of the most important considerations when deciding whether to invest.
Investing is generally better suited to people who can leave their money invested for several years. A longer timeframe gives investments more opportunity to recover from short-term market falls.
If you may need the money soon, a cash ISA or savings account may be more suitable. If your goal is longer term, such as building wealth over five years or more, a stocks and shares ISA may offer greater growth potential than cash.
The right choice depends on:
How long you can invest for
How much investment risk you are comfortable taking
Whether you need access to the money
Your wider savings and pension position
Your financial goals
How to Choose Between a Cash ISA and a Stocks and Shares ISA
A cash ISA and a stocks and shares ISA serve different purposes. A cash ISA is designed primarily for saving, while a stocks and shares ISA is designed for investing.
A cash ISA may be more suitable if you want stability, easy access or a place to hold emergency savings. A stocks and shares ISA may be more suitable if you are comfortable with investment risk and want the potential for long-term growth.
When comparing cash ISA vs stocks and shares ISA options, it can help to think about whether your priority is certainty or growth potential.
FeatureCash ISAStocks and shares ISAMain purposeSavingInvestingRisk levelLowerHigherReturnsInterestInvestment growth and incomeValue can fallNo, unless charges applyYesSuitable timescaleShort to medium termUsually medium to long term
Choosing between a cash ISA and a stocks and shares ISA will depend on your financial goals, timescale and attitude to investment risk. Some people use both as part of a wider savings and investment strategy.
Funds, Shares, ETFs, Bonds and Diversification Basics
Diversification means spreading money across different investments rather than relying on one company, sector or asset type. This can help reduce the impact if one investment performs poorly.
For example, a fund may invest in many companies at once, while an individual share gives exposure to one company. Bonds may behave differently from shares, and global funds may spread money across different regions.
Diversification does not remove risk entirely, but it can help create a more balanced investment approach.
How New ISA Rules on Multiple Accounts Affect Savers
ISA rules changed in April 2024, making it possible to pay into more than one ISA of the same type in the same tax year, except for Lifetime ISAs.
This means you may be able to contribute to more than one stocks and shares ISA in the same tax year, as long as you stay within the overall annual ISA allowance.
This can give savers more flexibility. For example, you might use one provider for a managed investment portfolio and another for a more self-directed approach. However, it is still important to keep track of total contributions to avoid exceeding the allowance.
Fees, Platform Charges and Investment Costs
Stocks and shares ISAs can include charges. These may include platform fees, fund charges, dealing fees or adviser charges.
Charges may seem small, but they can affect returns over time. Before choosing a provider, it is worth checking how fees are calculated and whether they suit the way you plan to invest.
For example, someone making regular monthly investments may need a different charging structure from someone investing a lump sum.
Transfers, Withdrawals and Flexibility
You can usually transfer an ISA from one provider to another without losing its tax-efficient status, provided the transfer is completed through the correct ISA transfer process.
This is different from simply withdrawing the money and paying it into another ISA yourself, which could affect your allowance.
Some ISAs are flexible, meaning you can withdraw money and replace it in the same tax year without using more of your allowance. Not all ISAs offer this feature, so it is important to check your provider’s terms.
Withdrawals from a stocks and shares ISA may also require investments to be sold first, which can take time and may mean selling when markets are lower.
Who a Stocks and Shares ISA May Suit Best
A stocks and shares ISA may suit people who want to invest over the medium to long term and are comfortable accepting that investment values can rise and fall.
It may be suitable if you:
Already have emergency savings in cash
Want potential long-term growth
Are comfortable with investment risk
Want tax-efficient investment returns
Do not need immediate access to the money
Want flexibility outside a pension
It may be less suitable if you need certainty, cannot tolerate losses or expect to need the money in the short term.
When to Seek Advice
Choosing investments can feel daunting, especially if you are unsure how much risk to take or whether an ISA fits alongside pensions and other savings.
You may want to seek advice if:
You are new to investing
You are unsure whether to choose cash or investments
You have a large lump sum to invest
You want to understand investment risk
You are planning for retirement
You want to balance pensions, ISAs and other savings
You need help choosing a suitable investment strategy
My Pension Expert can help you understand how tax-efficient investing may fit into your wider financial plans. Advice can help you make decisions that reflect your goals, timescale and comfort with risk.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future. The value of investments can fall as well as rise, and you may get back less than you invest.

### Inheritance Tax Planning: How to Protect Your Estate
Inheritance Tax (IHT) can reduce the value of the wealth you leave behind, but careful planning may help minimise the amount your beneficiaries ultimately pay. Understanding how the rules work is an important part of protecting your estate and passing assets to future generations in the most tax-efficient way possible.
This guide explains the key aspects of inheritance tax planning in the UK, including tax thresholds, gifting rules, pensions, trusts and estate planning considerations, as well as when professional advice may be appropriate.
What Inheritance Tax Is and Who Pays It
Inheritance Tax is a tax that may apply to the value of a person's estate after they die. An estate can include:
Property
Savings and investments
Personal possessions
Business interests
Certain lifetime gifts made
Whether Inheritance Tax is payable depends on the total value of the estate, the available allowances and who inherits the assets.
Most estates do not pay Inheritance Tax because their value falls below the available thresholds or benefits from exemptions. However, for larger UK estates, inheritance tax planning strategies can play an important role in preserving family wealth.
Inheritance Tax is normally paid by the estate before assets are distributed to beneficiaries, although the treatment of lifetime gifts can vary depending on when they were made and the circumstances involved.
Nil-Rate Band and Residence Nil-Rate Band Explained
One of the most important parts of inheritance tax and estate planning is understanding the available tax-free allowances.
Nil-rate band
The standard nil-rate band is currently £325,000. This means that, in many cases, the first £325,000 of an estate can pass free of Inheritance Tax. Any value above this threshold could be subject to Inheritance Tax unless additional allowances, exemptions or reliefs apply.
Residence nil-rate band
An additional residence nil-rate band of up to £175,000 per person may apply when a qualifying home is left to direct descendants, such as children or grandchildren. Not everyone will qualify for the full allowance, and it may be reduced or unavailable depending on the value of the estate and individual circumstances.
How Spouses and Civil Partners Can Transfer Allowances
One of the most valuable aspects of inheritance tax planning involves the treatment of assets passing between spouses and civil partners. In many circumstances, assets left to a surviving spouse or civil partner are exempt from Inheritance Tax.
Any unused nil-rate band and residence nil-rate band may also be transferred to the surviving spouse or civil partner, so the allowances can be used when the second person dies.
This is why people often refer to married couples potentially having up to £1 million of combined Inheritance Tax allowances, although the full amount is only available where all qualifying conditions are met.
Understanding how transferable allowances work is an important part of inheritance tax and estate planning, particularly where property forms a significant proportion of an estate.
Gifting Rules, Exemptions and the Seven-Year Rule
Making gifts during your lifetime may reduce the value of your estate for Inheritance Tax purposes, although the rules are more complex than many people realise.
Some gifts are immediately exempt from Inheritance Tax, while others may only fall outside the estate if you survive for a certain period.
Common exemptions include:
The annual gift exemption
Small gifts exemption
Wedding and civil partnership gifts within permitted limits
Gifts between spouses or civil partners
Gifts to qualifying charities
Potentially Exempt Transfers (PETs) are another important part of inheritance tax planning. In many cases, gifts to individuals become exempt if you survive for seven years after making them.
The seven-year rule
The seven-year rule applies to many lifetime gifts. If you survive for at least seven years after making a qualifying gift, it will normally fall outside your estate for Inheritance Tax purposes.
If you die within seven years, some or all of the gift may still be taken into account when calculating Inheritance Tax. Depending on when death occurs, taper relief may reduce the amount of Inheritance Tax payable in some circumstances.
Because different rules apply to different types of gifts, it is important to understand the potential tax consequences before making substantial transfers of wealth.
Pensions and Estate Planning Considerations
Pensions can play an important role in modern inheritance tax planning, although the rules depend on the type of pension, when death occurs and current legislation.
In many cases, defined contribution pensions have traditionally been considered separately from the estate for Inheritance Tax purposes, meaning they have often formed an important part of estate planning. However, pension taxation is an area that has been subject to ongoing government review, and future legislative changes may affect how pensions are treated.
When considering pensions as part of your wider estate plan, it is worth reviewing:
Pension nomination forms
The tax treatment of pension death benefits
Other assets available to beneficiaries
Whether pension withdrawals are needed during your lifetime
Your wider retirement income strategy
Estate planning should consider pensions alongside property, savings, investments and other family assets rather than viewing each in isolation.
Trusts, Insurance and Charitable Giving
Some people choose to use trusts or life insurance as part of their estate planning strategy.
Trusts can help determine how assets are managed or distributed, although they involve complex legal and tax considerations.
Life insurance policies written in trust may provide funds to help beneficiaries meet an Inheritance Tax liability without increasing the taxable estate.
Charitable giving to qualifying charities is generally exempt from Inheritance Tax, and may reduce the overall rate of Inheritance Tax payable on some estates.
Because these arrangements can have long-term implications, seeking professional advice is often advisable before proceeding.
Keeping Records of Gifts and Estate Values
Good record-keeping is an important part of inheritance tax planning. Keeping accurate records can make it easier for executors to administer your estate and demonstrate when gifts were made.
It can be helpful to keep records of:
Lifetime gifts
Dates and values of gifts
Property valuations
Pension nominations
Trust arrangements
Life insurance policies
Reviewing your estate regularly can also help ensure your plans remain appropriate as tax rules and personal circumstances change.
Upcoming Changes to Inheritance Tax
Inheritance Tax rules are regularly reviewed by governments, and future legislation may affect allowances, exemptions and the treatment of different assets.
Recent government announcements have included proposed changes to the way certain pension death benefits may be treated for Inheritance Tax purposes from April 2027, although legislation and implementation remain subject to parliamentary processes.
Because tax legislation evolves, it is important to review estate planning regularly rather than relying on decisions made many years ago.
When To Seek Professional Advice
Inheritance Tax legislation is complex and can change over time. Professional advice may be particularly valuable if:
Your estate could exceed available allowances.
You own property, investments or business assets.
You wish to make substantial lifetime gifts.
You are considering trusts or life insurance.
You have significant pension assets.
Your family circumstances are complex.
At My Pension Expert, we can help you understand how inheritance tax planning fits within your wider retirement and financial plans, helping you make informed decisions based on your individual circumstances.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Tax treatment depends on individual circumstances and may change in the future. Inheritance Tax rules are subject to legislation and government policy at the relevant time.

### Early Retirement: How to Retire Sooner and Plan Your Income
Early retirement can be appealing, but it needs careful planning. If you stop working before State Pension age, you may need to bridge several years of income before all your retirement benefits become available.
This guide explains what early retirement in the UK means, how to think about income needs, how pensions and ISAs can work together, and why a sustainable withdrawal plan matters.
What Early Retirement Means in the UK
Early retirement in the UK usually means stopping work before your State Pension age. For some people, this might mean retiring in their early 60s. For others, it could mean leaving work at 55 or even earlier, depending on savings, pension access and personal circumstances.
In practice, early retirement planning is about understanding three key stages:
The years before you can access private pensions
The years after private pension access but before State Pension age
The years after State Pension payments begin
Each stage may need a different source of income. For example, you might rely on ISAs or cash savings first, then workplace or personal pensions, and later the State Pension.
This is why early retirement is less about choosing a specific date and more about building an income plan that works across different phases of later life.
How Much Money You May Need to Retire Early
There is no single amount that guarantees a comfortable early retirement. The amount you may need will depend on your lifestyle, essential spending, housing costs, health, dependants and how long your retirement savings need to last.
A useful starting point is to separate spending into essentials and lifestyle costs.
Spending typeExamplesEssential spendingHousing, food, utilities, insurance, transportLifestyle spendingHolidays, hobbies, eating out, gifts, leisureOne-off costsHome repairs, car replacement, family supportLater-life costsCare needs, health costs, and reduced mobility support
When planning for early retirement, it can help to estimate annual spending before and after State Pension age. Spending may be higher in the early years if you travel more or support family, then reduce later, although health or care costs may increase over time.
You may also need to consider inflation. Even modest increases in everyday costs can reduce spending power over a long retirement.
An early retirement plan should therefore look at more than your current pension balance. It should consider how much income you need each year, where that income will come from and how long your savings may need to last.
Pension Access Ages and the State Pension Gap
One of the biggest challenges when planning for early retirement is the gap between stopping work and receiving State Pension income.
Most people can currently access defined contribution pensions from age 55. This normal minimum pension age is due to rise to 57 from April 2028. Some people may have a protected pension age or may be able to access pension benefits earlier due to ill health.
The State Pension is different. You can only claim it once you reach your State Pension age, which depends on your date of birth. This means someone retiring at 57 may need to fund several years of income before State Pension payments begin.
This gap matters because taking too much from private pensions too early can reduce the income available later in retirement.
Illustrative Early Retirement Income Timeline
Retirement stagePossible income sourcesBefore private pension accessCash savings, ISAs, investments, part-time workAfter private pension accessDrawdown, annuity, lump sums, ISAs, cashAfter State Pension ageState Pension, private pensions, other savings
The aim is to build a balanced retirement income strategy rather than relying too heavily on one source of income too early.
Using ISAs, Cash and Investments to Bridge the Gap
ISAs, cash savings and general investments can play an important role in an early retirement pension plan, particularly if you retire before you can access your pension.
Cash savings can provide short-term security and help cover planned spending without needing to sell investments at the wrong time. This can be useful during market downturns.
ISAs can also be useful because withdrawals are usually tax-free. A stocks and shares ISA may provide long-term growth potential, while a cash ISA may offer more stability for shorter-term needs.
General investments may also help, but they do not have the same tax treatment as ISAs. Dividends, interest and capital gains may be taxable, depending on allowances and circumstances.
When planning for the years before pension access, it can help to think about:
How many years need to be funded before pension income starts
How much cash is needed for short-term spending
Which investments are suitable for medium-term income
How ISA withdrawals could reduce pressure on pension savings
How tax could affect different income sources
Using different savings pots in the right order can help make retirement income more tax-efficient while helping your pensions and investments last longer.
Drawing Income Sustainably Before and After Pension Access
Once you begin drawing income, sustainability becomes one of the most important parts of planning for early retirement.
If you access pension savings early, those savings may need to support you for several decades. This means withdrawal levels, investment performance, inflation and tax all matter.
A sustainable income strategy may involve:
Taking more income before State Pension age, then reducing withdrawals later
Using cash or ISAs before drawing heavily from pensions
Keeping some money invested for long-term growth
Reviewing withdrawals each year
Adjusting income during periods of market volatility
The right approach will depend on whether you want a secure income, flexibility or a combination of both.
Some people use drawdown for flexible income. Others buy an annuity later to secure a guaranteed income. Some combine both approaches, using an annuity for essential spending and drawdown or ISAs for flexible spending.
Risks That Can Derail an Early Retirement Plan
An early retirement plan can be affected by risks that are easy to underestimate.
These include retiring with too little saved, taking large withdrawals too early, underestimating inflation, relying on strong investment returns or failing to plan for unexpected costs.
Health changes, family responsibilities and care needs can also alter spending patterns. A plan that works at 55 may need to be adjusted at 65, 75 or beyond.
This is why regular reviews are important. Early retirement planning should not be a one-off exercise. It should adapt as your life, markets and pension rules change.
Sequence Risk, Inflation and Market Downturns
Sequence risk is the risk that poor investment returns occur early in retirement while you are taking withdrawals. This can have a lasting effect because money taken from a falling portfolio has less opportunity to recover.
Inflation is another important risk. If costs rise faster than expected, you may need to withdraw more income to maintain your lifestyle.
Market downturns can also test an early retirement plan. Selling investments during a downturn may lock in losses and reduce the amount available for future growth.
Holding some cash, keeping withdrawals flexible and reviewing investments regularly can help manage these risks.
Phased Retirement and Part-Time Work Options
Early retirement does not always mean stopping work completely. Some people choose phased retirement, where they reduce working hours gradually or move into a lower-pressure role.
Part-time work can help bridge the income gap and reduce the amount taken from pensions or savings in the early years. It may also help maintain routine, social contact and a sense of purpose.
This approach can be especially useful if you want to retire before State Pension age but are not yet ready to rely entirely on savings and pensions.
Phased retirement can also give your pension more time to grow before you start taking larger withdrawals.
When to Seek Regulated Financial Advice
Early retirement decisions can be complex because they involve pensions, tax, investments, income planning and long-term sustainability.
You may want to seek regulated financial advice if:
You are unsure whether you can afford to retire early
You need to bridge several years before State Pension age
You are deciding which savings to use first
You are considering pension drawdown
You want to reduce the risk of running out of money
You have several pensions, ISAs or investments
You want an early retirement pension plan tailored to your goals
Regulated financial advice can help you understand your retirement income options and build a plan that reflects your savings, lifestyle and long-term needs.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Pension Recycling Rules: What Counts and How to Avoid Tax Charges
Taking tax-free cash from a pension can be a useful part of retirement planning. However, problems can arise if that money is then used to increase pension contributions and gain further tax relief. The pension recycling rules are designed to stop people using pension tax-free cash in a way that creates an artificial tax advantage.
This guide explains what pension recycling means, when HMRC rules may apply, and why advice is important before moving money back into a pension.
What Pension Recycling Means
Pension recycling generally refers to taking tax-free cash from a pension and using it, directly or indirectly, to increase pension contributions.
Pension recycling can happen when someone:
Takes a pension commencement lump sum, often called tax-free cash
Uses that money, or money made available because of it, to increase pension contributions
Gains additional tax relief as a result
This does not mean every pension contribution made after taking tax-free cash is a problem. Many people continue saving into a pension as part of normal retirement planning.
The issue is whether the tax-free lump sum has been used as part of a planned arrangement to significantly increase pension contributions.
Why HMRC Has Anti-Recycling Rules
HMRC has anti-recycling rules to prevent people from taking tax-free cash out of a pension and then putting it back into a pension to gain another round of tax relief.
Without these rules, someone could potentially use the same pension money more than once to create additional tax advantages. The rules are intended to protect the pension tax relief system and prevent artificial planning.
For most people, the pension tax-free cash recycling rules will not be an issue. They are mainly relevant where tax-free cash is taken and there is a clear plan to use it to fund significantly higher pension contributions.
This is why intention, timing and evidence matter. HMRC may look at whether the increase in contributions was expected, whether it was linked to the lump sum, and whether the arrangement was planned in advance.
The Conditions That Must All Apply for Pension Recycling
The pension recycling rules HMRC applies are not triggered just because someone takes tax-free cash and later pays into a pension. Several conditions must normally be met. The rules may apply where:
You receive a pension commencement lump sum.
Your pension contributions increase significantly above what would otherwise have been expected.
The increase is linked to the tax-free lump sum.
The additional contributions are made by you or another person, such as your employer.
The increase in contributions was pre-planned before the lump sum was taken.
The relevant lump sum exceeds the £7,500 threshold.
The cumulative increase in contributions exceeds the 30% test.
All of the relevant conditions must be considered together. If any one of them is not met, the recycling rules may not apply. Simply taking tax-free cash and continuing normal pension saving is not usually enough on its own to create a recycling issue.
The £7,500 Threshold and 30% Tests Explained
Two of the most important parts of the pension lump sum recycling rules are the £7,500 threshold and the 30% test.
The £7,500 threshold
For the rules to apply, the pension commencement lump sum must normally exceed £7,500. This can include more than one lump sum taken within a relevant 12-month period.
If the lump sum is below this threshold, the recycling rules are less likely to apply. However, it is still worth considering the wider rules carefully if you are taking tax-free cash and increasing pension contributions.
The 30% test
The 30% test looks at whether the cumulative amount of additional pension contributions is more than 30% of the tax-free lump sum.
For example, if someone takes £40,000 in tax-free cash, 30% of that amount is £12,000. If additional contributions linked to the lump sum exceed that level, this may be one of the indicators that recycling rules could apply.
This does not automatically mean HMRC will treat the arrangement as recycling. The other conditions, including pre-planning and whether the contribution increase was because of the lump sum, also matter.
Examples of Recycling and Non-Recycling Scenarios
Below are some examples of how the rules may work in practice.
Scenario 1: Potential recycling
Someone takes a large tax-free lump sum and has already planned to use it to fund much higher pension contributions over the next few years. The additional contributions are significantly above their normal pattern and exceed the relevant thresholds.
This could fall within the pension recycling rules if the evidence shows the lump sum formed part of a pre-planned arrangement to make substantially higher pension contributions and obtain further tax relief.
Scenario 2: Normal retirement planning
Someone takes tax-free cash and continues making their usual pension contributions from salary. Their contribution pattern does not materially change, and there is no evidence that the lump sum was used to fund higher contributions.
This is much less likely to be treated as recycling because the lump sum has not caused a significant increase in pension contributions.
Scenario 3: Contributions funded from other resources
Someone receives an inheritance and increases pension contributions using that money. They also take pension tax-free cash around the same time, but the increase in contributions was not planned around the lump sum and was not funded by it.
This may not be recycling, although evidence may be needed to show where the contribution money came from and why contributions increased.
Tax Charges if the Rules Are Breached
If HMRC decides that pension recycling has taken place, the tax-free lump sum can be treated as an unauthorised payment. This can create significant tax consequences.
Possible charges may include:
An unauthorised payments charge
A possible unauthorised payments surcharge
Scheme-level tax charges in some cases
The charges can be substantial, which is why pension recycling should be treated carefully. The issue is not simply whether money has gone back into a pension. It is whether the overall arrangement meets the conditions for recycling.
If you are unsure whether a planned contribution could create a problem, it is important to seek advice before taking any action.
Pre-Planning and Evidence HMRC May Consider
Pre-planning is one of the most important parts of the rules. HMRC may consider whether there was an intention, before the lump sum was taken, to use it directly or indirectly to fund increased pension contributions.
Evidence could include:
Contribution patterns before and after the lump sum
Emails, adviser notes or planning documents
Bank movements showing where money came from
Timing of lump sum withdrawals and pension contributions
Changes to salary sacrifice or employer contribution arrangements
If contributions increase for reasons unrelated to tax-free cash, such as a bonus, inheritance or change in income, keeping clear records may help demonstrate why contributions increased and where the money came from.
Annual Allowance and MPAA Interactions
Even where pension recycling rules do not apply, other pension tax rules may still matter.
The annual allowance limits how much can usually be paid into pensions each tax year before a tax charge may apply. If you increase contributions after taking tax-free cash, you may need to check whether the annual allowance or carry forward rules are relevant.
The Money Purchase Annual Allowance (MPAA) may also be important. Taking tax-free cash alone does not usually trigger the MPAA, but taking taxable flexible pension income normally does. Once triggered, the MPAA can reduce the amount you can contribute to defined contribution pensions while still receiving tax relief.
This means the pension recycling rules are only one part of the wider pension tax picture. Contribution limits, tax relief and pension access decisions should all be considered together.
Can Non-Residents Use Pension Recycling?
Non-residents should take particular care with pension recycling. UK pension tax rules can still apply to registered UK pension schemes, even where the individual lives overseas.
Residency can affect tax treatment, reporting and access to pension benefits. Cross-border tax rules may also apply depending on where you live and whether the UK has a tax treaty with that country.
If you are non-resident and considering taking UK pension tax-free cash or making further pension contributions, it is important to seek specialist advice before acting. The rules can be complex and the consequences of getting them wrong may be significant.
When Advice Is Essential for Pension Recycling
Pension recycling is a technical area, and the consequences of breaching the rules can be expensive. You should consider regulated financial advice if:
You are planning to take a large tax-free lump sum
You want to increase pension contributions around the same time
You are considering salary sacrifice or employer contribution changes
You are unsure whether the £7,500 or 30% tests may apply
You have several pension arrangements
You are non-resident or have overseas tax considerations
You want to understand how annual allowance or MPAA rules interact
My Pension Expert offers regulated financial advice to help you understand whether your plans could create recycling risks and how to structure pension decisions in line with your wider retirement goals.
Regulated financial advice can help you understand your retirement income options and build a plan that reflects your savings, lifestyle and long-term needs.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### How Do Annuities Work and What Income Could You Receive?
An annuity is one way to turn pension savings into a regular retirement income. For people who want certainty in later life, it can provide reassurance that a set level of income will be paid either for life or for a fixed period.
This guide answers the question, "How do annuities work?", explains what affects the income you could receive, and outlines what to consider before using some or all your pension savings to buy one.
How Do Annuities Work and What Does the Contract Include?
A pension annuity is a financial product that converts pension savings into retirement income. You normally buy one using money from a defined contribution pension, and in return, an insurance provider agrees to pay you an income under the terms of the annuity.
The contract sets out the key details, including how much income you will receive, how often payments will be made, whether the income will increase over time, and what happens when you die. Once the annuity is set up, the main terms usually cannot be changed, so it is important to choose carefully.
The process usually works as follows:
You decide how much of your pension pot to use
You choose the type of annuity and any extra features
The provider calculates the income available
You receive regular payments under the contract
When people ask how annuities work, the key point is that an annuity usually exchanges access to a pension pot for a more predictable income. More specifically, how do pension annuities work depends on the type of annuity selected and the options included.
Once set up, most annuities cannot be changed or cancelled, so the decision is usually permanent
Factors That Determine How Much Income You Get
The income from an annuity can vary significantly. Two people with the same pension pot may receive different quotes depending on their age, health, lifestyle and the options they choose. The main factors are outlined in the table below.
FactorHow can it affect your incomeAgeOlder applicants may receive higher income because payments may be expected to run for fewer yearsHealthSome medical conditions may increase the income offeredLifestyleSmoking, weight or other factors may affect the quotePension pot sizeA larger pension pot can usually buy more incomeAnnuity typeLevel, escalating and joint-life options can affect starting incomeMarket conditionsInterest rates and gilt yields can influence provider pricing
Provider pricing can also vary. One provider may offer a stronger quote for a standard annuity, while another may be more competitive if health or lifestyle factors apply. This is one reason why shopping around is important.
Your annuity income could be higher or lower depending on your age, health, provider, annuity rates, selected features and market conditions at the time. A £100,000 pension pot, for example, will not produce the same result for everyone. A level single-life annuity may provide a higher starting income than an annuity that increases with inflation or continues paying income to a partner after death.
Choices that can reduce or increase your starting income
The income you receive is not based on pension pot size alone; your choices can make a meaningful difference to the starting income available.
Choices that may reduce starting income:
Income that increases over time
Joint-life cover for a spouse or partner
Guarantee periods
Value protection
Payments made more frequently or in advance
Choices that may increase starting income:
Choosing a level income (an income that won’t increase over time)
Buying at an older age
Choosing single-life cover
Qualifying for an enhanced annuity
Using a larger pension pot
These choices show that the highest starting income is not always the best option. A lower starting income may provide better long-term value if it includes features that matter to you, such as inflation protection or income for a surviving partner.
How to buy an annuity and why shopping around matters
You do not have to buy an annuity from your existing pension provider. You can usually compare quotes from different providers before deciding. This is often known as using the open market option.
Shopping around can be important because annuity rates and underwriting approaches vary. If you accept the first quote you receive, you may miss out on a higher income or more suitable features elsewhere.
Before buying an annuity, it can help to think about:
How much income you need
Whether you want income for life or a fixed term
Whether someone else relies on your pension income
Whether income should increase over time
Whether health details could improve your quote
Whether you want to take tax-free cash first
A personalised quote is important because general examples cannot reflect your exact circumstances. Even small differences in options can affect the income available.
When an annuity may suit and when another option may be better
An annuity may suit people who want a secure income and do not want to manage investments throughout retirement. It can be useful for covering essential spending, such as household bills, food and regular commitments.
However, an annuity may be less suitable if you want flexible access to your pension, want to keep your money invested, or expect your income needs to change significantly over time.
Some people use an annuity for part of their pension and keep the rest in drawdown or cash. This can help balance a secure income with flexibility.
Level, escalating and inflation-linked annuities explained
A level annuity pays the same income each year. It usually provides a higher income at the start, which may appeal if you want more income immediately.
An escalating annuity increases each year, either by a fixed percentage or in line with inflation. This can help protect spending power over time, but the starting income is usually lower.
The right choice depends on whether you prioritise income now or protection later.
Single life, joint life and guarantee period options
A single-life annuity pays income for your lifetime only. It usually offers a higher starting income because payments normally stop when you die.
A joint-life annuity continues paying some income to a spouse, partner or dependant after your death. This can provide reassurance if someone else depends on your income, although it usually reduces the starting amount.
A guarantee period means payments continue for a set number of years, even if you die during that period. This can help ensure some value is passed on.
Enhanced annuities for health or lifestyle factors
An enhanced annuity may offer a higher income if your health or lifestyle suggests a shorter life expectancy. Providers may ask about medical conditions, medication, smoking, height, weight and other details.
It is important to answer these questions accurately. Even details that seem minor could affect the income offered. If you are eligible for an enhanced annuity, failing to disclose relevant health or lifestyle information could mean receiving less income than you might otherwise qualify for.
Tax-free cash and how annuity income is taxed
Before buying an annuity, you may be able to take up to 25% of your pension as tax-free cash, depending on your circumstances. Taking this money reduces the amount left to buy an annuity, so it may lower your regular income.
Annuity income is usually taxable. It is normally added to your other income for the tax year, such as State Pension, earnings or other pension income. This means the tax you pay will depend on your overall income and tax position.
How do fixed-term annuities work?
A fixed-term annuity pays income for a set period rather than for the rest of your life. For example, it may pay income for five or ten years. At the end of the term, there may be a maturity value available for further retirement planning. This could be used to buy another annuity, move into drawdown or take another pension option.
Fixed-term annuities can offer more flexibility than lifetime annuities, but they do not provide income for life unless further arrangements are made.
Open Market Option and getting a better quote
The open market option means you can compare annuity quotes across providers rather than automatically accepting the offer from your existing pension company.
This matters because the difference between quotes can affect your income for many years. It is also important to compare like with like. A level single-life annuity will not produce the same income as an inflation-linked joint-life annuity because the features are different.
When To Seek Advice
Buying an annuity is usually a long-term decision, and once it is set up, it can be difficult or impossible to change. Advice can help you understand the options and avoid choosing based only on the highest starting income.
You may want to seek advice if:
You are unsure how much income you need
You are comparing annuity and drawdown
You want income to continue to a partner
You have health conditions that could affect your quote
You want to understand tax-free cash choices
You are considering a fixed-term annuity
You have several pension pots or income sources
Professional advice can help you compare quotes, understand trade-offs and decide whether an annuity fits your wider retirement plan.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### UK Pension Rules: Key Limits, Allowances and Access Ages Explained
Understanding the main pension rules in the UK can help you make informed decisions about saving for retirement, contributing to a pension and accessing benefits when the time comes. While pension legislation can appear complex, there are a handful of core rules that affect most savers.
This guide explains the key pension rules UK savers should be aware of, including annual allowances, tax relief limits, access ages and recent and upcoming changes that may affect retirement planning.
Core Pension Rules Most Savers Need to Know
Most pension rules are designed to encourage long-term retirement saving while limiting the amount of tax relief available.
Common UK Pension Rules
RuleMeaningMinimum pension access ageMost people can currently access defined contribution pensions from age 55, rising to 57 from April 2028Annual allowanceLimits the amount that can usually be paid into pensions each tax year before a tax charge may applyTax relief limitsPension tax relief is generally limited to 100% of relevant UK earnings or the annual allowance, whichever is lowerTax-free cashMost people can normally take part of their pension tax-free when accessing benefitsMoney Purchase Annual Allowance (MPAA)Can reduce future contribution limits after flexible access to pension income
Understanding these rules can help you avoid unexpected tax charges and make the most of available pension benefits.
Annual Allowance and the Earnings Cap for Tax Relief
One of the most important pension contribution rules UK savers need to understand is the annual allowance.
The annual allowance is the maximum amount that can normally be contributed to pensions each tax year before an additional tax charge may apply. For most people, the standard annual allowance is £60,000.
The amount you can contribute to your pension and still receive tax relief is linked to your earnings. Generally, personal pension contributions that qualify for tax relief are capped at 100% of your relevant UK earnings for the tax year. However, if you have little or no earned income, you can still receive tax relief on pension contributions up to £3,600 gross each tax year.
Examples of Pension Contributions Eligible for Tax Relief
Annual earningsMaximum personal contribution eligible for tax relief*£2,500Up to £3,600£25,000Up to £25,000£40,000Up to £40,000£80,000Up to £60,000 (subject to the annual allowance)
*Individual circumstances may vary, and other pension rules may apply.
Employer contributions are treated differently and are not restricted by your earnings in the same way, although the annual allowance still applies.
Tapered Annual Allowance for High Earners
Some higher earners may be affected by the tapered annual allowance. The tapered annual allowance gradually reduces the amount that can be paid into pensions each year while still benefiting from full tax advantages. It applies when income exceeds certain thresholds set by HMRC.
Because the calculations can be complex, many people are unaware that the taper may affect them until they review their pension contributions.
If you are a higher earner, it is important to understand how the tapered annual allowance interacts with other pension contribution rules in the UK, particularly if you make large personal or employer contributions.
If you think this might apply to you, it’s advisable to review your situation or consult an adviser before making additional pension contributions.
Tax-Free Cash, Lump Sum Allowance and Taking Benefits
When you reach the minimum pension access age, you may be able to access your pension savings in several ways.
Most people can normally take up to 25% of their pension benefits as tax-free cash, subject to the lump sum allowance and other pension rules.
The remaining pension funds can then be used through:
Pension drawdown
An annuity
Lump-sum withdrawals
A combination of different retirement income options
The pension drawdown rules UK savers need to understand include how withdrawals are taxed and how taking taxable income can affect future pension contributions through the Money Purchase Annual Allowance. For the current tax year, the Money Purchase Annual Allowance is £10,000.
While pension freedoms provide flexibility, accessing benefits earlier than necessary may affect long-term retirement income, so it is important to understand the implications before making decisions.
Carry Forward Rules and Using Unused Allowance
Carry forward enables some people to use unused annual allowance from the previous three tax years to make larger pension contributions. This can be particularly useful if you want to make a larger pension contribution in a single year, perhaps following a bonus, inheritance or business sale.
To use carry forward, you usually need to have been a member of a registered pension scheme during the years being carried forward. Because calculations can become complicated, especially where tapering applies, it is important to check eligibility carefully before making significant contributions.
What Counts Towards Your Annual Allowance?
Many people assume only their own pension contributions count towards the annual allowance, but the rules are broader than this.
Contributions that count include:
Personal pension contributions
Employer pension contributions
Third-party contributions paid into your pension
Tax relief added to eligible contributions
For defined contribution pensions, the total amount paid into the pension is normally assessed against the allowance. Understanding what counts can help prevent accidental breaches of annual allowance limits.
Common Pension Rule Changes to Watch in the Next Few Years
Pension legislation changes regularly, which is why many people keep a close eye on potential new pension rules UK governments may introduce. Areas often subject to review include:
Pension tax relief
Pension access ages
Annual allowance limits
State Pension age changes
Inheritance and pension taxation
One confirmed change is the increase in the normal minimum pension age from 55 to 57 in April 2028. Anyone approaching retirement may want to consider how this could affect their plans.
Pension rules can change over time, so it helps to keep up to date and review your retirement plans regularly.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Annuity vs Drawdown Calculations: Compare Your Income Options
An annuity vs drawdown calculation can help illustrate how different retirement income options may work, but understanding the assumptions behind those calculations is just as important as the figures themselves.
This guide explains how annuity and drawdown calculations work, the factors that influence retirement income, and why different approaches may suit different retirement goals.
What an annuity vs drawdown calculation can show you
An annuity vs drawdown calculation is designed to compare potential retirement income under different scenarios. It can help illustrate how much income an annuity might provide compared with the income that could be generated through pension drawdown.
These calculations estimate:
The level of guaranteed income available from an annuity
Potential drawdown income based on assumed investment returns
How long pension savings may last under different withdrawal rates
The impact of tax-free cash on retirement income
How income could change over time
While calculations can be useful, they are not guarantees. Actual outcomes will depend on factors such as annuity rates, investment performance, inflation, taxation and individual circumstances.
A simple comparison table
FeatureAnnuityDrawdownIncome certaintyGuaranteedVariableInvestment riskProvider takes riskYou take a riskIncome flexibilityLimitedHighPotential for growthNoYesDeath benefitsDepends on the options chosenOften more flexibleRisk of running out of moneyNo (lifetime annuity)Possible
How Annuity Income and Drawdown Income Are Calculated
Although both options can provide retirement income, an income drawdown vs annuity comparison highlights some important differences in how that income is generated and managed over time.
With an annuity, your pension savings are exchanged for an agreed income. The amount offered is usually based on factors such as age, health, annuity rates and any additional features selected.
With drawdown, instead of converting your pension into guaranteed income, it remains invested, and withdrawals are taken directly from the fund. Future income, therefore, depends on both investment performance and the amount withdrawn.
This means an annuity calculation focuses largely on current annuity rates, while a drawdown calculation must estimate future investment returns and withdrawal patterns.
The inputs that matter most: age, pot size, rate, return and tax
An annuity vs drawdown calculation can provide useful guidance, but it is only as reliable as the assumptions used. Small changes to factors such as investment returns, inflation or withdrawal rates can significantly affect the outcome.
Age and timing
Age can significantly affect annuity income. In general, older applicants may receive higher annuity income because providers expect to pay the income for a shorter period. Age also affects drawdown planning because it influences how long pension savings may need to last.
Pension pot size
Larger pension pots generally provide more income regardless of which option is chosen. However, the way that income is generated differs between annuity and drawdown.
Annuity rates
Annuity rates influence how much guaranteed income a provider is prepared to offer. Rates can change over time and may be affected by factors such as interest rates, gilt yields and market conditions.
Investment returns
For drawdown, projected investment returns are one of the most important assumptions. Small differences in annual returns can have a significant impact on long-term outcomes.
Tax and income
Tax can affect both options. Most people can normally take up to 25% of their pension as tax-free cash. The remaining income is usually taxable. Because taxes affect retirement income, calculations that ignore taxation may provide an incomplete picture.
When annuity income may look stronger than drawdown
There are circumstances where annuity income can appear more attractive than drawdown. For example, annuity calculations may produce stronger results when:
Annuity rates are relatively high
Guaranteed income is a priority
The individual has health conditions that qualify for enhanced annuity rates
Market conditions make future investment returns uncertain
There is a desire to remove investment risk
For some retirees, the certainty of knowing exactly how much income will be received each month can be extremely valuable.
Fixed-term annuity vs drawdown
A fixed-term annuity sits somewhere between a lifetime annuity and drawdown. Unlike a lifetime annuity, income is paid for a specified period rather than for life. At the end of the term, a maturity value may remain available for further retirement planning.
When comparing a fixed-term annuity vs drawdown, the choice often comes down to balancing certainty with flexibility. A fixed-term annuity provides known income for a set period, while drawdown keeps pension savings invested and allows withdrawals to change over time.
When drawdown may offer more value and flexibility
Drawdown can appeal to people who want greater control over their retirement income. Unlike an annuity, withdrawals can usually be increased, reduced or paused depending on changing circumstances.
Drawdown may offer advantages where:
Retirement spending is expected to vary
Other guaranteed income sources already exist
There is a desire to leave money to beneficiaries
Long-term investment growth is a priority
Flexibility is more important than certainty
However, higher flexibility also means greater responsibility. Investment performance, withdrawal decisions and charges can all affect long-term outcomes.
Why many retirees blend annuity and drawdown
For some people, the decision is not simply drawdown vs annuity vs cash, but how these options can be combined to support different retirement income goals. A blended approach can enable retirees to secure essential spending through guaranteed income while retaining flexibility with the remainder of their pension savings.
For example, an annuity may cover household bills, food costs and regular living expenses. Meanwhile, drawdown can be used for discretionary spending, travel, larger purchases and legacy planning. This approach can combine security with flexibility.
Guaranteed income vs investment risk and sequence risk
One of the biggest differences between annuity and drawdown relates to risk. Annuities remove investment risk because income is guaranteed by the provider. Drawdown keeps pension savings invested, which means values can rise or fall over time.
Sequence risk is a particular challenge for drawdown. It refers to the impact that poor investment returns early in retirement can have when withdrawals are being taken at the same time.
ScenarioImpact on DrawdownStrong investment returns early in retirementPension savings may have more opportunity to recover from withdrawals and continue growingPoor investment returns early in retirementWithdrawals may reduce the fund more quickly, leaving less money available for future growthMarket falls combined with high withdrawalsThe risk of running out of money later in retirement may increaseLower withdrawals during market downturnsPension savings may have more opportunity to recover when markets improve
Drawdown also introduces sequence risk because poor investment returns early in retirement can have a greater impact if withdrawals continue during market falls. This can reduce the long-term sustainability of income, even if investment performance improves later.
How inflation affects a level annuity and drawdown withdrawals
Inflation can reduce the spending power of retirement income over time. A level annuity pays the same income throughout retirement, often providing a higher starting income. However, if prices rise over time, the real value of that income may gradually fall.
Drawdown offers more flexibility because withdrawals can be adjusted to reflect changing income needs and inflation. However, increasing withdrawals may place greater pressure on pension savings and could affect how long the fund lasts.
Some annuities offer inflation-linked increases to help protect spending power, although this usually comes at the cost of a lower starting income.
Death benefits, legacy planning and beneficiary options
With drawdown, remaining pension savings can often be passed to beneficiaries. Depending on circumstances and age at death, favourable tax treatment may also apply.
Annuities may provide death benefits through options such as joint-life cover, guarantee periods or value protection; however, these features usually reduce the starting income available.
Tax-free cash, taxable income and MPAA considerations
Most people can normally take up to 25% of their pension as tax-free cash. The remaining pension is usually used to provide taxable retirement income.
Drawdown may also trigger the Money Purchase Annual Allowance (MPAA) once taxable income is accessed flexibly. This can reduce the amount that can be contributed to pensions in future while still receiving tax relief.
Anyone still working or planning future pension contributions should understand how the MPAA may affect them.
Common calculator limitations and why quotes still matter
Calculators can be useful planning tools, but they have limitations. Most calculations rely on assumptions about:
Future investment returns
Inflation
Annuity rates
Life expectancy
Taxation
Small changes in these assumptions can produce very different outcomes. This is why personalised annuity quotes and retirement income projections remain important. A calculator can illustrate, but it cannot fully reflect individual circumstances.
When to Seek Professional Pension Advice
Annuity and drawdown calculations can provide useful guidance, but retirement income decisions often involve more than simply comparing projected figures.
You may want to seek professional advice if:
You are comparing income drawdown vs annuity options
You have multiple pension arrangements
You want income to continue to a partner after death
You have health conditions that may affect annuity rates
You are concerned about investment risk
You want to understand tax implications
You are considering a blended retirement income strategy
Professional advice can help you assess retirement income options in the context of your wider financial circumstances and long-term goals.
Frequently Asked Questions
The value of your pension and investments can go down as well as up; The income you receive is not guaranteed and may vary depending on investment performance and withdrawals.

### What Is A Tax Relief at Source Pension and How Does It Work?
A tax relief at source pension helps make saving for retirement more efficient. A tax relief at source pension is one of the main ways this support is applied. It is commonly used by personal pensions, stakeholder pensions and some workplace pensions.
This guide explains the tax relief at source meaning, how the system works, who gets automatic relief and when you may need to claim extra tax relief yourself.
What pension tax relief is and why the government offers it
Pension tax relief is designed to encourage people to save for later life. Because pensions are long-term savings, the government offers tax relief as an incentive to pay money into a pension.
For most people, pension tax relief means that contributions receive a boost based on the rate of Income Tax they pay. In many cases, you can receive tax relief on private pension contributions up to 100% of your annual earnings, subject to pension allowances and other rules.
This means pension saving can be more tax-efficient than saving from taxed income alone. However, the way the relief is applied depends on the pension scheme.
The main methods are:
MethodHow tax relief is givenRelief at sourceYou pay from take-home pay, and the provider adds basic rate tax reliefNet payContributions are taken before Income Tax is calculatedSalary sacrificeYou give up salary in exchange for employer pension contributions
Understanding which method applies to your pension is important because it affects what appears in your pension, your payslip and whether you need to claim further relief.
What Does Tax Relief at Source Mean?
Tax relief at source means your pension provider claims basic rate tax relief from HMRC and adds it to your pension. Under this system, the provider claims basic rate tax relief at 20% and adds it to your pension contribution.
This usually applies when contributions are made from income that has already been taxed. You pay money into your pension from your take-home pay, and the provider then adds the basic rate tax relief.
This is why the phrase tax relief at source is often used in personal pension documents. The “source” is the pension provider claiming the relief directly from HMRC and adding it to your pension.
Understanding the tax relief at source meaning can make it easier to check whether you are receiving the correct level of pension tax relief.
How £80 Becomes £100 In Your Pension Pot
The best-known example of relief at source is the £80 to £100 calculation.
If you pay £80 into a relief-at-source pension, your provider claims £20 from HMRC. This makes the gross pension contribution £100.
You payTax relief addedTotal pension contribution£80£20£100£160£40£200£800£200£1,000
This does not mean the government is giving you an extra 25% tax rate. The calculation works because £20 is 20% of the gross £100 contribution, so every £80 you pay becomes £100 in your pension before investment growth or losses.
This can make regular saving feel more valuable. Even small pension contributions can build over time when tax relief and investment growth are combined.
Who Gets Automatic Relief and Who Must Claim Extra Relief
With a tax relief at source pension, basic rate tax relief is usually added automatically by the pension provider. This applies even if you are a basic rate taxpayer. However, if you pay higher-rate or additional-rate tax, you may need to claim the extra tax relief yourself.
How higher-rate and additional-rate relief is claimed
If you are a higher-rate taxpayer, relief at source usually gives you the basic 20% relief automatically, but not the full relief you may be entitled to.
You may be able to claim the extra relief by:
Completing a Self-Assessment tax return
Contacting HMRC directly
Using HMRC’s online services, where available
For example, if you are a higher-rate taxpayer and make a £100 gross pension contribution, your pension provider may add £20 basic rate relief. You may then be able to claim additional relief through your tax return or tax code.
The exact amount depends on your income, tax band and where you live in the UK, as Scottish Income Tax rates differ from the rest of the UK.
Relief At Source Vs Net Pay vs Salary Sacrifice
Relief at source is only one way pension tax relief can work, so it is useful to understand how it compares with other methods.
Relief at source
With relief at source, contributions are usually paid from take-home pay. Your provider then claims basic rate tax relief and adds it to your pension. This can be helpful for people with lower incomes and non-taxpayers, because basic rate relief may still be added up to certain limits.
Net pay
With net pay, pension contributions are taken before Income Tax is calculated. This means tax relief is usually given immediately through payroll. Higher-rate taxpayers normally receive relief automatically under net pay. However, people with lower incomes who do not pay Income Tax may not benefit in the same way.
Salary sacrifice
With salary sacrifice, you agree to reduce your salary, and your employer pays the amount into your pension instead. This can reduce Income Tax and National Insurance, depending on how the arrangement is structured.
Salary sacrifice is different from relief at source because the contribution is treated as an employer contribution rather than a personal contribution.
Annual Allowance, Earnings Limits and Carry Forward Basics
There are limits on how much pension tax relief you can receive. You usually get tax relief on private pension contributions up to 100% of your annual earnings. The annual allowance is also a key limit, with the standard annual allowance currently £60,000.
This means you usually need to consider your relevant UK earnings and the annual allowance. If your pension savings exceed the annual allowance, a tax charge may apply. Unused annual allowance from the previous three tax years may be available through carry forward, subject to conditions.
Some people may have a lower annual allowance. This can happen if:
They are affected by the tapered annual allowance
They have triggered the Money Purchase Annual Allowance
They have complex pension arrangements
What happens if you do not pay Income Tax
If you do not pay Income Tax, you may still be able to receive tax relief under a relief-at-source pension. This can be useful for people with low earnings, no earnings, or those contributing for a spouse or child. However, the rules can be different depending on the pension scheme, so it is worth checking how your provider applies tax relief.
Tax relief for self-employed savers and personal pensions
Relief at source is common for personal pensions, which are often used by the self-employed. If you are self-employed, you usually make contributions from your own income rather than through payroll. Your pension provider may then claim basic rate relief and add it to your pension.
Higher-rate or additional-rate taxpayers who are self-employed may need to claim further relief through Self-Assessment. This is one reason it is important to keep records of pension contributions during the tax year.
Common mistakes that lead to missed tax relief
Missed pension tax relief often happens because people do not realise their pension uses relief at source.
Common mistakes include:
Assuming higher-rate relief is always automatic
Not entering pension contributions on a Self-Assessment return
Confusing net pay and relief at source
Forgetting one-off pension contributions
Not checking whether tax codes reflect pension contributions
If you pay higher-rate or additional-rate tax, checking your pension statement and tax return can help ensure you are not missing relief you may be entitled to.
When pension tax relief may be less useful than ISA savings
Pensions and ISAs work differently, and both can have a place in financial planning.
Pension contributions can benefit from tax relief, but pension money is usually locked away until the minimum pension age. Withdrawals may also be taxable, apart from available tax-free cash.
ISAs do not usually offer tax relief on contributions, but withdrawals are normally tax-free and accessible when needed.
An ISA may be more useful if you need access to money before retirement. A pension may be more useful if you are saving specifically for later life and want to benefit from pension tax relief.
When to seek advice
Pension tax relief can look straightforward, but the details can become more complex if you pay higher-rate tax, are self-employed, have multiple pensions, or make large contributions.
You may want to seek advice if:
You are unsure whether your scheme uses relief at source or net pay
You think you may have missed higher-rate tax relief
You are self-employed and make pension contributions
You are close to the annual allowance
You have a variable income or bonuses
You are deciding between a pension and ISA savings
You want to understand how pension tax relief fits into retirement planning
Professional advice can help you understand how pension contributions, tax relief and allowances apply to your circumstances. This can make it easier to plan contributions in a way that supports your long-term retirement goals.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.
The value of pensions and investments can go down as well as up; The income you receive is not guaranteed and depends on factors such as investment performance and how long your savings need to last.

### What Is a Drawdown Pension? A Simple Guide
Pension drawdown is one of the main ways people can access their retirement savings. It offers greater control over how and when you take income, but it also means making important decisions about investments, withdrawals and long-term retirement planning.
This guide explains what a drawdown pension is, how pension drawdown works, when you can access it, how withdrawals are taxed, and the risks and benefits to consider before making decisions about your retirement income.
What Is a Drawdown Pension?
Pension drawdown is one of the main ways people can access their retirement savings. It offers greater control over how and when you take income, but it also means making important decisions about investments, withdrawals and long-term retirement planning.
 This guide explains what a drawdown pension is, how pension drawdown works, when you can access it, how withdrawals are taxed, and the risks and benefits to consider before making decisions about your retirement income.
What Is a Drawdown Pension?
What is a pension drawdown? It is a flexible way of taking retirement income from a defined contribution pension without cashing in the whole pension pot at once.
What is a drawdown pension fund? It is the portion of your pension that remains invested after you begin taking withdrawals. This means your pension can continue to grow, but its value can also fall depending on investment performance.
A pension drawdown plan enables you to:
Move some or all of your pension into drawdown
Take up to 25% tax-free cash in many cases*
Withdraw taxable income when needed
Keep the remaining pension invested
A pension drawdown arrangement is designed to offer flexibility. Instead of receiving a fixed income for life like an annuity, you decide how much income to take and when to take it.
*Subject to applicable pension rules and available allowances
How Pension Drawdown Works
Understanding how pension drawdown works is important because your pension remains invested throughout retirement. The process usually works in the following way:
You move some or all of your pension into drawdown
You decide how much tax-free cash to take
The remaining pension stays invested for growth
You take withdrawals as your income needs change
Because the pension stays invested, the value of your drawdown pension fund can rise or fall over time.
Some people take regular monthly income, while others make occasional withdrawals only when needed. This flexibility is one reason why drawdown has become increasingly popular in the UK.
Keeping your pension invested
Unlike an annuity, drawdown does not convert your pension into guaranteed income. Your pension remains linked to investment performance throughout retirement.
Managing withdrawals carefully is therefore an important part of maintaining sustainable retirement income.
Flexible withdrawals
One of the main features of a pension drawdown plan is the ability to adjust income over time. You are not usually required to take a fixed level of income each year.
What is a pension drawdown plan in practice? For many people, it is a retirement income strategy that can be adjusted as circumstances change. One of the main features of a pension drawdown plan is flexibility. You can usually adjust withdrawals over time rather than taking a fixed level of retirement income each year.
When Can You Access a Drawdown Pension?
You can usually access a drawdown pension from age 55; however, this minimum pension age is due to rise to 57 from April 2028. However, some people may be able to access pensions earlier due to ill health or because they hold a protected pension age under older scheme rules.
Before accessing drawdown, it is important to review your provider’s investment options, withdrawal flexibility and any associated charges. Not all pension schemes provide drawdown directly, so you may choose to transfer to another provider before taking benefits. Transfers should only be considered after understanding any benefits that may be lost.
These rules form part of how pension drawdown works in the UK and can vary depending on your provider and pension scheme.
What Happens to Your Pension Fund When You Die?
One reason some people choose pension drawdown is that their savings can often be passed on to beneficiaries.
In many cases, beneficiaries may be able to continue drawdown, take lump sums or use inherited pension funds to buy an annuity. This flexibility can make pension drawdown appealing for people who want to leave pension savings to family members or dependants.
The tax treatment can also vary. The tax treatment of inherited pensions depends on the age at death, the type of benefit taken and current legislation. If death occurs after age 75, beneficiaries will usually pay income tax on withdrawals at their own marginal tax rate.
Because pension death benefit rules can be complex, it is important to keep beneficiary nominations up to date and review them regularly.
Tax Basics for Drawdowns
One of the most important pension drawdown tax rules is that withdrawals are not always tax-free. The tax basics for drawdowns are usually:
Up to 25% of your pension can usually be taken tax-free
The remaining withdrawals are normally taxed as income
Withdrawals are usually taxed through PAYE
Large withdrawals may push you into a higher tax band
Tax-free cash and taxable income
You do not always need to take all your tax-free cash at once. Some people choose to take tax-free cash upfront before moving the remaining pension into drawdown, while others use phased drawdown to spread withdrawals over time.
Phased drawdown can sometimes help manage taxes more efficiently because taxable income is taken gradually rather than through larger one-off withdrawals.
Emergency tax
Emergency tax can sometimes apply to your first taxable withdrawal because the provider may not yet have the correct tax code from HMRC.
This can result in too much tax being deducted initially. If this happens, overpaid tax can often be reclaimed from HMRC.
Who Might a Drawdown Pension Suit?
A drawdown pension may suit people who want more control over their retirement income and are comfortable with investment risk during retirement.
It may be the right choice if you:
Want flexible retirement income
Do not need a guaranteed income immediately
Want your pension to remain invested
Want to leave pension savings to beneficiaries
Expect income needs to change over time
However, a drawdown is not suitable for everyone. Managing withdrawals and investments requires ongoing review and may carry some level of risk.
Pros and cons: flexibility vs risk
AdvantagesDisadvantagesFlexible access to pension savingsPension value can fallAbility to vary withdrawalsIncome is not guaranteedPension remains investedRisk of running out of moneyPotential to leave money to beneficiariesOngoing investment management is neededTax planning flexibilityCharges and taxes can reduce returns
Understanding the above trade-offs is an important part of deciding whether drawdown fits your retirement plans.
Common risks: sequencing, longevity, charges and tax
Several risks can affect long-term drawdown sustainability.
Sequencing risk
Poor investment returns early in retirement can have a greater impact if withdrawals continue during market falls. Taking income while investments are falling may reduce the opportunity for the pension to recover in future years.
Longevity risk
If withdrawals are too high, there is a risk that pension savings may not last throughout retirement. This can become more significant if you live longer than expected or your spending needs increase later in life.
Charges and costs
Investment charges, platform fees and adviser costs can reduce long-term pension growth over time. Even relatively small charges may have a noticeable effect when combined with ongoing withdrawals throughout retirement.
Tax considerations
Large drawdown withdrawals could move you into a higher tax band or affect entitlement to certain allowances or benefits. Taking income carefully and reviewing withdrawals regularly may help improve tax efficiency.
Understanding these risks can help support more sustainable retirement planning and better long-term income decisions.
How much income can you take from drawdown?
There is usually no formal maximum withdrawal limit under current pension drawdown rules. However, withdrawing too much too quickly can increase the risk of running out of money later.
When deciding how much income to take, it may help to consider:
Essential living costs and regular household spending
Other retirement income sources available to you
Investment performance and market conditions over time
The impact inflation may have on spending power
Your life expectancy and long-term income needs
Whether you want to leave money to beneficiaries
Drawdown charges and costs
Drawdown charges can vary depending on the provider, the investments chosen and how the pension is managed. Costs may include platform fees, investment management charges, adviser fees, transaction costs and, in some cases, charges for taking withdrawals.
Even relatively small charges can affect long-term pension performance, particularly during retirement, when withdrawals are also being taken from the pension fund.
Drawdown vs annuity: key differences
One of the most important retirement decisions is whether to choose drawdown or an annuity.
DrawdownAnnuityFlexible withdrawalsGuaranteed incomePension remains investedNo ongoing investment riskIncome can varyIncome is usually fixedPotential inheritance benefitsFewer inheritance optionsRisk of pension running outIncome continues for life
Some people combine both approaches by using part of their pension for a guaranteed income and keeping the remainder invested through drawdown.
Common scams and fraud awareness
Pension scams can target people approaching retirement or considering drawdown.
Warning signs can include:
Unexpected contact
Pressure to act quickly
Promises of unusually high returns
Offers to access pensions before the normal minimum age
Overseas investments or unclear structures
If something feels rushed or too good to be true, it is important to pause and verify the provider before proceeding. Useful advice can be provided by the FCA as well as the Money and Pensions Service.
When To Seek Professional Advice
Drawdown involves investment decisions, tax planning and long-term income management. Professional advice can help you understand how these areas work together.
You may want to seek advice if:
You are unsure how much income your pension can support
You are comparing drawdown with an annuity
You have multiple pension pots
You are worried about investment risk
You want to leave money to beneficiaries
You are concerned about tax efficiency
You are approaching retirement and want a structured income plan
For many people, the most valuable part of advice is understanding how pension income, tax, and investment decisions fit within the wider context of retirement planning. 
Taking advice before making large or irreversible pension decisions can help reduce the risk of unsustainable withdrawals or unexpected tax consequences.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### What Annuity Will Money Buy? Understanding Your Income Potential
An annuity can turn some or all of your pension savings into a secure retirement income, often for the rest of your life. If you are approaching retirement, one of the biggest questions you may have is: How much income can I get from an annuity?
This guide explains what affects retirement income from an annuity, how different pension pot sizes may affect the income your pension could provide in retirement, and why personalised quotes are important before making a decision.
What Affects Annuity Rates?
Annuity rates determine how much income your pension savings can buy. These rates can change over time and are influenced by wider market conditions, provider pricing and your personal circumstances.
One key factor is gilt yields. Gilts are government bonds, and they can influence the income that annuity providers can offer. When gilt yields are higher, annuity rates may also improve. When yields fall, annuity rates may reduce. 
Your annuity income may also be affected by the following factors:
FactorHow can it affect incomeAgeOlder buyers often receive higher income because payments may be expected to last for fewer yearsHealthSome health conditions may qualify you for an enhanced annuityLifestyleSmoking, weight or medical history may affect the level of annuity income availablePension pot sizeLarger pots usually bring more incomeOptions chosenJoint-life cover, escalation and guarantees can reduce initial annual incomeMarket conditionsInterest rates and gilt yields can affect provider pricing
The type of annuity you choose also matters. A level annuity usually starts with a higher income than an inflation-linked annuity, while a single-life annuity usually pays more than a joint-life option.
When Do People Typically Buy an Annuity?
There is no single best age to buy an annuity. The right timing depends on your income needs, health, wider retirement plans and how much certainty you want.
You can usually access a defined contribution pension from age 55, rising to 57 from April 2028. However, buying an annuity as soon as you can access your pension is not always the best choice. Some people wait until later in retirement, when annuity rates may be higher due to age or changes in health.
In general, buying later can increase the annual retirement income available because the provider expects to pay it for a shorter period. However, delaying also means you may need another source of income, such as savings, drawdown or employment income.
Things to consider when you’re thinking about purchasing an annuity include:
Buying earlier may provide income certainty sooner
Buying later may offer a higher annual income
Delaying could expose you to market and rate changes
Your health and lifestyle may affect the income available
The most suitable age to buy an annuity will therefore depend on your personal circumstances. It should reflect when you need a secure income, how long your pension may need to last and whether you want flexibility before committing.
How Much Annuity Income Could Different Pension Pots Buy
The retirement income available from an annuity depends on the pot size used to buy it and the rate available at the time. Recent annuity rate examples based on a £100,000 pension pot show single-life annual income increasing from around £6,284 at age 55 to approximately £8,509 at age 75 for someone with no health issues.
These figures are useful for illustration, but they should not be treated as a personal quote. Your actual income may be higher or lower depending on your circumstances and the features you choose.
Annuity Income From £100,000, £200,000 and £500,000 Pension Pots
Annuity income can vary based on age, health, provider, product features and market conditions.
For example, a £200,000 pension pot could potentially provide broadly double the income of a £100,000 annuity if similar rates and options apply. Likewise, the income available from a larger pension pot will depend heavily on the annuity type and features chosen.
How Much Will an Annuity Cost Me?
An annuity does not have a fixed price like a product you buy from a shop. The cost is usually the amount of pension savings you choose to exchange for a secure retirement income.
For example, you might use:
Part of your pension pot to buy guaranteed income
All of your pension pot to maximise secure retirement income
Some of your pension pot for an annuity, leaving the rest invested
The more pension savings you use, the higher your income is likely to be. However, once you buy an annuity, you usually cannot access that pension pot again or change the main terms, so it is important to think carefully before committing.
You may also be able to take up to 25% of your pension as tax-free cash before buying an annuity, depending on your circumstances. Doing this reduces the amount left to buy income, so it may lower the annuity payment you receive.
What Can Reduce or Increase Your Annuity Income?
Several choices can increase or reduce your annuity income. Often, the trade-off is between higher income now and extra protection later.
Factors that may reduce starting income include:
Inflation-linked increases to protect spending power
Joint-life cover for a spouse or partner after death
Guarantee periods that continue payments for longer
Value protection for part of the original pension fund
Payments that are made more frequently or in advance
Factors that may increase starting income include:
Buying an annuity at an older age
Qualifying for an enhanced annuity rate
Choosing a level income for retirement
Choosing single-life rather than joint-life cover
Using a larger pension pot to buy income
The factors above illustrate why it is important to look beyond headline figures alone. The choices you make around income type, protection features and flexibility can all have a significant impact on the income you ultimately receive.
Are annuities worth it?
Annuities can be worth considering if you value certainty and want income that will continue for life. They can be particularly useful for covering essential spending, such as household bills, alongside the State Pension.
An annuity may be more suitable if you:
Want secure income that will continue for life
Prefer predictable retirement income
Do not want to manage investments in later life
Value long-term financial certainty
However, an annuity may be less suitable if you:
Want flexible access to your pension
Want to keep your pension invested
Expect your income needs to change significantly
Are comfortable managing investment risk
The value of an annuity depends on your priorities, health, income needs and wider retirement plans.
Level vs inflation-linked income
A level annuity pays the same amount each year. This usually provides a higher level of income at the outset, which can be helpful if you need more money earlier in retirement. A level annuity’s spending power may reduce over time however, because of inflation.
An inflation-linked annuity starts lower but increases over time. This can help protect spending power, particularly if you expect to rely on the income for many years.
Single life vs joint life options
A single-life annuity pays income for your lifetime only. Higher annuity payments initially, because payments stop when you die.
A joint-life annuity continues paying some income to a spouse, partner or dependant after your death. This can provide reassurance, but the starting income is usually lower.
Enhanced annuities: health and lifestyle factors
An enhanced annuity may offer a higher income if your health or lifestyle suggests a shorter life expectancy. Providers may ask about medical conditions, medication, smoking, height, weight and alcohol consumption.
It is important to give accurate information when applying as even small omissions could affect the quote you receive.
How to get a personal quote and shop around
The best way to understand your potential annuity income is to get personalised quotes from multiple providers. Comparing quotes on a like-for-like basis can help you understand how different annuity features, rates, and guarantees may affect your retirement income. When comparing quotes, make sure each one is based on the same options.
When To Seek Professional Advice
Buying an annuity is usually a long-term decision, and once set up, it can be difficult or impossible to change. Advice can be helpful if you are unsure how much income you need, whether to choose a level or inflation-linked annuity, or whether drawdown may be more suitable.
You may want to seek advice if:
You have a large or more complex pension pot
You want income to continue to a partner after death
You have health conditions that could improve your quote
You are comparing annuity and drawdown retirement options
You want to understand tax-free cash and income choices
You are unsure how much pension to use for income
Professional advice can help you compare quotes, understand the options and decide whether an annuity fits your wider retirement plan.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Compare Pension Annuities: What to Look for and How to Assess Value
Choosing an annuity is one of the most significant retirement decisions many people make. An annuity can provide guaranteed income, often for life, but the amount you receive and the features included can vary considerably between providers. 
This guide explains how annuities work, what affects rates, how to compare annuity rates, and which features may matter most when assessing overall value.
What is a Pension Annuity?
A pension annuity converts some or all of your pension savings into regular income. Usually, the annuity is purchased with money from a defined-contribution pension.
Once purchased, the annuity provider pays an agreed income, which may last for life or for a fixed period, depending on the type chosen.
Annuities are often used by people who want more certainty in retirement. Unlike drawdown, where pension funds remain invested, a lifetime annuity provides guaranteed income that is not directly affected by investment market performance.
The pension annuity process usually works in the following way:
You choose how much of your pension pot to use
You select the type of annuity and any optional features
Your provider calculates the income based on your circumstances
You receive regular income payments in return
Annuities are usually long-term commitments. Once an annuity has been purchased, the terms generally cannot be changed, and you cannot normally access the original pension pot again. This is why it is important to compare pension annuities.
What Affects Annuity Rates?
When people search to compare UK annuity rates, they are usually trying to understand how much retirement income a pension pot may provide. However, annuity rates are influenced by several factors, and the highest rate is not always the most suitable option.
FactorWhy it mattersAgeOlder applicants may receive higher income because payments are expected to be paid for a shorter timeHealth and lifestyleCertain conditions or lifestyle factors may qualify for an enhanced annuityPension pot sizeLarger pension pots generally produce higher incomeInterest rates and gilt yieldsMarket conditions can influence annuity pricingProduct featuresOptions such as escalation or joint life cover usually reduce the starting income
Providers can assess these factors differently, which is why quotes may vary across the market.
Could It Be Beneficial to Compare Pension Annuities?
Comparing pension annuities could be beneficial because different providers may offer different levels of income and product features for the same pension pot.
Comparing annuities can help you assess:
How much guaranteed income different providers offer
Whether health information could improve your quote
The effect that optional features have on your income
How flexible different annuity structures are
Whether an annuity fits your wider retirement plans
It is also important to compare more than just the headline rate. A higher starting income may come at the cost of features such as inflation protection, stronger death benefits, a guaranteed payment period or ongoing income for a surviving partner.
Key Annuity Features to Compare
When assessing annuities, small differences in features can affect both income levels and long-term value.
Income type
Some annuities provide income for life, while others are designed to last for a fixed period. Lifetime annuities can help reduce the risk of running out of money, while fixed-term annuities may offer greater flexibility later in retirement.
Escalation
Escalating annuities increase over time, either at a fixed percentage or in line with inflation. This can help protect spending power in later retirement, although the starting income is usually lower than that of a level annuity.
Guarantee periods
A guarantee period means income payments continue for a minimum period, even if you die shortly after purchasing the annuity. For example, a 10-year guarantee may allow payments to continue to beneficiaries during that period.
Value protection
Value protection is designed to return some of the original pension fund if you die before receiving that amount back through annuity payments. This can provide added reassurance for beneficiaries, although it may reduce starting income.
Payment frequency 
Annuities can usually be paid monthly, quarterly or annually, depending on your preference and provider options. Some providers also allow payments in advance or arrears, which can slightly affect income levels.
How to Compare Quotes and Assess Overall Value
Understanding how to compare annuity rates involves looking beyond the annual income figure alone. Two quotes may appear similar at first glance, but differences in features and guarantees can significantly affect long-term value.
What to compareWhy it mattersAnnual incomeShows the starting level of guaranteed incomeEscalationDetermines whether income increases over timeJoint-life percentageAffects how much income continues to a partnerGuarantee periodDetermines how long payments continue after deathValue protectionMay return part of the original pension fundPayment frequencyCan affect budgeting and cash flowProvider termsSome providers may offer more suitable features
It is important to compare quotes on a like-for-like basis. For example, a level single-life annuity should not be directly compared with an inflation-linked joint-life annuity because the features are different.
Providing accurate health and lifestyle information is also important. Some providers may offer significantly higher income through enhanced annuities if medical conditions or lifestyle factors apply.
How to compare annuity rates effectively
When deciding how to compare annuity rates, it can help to:
Gather quotes from multiple providers
Check whether health details have been fully considered
Consider whether income needs may change over time
The best-value annuity is not always the one with the highest starting income. In some cases, a slightly lower income may provide better long-term value because of inflation protection or survivor benefits.
Annuity Income: Fees, Options and Provider Differences
Although annuity income is usually shown after the provider has priced the product, there may still be advice fees, arrangement costs or administration charges depending on how the annuity is arranged.
Online annuity compare rates tools can provide a useful starting point, although quotes should always reflect your personal circumstances.
Providers may differ in pricing, features and death benefit options. This is why annuity compare rates searches should be treated as a starting point rather than a final answer.
A quote should reflect:
Your pension size
Your health and lifestyle
Your retirement income goals
Whether you want income protection for a partner
Whether you prioritise flexibility or certainty
Single vs joint life annuity: which suits your needs?
A single life annuity pays income for your lifetime only and usually stops when you die. Because there are no continuing payments to another person, the starting income is often higher.
A joint-life annuity continues paying income to a spouse, partner or dependant after your death. This can provide financial reassurance for a surviving partner, although the starting income is usually lower.
The most suitable option depends on whether someone else relies on your retirement income.
Level vs escalating income
A level annuity pays the same amount throughout retirement. This often provides a higher starting income, which may appeal if income needs are greater earlier in retirement.
An escalating annuity starts with a lower income but increases over time. This can help reduce the impact inflation may have on spending power later in life.
The decision often comes down to balancing immediate income against future protection.
Guarantee periods and value protection
Guarantee periods and value protection can help address concerns about dying shortly after buying an annuity.
A guarantee period ensures payments continue for a minimum number of years. Value protection may return some of the original pension fund if income payments have not yet matched the amount used to buy the annuity.
These options can provide reassurance, although they usually reduce the starting level of income.
Enhanced annuities and medical underwriting
Enhanced annuities may provide higher income if you have certain health conditions or lifestyle factors that could affect life expectancy.
Medical underwriting means the provider assesses your health before offering a quote. Even relatively minor conditions may affect the income offered, so providing accurate information can be important.
Death benefits and beneficiaries
Annuities differ in what happens after death. Some stop immediately, while others continue payments for a guaranteed period or to a surviving partner.
If supporting beneficiaries is important, compare death benefit options carefully. Features designed to protect beneficiaries often reduce starting income.
Annuity vs drawdown: when each can suit
An annuity may suit people who want certainty and a guaranteed income without ongoing investment decisions.
Drawdown may suit those who want flexibility and are comfortable keeping pension funds invested. However, drawdown also means taking on investment risk and managing withdrawals over time. Some people combine both approaches by using an annuity to cover essential spending while keeping the rest of their pension in drawdown for flexibility.
When to Seek Professional Pension Advice
Comparing annuities can be more complicated than simply choosing the highest income quote. Different features, guarantees and tax considerations can affect the long-term value of an annuity and how well it supports your retirement plans.
You may want to seek professional pension advice if:
You are unsure whether an annuity or drawdown is more suitable
You want to compare annuity rates across the market
You have health conditions that could affect your quote
You want income to continue to a partner after your death
You are comparing escalation, guarantees or value protection
You have several pension arrangements or other retirement income sources
Professional advice can help you compare pension annuities in the context of your wider financial situation rather than focusing only on headline income figures.
For many people, the most helpful outcome is not simply finding the highest quote. It is understanding how different annuity features work together to support long-term retirement income needs.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Private Pensions for the Self-Employed: What Are Your Options?
Being self-employed can give you more freedom over how and when you work, but it also means taking more responsibility for your retirement planning. A private pension for self-employed people can help you build long-term savings for later life, while also benefiting from tax relief and flexible contribution options.
This guide explains the main pension options, how contributions work, what to consider if your income varies, and when it may be worth getting professional pension advice.
Why Pensions Matter If You Are Self-Employed
When you work for yourself, saving for retirement can easily fall behind other priorities. Income may fluctuate, business costs can change, and it can be tempting to focus only on short-term cash flow.
However, pensions can play an important role in helping you build future income. The State Pension may provide a foundation, but it may not be enough to support the lifestyle you want in retirement. A private pension for self-employed people can help fill that gap. 
Saving into a pension can also provide tax advantages. Most personal pensions claim basic rate tax relief automatically, meaning an £80 contribution becomes £100 in your pension. Higher-rate taxpayers may be able to claim extra relief separately.
Do Self-Employed People Get a Workplace Pension?
Self-employed people are not usually automatically enrolled into a pension in the same way as employees. This means many people choose a private pension scheme for self-employed workers to build retirement savings independently.
You may still qualify for the State Pension if you have enough National Insurance contributions or credits, but this is separate from private pension saving.
Main Options: Personal Pension vs SIPP
The two most common options are personal pensions and SIPPs.
Pension optionHow it worksMay suitPersonal pensionA provider manages the pension and offers a range of investment fundsPeople who want a straightforward optionSIPPA self-invested personal pension with wider investment choicePeople who want more controlStakeholder pensionA pension with capped charges and flexible paymentsPeople who want simple, low-commitment savings
A private pension scheme for self-employed people does not need to be complicated. The right option depends on how much control you want, how confident you are with investments, and how much time you want to spend managing it.
Choosing the right private pension for self-employed workers often comes down to balancing flexibility, investment choice and ease of management.
Personal pensions
A personal pension lets you pay money into a pension plan, where it is invested for the future. The provider usually offers a range of funds based on different risk levels and retirement goals.
This can be a good starting point if you want a simple pension without choosing every individual investment yourself.
SIPPs
A SIPP gives you more control over where your pension is invested. Depending on the provider, you may be able to choose funds, shares, investment trusts, exchange-traded funds and other investments.
This flexibility also means taking more responsibility for investment decisions.
Small Self-Administered Schemes (SSAS) For Employers
A small, self-administered scheme, or SSAS, is a type of occupational pension scheme usually set up by company directors or business owners.
For sole traders, an SSAS is not usually the first option. However, it may be relevant if you run a limited company and employ staff, or if several directors want a shared pension arrangement linked to the business. 
An SSAS can offer more flexibility, including potential investment in commercial property, but it also comes with more administration and responsibility. Because of this, it is usually best suited to more complex business and pension planning needs.
How Contributions and Tax Relief Work
Self-employed pension contributions are usually made from your personal income into a pension you choose. You can often contribute monthly, annually or as one-off payments, depending on your provider. 
Tax relief is one of the main benefits. With relief at source, your provider claims 20% basic rate tax relief from HMRC. This means paying £80 into your pension becomes a £100 gross contribution. If you pay higher-rate or additional-rate tax, you may need to claim extra relief through Self-Assessment.
Self-employed pension tax relief
Self-employed pension tax relief can make pension saving more efficient than saving from taxed income alone. However, the amount of tax relief you can receive depends on your earnings and wider pension rules.
For most people, tax relief is available on pension contributions up to 100% of relevant UK earnings or the annual allowance, whichever is lower. The standard annual allowance is currently £60,000 for the 2026/27 tax year, although allowances and tax rules are subject to change. Some people may have a lower allowance due to tapering or the Money Purchase Annual Allowance
Tapering is a rule that can reduce the amount you can contribute to your pension each year while still receiving tax relief if your income exceeds certain thresholds. This means higher earners may have a lower annual pension allowance than the standard limit, making it important to understand how the rules could affect your retirement planning.
How Much Should a Self-Employed Person Save For Retirement?
There is no single amount that works for everyone. How much you should save depends on your age, income, retirement goals, existing pension savings and the lifestyle you want later on.
As a starting point, it can help to think about:
When you want to retire
How much income you may need
Whether you have existing pension pots
How much can you afford to save regularly
Whether your income changes month to month
Even small, regular contributions can build a significant pension pot over time and can feel more manageable than making large one-off payments.
How much can you pay in? Annual allowance basics
The annual allowance sets a limit on how much can be paid into pensions each tax year before a tax charge may apply. For most people, the standard annual allowance is £60,000, covering all pensions.
If you are self-employed, your personal contributions are also limited by your relevant earnings for tax relief purposes. This means you cannot usually receive tax relief on personal contributions above your earnings for the year.
If your income is high, the tapered annual allowance may reduce how much you can contribute. If you have already accessed taxable pension income flexibly, the Money Purchase Annual Allowance may also apply.
Tax relief for basic rate and higher rate taxpayers
Basic rate tax relief is usually added automatically by the pension provider. Higher-rate and additional-rate taxpayers may be able to claim extra tax relief through Self-Assessment or by contacting HMRC.
For example, if you pay £80 into a pension, basic rate tax relief can increase this to £100. If you pay higher-rate tax, you may be able to claim further relief, reducing the overall cost of the contribution.
Understanding self-employed pension tax relief can make it easier to plan contributions in a tax-efficient way.
Pension charges, investment choices and risk
Before choosing a pension, it is important to understand the costs and investment options. Charges can include platform fees, fund charges and transaction costs. Over time, even small differences in charges can affect the value of your pension.
Investment choice also matters. Some providers offer ready-made funds, while others allow more control. A higher level of investment risk may offer more growth potential, but it can also mean greater ups and downs in value.
How to choose a provider when your income varies
If your income changes throughout the year, flexibility may be especially important. You may want a provider that lets you pause, reduce or increase contributions without penalties.
It can also help to choose a pension that enables one-off payments. For example, you might contribute more after a strong trading period rather than committing to fixed monthly payments.
When comparing providers, consider:
Minimum contribution requirements and payment terms
Flexibility to increase, reduce or pause contributions
Range of investment funds and pension options
Platform charges, fund fees and other costs
Online tools, account access and customer support
Retirement income options available in later life
The most appropriate private pension for a self-employed person is not always the cheapest or most flexible option. Instead, it is one that aligns with your income, retirement goals and confidence with investment decisions.
Retirement options: annuity, drawdown and lump sums
When you reach the minimum pension access age, you may have several options for taking money from your pension.
You may be able to take up to 25% of your pension as tax-free cash, with the rest typically taxed as income when withdrawn. You could use drawdown, buy an annuity, take lump sums, or combine different options depending on your circumstances.
Each option works differently. Drawdown offers flexibility but keeps your money invested, so its value can rise or fall and income is not guaranteed. An annuity can provide a guaranteed income, often for life, but once set up it generally cannot be amended, and if death occurs shortly after purchase, the total income received may be less than the amount used to buy the annuity. Taking lump sums can give you immediate access to your money, but large withdrawals could increase your tax liability and may reduce the funds available for later retirement income.
The most appropriate option will depend on your financial circumstances, retirement goals and attitude to risk.
Common scams and fraud awareness
Pensions can be targeted by scammers, especially when people are approaching retirement or considering transfers.
Warning signs may include unexpected contact, pressure to act quickly, promises of unusually high returns or offers to access pension money before the normal minimum age. 
If something feels rushed or too good to be true, pause before acting. Checking the provider, taking guidance and avoiding pressure-led decisions can help protect your pension savings.
When to seek professional pension advice
Self-employed pension planning can involve more moving parts than standard workplace savings. You may want to seek professional advice if:
You are unsure which pension type suits you
Your income varies significantly
You pay a higher-rate or additional-rate tax
You run a limited company
You want to make large contributions
You have several pension pots
You are approaching retirement
My Pension Expert can help you understand your pension options and how they fit into your wider retirement plans. For many self-employed people, the most valuable step is simply getting clarity on what to save, where to save it and how to make pension contributions work alongside business and personal finances. Advice is subject to suitability assessment.
Frequently asked questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Lifetime Annuities: A Guide to Guaranteed Retirement Income
A lifetime annuity is one way to turn your pension savings into a regular income that lasts for the rest of your life. For people looking for certainty in retirement, it can provide reassurance that part of their income is secure, regardless of how long they live.
A lifetime annuity is a long-term retirement product that is usually irreversible once purchased. The income available will depend on annuity rates, your circumstances and the options selected. Annuity rates vary between providers, so comparing the open market may help improve the income available.
This guide explains what a lifetime annuity is, how it works, the different types available, and what to consider before making a decision.
What Is a Lifetime Annuity?
A lifetime annuity is a financial product that converts your pension savings into a guaranteed income for life. You typically buy it with money from a defined contribution pension.
A lifetime annuity works straightforwardly:
You use some or all of your pension pot to purchase an annuity
In return, an insurance provider pays you a regular income
That income continues for the rest of your life
This is why it is often described as a form of guaranteed retirement income.
What is a lifetime annuity pension?
A lifetime annuity pension refers to the income you receive after converting your pension pot into an annuity. Instead of managing investments or drawing down funds over time, your pension is effectively exchanged for a fixed or predictable income stream.
Unlike other options, once an annuity is set up, it is usually not flexible. This means you cannot normally change the income amount or access the original pension pot. In addition to this, please be aware that once purchased a lifetime annuity cannot usually be altered or surrendered, and you may receive less overall value if you die earlier than expected.
How Does a Lifetime Annuity Work
Understanding how a lifetime annuity works is key to deciding whether it is the right option for you. When you buy a lifetime annuity, the process involves the following steps:
Choose how much of your pension pot to use
Select the type of annuity and any features
The provider calculates your income based on several factors
You receive regular payments for the rest of your life
What affects annuity income?
The amount you receive from a lifetime annuity depends on factors such as:
Your age when you buy the annuity
Your health and lifestyle
Current interest rates and annuity rates
The options you choose
Annuity rates are fixed at the point you buy the annuity, which means your income is based on the rates available at that time.
How much does a lifetime annuity cost? 
There is no fixed price for a lifetime annuity. The “cost” is the portion of your pension pot you use to buy it. For example, if you use £100,000 to buy an annuity, that amount is exchanged for a guaranteed income. The level of income you receive will depend on the factors above.
How payments are made
Annuity payments are usually made regularly, such as monthly, quarterly or annually. They can either remain fixed or increase over time, depending on the options you choose, and are usually subject to income tax. Because payments continue for life, they can help remove the risk of running out of money, although this comes at the cost of reduced flexibility.
Types of Lifetime Annuities
There are several types of lifetime annuities available, each offering different features.
Level Annuity
A level annuity provides a fixed income for the rest of your life. This means the amount you receive does not change, regardless of how long you live or how economic conditions evolve. Because there is no increase built into the payments, level annuities often offer a higher starting income compared to other types. Be aware that if your annuity income does not increase over time, inflation may reduce its real purchasing power.
Inflation-Linked Annuity
An inflation-linked annuity provides an income that increases over time, either at a fixed rate or in line with inflation. This can help protect your spending power in later life. However, because of this added protection, the starting income is usually lower than that of a level annuity.
Joint Life Annuity
A joint life annuity continues to pay an income to a partner or spouse after your death. This can provide financial security for a surviving partner. Because payments may continue for longer, the starting income is typically lower than that of a single-life annuity.
Enhanced Annuity
An enhanced annuity offers a higher income if you have certain health conditions or lifestyle factors that may affect life expectancy. Providers assess your circumstances and may increase payments accordingly. This can result in a higher income than a standard annuity.
Guaranteed Period Annuity
A guaranteed period annuity ensures that payments continue for a minimum period, such as five or ten years. If you die during this time, payments may continue to your beneficiaries. This can provide reassurance that some value is passed on.
Single Life Annuity
A single life annuity pays an income for your lifetime only and usually stops when you die. Because there are no continuing payments to a partner or beneficiaries, it usually provides a higher starting income compared to other options.
Comparing Types of Lifetime Annuities
Type of annuityIncome levelIncreases over timePayments after deathLevel annuityHigher starting incomeNoUsually stopsInflation-linkedLower starting incomeYesUsually stopsJoint lifeLower starting incomeOptionalContinues to partnerEnhancedHigher (based on health)Varies by optionVaries by optionGuaranteed periodStandardVariesContinues for a set periodSingle lifeHigherVariesStops at death
Pros and Cons of Annuities
Like any retirement option, lifetime annuities come with both advantages and limitations. These should be considered alongside your overall retirement goals.
Advantages:
Guaranteed income for life - a lifetime annuity provides certainty and reduces the risk of running out of money.
Simplicity - once the annuity is set up, there is no need to manage investments or withdrawals.
Predictable payments - your income is stable and easier to plan around.
Peace of mind - lifetime annuities can help cover essential living costs with confidence.
Considerations:
Limited flexibility - you cannot usually change your lifetime annuity once it is set up
No access to capital - your pension pot is exchanged for income.
Inflation risk – fixed payments may lose value over time unless increases are built in.
Dependent on rates – your income depends on annuity rates at the time of purchase
Understanding these trade-offs is an important part of deciding whether a lifetime annuity fits your retirement plans or whether a more flexible approach may be more suitable.
Who Benefits from Annuities
Lifetime annuities can be particularly beneficial for people who want a reliable and predictable income throughout retirement. Because payments are guaranteed for life, they can provide a stable financial foundation that is unaffected by market performance or investment risk.
They can also benefit those who prioritise simplicity. Once set up, an annuity requires little ongoing management, which can be appealing if you prefer not to monitor investments or make regular financial decisions.
For some people, the biggest benefit is peace of mind. Knowing that a set level of income will continue regardless of how long you live can help reduce concerns about running out of money later in life.
Annuities may also provide added value for those with limited sources of guaranteed income, as they can complement payments such as the State Pension and help cover essential living costs.
However, these benefits need to be balanced against reduced flexibility, particularly if your circumstances or income needs are likely to change over time.
Annuities vs Drawdown
One of the most common decisions is choosing between a lifetime annuity and drawdown.
FeatureLifetime AnnuityDrawdownIncomeGuaranteed for lifeFlexible, but not guaranteedFlexibilityLowHighInvestment riskNo direct investment risk after purchase, although inflation risk remainsRemains investedAccess to capitalNoYes
Key difference
With an annuity, you exchange your pension pot for certainty. With drawdown, you retain control of your pot but take on more responsibility and risk. Some people choose to combine both approaches, using part of their pension for a guaranteed income and the rest for flexible withdrawals.
When to Seek Advice
Choosing how to use your pension is a significant decision, and a lifetime annuity is often a long-term commitment.
You may want to seek guidance or regulated advice if:
You are unsure how much income you need
You are comparing annuities with drawdown
You want to understand the impact of different options
You have a large or complex pension arrangement
A clearer understanding of your options can help you make a decision that supports your long-term financial goals. Whether a lifetime annuity is suitable also depends on your personal circumstances, objectives, health, tax position and attitude to flexibility.
Taking the time to review how a lifetime annuity fits into your overall retirement plan can help you feel more confident about your future income. Independent bodies such as MoneyHelper and Pension Wise can provide support, also.
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Money Purchase Annual Allowance: What It Means for Your Pension
The money purchase annual allowance (MPAA) can affect how much you’re able to contribute to your pension once you start taking money from it. While pension flexibility gives you more control over how and when you access your savings, it can also reduce the amount you can continue to pay in with tax relief.
This guide explains what the money purchase annual allowance is, why it exists, what triggers it, and how it may affect your future pension planning.
What Is the Money Purchase Annual Allowance?
The money purchase annual allowance (MPAA) is a reduced annual allowance that applies to defined contribution pensions once you have accessed them flexibly.
Under normal circumstances, most people can contribute up to the standard annual allowance each tax year, which is currently £60,000 (subject to tapering for higher earners). For the 2025/26 tax year, the standard annual allowance is generally £60,000, although this may be lower for some individuals.
Once the MPAA applies, this allowance is significantly reduced.
For the 2025/26 tax year, the MPAA is £10,000. This limit applies to the total amount paid into your pension, including:
Your own contributions
Employer contributions
Tax relief available under current legislation
If contributions exceed this limit, the excess may be subject to an annual allowance tax charge.
What the MPAA applies to
The MPAA applies only to defined contribution pensions, sometimes referred to as “money purchase” pensions, where a pot builds up over time based on contributions and investment growth.
It does not reduce the allowance for defined benefit pensions. However, if you have both types of pension, different rules may apply to each, which can make the overall position more complex.
For example, the MPAA may limit how much you can contribute to a defined contribution pension, while a separate annual allowance still applies to any defined benefit pension you are building up.
Why the MPAA Exists
The pension money purchase annual allowance was introduced to prevent people from taking advantage of pension tax relief in the wrong way.
Before these rules were introduced, it was possible to:
Withdraw money from a pension
Pay it back into a pension
Receive tax relief again on the same funds
This is often referred to as “pension recycling”. The MPAA was designed to limit this behaviour while still allowing people to access their pension savings flexibly.
Balancing flexibility and tax relief
Pension freedoms have made it easier to access savings from age 55 (rising to 57 from 2028). While this flexibility is valuable, it also creates the need for safeguards.
The MPAA is one of those safeguards. It ensures that while you can access your pension, the level of tax-relieved contributions you can make afterwards is restricted.
Money Purchase Annual Allowance Rules
The money purchase annual allowance rules set out how and when the reduced allowance applies, and what it means for your pension contributions going forward.
Once the MPAA is triggered, the lower £10,000 annual limit applies to all contributions made into defined contribution pensions. This includes both your own payments and any contributions made by your employer. Unlike the standard annual allowance, you cannot use carry forward to increase this limit.
The rules also make it clear that the MPAA only applies after you have accessed your pension flexibly. It does not apply if you have only taken tax-free cash or used options that do not involve drawing taxable income.
Because of this, understanding the money purchase annual allowance rules before accessing your pension can help you avoid unexpected restrictions and plan your contributions more effectively.
What Triggers the MPAA
The MPAA is only triggered when you access your pension in certain ways. It is not triggered simply by reaching retirement age or taking tax-free cash.
When is the MPAA triggered?
The MPAA is usually activated when you access taxable income by:
Taking taxable income from flexi-access drawdown
Taking a lump sum using UFPLS (Uncrystallised Funds Pension Lump Sum)
Receiving payments from a flexible or investment-linked annuity
What doesn’t trigger the MPAA?
Actions that do not trigger the MPAA include:
Taking only your 25% tax-free cash
Buying a standard lifetime annuity
Taking income from a defined benefit pension
Using the small pots rule (within certain limits)
Understanding these differences can be important when deciding how to take money from your pension.
Why this distinction matters
The way you access your pension can have long-term consequences. Triggering the MPAA early may limit your ability to continue building pension savings, particularly if you are still working or planning to contribute more later.
Impact on Pension Contributions
Once the MPAA is triggered, it directly affects how much you can contribute to your pension in future years. After the MPAA applies:
Your annual allowance for defined contribution pensions reduces to £10,000
All contributions count towards this limit, including employer contributions
Contributions above this limit may result in a tax charge
You cannot use carry forward to increase this allowance
This can significantly reduce your ability to build pension savings, especially if you were previously contributing at a higher level.
MPAA vs Standard Allowance
Under the standard annual allowance, most people can contribute up to £60,000 per tax year, and in some cases may also be able to use unused allowance from previous years through carry forward. This can provide greater flexibility when building pension savings.
When the MPAA is triggered, this flexibility is reduced. The allowance for defined contribution pensions drops to £10,000 per year, and you can no longer use carry forward to increase it. This means contributions can exceed the limit more quickly, particularly if employer contributions are included.
Allowance typeAnnual limitKey featureStandard annual allowance£60,000Applies before accessing pension flexiblyMPAA£10,000Applies after accessing taxable pension income
The difference between these two allowances can be significant, especially for those who are still working or contributing regularly. Understanding which allowance applies to you can help you plan more effectively and avoid unexpected tax charges.
Planning Around MPAA
If you’re considering accessing your pension, it is important to think about how the MPAA could affect your future plans. Small decisions about how and when you take money can have a lasting impact on how much you can contribute later.
Timing your withdrawals carefully
Taking taxable income earlier than necessary could reduce your future contribution limits. If you are still working or expect to contribute more in the future, delaying taxable withdrawals may help you retain access to the full annual allowance for longer.
Understanding how income is taken
Not all pension withdrawals are treated the same way. Some methods, such as taking taxable income through drawdown or lump sums, will trigger the MPAA, while others, such as taking only your tax-free cash, may not. Understanding the difference can help you make more informed decisions.
Reviewing your contribution strategy
If you plan to keep working, a reduced allowance may affect how much you can realistically contribute going forward. This could mean adjusting your contribution levels or reviewing how your pension fits within your wider financial plans.
Considering employer contributions
Employer contributions still count towards the MPAA limit. If your employer continues to pay into your pension, these contributions alone could take up a significant portion of your allowance, increasing the risk of exceeding it without careful planning.
Looking at your wider financial position
Pension decisions do not happen in isolation. Your income, other savings, and retirement goals should all be considered together to ensure your approach remains balanced and sustainable.
Taking a more measured and informed approach can help you avoid triggering the MPAA earlier than needed and support better long-term pension planning.
A practical example
The example below shows how the MPAA can affect someone who is still working and contributing to their pension.
If you were to take taxable income from your pension at age 58 while continuing to work, before accessing your pension, your annual allowance may have been £60,000. After triggering the MPAA, it reduces to £10,000.
If your employer contributes £8,000 and you contribute £5,000, your total contributions would be £13,000. This exceeds the MPAA and may result in a tax charge on the excess.
This example is simplified for illustrative purposes and does not represent personal advice or all tax considerations.
When to Seek Advice
The money purchase annual allowancecan become complex, particularly if your situation involves multiple pensions or ongoing contributions.
You may want to seek guidance or regulated advice if:
You are planning to access your pension but continue working
You have multiple pension arrangements
You are unsure whether your withdrawals will trigger the MPAA
You are close to or exceeding contribution limits
You want to understand the tax implications of your decisions
For many people, the most helpful outcome is not just understanding the rules but knowing how they apply to their own circumstances.
Taking the time to review your options and plan ahead can help you avoid unexpected restrictions and make more confident decisions about your pension.
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future. Guidance can help explain the rules, while regulated financial advice provides a recommendation based on your personal circumstances.

### Pension Advice Costs: What to Expect and How Fees Work
Understanding the cost of pension advice is an important part of deciding whether to seek professional guidance. While fees can vary, good advice can help you make more informed decisions and avoid costly mistakes. 
This guide explains how pension advisers charge, what influences the cost, and what you should expect in return. It also looks at how to assess value, so you can decide whether advice is right for you.
Why Pension Advice Matters: How Pension Advisers Charge
Pensions can become more complex over time, especially if you have multiple arrangements, changing income, or are approaching retirement. Decisions around contributions, transfers or withdrawals can have long-term consequences, so understanding your options is important. 
Professional advice can help bring clarity, highlight risks, and support long-term planning.
How pension advisers charge
In the UK, advisers must clearly explain how they charge for their services. This is part of regulatory requirements designed to improve transparency and help you understand exactly what you are paying for, including typical financial adviser fees on pensions in the UK.
There are a few common ways advisers structure their fees:
A fixed fee for specific pieces of advice
An hourly rate for the time spent
A percentage of the pension amount is advised on
An ongoing fee for continued support
Some advisers may also allow fees to be paid directly from your pension, and some offer an initial consultation at no cost, although this does not usually include personalised advice.
Pension Advice Fee Models Explained
Understanding different fee models can make it easier to compare advisers and decide what works best for you. Different financial adviser fees on pensions can suit different situations, depending on the level of support you need.
Fixed fees
A fixed fee is a set cost agreed in advance. This is often used for clearly defined services, such as a pension review, retirement planning report or specific piece of advice. Because the cost is agreed upfront, it can make budgeting easier.
Advantages:
Clear and predictable cost
No direct link to the size of your pension
Easier to compare between advisers for similar services
Things to consider:
The fee may vary depending on the complexity of your situation
Additional work outside the agreed scope may increase the cost
May not include ongoing support unless specified
Percentage-based fees
Some advisers charge a percentage of the assets they manage or advise on. This can apply to both initial advice and ongoing services. For example, an adviser may charge a percentage of your pension pot to set up a plan, followed by a smaller annual percentage for ongoing reviews and support.
This model is common when advice is linked to managing investments over time and is one of the most common types of financial advisor fees on pensions.
Advantages:
Costs scale with your investment
Often includes ongoing monitoring and adjustments
Can feel more integrated as part of a long-term service
Things to consider:
Fees may increase as your pension grows
The total cost can be higher over time
It can be less straightforward to compare advisers
Hourly rates
Some advisers charge by the hour, particularly for one-off or more flexible advice. This approach is often used if you have a specific question or need help with a particular decision. It can be a practical option if you do not require a full financial plan.
Advantages:
Pay only for the time you use
Useful for targeted or one-off advice
Can be more flexible for smaller queries
Things to consider:
The final cost may be less predictable
It may not include a structured long-term plan
Less commonly used for full retirement advice
Fee model comparison
Fee typeHow it worksBest suited forKey considerationFixed feeSet price agreed upfrontDefined pieces of adviceMay increase if scope changesPercentage-based% of pension valueOngoing advice and managementCosts rise as pension growsHourly rateCharged per hour of workOne-off or specific queriesTotal cost can vary
Ongoing advice fees
The fee models above often relate to initial advice, but some advisers also offer ongoing support. If you want continued guidance, such as regular reviews or adjustments to your pension strategy, an ongoing fee may apply. This is usually charged as a percentage of your pension value or as a fixed annual fee, depending on the service provided.
What Affects the Cost of Pension Advice
The cost of pension advice is not fixed. It can vary depending on your personal circumstances and the type of support you need. Understanding what influences the cost can make it easier to compare advisers and decide what level of advice is right for you.
Complexity of your situation
This may include situations where you have multiple pension schemes, defined benefit (final salary) pensions, or are considering a pension transfer. Tax planning considerations can also add to the level of detail required. The more complex your circumstances, the more work is involved, which can increase the cost.
Size of your pension
If fees are percentage-based, the size of your pension will influence the cost. Larger pension pots may result in higher fees, even if the percentage charge remains the same. This is why it is important to understand not just the percentage, but what that translates to in pounds.
Type of pension transfer advice
A general pension review is usually lower in cost, while retirement planning may require more detailed analysis. The cost of pension transfer advice is often higher, particularly where defined benefit schemes are involved, as this type of advice is subject to stricter regulatory requirements and a more in-depth assessment.
Level of ongoing support
Ongoing advice services can add to the overall cost, but they may also provide continued value. This can include regular reviews of your pension, updates to your strategy as your circumstances change, and ongoing guidance as you approach retirement. The level of support you choose will influence the total cost over time.
What You Get for Your Money
When considering the cost of pension transfer advice, it is important to focus not just on the fees but also on the value gained.
What pension advice includes
Pension advice can cover a range of services, including:
Reviewing your existing pensions
Recommending suitable strategies
Helping you understand tax implications
Building a retirement income plan
The aim is to give you a clearer picture of your position and help you make more informed decisions.
Avoiding costly mistakes
One of the key benefits of advice is helping you avoid decisions that could negatively affect your long-term finances. This might include withdrawing pension funds too early, triggering unnecessary tax charges, or transferring out of valuable schemes without fully understanding the implications. In some cases, avoiding a single mistake can outweigh the cost of advice.
How to Compare Advisers
Comparing advisers is not just about finding the lowest fee. When comparing options, it is important to consider:
How fees are structured
What services are included
Whether ongoing support is offered
How clearly the adviser explains their recommendations
Their qualifications and regulatory status
Transparency is key. You should feel confident that you understand both the costs and the service.
Signs of Good Value Advice
Good value does not always mean the lowest cost. It usually means the advice is clear, appropriate, and tailored to your situation. This may include straightforward explanations, recommendations that reflect your goals, a structured plan rather than one-off suggestions, and transparency around fees.
Is Advice Worth the Cost?
This depends on your individual situation. For some people, particularly those with more complex pensions or approaching retirement, advice can provide clarity and reassurance. For others with simpler arrangements, the need may be lower. If advice helps you make better decisions or avoid mistakes, it may be worth the cost.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Case Studies – Real Client Stories & Retirement Successes
Discover real retirement outcomes
At My Pension Expert, we value honest, valuable feedback from all our clients. Every individual has a unique story, different circumstances, and personal goals when it comes to retirement planning and pensions. Some want flexibility and growth potential, while others prefer a more stable guaranteed income for life they can depend on, regardless of market conditions. Many also want to balance enjoying retirement today with planning for the future.
 Our approach is straightforward: we listen carefully to your situation, explain all your options clearly, and create a tailored pension plan that helps you reach your goals. No jargon. No pressure. Just expert pension advice delivered over the phone at a time that suits you.
How we’ve helped clients
The proof is in the real results achieved by clients like Bill and Dave. Below are two examples of how we’ve helped clients take control of their retirement planning.
Bill’s Flexible Access Drawdown Story
Bill, a project manager from Great Yarmouth approaching 65, wanted flexibility and growth rather than locking his £86,000 pension into a traditional annuity. We recommended a flexible access drawdown, giving him full control over withdrawals while keeping his funds invested for potential growth.
Read Bill's full story →
Flexible access drawdown means your pension remains invested, so its value can go down as well as up depending on market performance. If withdrawals are not managed carefully, the fund may reduce faster than expected and charges may apply.
Because of this, it’s important to consider whether this level of flexibility and risk is suitable for your circumstances. Speaking with a pension adviser can help you understand if this option is appropriate for your retirement goals.
Dave’s Retirement Mortgage & Pension Consolidation Story
Dave, a mountain enthusiast nearing retirement, had six separate pension pots and dreamed of owning his home outright. He discovered retirement mortgages (an option he hadn’t known existed) and sought specialist advice. Through pension consolidation and a balanced strategy combining tax-free cash with guaranteed income for life, Dave used part of his pension to fund a substantial mortgage deposit. This reduced his monthly outgoings by more than 50%, saving around £700 per month compared to renting, while securing a reliable income stream to comfortably cover repayments.
Read Dave’s full story →
Pension consolidation is not always suitable, as valuable benefits or guarantees may be lost when transferring. Retirement mortgages also involve long-term borrowing, meaning interest will apply and your home may be at risk if repayments are not maintained. Using pension funds for property also reduces the amount left invested for future growth or inheritance.
These decisions depend on individual circumstances, so speaking with a pension adviser can help you understand what may be suitable for your situation.
More ways we help clients plan retirement
These examples are just two of the ways we help clients make the most of their retirement savings. Depending on your circumstances, this may include flexible access drawdown, income-for-life options, pension consolidation, tax-free cash planning, inheritance strategies, or retirement mortgage solutions. 
Every recommendation is tailored to the individual, based on their goals and financial situation.
Why Choose My Pension Expert for Your Retirement?
Clear, jargon-free pension advice
Support with consolidation, drawdown, and retirement planning
Flexible income and guaranteed income options
Personalised recommendations based on your needs

### June's Story
How June rediscovered a forgotten pension and secured her future
Sometimes the biggest changes in retirement planning come from the unexpected. In June, it happened when she discovered she still had her old SERPs pension. She had contracted out many years ago and, over time, it simply slipped her mind.
Because we had previously helped her set up her main annuity and manage her private pension, she said returning for advice on this newly rediscovered pot felt like the obvious next step.
Taking stock of her retirement plans
Before speaking to My Pension Expert again, June had already taken her 25% tax-free lump sum and arranged an annuity that provided her with a reliable monthly income. But she knew she wasn’t particularly confident with financial matters and wanted reassurance that this additional pension would be handled in the best way for her circumstances.
What she needed was clear, tailored advice and a chance to discuss the pros and cons of each option in detail.
Choosing an investment route
After several in‑depth conversations with her adviser, June decided to take the investment route with her newly found pension. It was the approach that made the most sense for her situation. 
She still had a healthy amount left from her previous tax‑free lump sum, along with her monthly annuity income. Importantly, she could still access the 25% tax‑free element of this pension when needed in the future, giving her flexibility and control.
A solution that works for the long term
For June, the investment option wasn’t just about potential growth; it was about ensuring her pension wasn’t sitting in a savings account, slowly losing value. She wanted it to work harder, support her long-term plans, and, ideally, generate more for her future. She now feels reassured knowing that her money is being managed with a clear purpose, rather than dwindling away over time.
Clear explanations and expert advice
June describes her advisers as extremely knowledgeable and easy to understand, something she particularly appreciated because finances aren’t her natural comfort zone. Everything was explained patiently and clearly, without jargon or pressure.
“They know their stuff" she says, and that advice helped her feel confident in the decisions she was making.
Why June recommends My Pension Expert
June wouldn’t hesitate to recommend us to others looking for help with their retirement planning. What stood out to her was the level of detail, the personalised recommendations based on her own circumstances, and the team's presentation of options without ever being pushy.
It was advice she could trust, and a process that felt centred around her needs.
June’s recommendation is simple:
“Definitely seek advice from a pension expert and talk through every option available.”
Even if you think you understand your pensions, having professional support makes it far easier to make decisions with confidence.
Ready to start your own pension journey?
Get in touch with us today for a no‑obligation consultation.

### Jill's Story
How expert advice helped Jill take control of her pension
For Jill, pension planning has always been about ensuring her savings are managed properly for the years ahead. When she reached a point where she wanted to maximise the potential of her pension fund and work with a team she could trust, she decided it was time to seek fresh advice.
Looking for a better experience
Before coming to My Pension Expert, Jill had been working with an online pension adviser. Over time, the service didn’t feel like the experience she had expected, and she became unsure whether the advice and support truly aligned with what she needed. Wanting clarity, transparency, and confidence in how her pension was being handled, she felt it was the right moment to look elsewhere.
Choosing a flexible‑access drawdown
After exploring her options with one of our advisers, Jill chose a flexible‑access drawdown. It offered the balance she was looking for - the ability to access her pension savings when needed, combined with professional management designed to keep risk appropriately controlled.
For Jill, the key priorities were:
flexibility to use her pension when required
proper oversight and monitoring
an investment approach that reflected wider market conditions
It was a structure she had used before, but this time with the reassurance of a well‑resourced team behind it.
A more confident outlook on retirement
Jill had always appreciated the freedom flexible access drawdown gave her, but previous experiences had shown her how important high-quality advice and ongoing management are, especially for people close to or in retirement. Poor oversight can leave individuals vulnerable at a stage of life where security matters most. 
With her pension now proactively monitored and clearly explained, Jill feels more confident knowing her money is being managed carefully and working more effectively for her future.
Supportive, organised, and reassuring
Jill describes her experience with My Pension Expert as seamless and supportive. Everyone she spoke to was familiar with her history and understood her needs, meaning she never had to repeat herself or chase information.
Processes were well structured, timescales were clear, and conversations were thorough and empathetic. She never felt rushed and always felt her best interests were at the centre of every recommendation.
To Jill, a pension represents a lifetime of work, so choosing who looks after it shouldn’t be taken lightly. She would happily recommend My Pension Expert to others because of the professionalism, transparency, and level of care shown throughout her advice journey.
Her advice to anyone considering pension support
Jill’s message to others is simple:
“Be careful and don’t compromise. Ongoing communication and clear advice are essential. Working with a well-resourced company with strong reviews can make a significant difference.”
Ready to start your own pension journey?
Get in touch with My Pension Expert today for a no‑obligation consultation.

### Dave's Story
Meet Dave - a mountain enthusiast ready for a fresh retirement outlook
As Dave approached retirement, he realised the time was right to seek specialist pension advice. Over the years, he’d built up six separate pension pots and dreamed of owning his home outright. But with so many options, including retirement mortgages he hadn’t even heard of until recently, he knew he needed expert advice to navigate the most secure path forward.Before speaking with My Pension Expert, Dave had already consolidated some of his pensions, but two remained. Bringing everything together felt essential for strengthening his overall fund and unlocking better long‑term income options.Photo by Alasdair MacLennan
The path to smarter pension decisions
Dave contacted My Pension Expert to explore pension consolidation and improve his retirement income prospects. He also wanted to understand how his pension savings could safely support a mortgage deposit without compromising his future stability.
After booking a callback, the Retirement Technicians took time to understand his goals and clearly explained all available options, including pension consolidation, flexible access drawdown, and income-for-life solutions. A detailed review revealed that consolidating his pensions and setting up an income-for-life plan would offer the best balance.
This approach allowed Dave to combine his pots into a stronger, more efficient fund. From there, he accessed tax‑free cash to cover a significant portion of his retirement mortgage deposit while securing a guaranteed income for life to comfortably meet his repayments. This gave Dave both immediate support for homeownership and a dependable financial foundation for the years ahead.
Life-changing benefits in retirement
The results have transformed Dave’s retirement. Using part of his pension savings as a deposit enabled him to secure a retirement mortgage, reducing his monthly outgoings by more than 50%. saving around £700 every month compared to renting. This dramatic improvement has boosted his financial confidence, eased stress, and given him far more flexibility in later life. 
Bringing all six pension pots together also gave Dave complete clarity over his retirement options. With enhanced income for life arrangements and a personalised financial plan, he now feels fully in control of his future. What started as uncertainty about pensions and housing has become a secure, strategic plan that supports both his homeownership goal and long-term peace of mind.
Dave’s Experience with My Pension Expert
Dave described his journey with My Pension Expert as excellent from start to finish. His adviser was friendly, responsive, and genuinely took the time to understand his situation, including what he wanted to achieve with his pensions and retirement mortgage. Every option was explained in clear, simple terms, with the pros and cons carefully laid out. Throughout the entire process, the team guided him step by step towards a retirement solution that perfectly matched his goals.
Why Dave Recommends My Pension Expert
Dave says he would confidently recommend My Pension Expert to anyone seeking reliable pension advice in the UK. Thanks to expert advice, he secured stronger income‑for‑life options and achieved significant monthly savings through smart retirement mortgage planning. By giving up a small portion of income to save £700 a month, Dave transformed his financial position and improved his long‑term retirement outlook.
Thinking About Pension Advice?
If you're considering pension consolidation, exploring income‑for‑life products, arranging a retirement mortgage, or simply want specialist pension advice, Dave's message is simple: speak to an expert. Professional advice can reveal opportunities you may not have known existed and help you build a more secure, comfortable retirement future.
Get in touch with My Pension Expert today for a no‑obligation consultation.

### What Is a Pension? Understanding the Basics
A pension is a way to build money you can use later in life, usually in retirement. It often comes with tax relief and, in many cases, employer contributions too. In the UK, pensions usually fall into three broad groups: State Pensions, workplace pensions and personal or private pensions. 
This guide explains how pensions work, why pensions exist, the main types of pensions, how contributions are made and what to think about when you eventually come to access your money.
What Is a Pension?
Rather than relying solely on savings or the State Pension, a pension is designed specifically for retirement and usually offers tax advantages that ordinary savings accounts do not. A pension provides money to live on when you are older, often paid as regular income and sometimes partly available as lump sums.
In practical terms, a pension usually works like this:
Money is paid in during your working life, either by you, your employer or both
The money is invested or used to build entitlement, depending on the type of pension
The value builds up over time, influenced by contributions, growth or scheme rules
The pension is then used to provide income in retirement, either as regular payments, lump sums or a combination of both
Exactly how this works will depend on the type of pension you have.
How pensions work
Most UK pensions fit into one of two structures:
Pension typeHow it worksDefined contributionBuilds up a pension pot through contributions and investment growthDefined benefitProvides retirement income based on scheme rules, usually linked to salary and service
Defined contribution pensions are common in the workplace and personal pensions, while defined benefit pensions are more often found in older workplace arrangements and the public sector.
Why Pensions Exist
Pensions exist to help replace income when work stops or declines. For many people, retirement can last for decades, so pensions are designed to provide a more reliable financial base than ordinary short-term savings alone.
Long-term retirement savings often need support, and in the UK, that support usually comes in two main forms:
Tax relief on pension contributions
Employer contributions in workplace pensions
If you are contributing through work, your employer may be paying in too, and the government may be adding tax relief as well. This can make pensions more efficient than simply saving from your net pay into a standard account.
Why starting your pension early matters
Although pensions are meant for retirement, their value is shaped long before then. Starting earlier can mean:
More years of regular contributions
More time for investment growth
More opportunities to benefit from employer contributions
That does not mean it is too late if you start later. It simply means pensions are most effective when treated as a long-term habit rather than a last-minute decision.
Types of Pensions in the UK
Understanding the main types of pensions makes the rest of pension planning much easier. In the UK, the main categories are the State Pension, workplace pensions and private or personal pensions.
State Pension explained
The State Pension is a regular payment from the government for most people who reach State Pension age (currently 67 in the UK) and have built up enough qualifying National Insurance years. The amount you receive depends on your National Insurance record and whether you fall under the old or new system.
Workplace pension explained
A workplace pensionis a pension set up by your employer. Contributions are usually taken directly from your wages, and your employer normally contributes as well. Workplace pensions are a way of saving for retirement through deductions from pay, with employer contributions added for eligible workers.
Many workplace pensions are linked to automatic enrolment. Employers must enrol eligible workers into a qualifying scheme if they meet the age and earnings criteria, although workers can opt out if they choose.
Private pension explained
A private pension is a pension you set up yourself rather than through the government or an employer. It is often used by people who are self-employed, not currently working, or those who want to build additional savings alongside a workplace pension. 
With a private pension, you decide how much to contribute and when. This can make it a flexible option, particularly if your income changes over time. Like other pensions, private pensions usually benefit from tax relief, which can help boost the amount saved.
Main pension types
Pension typeWho sets it upHow it is fundedState PensionGovernmentNational Insurance recordWorkplace pensionEmployerEmployee and employer contributionsPrivate pensionIndividualPersonal contributions, usually with tax relief
How Pension Contributions Work
Pension contributions are the payments made into your pension over time, but how they work in practice can vary depending on the type of pension you have and how contributions are made.
In many cases, contributions are made regularly, either through your salary or directly by you. Some pensions also include contributions from your employer, which can increase the overall amount being saved without requiring additional input from you.
One of the key features of pension contributions is tax relief. This means that some of the money that would normally go to the government as tax is instead added to your pension, helping your savings grow more efficiently over time.
How Your Pension Is Managed
How a pension is managed depends on the type you have:
Defined contribution pensions - your money is usually invested in one or more funds. These may include shares, bonds, property or mixed-asset funds. The value can rise or fall over time, so your retirement outcome depends partly on investment performance.
Defined benefit pensions - the scheme itself promises benefits according to its rules, so the focus is less on the performance of an individual pot and more on the formula used to calculate retirement income.
Default funds and active choices
Many people stay in the default investment option chosen by their provider or employer. Others make active choices about how their pension is invested. Either way, it is worth reviewing your pension regularly, so you understand how much of your income is being paid in, how your pension is being invested and what level of retirement income it may support.
Accessing Your Pension
How and when you can access your pension depends on the type of pension you have.
Defined contribution pensions - you can usually start accessing your pension from age 55, rising to 57 from April 2028. You may have several options, including taking part of it as tax-free cash, drawing an income, buying an annuity or taking lump sums.
Defined benefit pensions - access is typically based on the scheme’s normal retirement age. This is often linked to your State Pension age, although some schemes allow earlier access, sometimes with a reduction to reflect the longer payment period.
The State Pension has its own rules and can usually only be claimed once you reach State Pension age, which depends on your date of birth.
Common Pension Mistakes
Even if you understand how pensions work, there are still several common mistakes people can make, which make retirement planning harder.
Opting out of a workplace scheme
For eligible people, opting out of a workplace scheme can mean missing employer contributions as well as pension saving itself.
Not reviewing contributions
Many people start contributing at one level and then leave it unchanged for years. Reviewing contributions as earnings rise can make a big difference over time. 
Losing track of old pensions
If you change jobs several times, it can be easy to lose sight of earlier pensions. This can make it harder to understand your full retirement position.
Taking pension money without a plan
Accessing a pension too quickly, without thinking about tax and long-term income, can create avoidable problems later.
Being aware of these common mistakes can help you take a more considered approach and make better use of your pension over time.
Getting Professional Guidance
Pensions can look simple at first glance, but decisions around contributions, investments and withdrawals can become more complex over time.
Professional guidance or regulated advice may be worth considering if:
You have several pension arrangements
You are approaching retirement
You are unsure how much income your pensions could provide
You want to understand the best way to access your pension savings
For many people, the most helpful outcome is not just a technical answer, but a clearer understanding of how their pensions fit into the bigger picture of retirement planning. 
Taking the time to review your pensions, understand your options and plan ahead can help you feel more confident about the income you’ll have in later life.
Frequently Asked Questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Tapered Annual Allowance: Rules, Thresholds and How It Works
The tapered annual allowance can reduce how much you’re able to save into a pension with tax relief, even if your personal contributions are relatively small. This is because it is based not just on what you pay in, but on your overall income and pension inputs. 
This guide explains what the tapered annual allowance is, how the income tests work, what the tapered annual allowance 2026/27 thresholds are, how carry forward and scheme pays fit in, and when it may be worth getting help.
What is the tapered annual allowance?
The annual allowance is normally the maximum amount of pension saving you can build up in a tax year before a tax charge may apply. For 2026/27, the standard annual allowance is £60,000. For higher earners, though, that amount can be reduced by the pension tapered annual allowance rules.
The tapered annual allowance applies if both of the following apply in the same tax year:
Your threshold income is over £200,000
Your adjusted income is over £260,000.
If you meet both tests, your annual allowance is gradually reduced. For every £2 your adjusted income goes over £260,000, your allowance is reduced by £1, until it reaches a minimum of £10,000. This minimum applies for both the 2025/26 and 2026/27 tax years.
What else affects your tapered annual allowance
The pension tapered annual allowance is not just based on salary. Employer pension contributions, bonus patterns and, in some cases, the pension growth in a defined benefit scheme can all affect the calculation. That is why two people with similar pay can still end up with different results.
Threshold income vs adjusted income: key definitions
The tapered annual allowance 2026/27 rules are based on two key income calculations: threshold income and adjusted income, which determine whether your allowance is reduced.
Threshold Income
Threshold income starts with your net income for the tax year. HMRC then asks you to make certain deductions and add-backs. Threshold income is the figure used as the first gateway test for tapering. If your threshold income is £200,000 or less, the taper does not apply, even if your adjusted income is above £260,000.
Threshold income can include things such as:
Earnings from employment
Self-employment or partnership income
Most pension income
Interest, dividends and rental income.
HMRC’s method also requires you to make certain adjustments. This includes deducting pension contributions made through relief-at-source schemes and adding back any income reduced through salary sacrifice or flexible remuneration arrangements set up after 8 July 2015.
Adjusted income
Adjusted income starts with net income, but then adds back pension inputs more broadly, including employer contributions and pension savings where tax relief was given through payroll.
In defined contribution arrangements, that often means your own contributions plus employer contributions. In defined benefit arrangements, it is based on pension growth over the pension input period rather than just cash contributions.
Tapered annual allowance thresholds and limits (2026/27)
The table below summarises the key income thresholds and limits used to work out whether the tapered annual allowance applies.
MeasureWhat it means2026/27 levelThreshold incomeYour income before most pension contributions is added back to check if tapering applies at allOver £200,000Adjusted incomeYour total income, including pension contributions, is used to calculate how much your allowance is reducedOver £260,000Standard annual allowanceThe maximum you can normally contribute to pensions with tax relief each year£60,000Minimum tapered annual allowanceThe lowest your allowance can be reduced to if tapering applies£10,000
How the taper works and the minimum allowance
Once both tests are met, the taper is relatively simple in principle. You start with the standard annual allowance of £60,000. Then you reduce it by £1 for every £2 of adjusted income above £260,000. The reduction stops once the allowance reaches £10,000.
Tapered annual allowance examples
These tapered annual allowance examples show how it works in practice for 2026/27:
Adjusted incomeExcess over £260,000ReductionTapered allowance£270,000£10,000£5,000£55,000 max£300,000£40,000£20,000£40,000 max£340,000£80,000£40,000£20,000 max£360,000+£100,000+£50,000 max£10,000 max
These examples assume your threshold income is over £200,000. If it is not, tapering would not apply. That is why you need both calculations, not just one.
Defined contribution vs defined benefit
For defined contribution pensions, the numbers are usually easier to follow because pension input is mainly the amount of contributions paid in. For defined benefit schemes, the pension input amount is based on the increase in the value of accrued benefits over the pension input period, which can make the calculation less straightforward.
Carry forward and scheme pays
If your allowance is tapered, you may still be able to use any unused annual allowance from the previous three tax years. This means your total available allowance includes your reduced allowance for the current year, along with any unused allowance you can carry forward.
This means tapering does not automatically create a tax charge, particularly if earlier years were underused. If this is the case, carry forward may absorb some or all of the excess.
When a tax charge can arise
If, after using carry forward, your pension input amount still exceeds your available annual allowance, the excess is added to your taxable income and taxed at your marginal rate (the highest rate of income tax you pay).
What is scheme pays?
If an annual allowance charge arises, your pension scheme may be able to pay some or all of it on your behalf, in exchange for a reduction in your benefits. This is called scheme pays. Some schemes must do this if certain conditions are met, while others may offer it voluntarily even when they do not have to.
Key scheme pays points:
There are mandatory and voluntary forms of scheme pays
If the scheme pays, your benefits are reduced
The normal deadline is 31 July following the end of the relevant tax year
For some people, scheme pays can help cash flow. But it is still a real cost, because the payment is effectively met by reducing future pension benefits.
Planning strategies
The aim is not always to avoid the taper completely. Sometimes it is simply to understand it early enough to plan around it sensibly.
Salary sacrifice
Salary sacrifice can be helpful in pension planning, but it does not always reduce threshold income in the way people expect. Pension salary sacrifice or flexible remuneration arrangements made after 8 July 2015 are generally added back when you work out threshold income.
If you are relying on salary sacrifice to keep threshold income below £200,000, check the details carefully as the timing and structure matter.
Bonus timing
A large bonus can affect both threshold income and adjusted income in the tax year it is received. If you have flexibility around when a bonus is paid, or when pension contributions linked to it are made, that timing can make a difference to whether tapering applies or how severe it is.
Additional Voluntary Contributions (AVCs) and extra contributions
AVCs can still be a useful option, but it’s important to consider them alongside your tapered annual allowance and any available carry forward. The right approach depends on how much allowance you have left and whether employer contributions or pension growth are already using most of it.
A simple planning checklist:
When reviewing your situation, it can be helpful to:
Check your threshold income first
Calculate adjusted income properly
Review pension input amounts across all schemes
Check for carry forward from the previous 3 tax years
Consider whether bonus timing or contribution timing changes anything
Ask your scheme about scheme pays if a charge looks likely
When to seek specialist advice
The tapered annual allowance becomes more complicated when you have more than one pension, variable income, employer-funded contributions, salary sacrifice, or a defined benefit scheme. The risk is not just getting the numbers wrong. It is also missing planning opportunities or assuming your allowance is lower than it really is.
You may want to seek specialist advice if:
Your income is close to or above the taper thresholds
You are in a defined benefit or public sector scheme
Your bonus, dividends or partnership income change year to year
You are unsure how much employer contribution has been made
You think an annual allowance charge may apply
You want to compare paying the charge yourself with scheme pays
For many people, the most useful outcome is not a complicated model. It is simply clarity on how much can still be paid into a pension without creating a surprise tax charge.
Taking a proactive approach to the tapered annual allowance can help you stay in control of your pension planning and avoid unexpected tax charges.
Frequently asked questions
This information is for guidance only and does not constitute financial advice. Pension rules, tax treatment and benefits depend on individual circumstances and may change in the future.

### Tracy's Story
The turning point that reshaped Tracy’s retirement journey
After 25 years working in financial services, from pre retirement planning to general insurance and banking, Tracy knew more than most about pensions. She understood the theory behind annuities, drawdown, and post retirement income.But when her own circumstances changed unexpectedly, her professional knowledge could only take her so far. She found herself asking a question many people face:“Should I keep working… or is now the right time to retire?"To gain the clarity she needed and avoid making a rushed financial decision, she knew regulated expert pension advice was essential.
A sudden change and an important decision to make
Tracy had originally planned to retire at 63. But leaving her last role earlier than expected left her standing at a crossroads.
She could:
take another job for 18 months to reach her original retirement timeline
or
explore whether her pensions could support her retiring early
She already had some income coming in from her bank pensions, which she’d taken at 60. But her remaining personal pensions were the missing piece she needed to understand before making such a major life decision.
Finding the right retirement path
Tracy reached out to us after searching online for financial advice. Before getting in touch, she checked reviews, the FCA register, and Companies House to be certain she was dealing with a trustworthy firm.
After booking her consultation, Tracy spoke with the Retirement Technicians, who listened carefully to her situation and walked her through all the available options from pension consolidation to flexible access drawdown to income for life.
After a detailed review, one option stood out clearly.
Choosing income for life
Tracy selected an income for life (an annuity) - a choice she made confidently after weighing up every angle.
Why this option?
Annuity rates were exceptionally strong at the time, far better than she expected.
She valued stability over investment performance.
She wanted a guaranteed monthly income she could rely on, without worrying about market fluctuations.
For Tracy, the predictability and long‑term security of an annuity simply made sense.
Retiring earlier - with complete peace of mind
This decision changed everything. Thanks to the guaranteed income from her annuity, Tracy no longer needed to take another job for 18 months. She could retire sooner than planned without compromising her financial stability.
This gave her:
freedom to settle into her new home
time to focus on the things she truly wanted to do
confidence knowing exactly what her retirement income would be every month
It turned uncertainty into clarity - and pressure into opportunity.
A supportive experience from start to finish
Tracy describes her experience with her adviser as patient, thorough, and empowering.
After her initial consultation, an option was proposed but Tracy wanted time to reflect. She made that clear, and the team fully respected her pace. She never felt rushed or pushed into a decision.
Instead, she took the time she needed, returned with follow-up questions, and felt supported at every step.
As Tracy put it, “They held my hand the whole way through.”
Even with her background in financial services, she wasn’t comfortable handling her own retirement planning alone and valued having true expertise behind every recommendation.
Why Tracy recommends My Pension Expert
Tracy would wholeheartedly recommend My Pension Expert to anyone approaching retirement or facing a similar crossroads.
Her reasons?
Strong reputation and transparency
Compassionate, patient advice
Clear explanations of complex options
Total confidence in the advice she received
She believes that in today's world, where retirement choices are more complex than ever, professional advice is essential.
Her message to anyone considering pension advice
“You should seek professional help to make sure you’re making the right decision for you. Retirement decisions are much more complicated now than they were even a few years ago. Trying to do it alone can feel like a minefield, so getting expert advice is extremely beneficial to ensure you fully understand your options and make the right choice.”

### Jason's Story
How Jason took control of his future at 55
When Jason turned 55, he found himself at a pivotal moment. Like many people who entered the property market later in life, he still had a mortgage to think about and wanted to make smarter financial decisions to protect his long‑term future.He’d worked for several employers over the years, leaving him with multiple pension pots scattered across different providers, and no clear picture of how they all fit together. That’s when he realised it was time to seek expert advice.
Reassessing his pensions and his priorities
Before contacting My Pension Expert, Jason’s biggest question was whether bringing his various pensions together could help him manage his retirement planning more efficiently and potentially support paying off his mortgage one day. He wasn’t just looking for convenience. He wanted clarity, confidence, and control.
With several pots and no unified strategy, it felt like the right time to get professional advice and ensure each decision supported his future goals.
Choosing a flexible-access drawdown
After speaking with his adviser and exploring all the options, Jason chose a flexible-access drawdown, a solution that provided him with better control over his pension funds and their use. However, it wasn't only the product itself that convinced him; Jason had done thorough research.
He checked Trustpilot, read reviews, and paid close attention to how we support clients. What stood out most was the structure of the advice process:
clear explanations
regular check‑ins
a focus on making sure he fully understood each step
This reassured him that the advice he received was genuinely in his best interests.
A new mindset toward retirement
Setting up flexible‑access drawdown has done more than reorganise Jason’s pension pots; it's transformed the way he thinks about his financial future. He describes feeling far more conscious of his spending habits and wishes he had taken this level of planning seriously much earlier. With clearer insight into how his pension works, he now feels confident, capable and more in control of his long‑term decisions.
This shift has even influenced his family life. Jason has begun speaking to younger relatives about the importance of planning early for retirement, hoping they can avoid the uncertainty he once felt. He also finds himself more engaged with financial news and updates; when providers like Aviva send him notifications, he pays closer attention, understanding how these changes might affect his future.
Overall, the process has given Jason a stronger sense of awareness and confidence. 
“I felt valued, not just like another client.”
Jason speaks highly of his adviser and the full service he received. The step‑by‑step check‑ins made all the difference:
ensuring he fully understood each recommendation
answering every question
following up even after everything was set up
making sure he felt confident and supported
He appreciated that it never felt rushed. Instead, he felt genuinely looked after.
“It wasn’t just about taking a fee” he explained. “They cared about making sure the product was right for me.” Jason’s recommendation is clear and wholehearted. He valued the honesty, transparency, and genuine care he experienced throughout.
Jason’s advice for those seeking pension assistance is clear:
“Don’t delay – get your advice now. But also remember it’s not a quick process. It needs to be done properly. My Pension Expert is there for you every step of the way, and you will get the right advice.”
Ready to start your own pension journey?
Get in touch with My Pension Expert today for a no‑obligation consultation.

### UK State Pension – What it is, how much you’ll get, and everything else you need to know
What is the UK State Pension?
The UK state pension is one of the main types of government pension designed to support your retirement income once you reach State Pension age. It’s based on your National Insurance (NI) record and gives you a steady income to support your living costs later in life.
Why it exists and who runs it
The system is run by the Department for Work and Pensions (DWP). It exists to ensure that everyone who has paid, or been credited with, enough NI contributions receives a guaranteed income in retirement. Rather than being funded by your own savings, it’s paid for through the contributions of people currently working.
New State Pension vs Basic State Pension (pre-2016)
If you reached state pension age on or after 6 April 2016, you’ll receive the new State Pension. If you reached it before that date, you’ll receive the Basic State Pension. As of 2025, the full new State Pension is £230.25 per week, while the full basic State Pension is £176.45 per week.
Who is eligible for the State Pension?
To qualify for the state pension, you must have built up enough National Insurance (NI) contributions or credits during your working life. Your eligibility isn’t based on income or savings; it depends on your NI record and, in some cases, your residency history in the UK. Even if you haven’t worked continuously, you may still qualify for a partial state pension amount or be able to increase it by paying voluntary contributions. You can check your state pension eligibility here.
Residency and National Insurance (NI) rules
To receive the state pension, you normally need to have lived and worked in the UK, paying NI contributions or receiving NI credits, for example, while caring for a child or claiming certain benefits.
Qualifying years explained
For the full new state pension, you need 35 qualifying years of NI contributions or credits. If you have fewer years, you’ll receive a proportionate amount. Under the older basic state pension rules (for those reaching pension age before April 2016), around 30 years of contributions were needed to reach the full amount.
Gaps in your NI record
If you’ve spent time abroad, been self-employed, or taken career breaks, you might have gaps in your NI record. These gaps can reduce your entitlement, but you may be able to fill them by paying voluntary Class 3 contributions, which help to increase your state pension amount before you retire.
How much State Pension will I get?
If you’re wondering how much the state pension is, the full UK state pension amount for 2025/26 is £230.25 per week, although you may receive less if you don’t have a complete NI record.
How your NI record affects your amount
The state pension amount is calculated from your qualifying years. For example, if you’ve worked and contributed for 20 years, you’ll get roughly 20/35ths of the full amount.
Filling gaps with voluntary NI contributions
You can often increase your pension by paying voluntary Class 3 NI contributions. This can be worthwhile if you’re close to retirement and haven’t quite met the full qualifying years.
State Pension forecast: how to check yours
You can use the government’s official State Pension Calculator to check your record, see how much state pension you will get, and identify any gaps. Please note, you’ll need a Government Gateway account to access this feature.
When can I claim the State Pension?
You can start receiving your state pension once you reach the official state pension age. You can also choose to keep working while claiming, but this might affect your tax position. You can claim your state pension online or by phone. The Pension Service will contact you around three months before you reach your state pension age.
State Pension age and upcoming changes
You can claim the state pension once you reach State Pension age (SPA), which is currently 66 for both men and women. However, the SPA is due to rise to 67 between 2026 and 2028, and 68 in the 2040s.
Can I claim while working, and what are the tax implications?
Yes. You can start receiving your state pension while you’re still working. However, your pension counts as taxable income, so if your total earnings (including your salary and pension) exceed your personal allowance, you may have to pay income tax under PAYE.
Delaying your State Pension
You can defer claiming to increase your weekly income later. Under the new system, your payments will rise by approximately 1% for every nine weeks you delay, which is around 5.8% for a full year. Deferring can make sense if you don’t need the income immediately, but you should weigh the benefits against how long it takes to recover the missed payments.
Deferring your State Pension: Pros and Cons
Deferring your state pension means waiting to claim it in exchange for a higher payment later. It can make sense if you don’t need the income straight away or expect to live longer, but there are pros and cons to consider:
ProsConsYour future income increases the longer you defer.You forgo income now, which may take years to recover.Useful if you expect to live longer or don’t yet need the money.No guarantee you’ll live long enough to benefit fully.It can help reduce taxable income if you’re still working.You can’t backdate payments once you decide to claim.Straightforward to set up. You simply delay claiming.You won’t earn interest on the payments you postpone.
You can find out more about deferring your state pension and how it affects your state pension payments at GOV.UK.
How to claim your State Pension
Claiming online, by phone or from overseas
You can claim online via GOV.UK, by phone, or from overseas. Most people are contacted by the Pension Service about three months before reaching state pension age.
What documents or details will you need?
You’ll need your NI number, bank details, and identification such as a passport or driving licence. You might also be asked for proof of address and previous employment details if applicable.
Can I increase or boost my State Pension?
There are several ways you can potentially increase or boost your state pension, depending on your circumstances. Some people choose to defer their payments to receive a higher state pension amount later, while others fill gaps in their National Insurance record with voluntary contributions. If your overall income is low, you might also qualify for Pension Credit or other top-ups designed to help boost your retirement income.
Voluntary NI contributions (Class 3)
You can pay voluntary contributions to fill gaps in your NI record. Always check your forecast first to ensure it’s worth the cost.
Pension Credit and other top-ups
If your total income is low, Pension Credit could top it up. You may also be eligible for other benefits, depending on your circumstances.
How the State Pension is taxed
Although the state pension provides a regular income in retirement, it isn’t tax-free. The amount of tax you pay depends on your overall income, including any other pensions, savings, earnings and your personal allowance. Understanding how your state pensionis taxed can help you plan your finances more effectively and avoid unexpected bills.Whether you receive the full state pension or a partial amount, it counts as taxable income.
State Pension and your personal allowance
Your state pension is treated as taxable income. If your total annual income exceeds your personal allowance (currently £12,570), you may need to pay tax on the amount above this threshold. This applies whether you receive just your state pension or combine it with other sources of retirement income.
State Pension alongside private and workplace pensions
If you also receive income from a private or workplace pension, these are added together for tax purposes. My Pension Expert can help you plan your withdrawals efficiently, so you don’t pay more tax than necessary, ensuring your state pensionworks alongside your other income to support a comfortable retirement.
If you move overseas, you can usually still receive your state pension if you’ve built up enough National Insurance contributions. However, where you live can affect how your state pension is paid and whether it increases over time. Understanding the rules before relocating helps you plan confidently and avoid surprises.
Claiming from abroad
You can claim your state pension from most countries once you reach state pension age. Payments can usually be made directly into an overseas bank account, although exchange rates and transfer times may vary.
Countries where a state pension may not increase
In some countries, your state pension amount may be frozen, meaning it won’t rise each year under the government’s triple lock system. This applies mainly to countries without a reciprocal social security agreement with the UK. If you’re thinking about moving abroad, it’s worth checking how your pension could be affected before you go.
How My Pension Expert can help
Understanding your state pension is just one part of planning for a secure retirement. At My Pension Expert, our advisers can help you see how your state pension fits alongside your private and workplace pensions and how to make the most of every source of income available to you.
Why advice still matters for State Pension planning
While your state pension is determined by government rules, professional advice can make a real difference to how effectively you use it. Our team can help you forecast your payments, consider your claiming options, and explore ways to combine your state pension with other income for the best long-term outcome.
Combining State Pension with personal and workplace pensions
Your state pension provides a reliable foundation, but it’s often not enough on its own to fund your full retirement lifestyle. My Pension Expert can help you plan how to draw on your private or workplace pensions, or other investments, in a tax-efficient way, complementing the security of your state pension with flexibility and growth potential.
Expert insight: State Pension vs Private Pension Income
Your state pension offers something few other income sources can match: guaranteed, inflation-linked payments for life. However, the state pension amount alone is unlikely to cover every aspect of your retirement lifestyle. That’s where private and workplace pensions come in.
Private pensions provide greater flexibility and the potential for higher returns, but they also carry investment risk and require active management. The state pension, by contrast, delivers stability and predictability, and forms the base of your retirement income plan.
Many people find that combining the two offers the best of both worlds: a steady, reliable income from the state pension, complemented by the freedom and growth potential of private savings. My Pension Expert’s advisers can help you balance these elements, so your income strategy works for your goals, priorities, and peace of mind.

### Pension Tax: How Your Pension Is Taxed and Key Allowances Explained
Understanding how pensions are taxed in the UK is an important part of planning your retirement income. Whether your income comes from the State Pension, a workplace pension, or a private pension, the tax you pay can affect how long your savings last and how much you have available each year.
Below, we break down how pension tax works, the allowances available, how lump sums are treated, and the steps you can take to manage withdrawals in a tax-efficient way.
How Pension Tax Works in the UK
Most pension income is treated as taxable income, similar to earnings from employment. However, pension withdrawals benefit from specific allowances, tax-free elements and flexible rules that can help you manage how much tax you pay.
Pensions and the PAYE system
Pension providers use PAYE to deduct tax before paying you. This means:
Your payments are taxed according to your HMRC tax code
Emergency tax may apply to your first withdrawal
Tax corrections usually occur automatically, but you may reclaim overpayments manually
Where you have several pension income sources, HMRC allocates your Personal Allowance across them, sometimes requiring adjustments through the year.
Why your first withdrawal may be overtaxed
When you take your first taxable pension payment, providers often apply an “emergency Month 1” tax code. This treats the payment as if it will occur every month, potentially pushing you into a higher bracket. If this happens, you can reclaim excess tax using forms P55, P53Z or P50Z.
Tax on Different Types of Pension Income
Different pension types follow the same tax principles but are taxed in slightly different ways.
Defined Contribution (DC) Pensions
Defined Contribution pensions include most modern workplace schemes, personal pensions and SIPPs. You build up a pot of money that you can access flexibly.
How tax applies:
25% of your pot is usually tax-free
The remaining 75% is taxable as income
Withdrawals are added to your income for the year
DC pensions offer flexibility but require planning to avoid unnecessary tax.
Defined Benefit (DB) Pensions
DB (final salary or career-average) pensions pay a guaranteed income for life.
How tax applies:
Income is fixed and fully taxed under PAYE
You may exchange some income for a tax-free lump sum
The main tax consideration is when you begin taking benefits
Annuities
An annuity converts your pension pot into a guaranteed income.
How tax applies:
All payments are taxable as income
Your tax rate depends on your total annual income, including the State Pension
Annuities offer certainty, but no flexibility to adjust income for tax planning.
Flexi-Access Drawdown
Drawdown allows you to keep your pension invested while taking income.
Tax considerations:
Withdrawals are taxable and may push you into a higher band
Starting taxable drawdown triggers the MPAA
Managing withdrawal size and timing is key to tax efficiency
Tax on the State Pension
Many people are surprised to learn that the State Pension is taxable. Even though tax is not deducted at source, the State Pension counts as taxable income and affects any personal allowance for pensioners.
How tax on the State Pension is collected
Because the Department for Work and Pensions (DWP) does not operate PAYE, HMRC collects any tax that is due in one of two ways:
By adjusting the tax code in your workplace or private pension so that more tax is deducted from those payments.
Through self-assessment, if the State Pension is your only income or if HMRC cannot collect the tax automatically.
How the State Pension affects your Personal Allowance
Your State Pension uses up part of your tax-free Personal Allowance. For example:
If you receive £11,500 a year in State Pension and the Personal Allowance is £12,570, you only have £1,070 of tax-free allowance left for any other pension income. Any income above this is taxed at your marginal rate.
Tax on Workplace and Personal Pensions
Workplace pensions
During your working years, workplace pensions are structured to be tax-efficient:
Contributions receive tax relief
Employer contributions are not taxable
Salary sacrifice can reduce NI and increase net pay
Once you start taking money in retirement, the tax treatment changes:
25% of your pot is tax-free
75% is taxable as income
Withdrawals affect your tax band
Personal pensions
Personal pensions, including private pensions, SIPPs and stakeholder pensions, follow a similar tax framework but with a few differences.
While you’re saving:
Your provider automatically adds 20% tax relief
Higher-rate tax relief can be claimed via self-assessment
Investment growth is free from capital gains and UK income tax
When you begin your withdrawals:
You can take up to 25% tax-free, either as a single lump sum or in stages.
All remaining withdrawals are taxed at your marginal rate of income tax.
Taking a Pension Lump Sum
Taking a lump sum can be useful, but tax must be considered. Many people also ask, do I have to declare my pension lump sum. The answer is yes, sometimes you do, particularly if an emergency tax was applied.
The tax-free lump sum
Most people can withdraw up to 25% of their pension pot tax-free (subject to the overall lump sum allowance). For example, if your pot is £200,000, you can take £50,000 without paying income tax.
You can access this tax-free amount in several ways:
A single lump sum, taken all at once at the point you choose
In stages, using phased drawdown to release portions over time
By combining tax-free and taxable withdrawals, allowing part of each payment to be tax-free
How the taxable 75% works
The remaining 75% of your pension withdrawals is treated as taxable income, and it’s added to whatever else you earn in that tax year. This means a single withdrawal can push you into a higher tax bracket, increasing the overall tax you pay.
Example: How a lump sum can trigger higher-rate taxMaria earns £28,000 a year. She decides to withdraw £40,000 from her pension pot.
£10,000 (25%) is tax-free
£30,000 is taxable and added to her income
Her total taxable income for the year becomes £58,000
Part of the withdrawal now falls into the higher-rate (40%) tax band
In Maria’s case, £12,000 of the withdrawal is taxed at the higher rate simply because the pension income pushed her above the basic-rate threshold.
This is why timing and withdrawal strategy matter. A well-planned approach can help avoid unnecessary higher-rate charges, especially if you’re close to a tax-year boundary.
Managing or Reducing the Tax You Pay on Your Pension
If you're exploring how to avoid paying tax on your pension, it’s important to know that while you cannot remove tax entirely, you can reduce how much you pay through careful planning. Some of the most effective strategies include:
Pace withdrawals thoughtfully
Larger, occasional withdrawals may push you into higher tax bands. Smaller, regular withdrawals can help you stay within the 20% band.
Use your tax-free allowance strategically
Some people draw only tax-free cash early in retirement while delaying taxable income until they stop working.
Coordinate income between spouses
Where both partners have tax-free allowances and lower tax bands, distributing pension income may reduce the total tax paid.
Retire gradually
If you continue part-time work, delaying large pension withdrawals may keep you out of higher bands.
Salary sacrifice before retirement
If you are still working, you can use salary sacrifice to lower income tax and NI, increasing your pension contributions.
Personal Allowance and Tax Thresholds for Pensioners
Your pension income is treated much like employment income, and all taxable pensions are added together before your tax bill is calculated.
Current income tax thresholds
BandIncome RangeTax RatePersonal AllowanceUp to £12,5700%Basic rate£12,571–£50,27020%Higher rate£50,271–£125,14040%Additional rateOver £125,14045%
Do pensioners get a higher allowance?
No, pensioners receive the same Personal Allowance as everyone else unless:
Your income exceeds £100,000
You are a non-resident within the UK
HMRC adjusts it against the tax owed on your State Pension
These adjustments can reduce the amount of income you can receive tax-free in retirement.
Combining pensions and allowances
Your total taxable pension income, including the State Pension, workplace pensions, personal pensions and annuity or drawdown income, is combined to determine how much of your Personal Allowance is used and which tax bands you fall into.
Example: How pension income is taxed together
State Pension = £11,500
Workplace pension = £6,000
Total income = £17,500
Your Personal Allowance covers £12,570, leaving £4,930 taxable at 20%.
Common Pension Tax Scenarios in Retirement
Scenario 1: State Pension only
If your State Pension is below the Personal Allowance, no income tax applies.However, if HMRC reduces your Personal Allowance to collect earlier underpayments, tax may still be due.
Scenario 2: Multiple small pensions
Three small DC pensions and a State Pension can easily push income into higher bands when withdrawals are made together.
Scenario 3: Working in retirement
If you draw a pension while still employed, your tax code may adjust frequently; therefore, your pension income and salary can create an unexpectedly higher-rate liability.
Scenario 4: Big withdrawal for a home project
Large withdrawals are common when paying off mortgages or funding renovations, but they often lead to temporary higher-rate taxation unless managed over multiple tax years.
How My Pension Expert Helps You Understand Pension Tax
The UK pension tax system is detailed and often confusing, especially when juggling different pension types, multiple income sources or timing lump sum withdrawals.My Pension Expert can help you:
Understand how your pension income will be taxed
Estimate your tax liability before you take money
Plan withdrawals over several tax years
Review whether consolidating older pensions improves tax efficiency
Use allowances more effectively across retirement
Our goal is to help you understand your pension income clearly and make informed decisions that support your long-term financial security.
Frequently Asked Questions

### Withdrawing Your Pension: Tax, Rules and Flexible Withdrawal Options
Understanding when and how you can take money out of your pension is one of the most important decisions you’ll make in retirement planning. Pension withdrawals affect not only how much income you receive, but also how much tax you pay, how long your savings last, and what flexibility you retain later in life.
Whether you are approaching retirement age, considering early access, or planning ahead, it’s important to understand the rules before taking money out. Below, we explain when you can withdraw from your pension, the different ways to do it, how withdrawals are taxed, and the common mistakes to avoid.
What Age Can You Take Money Out of Your Pension?
In most cases, you can start withdrawing money from your pension at the age of 55. This is known as the Normal Minimum Pension Age (NMPA).
However, the minimum age is set to rise from 55 to 57 in April 2028, and it will then remain 10 years below State Pension age.
This change applies to most personal and workplace pensions, although some older schemes include a protected pension age, allowing access earlier.
Exceptions to the minimum age rule
You may be able to access your pension earlier if:
You are retiring due to serious ill health
You hold a protected pension age under scheme rules
You work in certain professions with specific scheme permissions
Accessing your pension before the minimum age without a valid exception usually results in large tax penalties, often exceeding 55% of the amount withdrawn.
Can You Take Money Out of Your Pension Early?
Many people ask the question, Can I take my pension early, particularly during financial pressure or unexpected life events. Searches such as withdraw pension before 55 or withdraw pension early are common, but in most situations, early access is not permitted and can be extremely costly.
Early access risks
If you withdraw pension money before the minimum age without an authorised reason:
HMRC may apply unauthorised payment charges
Your total tax penalties can exceed 55%
You may permanently lose tax benefits on the withdrawn amount
Schemes or firms offering early access before age 55 (or 57 from 2028) can be linked to pension scams.
If you’re experiencing financial pressure, it’s often more sensible to look at other options before accessing your pension. This could include reviewing your budget to identify savings, seeking independent debt advice, or exploring short-term borrowing solutions.
In some cases, support from your employer or existing lenders may also help ease temporary difficulties without the long-term impact that withdrawing pension funds can have on your retirement security.
Ways to Take Money from Your Pension
Once you reach the minimum age, you typically have several options for accessing your pension savings. The best choice depends on your income needs, tax position, health, and need for flexibility.
The main pension withdrawal options include:
Taking a tax-free lump sum
Using flexi-access drawdown
Making lump-sum withdrawals
Buying an annuity
A combination of more than one method
Each option carries different tax implications, risks and effects on your long-term retirement income, making careful comparison essential before deciding how to proceed.
Comparing Pension Withdrawal Options
Withdrawal optionHow it worksKey advantagesKey considerationsTax-free lump sumUp to 25% of your pension can usually be taken tax-free, either all at once or in stages• Immediate access to cash• No income tax on this portion• Reduces the remaining pension pot• Large withdrawals can affect long-term incomeFlexi-access drawdownYour pension stays invested while you take income as and when needed• High flexibility• Control over timing and amounts withdrawn• Withdrawals are taxable• Investment risk remains• Can trigger the MPAALump-sum withdrawals (UFPLS)Individual withdrawals made directly from the pension pot, each with a tax-free and taxable element• Simple access without setting up drawdown• Flexible timing• Taxable element can push income into higher tax bands• Less control over tax planningBuying an annuityPension pot is exchanged for a guaranteed income for life or a fixed term• Certainty and predictable income• No investment risk• Irreversible decision• Limited flexibility once set up
How the 25 Per Cent Tax-Free Pension Lump Sum Works
Most people can take up to 25 per cent of their pension pot tax-free, making it one of the most valuable benefits of pension saving. This tax-free amount can provide flexibility at retirement, whether you need an upfront cash sum or prefer to spread withdrawals over time.
You can usually access this tax-free cash in three main ways:
Taking the full 25% as a single lump sum
Taking it gradually through phased withdrawals as you draw income
Combining tax-free cash with taxable income payments
The method you choose can affect both your ongoing tax position and how long your pension lasts. While the tax-free element itself is not taxed, it still counts as accessing your pension and may trigger changes to future contribution limits or influence how the remaining pension funds are taxed when withdrawn.
How Pension Withdrawals Are Taxed
Once you start taking money from your pension, the tax treatment becomes a key part of how much income you actually receive. While part of your pension can usually be taken tax-free, any remaining withdrawals are taxed in much the same way as earnings from employment.
This means:
Withdrawals are added to your total income for the tax year
Tax is charged at 20%, 40% or 45%, depending on your income
Large withdrawals can push you into higher tax bands
Example: tax impact of a large withdrawal
If your income is £25,000 and you withdraw £30,000:
£7,500 may be tax-free
£22,500 is taxable
Part of that withdrawal could fall into the higher-rate band
Understanding how withdrawals interact with your other income is important. By planning the size and timing of withdrawals carefully, for example, spreading them across multiple tax years, you can significantly reduce the amount of tax you pay over time.
Flexible Drawdown and Lump Sum Withdrawals
Once you reach the minimum pension access age, you can take money from your pension flexibly. Two of the most common options are flexi-access drawdown and uncrystallised funds pension lump sums (UFPLS). Both offer flexibility, but they operate differently and have distinct tax and risk considerations.
Flexi-access drawdown
With drawdown, part or all of your pension pot is moved into a drawdown account and remains invested. You can take income as and when you choose.
Key points:
Your pension stays invested, so it can grow or fall with the markets
You control how much income you take and when
Withdrawals can be adjusted to help manage tax bands
However, taking too much too early or poor investment performance can reduce how long your pension lasts.
Uncrystallised Funds Pension Lump Sums (UFPLS)
UFPLS allows you to take lump sums directly from your pension without setting up a drawdown account.
With UFPLS:
25% of each withdrawal is tax-free
The remaining 75% is taxed as income
Each payment is treated as a separate lump sum
This approach is simpler but can lead to higher taxes if withdrawals are not carefully planned.
Choosing between the two
Drawdown offers more control and tax planning flexibility but requires ongoing management. UFPLS is more straightforward but may result in uneven or higher tax bills. The right option depends on your income needs, tax position, and willingness to manage retirement investments.
Buying an Annuity With Your Pension
Buying an annuity is one of the most straightforward ways to turn your pension savings into a reliable income, exchanging some or all of your pension pot for guaranteed payments over a set period or for the rest of your life.
Key features of annuities:
Income for life or a fixed term
Payments are fully taxable
No investment risk
Limited flexibility once purchased
Annuities are suitable for those who value certainty and stability, particularly when essential living costs need to be covered.
Enhanced annuities may offer higher income if you have health conditions or lifestyle factors such as smoking.
How Much Can You Withdraw From Your Pension Each Year?
There is no formal annual cap on how much you can withdraw from your pension once you’ve reached the minimum access age. However, how much you should take is constrained by tax rules, sustainability, and the impact withdrawals can have on future pension saving.
What usually limits withdrawals:
Income tax thresholds
Sustainability of your pension pot
The Money Purchase Annual Allowance (MPAA)
Withdrawing too much too soon can:
Increase tax dramatically
Reduce future income security
Limit your ability to rebuild pension savings
Balancing short-term income needs with long-term financial security is key, and withdrawals should ideally be planned with both tax efficiency and longevity in mind.
How Pension Withdrawals Affect Your Annual Allowance
Once you take taxable income from a defined contribution pension, you will usually trigger the Money Purchase Annual Allowance (MPAA). This is an important rule designed to prevent people from withdrawing pension income and then continuing to benefit from full tax relief on new contributions.
MPAA rules:
Annual contribution limit drops to £10,000
Carry forward is no longer available
Applies only to DC pensions
Once triggered, the MPAA cannot be reversed, so understanding the impact before taking taxable withdrawals is essential.
Common Pension Withdrawal Mistakes to Avoid
Pension withdrawals are often irreversible. Common mistakes include:
Taking large lump sums without tax planning
Triggering the MPAA unintentionally
Accessing pensions while still earning a high income
Ignoring the impact on means-tested benefits
Falling victim to early-access pension scams
Careful planning can help avoid mistakes that permanently reduce retirement income.
How My Pension Expert Can Help With Pension Withdrawals
Pension withdrawals involve tax, long-term planning, and regulatory rules that can be difficult to navigate alone.
My Pension Expert helps you navigate pension withdrawals with clarity and confidence. We can support you by:
Explaining when and how you can legally access your pension
Helping you understand the tax implications of different withdrawal methods
Comparing drawdown, lump sums and annuities to find the right balance of flexibility and certainty
Planning withdrawals to reduce unnecessary tax and avoid triggering avoidable charges
Assessing how withdrawals affect future contribution limits, including the MPAA
Building a sustainable retirement income strategy aligned to your lifestyle, goals and risk appetite
Our role is to provide clear, regulated advice to help you make informed decisions that protect your long-term financial security and give you confidence in how you fund your retirement.
Frequently Asked Questions

### Annuity Calculator: Estimate Your Guaranteed Retirement Income
Choosing how to turn your pension savings into a steady income is one of the most important financial decisions you’ll make in retirement. An annuity offers a guaranteed income for life or for a fixed period, and using an annuity calculator can help you understand how much income you might receive before you commit.
Below, we explain how an annuity calculator works, what information it needs, how your results are estimated, and how different choices affect the income you’re offered. You’ll also find examples, tables, and guidance on when to get a personalised quote.
How an Annuity Calculator Works
An annuity calculator estimates the income you could receive by converting some or all your pension pot into a guaranteed income. It uses assumptions based on your age, health, pension value and the type of annuity you choose.
The calculator applies actuarial data, life expectancy modelling and current annuity market rates. While the figures are indicative rather than exact, they provide a clear starting point when exploring your retirement options.
An annuity calculator is particularly useful when comparing a guaranteed income against alternatives such as drawdown or leaving funds invested.
What Information You’ll Need
To produce a reliable estimate, most annuity calculators request the following information:
Your age
Your pension pot size
Health and lifestyle details
Whether you want a single-life or joint-life annuity
Whether the income should be level or increase annually
Your postcode
Some annuity calculators also ask additional questions, such as:
Whether you are on medication, have any chronic conditions or your smoking status (for enhanced annuities)
Whether you want a guarantee period
Whether you want income paid monthly or annually
The more accurate the information you input into the calculator, the more useful your results.
How Your Results Are Generated
Once your details are entered, the calculator uses:
Market annuity rates
Life expectancy assumptions
Interest rate trends
The level of income protection you choose (e.g., inflation increase or spouse’s benefit)
Using these inputs, it produces an estimate of the annual or monthly income your pension pot could provide.
Example: How Results Might Be Displayed
Pension PotAgeHealthAnnuity TypeEstimated Annual Income£100,00065StandardSingle-life, level£5,200£100,00065Smoker/health conditionsEnhanced£6,400£100,00065Joint-life 50%, levelStandard£4,700
This example helps you see the impact of choosing different protections and features.
Types of Annuity Calculations
A calculator will typically produce different estimates depending on the annuity product you select. The three most common are:
Lifetime annuity estimates
A lifetime annuity pays a guaranteed income for the rest of your life. The income level depends on:
Your age
Your health
The annuity options you select
Current market rates
Because lifetime annuities provide certainty, they remain a popular choice for retirees seeking stability and predictable budgeting.
Example:
(Level income, single-life annuity, standard health assumptions)
Pension PotAgeEstimated Annual Income£75,00065£3,900£100,00065£5,200£150,00065£7,800
These estimates show how lifetime annuity income increases as the size of your pension pot grows.
Fixed-term annuity estimates
A fixed-term annuity calculator provides projections for income paid over a set number of years, for example, five or ten.
At the end of the term, you may receive a maturity value, which can be used to buy another annuity, move into drawdown, or withdraw as cash (subject to tax).
Fixed-term annuities are suitable for people who:
Want short-term certainty
Expect interest rates to rise
Are delaying a full retirement decision
Example:
(5-year fixed-term annuity, level income, return of fund value at end of term)
Pension PotTerm LengthEstimated Annual Income£75,0005 years£4,800£100,0005 years£6,400£150,0005 years£9,600
Fixed-term annuities typically provide higher annual income than lifetime annuities over the term, as payments are made for a shorter, defined period. At the end of the term, a remaining fund value is usually available to use for further retirement planning.
Lump sum–to-annuity conversions
A lump sum annuity calculator estimates how a one-off withdrawal from your pension pot would convert into a guaranteed income.
This is useful if you are:
Planning to take a tax-free lump sum and annuitise the remainder
Comparing drawdown versus annuity income
Wanting to annuitise only part of your pension pot
Example:
(Lifetime annuity, single-life, level income, no guarantee period)
Lump Sum Used for AnnuityEstimated Annual Income (Level, Single-Life)Lump Sum Used for Annuity£30,000£1,560£30,000£75,000£3,900£75,000£150,000£7,800£150,000
This example illustrates how using a larger lump sum to purchase an annuity results in a higher guaranteed income while maintaining the same annuity structure.
What Affects Your Annuity Income
Several personal and market factors can influence your annuity's estimated income. An annuity calculator uses these factors to estimate how much guaranteed income your pension pot could provide.
Pension Pot Size
The size of your pension pot is the starting point for any annuity calculation. In simple terms, the more money you use to purchase an annuity, the higher the income it can generate. The calculator estimates how much annual income each £1,000 of pension value may produce, based on the annuity type and options you select.
Your age
Your age plays a major role in determining annuity rates. Generally, the older you are when you buy an annuity, the higher the income, as payments are expected to be made over a shorter period.
Health and lifestyle
Health and lifestyle factors can also significantly increase income. If you have certain medical conditions or lifestyle factors such as smoking, you may qualify for an enhanced annuity. These typically pay a higher income because life expectancy assumptions are adjusted. Common qualifying factors include diabetes, high blood pressure, heart conditions and long-term health issues.
An annuity calculator will factor in these enhancements when estimating your potential income, helping you see a more realistic figure based on your circumstances.
Annuity Type and Options
The type of annuity you choose, along with any additional features, has a direct impact on the level of income you receive. Annuities are priced by weighing income certainty and long-term protection against the amount paid out each year.
Some options prioritise security and flexibility but usually result in a lower starting income. These typically include:
Inflation-linked income, where payments rise over time to help maintain purchasing power
Joint-life benefits, allowing income to continue to a spouse or partner after death
Guaranteed payment periods, ensuring income is paid for a minimum number of years
Because these features extend the insurer’s expected payout, they reduce the initial income offered.
Other options focus on maximising income from the outset, but with fewer built-in protections. These generally include:
Single-life annuities, which stop on death
Level income, where payments do not increase over time
No guarantee period, meaning payments cease immediately on death
A UK pension annuity calculator enables you to adjust these options and see how each choice affects your projected income, helping you strike the right balance between income level, flexibility and long-term security.
Using an Annuity Calculator to Compare Your Options
You can use the calculator to model how different annuity choices affect your retirement income, including:
Income with or without inflation protection, showing how payments may rise over time versus a higher starting income that stays level
Joint-life vs single-life income, helping you understand how providing for a spouse or partner affects payments
Standard vs enhanced annuity rates, illustrating the impact of health or lifestyle factors on income
Lifetime vs fixed-term income, comparing guaranteed income for life with payments over a set number of years
Annuitising part of your pot vs all of it, allowing you to explore a mix of guaranteed income and retained flexibility
By comparing these options side by side, the calculator helps you answer key retirement planning questions, such as:
How much guaranteed income could I secure at different ages or contribution levels?
How much flexibility would I give up in exchange for certainty?
Which annuity options best meet my income needs, protection priorities and long-term plans?
This structured approach makes it easier to see the trade-offs involved before committing to a particular annuity type.
When to Get a Personalised Annuity Quote
An annuity calculator provides a helpful estimate, but it is not a substitute for a regulated, personalised quote. You should seek a full quote if:
You are within 6–12 months of retirement
You have health conditions that may increase your income
You are comparing annuity income to drawdown
You have a spouse/partner and want a joint-life benefit
Your pension pot is sizeable, and small differences in rate matter
Quotes can vary significantly between providers, and comparing options across the market can sometimes result in a higher income than accepting your existing provider’s offer.
How My Pension Expert Helps You Understand Your Results
An annuity calculator is a useful starting point, but turning estimated figures into the right retirement decision requires careful interpretation. My Pension Expert supports you by placing calculator results in the context of your wider retirement plans, tax position and long-term income needs.
Our advisors can help you:
Compare annuity rates across the whole market
Understand how your health affects potential income
Decide whether to annuitise all or part of your pension
Explore alternatives such as drawdown
Assess the impact of inflation protection and joint-life benefits
Obtain personalised quotes tailored to your circumstances
All advice is provided clearly and objectively, helping you make well-informed decisions about securing a reliable income in retirement.
Frequently Asked Questions

### Pension Consolidation: How to Combine Your Pensions and Reduce Costs
Pension consolidation can make retirement planning simpler and, in some cases, reduce costs or improve flexibility. However, it is not always the right option, particularly where older pensions include valuable guarantees or special features. 
Below, we explain what pension consolidation means, how it works in practice, and the key benefits and risks to consider.
What Does It Mean to Consolidate Pensions?
To consolidate pensions means transferring the value of two or more existing pension pots into a single pension pot. This can be arranged by moving old workplace pensions or personal pensions into one chosen plan.
The process does not increase or decrease the overall value of your retirement savings at the point of transfer. Instead, it brings your pensions together so they can be managed and reviewed in one place.
This is often referred to as pension consolidation or choosing to combine pensions, particularly when dealing with several smaller pots built up over time.
Why People Choose to Combine Pensions
There are many reasons why people decide to combine pensions, often linked to changes in their working life or a desire for greater clarity as retirement approaches.
Typical reasons may include:
Having fewer pensions to track and manage
Receiving fewer statements and communications
Gaining a clearer view of total retirement savings
Simplifying financial planning and reviews
Reviewing whether older pensions remain suitable
For some, the decision to consolidate pensions can arise after several job changes, where multiple workplace pensions have been left behind.
How Pension Consolidation Works
The consolidation process usually involves transferring the value of existing pensions into a new or existing pension plan.
What happens during consolidation?
When you choose to consolidate pensions, each existing provider calculates the current value of your pension. That value is then transferred directly to the receiving provider.
The money remains within the pension system throughout the process and does not pass through your bank account. Once the transfer is complete, the funds are invested according to the investment options available within the new pension arrangement. 
Most of the administration is handled by the pension providers, although you may need to complete forms or confirm details along the way.
Which Pensions Can and Can’t Be Consolidated
Not all pensions are treated the same when it comes to consolidation, and some require far more careful consideration than others.
Pensions that are commonly consolidated
Defined Contribution pensions are the most frequently consolidated. These include:
Workplace pensions from previous employers
Personal pensions
Stakeholder pensions
Self-invested personal pensions (SIPPs)
Pensions that may not be beneficial to consolidate
Some pensions include features that could be lost if you consolidate pensions, such as:
Defined Benefit (final salary) pensions
Guaranteed annuity rates
Protected tax-free cash
Loyalty bonuses or terminal bonuses
In many cases, transferring these pensions requires careful analysis and, in some situations, regulated financial advice.
Benefits of Pension Consolidation
The main benefits of combining pensions are usually felt before retirement, when managing and reviewing multiple pensions can become time-consuming or confusing.
Bringing pensions together into one place can offer:
Simpler administration, with fewer providers, statements and logins to manage
Clearer oversight of your total pension savings, making reviews easier
Potential cost efficiencies, particularly where older pensions have higher charges
More consistent investment management, with all funds aligned to the same strategy
Reduced risk of pensions being forgotten, especially smaller pots from earlier jobs
These benefits are largely about clarity, organisation and efficiency, rather than how income will eventually be taken. They are not guaranteed, but they are often the reasons people explore how toconsolidate pensions in the first place.
Risks and Downsides to Consider
While consolidation can be helpful, it also carries risks that should not be overlooked.
Possible downsides include:
Losing valuable guarantees or benefits attached to older pensions
Exit charges or penalties that reduce the value transferred
Higher ongoing charges in the new pension
Less diversification if all savings are invested in one place
Irreversible decisions once consolidation is complete
For these reasons, consolidation should be approached as a considered decision rather than an automatic step.
Costs, Charges and Tax Considerations
Before consolidating, it’s important to compare the charges associated with your existing pensions and any new arrangement. This may include annual management charges, fund and platform fees, transaction or administration costs, and any exit fees that apply to your current pensions.
Tax considerations
In most cases, pension consolidation itself does not incur a tax charge, provided the pension transfer follows pension rules. Your tax-free cash entitlement is usually preserved, although certain protected features may be lost.
Checking both current and future costs helps ensure consolidation delivers genuine value.
How Pension Consolidation Affects Your Retirement Options
The consolidation process can also influence how you access and manage your income in retirement. Having pensions in one place may make it easier to:
Plan withdrawals in a coordinated way rather than across multiple schemes
Use drawdown options more effectively and consistently
Adjust income levels over time as spending needs change
Review sustainability, helping assess how long your pension may last
Adapt investment strategy as you move through different stages of retirement
Consolidation does not automatically improve retirement outcomes. The impact depends on the features, flexibility and costs of the receiving pension compared with the arrangements you already have.
When Pension Consolidation May Make Sense
Pension consolidation may be worth considering if you have built up several small defined contribution pensions over time, particularly when they offer similar features and do not include valuable guarantees. Bringing pensions together can make them easier to manage and review, helping you gain a clearer picture of your overall retirement savings.
Consolidation may also be appropriate where charges could potentially be reduced by moving away from older or more expensive arrangements. For people who are actively planning how they will access their pension in retirement, understanding how to combine pensions can form a practical and useful part of wider retirement planning.
When Pension Consolidation May Not Be Suitable
Pension consolidation may not be suitable if you hold Defined Benefit pensions or arrangements that include valuable guarantees, bonuses or protected features. In these cases, transferring could result in the loss of benefits that are difficult or impossible to replace.
Consolidation may also be less appropriate where exit charges apply and outweigh any potential cost savings, or where you prefer to keep pensions separate to maintain diversification across providers or investment strategies. Carefully reviewing what you might give up is an essential step before deciding whether consolidation is right for you.
How to Consolidate Pensions in the UK
If you decide to consolidate pensions, the process typically involves five key steps.
Gather details of all existing pensions
Check features, guarantees and charges
Decide which pensions, if any, are suitable to transfer
Choose a receiving pension arrangement
Submit transfer requests and monitor progress
Timescales vary, but most defined contribution consolidations take a few weeks to complete.
When to Get Professional Advice on Pension Consolidation
Professional advice may be helpful if:
You are unsure which pensions can be consolidated
You hold Defined Benefit pensions
You are close to retirement
Your pensions include complex or valuable features
Regulated advice is required for certain transfers, particularly Defined Benefit pensions above a specified value.
How My Pension Expert Can Help with Pension Consolidation
My Pension Expert helps people understand pension consolidation clearly and confidently, without unnecessary complexity or pressure to act. Our focus is on helping you decide whether consolidation is suitable for your circumstances.
We can help by:
Reviewing your existing pensions in detail, including charges and benefits
Identifying which pensions may be suitable to consolidate and which may be better left where they are
Explaining the risks, costs and potential benefits in plain English
Helping you compare pension options and understand the differences between providers
Providing regulated financial advice where appropriate
Supporting you through the consolidation process if you decide to proceed
We aim to help you make informed decisions that support your long-term retirement plans, based on a clear understanding of your options.

### Taking Your Pension Early: Rules, Costs and Penalties to Consider
Accessing your pension earlier than planned can be possible, but it comes with trade-offs. The amount you can take, when you can take it, and what it costs you over time will depend on your pension type, your age, and the rules that apply.
Below, we explain the main rules around early pension access, including when you can take money, what tax may apply, and the long-term impact on your retirement income.
Can You Take Your Pension Early?
For many people, taking a pension early means accessing a personal or workplace pension as soon as it’s allowed under the rules. For others, it means trying to access a pension before the usual minimum age. What you can do depends on the following:
The type of pension you have (defined contribution or defined benefit)
Your pension scheme’s rules
Your current age and health
Whether you have a protected pension age
If you’re asking the question, can you take money out of your pension? The best place to start is by looking at the minimum age rules and exceptions.
What Is the Minimum Age to Access Your Pension?
For most personal and workplace pensions, the earliest age you can normally access your pension is 55. This is known as the normal minimum pension age.
From 6 April 2028, this minimum age is set to rise to 57 for many people. Some individuals may still be able to access benefits at 55 if they have a protected pension age, depending on the scheme and when they joined.
A note on the State Pension: 
The State Pension has its own rules and is paid from State Pension age, which is separate from the minimum age for private and workplace pensions. Taking a private pension early does not automatically mean you can claim the State Pension early.
Can You Withdraw Your Pension Before 55?
Many people search for answers to can I withdraw my private pension before 55. In most cases, withdrawing a pension before 55 is not allowed unless you meet specific exceptions, such as:
Serious ill health or ill-health retirement, where a scheme allows early access
Protected pension age, where you had the right under older scheme rules to take benefits earlier
Outside of these circumstances, offers that claim you can access your pension before 55 are usually linked to pension scams and should be avoided. Accessing a pension in this way can result in significant tax charges.
How Taking Your Pension Early Works
How early pension access works depends on the type of pension you have.
Defined contribution pensions
With a defined contribution pension, you usually build up a pot of money. Once you reach the minimum age, you may be able to take:
Tax-free cash, usually up to 25%
A flexible income through drawdown
One-off lump sums
An annuity providing a regular income
This is often what people mean by cashing in a pension at 55. Importantly, you do not have to take everything at once, and many people choose to access their pension gradually.
Defined benefit pensions
With a defined benefit pension, early access normally means taking your pension income earlier than the scheme’s normal retirement age. In most cases, this results in a permanent reduction in the income paid, reflecting the longer expected payment period.
Tax Rules When Taking a Pension Early
Tax is often one of the biggest considerations when deciding whether to withdraw a pension early.
The 25% tax-free element
In many defined contribution pensions, up to 25% of the pension pot can usually be taken tax-free. The remainder is taxed as income.
Tax on withdrawals
Any taxable pension withdrawals are added to your income for the tax year. Taking larger amounts in one go can push you into a higher tax band. When you receive your first taxable payment, an emergency tax code may be applied. Any overpaid tax can usually be reclaimed from HMRC or adjusted later through your tax code.
Unauthorised payments
Taking money from your pension outside the rules can result in unauthorised payment charges. In some cases, the total tax charge can be as high as 55% of the amount withdrawn.
Costs and Penalties of Taking Your Pension Early
The cost of choosing to withdraw a pension early is not always a visible fee. Often, the biggest impact comes from how early access affects your long-term retirement position.
Key costs and considerations include:
Less time for investment growth, as withdrawals reduce the amount left invested
Lower future income, as your pension may need to last longer
Tax costs, particularly if withdrawals push you into a higher tax band
Scheme reductions, where defined benefit pensions pay a lower income if taken early
Charges associated with drawdown or certain withdrawal options
Taking money early can improve short-term flexibility, but it may reduce your options later in retirement.
Options for Taking Money Out of Your Pension
If you are considering taking money out of your pension, the main options available once you are eligible include:
Tax-free cash, taken as a lump sum or in smaller phased amounts
Flexi-access drawdown, which keeps your pension invested while allowing flexible income
Lump-sum withdrawals, where each payment is partly tax-free and partly taxable
Annuities, which convert pension savings into a regular income
A combination of options is used to balance flexibility and income security
Each option has different implications for tax, risk and long-term income.
How Taking Your Pension Early Affects Your Future Retirement Income
Taking your pension earlier than planned can affect your retirement income in several ways. Your pension pot may be smaller due to withdrawals, the income may need to last longer if you retire earlier, and you may need to accept more investment risk to maintain income levels.
This does not mean taking your pension earlier is always the wrong choice, but it works best when it forms part of a wider retirement plan.
How Early Pension Access Affects Future Contributions
If you take taxable income flexibly from a defined contribution pension, you may trigger the Money Purchase Annual Allowance (MPAA). This reduces the amount you can contribute to money purchase pensions each year while still receiving tax relief. This is particularly important if you plan to continue working or expect to make higher contributions later.
When Taking Your Pension Early May Make Sense
Taking a pension early may be worth considering if:
You have other secure income sources, and your pension is not your only support
You are reducing work gradually and want to supplement your income
You have a clear short-term need and understand the long-term trade-offs
Your retirement plan involves phased access rather than a single withdrawal
When Taking Your Pension Early May Not Be Suitable
Taking a pension early may not be suitable if:
You rely heavily on your pension as your main retirement income
You are withdrawing large amounts without a clear plan
You are still working and may unintentionally trigger contribution limits
You are under pressure to access your pension outside the rules
Risks and Things to Consider Before Withdrawing a Pension Early
Before deciding to withdraw a pension early, it is important to think about both the short- and long-term impact. Early access can reduce future income, increase exposure to investment risk, lead to higher-than-expected tax charges, and result in the loss of valuable pension benefits. There is also a heightened risk of scams linked to early access offers. 
Considering these risks alongside your wider retirement goals can help ensure early withdrawals are made for the right reasons.
When to Seek Professional Pension Advice
You do not always need financial advice to take money from a pension, but professional guidance can be valuable if you are unsure about tax, long-term income, or how early access fits into your overall plans.
Advice may be particularly helpful if you have a defined benefit pension, are planning larger or complex withdrawals, or intend to continue contributing to pensions while taking income.
How My Pension Expert Can Help With Early Pension Decisions
Deciding whether you can take a pension early and whether it’s the right choice can feel complex. My Pension Expert helps people understand their options clearly, so they can make informed decisions with confidence.
We can support you by:
Reviewing your pensions and current financial position
Explaining the rules around early pension access
Helping you understand the short- and long-term impact of early withdrawals
Assessing tax implications and future income sustainability
Providing regulated financial advice where appropriate
We aim to help you weigh up flexibility against long-term security, so you can make decisions that support your wider retirement plans.

### Pension Tax & Withdrawals
Understanding how and when you can take money from your pension and how it will be taxed is an important part of retirement planning. Although pensions are designed to be flexible, the fundamentals of how withdrawals and tax work aren’t always straightforward, particularly when balancing your priorities in the here and now with the need for long-term financial security.
Our guides on pension tax and withdrawals are designed to help you understand your options clearly. They explain how pension withdrawals are taxed, when you can access your pension savings, and what to consider before taking money out.  Whether you're thinking about taking your tax-free lump sum, using drawdown, purchasing an annuity, or withdrawing money in stages, it is crucial to understand the potential tax implications in order to avoid unexpected bills and make better all-round decisions.
Taking money from your pension may affect how long your savings last, how much income you receive in later life, and even your future pension contribution limits. Understanding how income tax applies to withdrawals from your pension pot, how emergency tax codes can impact payments, and how different withdrawal strategies work can make a meaningful difference to your retirement plans. 
If you're unsure about the best way forward, professional pension and tax advice can help you understand the options available and how they relate to your unique set of circumstances. Our advisers can help you build a practical withdrawal strategy that aligns your retirement goals with the relevant tax considerations.

### Pension & Retirement Calculators
Planning for your retirement can feel bewildering, particularly when you’re trying to better understand how today’s decisions might affect future income. Our range of pension and retirement calculators are designed to help you make sense of your options and give you a clearer picture of where you stand.
No matter if you’re looking to better understand how much you might need in your pension pot in order to retire comfortably, estimate how long your pension could last, or to consider the impact of drawdown or consolidation, our helpful tools provide a helpful starting point. They allow you to model a range of different scenarios, understand potential outcomes, and see how changes to your contributions or retirement age might influence your plans.
Each calculator is built to be simple and practical to use. By entering a few details about your savings, income or retirement goals, you'll be able to quickly generate estimates that help to guide your next steps. While these calculators are not intended to replace professional advice, they can help you ask better questions and approach retirement planning with a clearer understanding of your options and greater confidence.
We’ve designed these tools to be helpful in a range of different scenarios. Whether you’re considering combining your pensions, thinking about accessing your pension savings, or reviewing your retirement strategy as circumstances change, our calculators can help you to develop a clearer picture of how your retirement income might look based on a series of different assumptions.
Should your results raise questions or highlight potential gaps in your current planning, speaking to one of our qualified advisers can help you explore suitable options in more detail. Our advisers can explain how your choices fit within today's pension rules and help you develop a plan tailored to your circumstances.
Take a look at the calculators below to start building a clearer picture of your retirement future.

### What Happens to Your Pension When You Die? Rules and Inheritance Options
Pension rules after death can feel complex, particularly because different types of pensions are treated differently. In many cases, pensions can be passed on to loved ones tax-efficiently, but the outcome depends on the type of pension you have, your age at death, and who you leave it to.
This guide explains what happens to your pension when you die, how State Pensions and private pensions differ, who can inherit pension benefits, and the tax rules that may apply. It is designed to help you understand the options available and what practical steps may be needed when someone dies.
What Happens to Your Pension When You Die?
What happens to your pension when you die depends on the type of pension you have. In many cases, private and workplace pensions can be passed on to your loved ones, either as a lump sum or ongoing income. The State Pension, however, usually stops when you die, although a surviving spouse or partner may be entitled to related benefits.
The exact outcome will depend on several factors, including:
The type of pension you have (State, workplace or private)
Whether you had started taking benefits
Your age at death, particularly whether this is before or after age 75
Who you have nominated as beneficiaries
Unlike many other assets, pensions are often treated separately from your estate. This means they may be paid out more quickly and, in some cases, with favourable tax treatment. Understanding how pensions work on death can help ensure your wishes are followed and that beneficiaries receive benefits as efficiently as possible.
State Pension vs Private Pension
Not all state pensions after death are treated the same. One of the most important distinctions is between the State Pension and private or workplace pensions.
State Pension
The State Pension usually stops after death. It cannot normally be inherited in full by a spouse or partner. However, depending on your circumstances, a surviving spouse or civil partner may be entitled to a Bereavement Support Payment or an increase in their own State Pension, based on your National Insurance record (mainly under older State Pension rules).
State Pension entitlement is based on National Insurance contributions and does not create a lump sum that can be passed on. Instead, support for a surviving partner comes through separate benefits rather than direct inheritance.
Private or Workplace Pension
Private and workplace pensions are treated very differently. In many cases, they can be passed on to beneficiaries, either as a lump sum, an income, or a combination of both.
The exact outcome depends on whether the pension is Defined Contribution (pension pot–based) or Defined Benefit (salary-related or final salary).
Defined Contribution Pensions and Death Benefits
Defined contribution pensions are the most flexible when it comes to death benefits. If you have a defined contribution pension and die, the remaining pension pot does not usually disappear. Instead, it can normally be paid to your chosen beneficiaries.
Common payment options include:
A lump sum payment
An ongoing drawdown account for beneficiaries
A regular income taken over time
The pension provider or scheme trustees typically decide who receives the benefits, considering any nomination or expression of wish you may have completed. Beneficiaries are then usually able to choose how to receive the benefits.
If you die before taking your pension
If you die before accessing your pension, the full value of the pot is usually available to beneficiaries, subject to scheme rules. This is one reason pensions are often seen as an efficient way to pass on wealth.
Defined Benefit Pensions and Survivor’s Income
Defined benefit pensions, often referred to as final salary or career-average pensions, work very differently. Instead of a pension pot, defined benefit schemes usually provide:
A survivor’s pension for a spouse or civil partner
Sometimes a dependant’s pension for a child or other dependent
A lump sum death benefit, particularly if death occurs before retirement
The scheme rules set the amount paid, which is often a percentage of the pension you were receiving or entitled to receive.
If my husband dies, do I get his private pension? 
With Defined Benefit pensions, a surviving spouse will often receive a reduced ongoing income rather than the full pension. With Defined Contribution pensions, the answer depends on beneficiary nominations and scheme rules, but surviving spouses are commonly eligible to inherit benefits flexibly.
What Happens If You Die Before or After Age 75
Age 75 is a key dividing line for pension death benefits, particularly for tax.
If you die before age 75: Defined Contribution pension benefits can usually be paid tax-free. This applies whether benefits are taken as a lump sum or income. Payments must normally be made within two years to retain tax-free status.
If you die after age 75: Beneficiaries usually pay income tax at their marginal rate. There is no inheritance tax in most cases, but income tax applies when money is taken
This age distinction is central to understanding the tax efficiency of pensions in estate planning.
Who Can Inherit a Pension When You Die
When you die, your pension can usually be left to a wide range of beneficiaries, including:
A spouse or civil partner
A cohabiting partner
Children or grandchildren
Other dependants
A trust or charity
The key factor is often who has been named on the beneficiary nomination rather than what is written in a will.
The importance of nominations 
Keeping pension nominations up to date is one of the simplest and most effective steps you can take. Outdated nominations can lead to delays or outcomes that do not reflect your current wishes.
How Pensions Are Paid to Beneficiaries
How a pension is paid after death depends on the type of pension, the scheme rules and the choices made by the beneficiary. In many cases, particularly with defined contribution pensions, beneficiaries are given flexibility over how and when they receive the money, rather than being forced into a single option.
The main ways pension death benefits are paid are outlined in the table below.
Common payment options
OptionHow it worksWho it suitsLump sumThe entire pension is paid at onceThose wanting immediate accessBeneficiary drawdownPension remains invested, income taken flexiblyThose seeking long-term incomeAnnuityConverts pension into guaranteed incomeThose wanting certainty
Choosing the right option
With defined contribution pensions, beneficiaries are often given a choice between these options, rather than having the decision made for them. The most suitable approach will depend on factors such as income needs, tax position, attitude to risk and whether the pension is intended to provide short-term support or long-term income.
Tax Rules on Pensions After Death
In many cases, pension savings can be passed on outside the estate, which can make them one of the more tax-efficient assets to leave to beneficiaries. However, the tax treatment depends on how the pension is structured and the age of the pension holder at death.
Inheritance tax and pensions
Most private and workplace pensions are not usually subject to inheritance tax. This is because pension schemes are commonly held in trust, with trustees retaining discretion over who receives the benefits.
This generally means:
Pension funds sit outside the estate for inheritance tax
They do not count towards the inheritance tax threshold
Benefits can often be paid more quickly than other assets
In some cases, pensions may fall into the estate, for example, if benefits are paid to the estate itself or beneficiary nominations are unclear. Keeping nominations up to date is therefore important.
Why this matters
Because pensions often fall outside inheritance tax and may be paid tax-free if death occurs before age 75, they can form an important part of estate planning. However, the rules are detailed and scheme-specific, so understanding how pension tax works after death can help ensure benefits are passed on efficiently and in line with your wishes.
What to Do When Someone With a Pension Dies
When someone dies, dealing with their pension is just one part of the wider administrative process, but it is often an important one.
Pensions are usually handled separately from probate, so benefits may be paid earlier than other assets. However, each pension scheme has its own procedures, so it is helpful to understand what steps are involved.
Practical steps to take:
Notify the pension provider as soon as possible: Contact the pension scheme administrator to let them know about the death. If the person had multiple pensions, each provider should be informed separately.
Provide a death certificate and required documents: Most providers will ask for an original or certified copy of the death certificate, along with identification and contact details for beneficiaries or executors.
Confirm beneficiary nominations: The provider will review any nomination or expression of wish forms. These help guide trustees when deciding who should receive the pension benefits.
Discuss available payment options: Beneficiaries may be offered different ways to receive the pension, such as a lump sum or ongoing income. The options available depend on the type of pension and scheme rules.
Seek guidance if arrangements are complex: Where there are multiple beneficiaries, large pension values, or defined benefit pensions involved, professional guidance can help ensure decisions are made confidently.
Pension providers usually guide beneficiaries through the process step by step. However, delays can occur if beneficiary details are unclear, documents are missing, or scheme rules are complex.
Frequently Asked Questions

### Pension Drawdown Calculator: Estimate Your Flexible Retirement Income
A pension drawdown calculator can help you explore how your pension savings might provide income in retirement and how long that income could last. For people considering flexible access to their pension, a drawdown calculator offers a practical way to test different scenarios before making any decisions.
Below, we explain what pension drawdown is, how a pension drawdown calculator works, what information you need to use it effectively, and how to interpret the results. It is designed to support informed consideration rather than replace personalised financial advice.
What Is Pension Drawdown?
Pension drawdown, also known as flexi-access drawdown, enables you to take income from your pension while keeping the remaining funds invested. Flexi-access drawdown applies to most defined contribution pensions. If you have a defined benefit (final salary) pension, different rules apply, and drawdown may not be available.
When you move into drawdown, your pension pot remains exposed to investment markets. This means your pension can continue to grow, but it can also decline in value. The income you take is not guaranteed, and you must manage it carefully to avoid running out of money later in retirement. 
Pension drawdown is commonly used by people who value flexibility, expect their spending needs to change over time, or want to vary income in the early years of retirement.
How the Pension Drawdown Calculator Works
A pension drawdown calculator estimates how your pension pot might change over time based on the information you provide and a set of assumptions.
The calculator typically:
Starts with your current pension pot value
Applies assumed investment growth or returns
Accounts for regular withdrawals you plan to take
Projects how the remaining pot may change year by year
By adjusting the inputs, you can create different retirement scenarios. For example, you might test the impact of taking a higher income in the early years of retirement or reducing withdrawals later on.
How the pension drawdown calculator models your income
Calculator InputWhat It RepresentsWhy It MattersPension pot valueYour starting retirement savingsDetermines how much income can be supportedWithdrawal amountIncome you plan to take each yearHigher withdrawals increase sustainability riskInvestment growthAssumed annual returnAffects how long your pot may lastTime horizonLength of retirementLonger retirements require lower withdrawalsTax assumptionsIncome tax on withdrawalsImpacts net income available
Remember that calculators use assumptions, not predictions. Actual investment returns, inflation and personal circumstances will vary.
What You Need to Use the Calculator
To get the most useful results from a drawdown calculator, you’ll need to enter realistic information such as:
Your current pension pot value
Your age and expected retirement age
How much income you want to take each year
Whether you plan to take tax-free cash
Assumed investment growth or risk level
Using up-to-date pension values and sensible income assumptions will help produce more meaningful outcomes. Many people find it useful to try several scenarios rather than relying on a single result.
What Your Drawdown Results Mean
The results generated by a pension drawdown calculator are illustrations, designed to help you understand potential outcomes rather than provide certainty.
Your results may show:
How long your pension could last under current assumptions
Whether your planned income appears sustainable
The effect of increasing or reducing withdrawals
How investment performance impacts long-term outcomes
Example:
If you have a £300,000 pension pot and take £15,000 a year, the calculator may show your pension lasting around 25–30 years based on assumed growth. Increasing withdrawals to £20,000 could significantly reduce how long the pot lasts, particularly if investment returns are lower in the early years.
If the calculator suggests your pension may run out earlier than expected, it can be a prompt to review income levels, adjust expectations or explore alternative options. Equally, more cautious withdrawals may show greater long-term sustainability.
Factors That Can Affect Your Drawdown Income
Several factors influence how much income you can take safely through drawdown, and these are not always fully captured by a calculator.
Key factors include:
Investment performance – returns can vary significantly over time
Sequencing risk – poor returns early in retirement can have a lasting impact
Inflation – rising living costs reduce the real value of income
Longevity – longer retirements require income to last longer
Fees – costs reduce the value of your pension over time
Understanding these factors helps put pension drawdown calculator results into context and highlights why regular reviews are important.
Is Pension Drawdown Right for You?
Pension drawdown tends to work best for people who value flexibility and are comfortable making ongoing decisions about their retirement income.
Pension drawdown may be appropriate if you:
Want a flexible income rather than fixed payments, allowing you to vary how much you take from year to year
Have other secure income sources, such as the State Pension or a defined benefit pension, to cover essential living costs
Are comfortable with investment risk, including the possibility that the value of your pension may fall as well as rise
Are prepared to review and adjust income regularly, particularly in response to market performance or changes in spending needs
Drawdown is often used by people whose spending is higher in the early years of retirement and reduces later on, or by those who want to adapt income as circumstances change.
Taking the time to understand how drawdown fits alongside other income sources can help you decide whether it meets your retirement goals and risk tolerance.
Risks to Be Aware of With Pension Drawdown
While drawdown offers flexibility, it also involves risks that need to be carefully managed, particularly over longer retirement periods.
One key risk is sequencing risk, the impact of poor investment returns in the early years of retirement. If markets fall at the same time as you are withdrawing income, your pension pot can reduce more quickly, leaving less money invested to recover when markets improve.
The timing of returns matters because losses early on can have a greater long-term effect than losses later in retirement. This is why income levels often need to be adjusted in response to market conditions rather than remaining fixed year after year.
Other risks to be aware of include:
Investment risk – market downturns can reduce the value of your pension
Longevity risk – the risk of outliving your pension savings
Inflation risk – rising living costs may erode spending power over time
Behavioural risk – taking higher income during market volatility
These risks highlight why drawdown income plans should be reviewed regularly rather than set and forgotten.
Next Steps After Using the Calculator
Using a pension drawdown calculator is often the first step in understanding how flexible income might work in retirement. You can use a calculator to do the following:
Test different income levels and retirement ages
Review whether your investment strategy remains appropriate
Consider how tax may affect withdrawals over time
Explore combining drawdown with other income options
Review assumptions annually or after major life or market changes
Seek professional guidance where appropriate
It can be helpful to remember that calculators rely on assumptions about investment growth, inflation and withdrawal patterns. Actual outcomes will vary, which is why drawdown plans benefit from regular review and adjustment.
How My Pension Expert Can Help with Pension Drawdown
My Pension Expert helps people understand how pension drawdown works and how it fits into a wider retirement plan, particularly where income flexibility and long-term sustainability are important.
We take a holistic approach, helping you look beyond calculator results to understand how drawdown income, investment risk and tax considerations interact over time. This can be especially valuable where drawdown will form a significant part of your retirement income.
We can support you by:
Reviewing your pension savings and retirement objectives
Helping you interpret pension drawdown calculator results in context
Assessing sustainable income levels based on your circumstances
Explaining tax considerations, risks and trade-offs clearly
Providing regulated financial advice where appropriate
Supporting ongoing drawdown reviews as circumstances change
We aim to help you approach drawdown with clarity and confidence, using realistic assumptions rather than guesswork.
Frequently Asked Questions

### Triple Lock Pension: What It Is and How It Protects State Pensions
If you’re approaching retirement, already receiving the State Pension, or simply trying to understand how it fits into your long-term planning, it’s useful to know what the triple lock is, how it works in practice, and what it could mean for you in the future. This guide explains the state pension triple lock in clear terms, why it was introduced, how it is calculated, and the debates surrounding its future. The aim is to give you a broad understanding rather than make assumptions about policy outcomes.
This guide explains the state pension triple lock in clear terms, why it was introduced, how it is calculated, and the debates surrounding its future. The aim is to give you a broad understanding rather than make assumptions about policy outcomes.
What Is the Triple Lock Pension?
The triple lock pension is a government commitment to increase the UK State Pension each year by whichever of the following three measures is highest:
Inflation (measured by the Consumer Prices Index, CPI)
Average earnings growth (calculated during the previous May to July period)
A guaranteed minimum increase of 2.5%
This “triple lock” is designed to protect the spending power of the State Pension over time. It ensures pension payments keep pace with the cost of living and wage growth, while also providing a safety net in years when both inflation and earnings growth are low.
How the State Pension Triple Lock Works
Under the state pension triple lock, the government reviews the three measures each year and applies the highest figure to uprate the State Pension for the following tax year. 
The table below shows how the triple lock works in practice under different economic conditions.
Inflation (CPI)Earnings GrowthTriple Lock FloorState Pension Increase3%5%2.5%5% (earnings growth is highest)1%1.8%2.5%2.5% (minimum floor applies)6%4%2.5%6% (inflation is highest)2%2.6%2.5%2.6% (earnings growth is highest)0.5%0.8%2.5%2.5% (minimum floor applies)
Which State Pension does the triple lock apply to?
The triple lock applies to the new State Pension and, in most cases, the basic State Pension. Additional State Pension elements may be treated differently, depending on the year and government policy.
Why the Triple Lock Was Introduced
The triple lock was introduced in 2010, amid concern that the State Pension had failed to keep pace with earnings and inflation over many years.
Before the triple lock, State Pension increases were often linked to prices alone, which meant pensioner incomes tended to fall behind the living standards of the working population. The policy was introduced to:
Help reduce pensioner poverty
Protect the real value of the State Pension
Restore confidence in the State Pension as a foundation of retirement income
For many retirees, the triple lock pension has since played a key role in maintaining purchasing power during retirement.
What the Triple Lock Means for Your State Pension
If you receive the State Pension, the triple lock affects how much your income increases each year.
Rather than receiving a fixed or discretionary rise, your State Pension is uprated using a rules-based system. This can provide a degree of reassurance when budgeting for retirement, particularly during periods of rising prices.
 However, while the state pension triple lock helps protect income, it does not guarantee that the State Pension alone will be sufficient to meet all retirement needs.
How the Triple Lock Is Calculated Each Year
The triple lock calculation follows a set annual process:
Inflation is measured using the CPI figure for the year to September
Average earnings growth is assessed over a defined reference period
The government compares inflation, earnings growth and 2.5%
The highest figure is applied to the State Pension from the following April
This process ensures consistency in how increases are applied, even though the outcome may vary significantly from year to year.
Triple Lock vs Other Pension Uprating Methods
To understand the value of the pension triple lock, it can be helpful to compare it with other uprating approaches. Some common uprating methods include:
Inflation-only linking, where pensions rise in line with CPI
Earnings-only linking, where increases follow wage growth
Fixed increases, where pensions rise by a set percentage each year
Compared with these methods, the triple lock tends to provide stronger protection over the long term, though it can also lead to higher costs during certain economic conditions.
Has the Triple Lock Ever Been Suspended or Changed?
While the triple lock has been a longstanding policy, it has not always been applied exactly as originally designed.
In some years, temporary adjustments have been made, particularly during periods of economic disruption. For example, exceptional wage growth following the pandemic led to changes in how earnings growth was measured for uprating purposes.
These adjustments highlight that, while the triple lock pension is a policy commitment, it remains subject to government decisions.
Is the Triple Lock Guaranteed in the Future?
The future of the triple lock is a frequent topic of debate. While successive governments have supported the policy, it is not legally guaranteed.
Economic pressures, demographic changes and public spending considerations all influence discussions about the long-term sustainability of the triple lock. As a result, when planning for retirement, it can be sensible to treat the State Pension as a foundation rather than a complete solution.
Criticisms and Challenges of the Triple Lock System
Despite its benefits, the triple lock pension has faced ongoing criticism. While it helps protect pensioner incomes, several challenges are commonly highlighted.
Key concerns include:
Long-term cost to public finances: As the State Pension rises each year under the triple lock, overall government spending on pensions can increase significantly over time, particularly as the population ages.
Intergenerational fairness: Some argue that the triple lock may place a greater burden on working-age taxpayers if pension increases regularly outpace wage growth.
Impact of unusual economic conditions: Periods of very high inflation or earnings growth can result in larger pension increases that may not reflect longer-term economic trends. 
Supporters argue that the triple lock remains an important safeguard against pensioner poverty, while critics question whether the current system is sustainable in the long term.
How the Triple Lock Affects Retirement Planning
Understanding what the triple lock is can help you put the State Pension into context when planning your retirement.
While the triple lock may support steady increases in State Pension income, most people rely on additional sources, such as workplace or personal pensions, to achieve their desired lifestyle. Considering how the State Pension fits alongside other income streams can help create a more balanced and resilient retirement plan.
Does the Triple Lock Apply to All Pensions?
The triple lock applies only to the State Pension. It does not apply to:
Workplace pensions
Personal pensions
Occupational defined benefit schemes
These pensions are uprated according to scheme rules, investment performance or separate legislation.
What to Do If You’re Unsure How the Triple Lock Affects You
If you’re unsure how the state pension triple lock affects your retirement income, taking a few simple steps can help bring clarity. You may want to:
Check your State Pension forecast to see how much you’re currently on track to receive and when it’s due to be paid
Find out how much of your retirement income may rely on the State Pension, particularly in the early years of retirement
Think about how potential changes to the triple lock could affect your long-term plans, especially if the State Pension forms a large part of your expected income
Review other sources of retirement income, such as workplace or personal pensions, to reduce reliance on any single element of pension policy
Looking at the State Pension alongside other income sources can help you develop a more balanced and resilient approach to retirement planning.

### Pension Contributions: How Much You Can Pay In & How to Check Yours
What Are Pension Contributions?
Pension contributions are the payments made into your pension pot to build your long-term retirement savings. These contributions can come from you, your employer, and, in many cases, the government through tax relief. Each payment helps grow your retirement fund, and the added boost of tax relief makes pensions one of the most efficient ways to save for later life.
Contributions can be regular monthly payments or one-off lump sums, whether you’re saving into a personal pension, a workplace pension, or a SIPP. If you’re self-employed, topping up an existing pot, or contributing through your employer, understanding how pension contributions work is an essential part of building a strong, reliable retirement income for the future.
How Much Can You Contribute to a Pension?
You can contribute as much as you like to your pension, but only contributions within certain limits qualify for tax relief.
In most cases, pension tax relief is available on contributions up to either 100% of your UK earnings or £60,000 in a tax year, whichever amount is lower. This total includes both your own contributions and those made by your employer.
These limits apply across all pensions combined, not per scheme, which means monitoring and regularly reviewing your pension is key if you want to avoid exceeding the limit.
What Is the Maximum Pension Contribution?
The standard Annual Allowance for pension contributions is £60,000 per tax year. However, some people may have:
A lower annual allowance due to the Tapered Annual Allowance (high-income earners)
The Money Purchase Annual Allowance (MPAA) if they have already accessed their pension flexibly
Carry forward available allowance, allowing them to use unused allowance from the previous three tax years
Understanding your personal contribution limit ensures you avoid unexpected tax charges and make efficient use of your allowance.
How Pension Tax Relief Works
When you make pension contributions, the government boosts them through tax relief. This means part of your payment is effectively covered by tax you would otherwise have paid.
What you receive in tax relief:
Taxpayer statusWhat you payTotal added to your pensionHow the relief is appliedBasic rate (20%)£80£100The government adds £20 automaticallyHigher rate (40%)£80£100 + extra rebate20% added automatically + 20% claimed via tax returnAdditional rate (45%)£80£100 + extra rebate20% added automatically + 25% claimed via tax returnNon-taxpayer£2,880£3,600HMRC adds 20% even if you don’t pay tax
If you’re a higher-rate or additional-rate taxpayer, you must claim the extra relief via your tax return; it won’t be added automatically.
Understanding how tax relief works helps you calculate the true “cost” of your pension contributions and shows why paying in more (if you can) can significantly boost your long-term savings.
Checking Your Pension Contributions
Regularly reviewing your payments helps ensure you’re saving the right amount, receiving the correct employer contributions, and making the most of potential tax benefits. Many people ask, “How do I check my pension?” or “How can I check pension contributions across different pots?” Below are five effective ways:
1. Review your payslip
Your payslip will show how much you’ve contributed each month, as well as any payments made by your employer. It’s the quickest way to spot changes, check pension contributions are being deducted correctly, and confirm whether they increase alongside salary changes.
2. Log in to your pension provider’s online portal
Most pension providers offer secure dashboards where you can view up-to-date information, including:
Total contributions paid in
Recent payments from you and your employer
Fund growth over time
Fees being charged
This makes it easy to compare growth and contributions year-on-year when you check pension contributions online.
3. Request an annual pension statement
By law, your provider must issue a yearly statement summarising contribution totals, charges, and fund performance. This is useful for long-term planning, as it shows how your pot is growing and whether contributions are matched with your retirement goals.
4. Contact your HR or payroll department
If anything looks unclear, such as missed payments or calculation errors, your employer can confirm exactly what has been deducted and when payments were made. HR can also explain your contribution level if you’re unsure how much you’re currently paying in.
5. Speak to a financial adviser
If you have several pension pots or want to optimise your savings, a regulated adviser can help check pension contributions across every scheme, identify missing pots, and calculate whether your current payments work with your retirement goals. They can help you:
Identify missing or dormant pension pots
Check whether you should increase contributions
Understand whether your retirement outlook matches your goals
Make tax-efficient contribution decisions
Engaging with your pension contributions now can have a profound impact on your future income, helping you avoid mistakes, uncover opportunities, and build a retirement fund that truly supports your plans.
What Counts Toward Your Annual Allowance?
Understanding what does and doesn’t count toward your annual allowance helps you avoid accidental breaches, especially if you have multiple pensions, irregular bonuses, pay rises, or fluctuating earnings.
For defined contribution (DC) pensions, the allowance includes your personal contributions, employer payments, government tax relief, and most lump-sum payments made into your fund. However, investment growth inside your pension does not count toward the limit.
For defined benefit (DB) schemes, the allowance is not based on what you personally pay in. Instead, HMRC measures the increase in the value of your pension benefits over the tax year using a set formula.
Pension Contributions & Salary Sacrifice
Salary sacrifice (also known as salary exchange) is an arrangement where you give up part of your salary and, in return, your employer pays the equivalent amount into your pension.
Benefits include:
Lower National Insurance contributions
Potentially higher employer contributions
Increased take-home pay compared to traditional pension contributions
More tax-efficient saving overall
However, salary sacrifice may affect borrowing calculations for mortgages, statutory payments (e.g. parental leave), and some employee benefits. It’s important to check whether salary sacrifice is right for you before making changes.
Adjusted Income & Tapered Annual Allowance
If you are a high earner, your pension contribution limit may be reduced through what’s known as the Tapered Annual Allowance. This applies when your threshold income (your taxable income before pension contributions) exceeds £200,000 and your adjusted income (which includes pension contributions) rises above £260,000.
Once these thresholds are crossed, your annual allowance starts to reduce. For every £2 of adjusted income you earn above £260,000, £1 is removed from your annual allowance, with the limit gradually reducing to a minimum of £10,000.
Understanding how your adjusted income is calculated is essential if you are planning contributions at higher earnings levels. If you exceed your tapered allowance without realising, you could face an unexpected annual allowance tax charge.
Pension Contributions if You’re Self-Employed
For the self-employed, pension contributions aren’t shared with an employer; you build your entire retirement fund yourself. Even so, you receive the same tax relief as employees, which makes pensions one of the most tax-efficient ways to save for the future.
You can contribute up to 100% of your earnings each tax year (within the annual allowance), and a personal pension or SIPP gives you flexibility to pay in however you choose, through regular monthly amounts or occasional lump sums when business is going well.
For example, a freelancer earning £40,000 could decide to contribute £10,000 one year and £6,000 the next, depending on workload. In both cases, they would receive tax relief on those contributions, helping the pension grow faster than savings kept in an ordinary bank account.
Because your income may change from year to year, reviewing your contributions regularly and keeping accurate financial records ensures you make the most of available allowances and stay on track for a secure retirement.
Improving Your Retirement Outlook Through Contributions
The size of your pension in retirement depends not only on how much you contribute, but also on how consistently you save and how well your contributions are structured. Even small adjustments can strengthen your long-term financial position. Below are some practical ways to improve your retirement outcomes:
Increase contributions when you can: Raising contributions by even 1% of your salary can make a meaningful difference over the course of your career. Because contributions benefit from tax relief and potential investment growth, small boosts early on can grow into a noticeably higher retirement income.
Take advantage of employer contributions: If your employer matches your pension contributions, increasing your payments could unlock extra money at no additional cost to you. This “free boost” from an employer match is one of the most effective ways to build pension savings.
Use lump sums wisely: Directing bonuses, inheritance money or one-off payments into your pension can grow your pot efficiently because the government adds tax relief. These contributions can be strategically used to top up savings during higher-income years.
Review your pension regularly: Income changes, job moves, or investment performance can affect how much you need to contribute. A regulated adviser can help you track pensions across multiple pots, adjust contributions, and ensure your strategy matches your retirement plans.
Consider the impact of inflation: What you save today may not hold the same value in the future. Increasing contributions gradually over time, even by small amounts, helps protect your pension’s spending power and maintain your long-term lifestyle goals.
Expert Insight: Getting the Most from Your Pension
Understanding how pension contributions work is a solid foundation but turning that knowledge into a smart strategy is where real value lies. A regulated adviser can help you decide how much to contribute based on your income, lifestyle and long-term goals, rather than relying on rough estimates or generic rules.
They’ll also make sure your contributions stay within the correct allowances, helping you maximise tax relief without triggering unnecessary charges. If you have more than one pension pot, an adviser can coordinate contributions across them, ensuring you strike the right balance between saving for the future and managing your finances. Professional advice ensures your pension grows in a way that supports the retirement you want, with clear goals, efficient planning and a strategy built around you.
Frequently Asked Questions

### Annuity Rates in 2025: How They Work & How to Get the Best Deal
Understanding annuity rates is key to turning your pension savings into a reliable income for life. Current market conditions mean securing an annuity can offer greater long-term stability and peace of mind.
What are annuity rates?
When you buy an annuity, you’re exchanging your pension savings for a guaranteed income that lasts for life or a fixed term. The amount you receive depends on the annuity rates available when you buy. In simple terms, these rates determine how much income you’ll receive for every £1 of your pension pot.
For example, if the current annuity rates are 5%, a £100,000 pension could provide around £5,000 a year in guaranteed income. Rates fluctuate with economic factors, so understanding how they work and how to secure them can make a big difference to your retirement income.
How are annuity rates calculated?
From economic conditions and interest rates to your age, health, and the type of annuity you choose, understanding the factors that influence annuity rates can help you judge whether the rates you’re seeing represent good value. Several current factors influencing UK annuity rates are:
Interest rates and gilt yields – providers invest in government bonds, so when bond yields rise, annuity rates tend to follow.
Your age – older applicants usually receive higher rates because their expected payment period is shorter.
Health and lifestyle – conditions such as diabetes, high blood pressure or smoking can qualify you for “enhanced” rates.
Annuity type – lifetime, fixed-term, escalating or joint-life annuities each offer different rate levels.
Options chosen – features such as inflation protection or guaranteed payment periods may lower your starting rate but add security.
Providers use actuarial calculations to balance risk, longevity and market returns, meaning current rates vary not just between companies but also between individuals.
Current UK annuity rates
As of early 2025, UK annuity rates remain at some of their strongest levels in over a decade. This is mainly due to higher interest rates and bond yields, which have lifted returns for retirees seeking secure, predictable income.
For example, a healthy 65-year-old might currently secure around 6% to 6.5% on a single-life level annuity, while someone with qualifying health conditions could see rates above 7%. Though these figures change frequently, they demonstrate why shopping around for the rates is essential.
How to get the best annuity rate
Getting the best annuity rate means understanding your options, timing your decision carefully, and comparing offers from multiple providers. The rate you’re offered can vary widely depending on your circumstances, so a little preparation can go a long way. Below are some practical steps to help improve your outcome:
Shop around
The difference between one company’s rate and another's can amount to thousands of pounds over your lifetime. Independent comparison through a specialist can reveal better-value options across the whole market.
Be honest about your health and lifestyle
Disclosing medical conditions such as high blood pressure, diabetes, or a history of smoking can qualify you for enhanced or impaired life rates, which typically offer a higher guaranteed income.
Consider your timing
If current annuity rates are on an upward trend, waiting a little longer could secure a better deal. Alternatively, if rates are predicted to fall, locking in sooner might be wiser. A regulated advisor can help you interpret market conditions and strike the right balance.
Decide what guarantees matter
Features such as inflation protection, guaranteed payment periods or a spouse’s pension can reduce your initial rate but increase your financial security, so think about whether protecting your income is more important than maximising your starting payments.
Seek expert advice
Independent, regulated advice from our specialists ensures you receive tailored guidance. Our advisers can help you weigh up enhanced rates, compare features, and secure the best rates available on today’s market.
Annuity income by age and lifestyle
For an idea of how annuity rates vary, below is an example table showing estimated annual income from a £150,000 pension pot, based on the rates for a single-life, level annuity*.
AgeStandard rate (healthy)55£7,350 per year (approx. 4.9%)60£8,400 per year (approx. 5.6%)65£9,750 per year (approx. 6.5%)70£11,250 per year (approx. 7.5%)75£11,250 per year (approx. 8.8%)
*Please note that figures are illustrative and based on early-2025 market averages.
This table highlights how both age and health can affect your income potential. Even small percentage differences can add thousands of pounds to your lifetime payments.
Are annuity rates rising?
After many years of low returns, annuity rates have risen significantly since 2022. The main driver has been higher interest rates, which directly affect bond yields and the returns insurers can offer.
Below is a simplified chart showing how much average single-life level annuity rates (for a 65-year-old) have risen since 2022:
YearAverage annuity rate (%)20224.4%20235.6%20246.1%20256.4%
While annuity rates today remain healthy, future changes will depend on inflation and central bank policy. Rates could fall again if interest rates drop, which is why many retirees are considering locking in now while conditions are favourable.
Should you lock in now or wait for rates to change?
Timing the market is always difficult. If rates are high, you may wish to secure your income while conditions remain positive. However, if you expect rates to rise further, or if you don’t yet need a guaranteed income, waiting could make sense.
The key is balance. Deferring an annuity may offer higher payments later, but you’ll lose income in the meantime. Discussing your personal circumstances with a financial advisorcan help you decide whether locking in today’s rates suits your goals.
How can I compare annuity rates?
Comparing annuity rate quotes across multiple providers is one of the most effective ways to maximise your retirement income. You can:
Use an independent comparison tool or request annuity rate quotes from multiple insurers.
Work with a financial adviser who has access to the full market.
Review both standard and enhanced options; health or lifestyle factors can significantly increase your offer.
Consider the features such as escalation, guarantee periods, and spouse’s benefits.
We compare the whole of the UK annuity market to find the most competitive and appropriate options for your circumstances.
What should I do next?
Understanding annuity rates is an important part of retirement planning, but deciding when to buy an annuity and which type suits your needs is just as important. Even a small improvement in your annuity rate could add thousands of pounds to your lifetime income, so it’s worth taking the time to compare and understand your options.
With expert guidance and access to the UK’s leading providers, you can gain peace of mind knowing your income is secure for life.
Frequently Asked Questions

### Check Your Pension: How to Review Charges, Performance and Terms
Regularly taking time to check your pension is one of the most effective ways to protect your retirement income. Whether you have a workplace pension, a personal pension, a private pension, or several pots accumulated over the years, reviewing your savings ensures you understand their value, how they are invested, what you are paying in charges, and whether your money is working hard for you.
Below, we explain how to check your pension step by step, how to assess performance and fees, how to review your State Pension forecast, and what to do if you cannot find an old pension pot.
Why Checking Your Pension Matters
Most people assume their pension will grow in the background. However, failing to review it regularly can result in:
Paying higher charges than necessary
Staying in outdated or unsuitable investment funds
Missing out on valuable benefits
Discovering too late that your pension is worth less than expected
A regular pension check helps you:
Understand how much you’ve saved so far
Confirm whether you’re on track for retirement
Identify whether better value options exist
Make informed decisions about consolidating pots
Adjust contributions or investments before it’s too late
Checking your pension periodically can significantly improve your long-term financial outcome.
How to Check Your Pension Details
To begin your review, gather as much information as possible about each pension you hold. Providers usually send an annual statement, but you can request information at any time.
When you check your pension details, look for:
Provider name
Policy or plan number
Current fund value
Investment funds and risk level
Annual charges
Any guarantees (e.g., protected tax-free cash, guaranteed annuity rates)
Your selected retirement age
If you're unsure how to check your pension, start by contacting each pension provider or logging in to your online account.
How to Check Your Pension Pot Value
Understanding the size of your pot is a core part of retirement planning. Most providers enable you to log in online, giving real-time valuations.
Ways to check your pension pot value:
Online portal: Almost all modern pension providers have online dashboards showing your current fund value, contributions, and investment performance.
Annual statement: Each year, your provider sends a statement summarising your pot value and projected income at retirement.
Request a current value: If you're unsure how to check your pension, you can call or email your provider and ask for an up-to-date valuation.
Through a financial adviser: Advisers can request full information, including charges and performance history, helping reveal the true value of your pension.
Example:
If your statement shows your pension is worth £68,500 today, the statement may also project what it could be worth at ages 60, 65 and 68, based on assumed growth rates.
Checking your pot regularly makes it easier to see whether your savings are on track or whether adjustments are needed.
How to Check Your Pension Charges
Pension charges have a significant impact on long-term growth. Even a small difference of 0.5% versus 1.5% can reduce your future pension by tens of thousands of pounds.
Types of charges to look for
Providers list all charges in your statement or online account. When you check your pension, look out for the following:
Annual management charge (AMC): The fee for managing your investments
Fund charges: Some funds charge extra for specialist investment strategies
Administration fees: Set-up or annual administration costs
Transaction charges: Costs for buying or selling assets inside the fund
Exit fees: Less common now, but still applied by some older pensions
A comparison table:
Charge TypeTypical RangeWhy It MattersAMC0.2% – 1%Lower AMCs help your pot grow fasterFund fees0% – 1.5%Higher charges may reduce net returnsExit fees0% – 5%Affects decisions about moving pensionsTransaction feesVariableHarder to see but affects performance
If your charges are high, you may want to explore whether transferring to a lower-cost plan is beneficial—though this requires regulated advice if guarantees are involved.
How to Check Your Pension’s Investment Performance
Knowing how your pension is invested, and how those investments are performing, is essential. When reviewing your pension’s investment performance, you should look for:
The fund’s growth over 1, 3 and 5 years
Its risk level (e.g., cautious, balanced, adventurous)
Performance, whether it meets or falls behind similar funds
Retirement date and whether this matches your investment strategy
Comparing growth
Understanding how well your pension is performing is key to knowing whether your savings are on track. Your online pension dashboard will typically show charts comparing past growth with your contribution history. For a more detailed look, a Fund Factsheet outlines the fund’s long-term returns, its risk rating and how your money is invested.
Pension Performance Checklist:
✓ Does the fund consistently lag behind its benchmark?✓ Has your pension failed to move into lower-risk investments as you near retirement?✓ Is the fund older, expensive or based on an outdated investment strategy?
If any of these apply, it may be time to review your pension’s performance. A financial adviser can help identify whether switching funds or adjusting your strategy could deliver better long-term outcomes.
How to Check Your Pension’s Terms and Retirement Age
Your pension terms determine when you can take money, how you access it, and any guarantees you may lose if you transfer the pot.
When performing a pension check, look at the following:
Selected retirement age (many are set to 65 by default)
Whether the plan allows drawdown
Guaranteed annuity rates (GARs)
Protected tax-free cash
Transfer penalties
Death benefits rules
Example:
Some older pensions allow a tax-free cash amount above the standard 25%. Others include guarantees that offer income far above today’s annuity rates. These benefits are valuable and should be evaluated before transferring.
How to Check Your State Pension Forecast
Your private and workplace pensions are only part of your retirement income. The State Pension provides an important foundation.
You can check your forecast using the Government’s official tool, which shows:
Your estimated State Pension amount
Whether you have gaps in your National Insurance record
How many qualifying years have you completed
Your State Pension age
Whether you’re on track to receive the full amount
Checking this early ensures you have time to fill gaps, if beneficial.
What to Do if You Can’t Find an Old Pension
Losing track of a pension from a previous job is more common than you might think. If you’re not sure how to check pension information for an older scheme, begin by finding anything that links you to the employer or pension provider, for example, old payslips, HR letters, pension statements or even the company name and dates you worked there. Your National Insurance number will also help confirm your identity.
If none of these points point you in the right direction, your next step is to trace the pension formally.
How to Trace a Lost or Forgotten Pension
If you’re unsure who your pension provider is, the Government offers a free tool to help you trace old or forgotten pensions. Their Pension Tracing Service can search former employers and pension providers to identify the scheme linked to your employment history.
You can search using:
Employer name
Scheme name
Past employer details
The service does not tell you the value of your pension. It only provides contact details so you or an adviser can follow up. If you still struggle, a regulated adviser can make enquiries on your behalf.
When to Consider Combining Your Pensions
Reviewing whether to combine your pensions is an important part of checking your retirement planning and can make managing your savings easier.
Reasons people consolidate:
To reduce charges
To simplify multiple pots
To move to a modern plan with flexible access (drawdown)
To improve investment options
When consolidation may not be suitable:
If your pension has a guaranteed annuity rate
If it includes protected tax-free cash
If high exit fees apply
If transferring could reduce valuable benefits
A regulated adviser must assess whether transferring is suitable, especially if your pension pot is large or includes guarantees.
How My Pension Expert Helps You Review and Improve Your Pension
Checking your pension can be time-consuming, and many people find the terminology, charges and projections difficult to interpret. My Pension Expert provides clear, regulated guidance to help you understand exactly where you stand and how you could strengthen your long-term financial goals.
How we support you:
A full review of your pension charges - we break down every fee you’re paying, including management charges, policy fees and investment costs to show whether you’re receiving good value or losing money unnecessarily.
Performance analysis against benchmarks - we assess how your pension investments have performed in comparison to similar funds and market standards, highlighting strengths and identifying any areas of concern.
Clarity on consolidation - if you have multiple pensions, we help determine whether combining them could simplify management, reduce charges or improve overall growth potential.
Investment suitability assessment - we review how your pension is invested to ensure it reflects your risk level, time until retirement and long-term objectives.
Review of pension terms, retirement age and guarantees - some pensions include valuable guarantees or restrictions. We help you understand exactly what applies to you before making any decisions.
Personalised retirement forecasting - we model what your pension could be worth in the future, based on your contributions, charges and investment approach, giving you a clearer picture of your expected retirement income.
Tracing lost or forgotten pensions - if you suspect you have an old pension but can’t locate it, we help track it down and bring it back into your retirement planning.
My Pension Expert’s role is to help you review your pension with confidence, understand your options clearly and make decisions that support your financial wellbeing throughout retirement.
Frequently Asked Questions

### Annual Allowance: Pension Rules, Limits and How to Avoid Tax Charges
Understanding the pension annual allowance is essential if you want to make the most of pension tax relief without incurring unexpected tax charges. For many people, especially higher earners or those making large one-off contributions, the rules are more complex than they first appear.
Below, we explain how the annual allowance works, how much you can pay into a pension each year, what counts towards the limit, and what happens if you exceed it. We also cover carry forward, reduced allowances, and how to manage or avoid an annual allowance tax charge.
What Is the Pension Annual Allowance?
The pension annual allowance is the maximum amount that can be contributed to your pensions each tax year while still benefiting from tax relief. It applies to the total value of contributions made for you, not just what you personally pay in.
This includes:
Your own pension contributions
Employer contributions
Any tax relief added by the Government
The annual allowance applies across all your pensions combined, including workplace pensions, personal pensions, SIPPs and defined benefit schemes.
For most people, the standard annual allowance is currently £60,000 per tax year, but this can be lower depending on your income or circumstances.
How Much Can You Pay into a Pension Each Year?
How much you can pay into a pension each year depends on both the annual allowance rules and your personal earnings. While pensions are one of the most tax-efficient ways to save for retirement, there are limits on how much can be contributed in a single tax year. In most cases, the maximum you can contribute and receive tax relief on is the lower of:
£60,000 per tax year
100% of your relevant UK earnings
Key points to be aware of:
Non-earners can usually contribute up to £3,600 gross per year (£2,880 paid in, £720 tax relief)
Contributions above your earnings limit do not receive tax relief
Contributions above your available allowance may incur a tax charge
Understanding your earnings position and total contributions is essential before making any payments.
What Counts Towards the Annual Allowance?
Many people assume the allowance only applies to what they personally pay in, but that’s not the case. The annual pension allowance covers the total value of pension input.
This includes:
Employee contributions
Employer contributions
Salary sacrifice contributions
Tax relief added by the pension provider
What it doesn’t include:
Investment growth within your pension
Transfers between pensions
Pension income withdrawals
It’s the input into pensions during the tax year that matters, not the value of your pension pot.
How Pension Contributions Are Measured
For defined contribution pensions, contributions are measured by the actual amounts paid into the scheme during the tax year. This includes your own contributions, employer contributions, and any tax relief added by HMRC.
For defined benefit pensions, the calculation works very differently. Instead of looking at cash paid in, HMRC measures the increase in the value of the pension benefits you have built up over the year, using a specific formula. This can make it harder to predict how much of your annual allowance is being used.
Pension Input Period
Pension contributions are assessed over a pension input period, which runs in line with the tax year from 6 April to 5 April.
This means that:
All pension contributions made during the tax year are added together
You must include contributions across all pension schemes you belong to
Employer contributions and benefit growth (for DB schemes) are included in the calculation
Keeping track across multiple pensions is one of the most common reasons people accidentally exceed their allowance.
What Happens If You Exceed the Annual Allowance?
If your pension input exceeds your available annual allowance pension limit, the excess is subject to an annual allowance tax charge.
The annual allowance tax charge works by cancelling out the tax relief on any contributions above your permitted limit. The charge is applied at your highest rate of income tax and is usually declared and settled via self-assessment.
Example
If you exceed your allowance by £10,000 and pay tax at 40%, the tax charge would be £4,000.
In some cases, your pension scheme can pay the charge on your behalf (known as scheme pays), but this reduces your pension benefits.
Using Carry Forward to Increase Your Annual Allowance
Carry forward allows you to use unused allowance from the previous three tax years, potentially increasing how much you can contribute now.
How carry forward works
You can use carry forward if:
You were a member of a registered pension scheme during those years
You have sufficient earnings in the current tax year
You have not exceeded the allowance in earlier years
Unused allowance is used in chronological order, starting with the oldest year.
Example
If you used only £20,000 of your allowance in each of the last three years, you could potentially carry forward £120,000, allowing a very large one-off contribution.
Carry forward is one of the most effective planning tools, but it requires accurate records and careful calculation.
Reduced Annual Allowance Rules to Be Aware Of
Not everyone has access to the full £60,000 allowance. Two reduced allowances can apply.
Tapered Annual Allowance
The tapered annual allowance affects higher earners.
You may be subject to tapering if:
Your adjusted income exceeds £260,000
Your threshold income exceeds £200,000
If tapering applies, your allowance is reduced by £1 for every £2 of income above the threshold, down to a minimum of £10,000.
This can catch people out, particularly those with variable income or large bonuses.
Money Purchase Annual Allowance (MPAA)
The money purchase annual allowance applies once you have flexibly accessed a defined contribution pension.
Key points:
The MPAA is currently £10,000
Carry forward is not allowed once MPAA is triggered
It only applies to DC pensions, not DB accrual
Taking taxable income (not just tax-free cash) can trigger the MPAA.
Annual Allowance Rules for Defined Benefit Pensions
Defined benefit (DB) pensions are measured very differently from defined contribution schemes. Instead of looking at how much money is paid into the pension, HMRC assesses how much your promised retirement benefit has increased over the tax year.
How DB pension input is calculated
Rather than tracking contributions, the pension input amount is calculated using a formula that broadly considers:
The increase in your annual pension entitlement over the tax year
Multiplied by a set factor (currently 16)
Any increase in an automatic lump sum, where applicable
This approach reflects the long-term value of the guaranteed income you’re building, rather than the cost of funding it in that year.
What this means in practice
Because the calculation is linked to benefit growth rather than contributions:
Pay rises or promotions can cause large pension inputs
You can exceed the allowance without paying in any extra money
The issue often only becomes apparent after the tax year has ended
Annual allowance breaches are particularly common in public sector defined benefit schemes, such as NHS, teachers’ or civil service pensions, where salary progression can significantly increase pension benefits in a single year.
Do Employer Contributions Count Towards the Annual Allowance?
Yes. Employer contributions always count towards your pension annual allowance, and they must be included when assessing whether you are at risk of exceeding the limit.
Employer contributions include:
Standard employer pension contributions paid alongside your own
Matching contributions are linked to how much you contribute
Contributions made through salary sacrifice arrangements
Because employer payments are often higher than personal contributions, they can make up a significant proportion of your total pension input. This means it’s possible to exceed your allowance even if your own contributions feel small.
This is particularly important if you receive bonuses, benefit from enhanced employer matching, or use salary sacrifice, as these can all increase the total amount counted towards the allowance in a single tax year.
How to Check If You’re at Risk of an Annual Allowance Charge
Certain situations make it more likely that your pension contributions could exceed the pension annual allowance. This risk is not always obvious, particularly if contributions are made automatically or calculated differently across multiple schemes.
You may be at higher risk if any of the following apply to you:
You earn a high income
You receive large employer contributions
You’re a member of a defined benefit scheme
You’ve made one-off or irregular contributions
You’ve flexibly accessed your pension
If one or more of these situations apply, it’s important to take proactive steps to assess your position before the end of the tax year.
Practical steps to help you stay in control include:
Request pension input statements from providers
Review employer contribution levels
Check previous years for unused allowance
Monitor income thresholds carefully
Regular checks and early action significantly reduce the risk of unexpected annual allowance tax charges and allow more time to plan contributions effectively.
How to Avoid or Manage an Annual Allowance Tax Charge
It isn’t always possible to avoid an annual allowance charge entirely, particularly if your income or pension benefits fluctuate. However, with careful planning, it is often possible to reduce the impact of a charge or prevent it from arising unexpectedly.
Common strategies include:
Use carry forward correctly
Spread contributions over multiple tax years
Adjust personal contributions if employer payments are high
Consider whether scheme pays is appropriate
Plan bonuses and pay rises carefully
Effective planning is about using allowances efficiently and understanding how contributions interact across different schemes, rather than reducing pension saving.
How My Pension Expert Can Help With Annual Allowance Planning
The rules around the pension annual allowance are detailed, and mistakes can be costly, particularly where income changes, large employer contributions, or defined benefit pensions are involved. My Pension Expert helps individuals understand how contributions, earnings and allowances interact in practice, reducing the risk of unexpected tax charges.
We can support you by:
Calculating your available annual allowance
Assessing carry-forward opportunities from previous tax years
Identifying exposure to the tapered annual allowance or the MPAA
Reviewing defined benefit pension input amounts
Helping you plan personal and employer contributions tax-efficiently
Explaining how the scheme pays option works and when it may be appropriate
Our role is to provide clarity, reduce uncertainty and help you make informed, confident decisions about pension funding within the annual allowance rules.
Frequently Asked Questions

### Widow’s Pension and Bereavement Benefits: What You Can Claim
Losing a spouse or civil partner is one of the most difficult experiences anyone can face. Alongside the emotional impact, many people are suddenly required to navigate unfamiliar financial decisions at a time when clarity can be hard to find.
Below, we explain what financial support may be available after the death of a spouse or partner, how a widow’s pension works, what bereavement benefits you may be entitled to, how your State Pension is affected, and what happens to workplace and private pensions. We also cover common pitfalls and where professional support can help.
What Is a Widow’s Pension?
A widow’s pension is a general term used to describe pension income or benefits that may be paid to a surviving spouse or civil partner after someone dies. In the UK widows' pension system, this can include State Pension elements, workplace survivor pensions and private pension benefits rather than a single guaranteed payment.
A widow’s pension may come from:
The State Pension system
A workplace or occupational pension scheme
A private or personal pension
Older bereavement-related benefits (for deaths before April 2017)
The amount, structure and duration of any widow’s pension depend on several factors, including when the death occurred, the type of pension involved, and whether the surviving partner meets the eligibility criteria.
What Bereavement Benefits Are Available in the UK?
The UK no longer provides a traditional widow’s pension in the way it once did. Instead, most people now receive support through Bereavement Support Payment (BSP), alongside potential pension entitlements, depending on your circumstances and the arrangements your partner had in place.
Bereavement-related support may include:
Bereavement Support Payment (BSP) – a Government benefit paid as an initial lump sum followed by monthly payments for up to 18 months
Inherited elements of the State Pension, where applicable, depending on when your spouse reached State Pension age and their National Insurance record
Survivor’s pensions from workplace schemes, which may provide a regular income or a lump sum to a surviving spouse or dependant
Benefits from private or personal pensions, including lump sums, inherited drawdown pots, or ongoing income, depending on how the pension was set up
These benefits can be claimed together, depending on your circumstances, and are not always means-tested.
Who Can Claim a Widow’s Pension or Bereavement Benefits?
Eligibility for bereavement benefits depends on your relationship to the deceased and their National Insurance record or pension arrangements. Different benefits have different qualifying rules, so entitlement is not always straightforward.
You may be eligible to claim bereavement benefits if:
You were married to, or in a civil partnership with, the person who died at the time of their death.
Your late spouse or civil partner paid enough National Insurance contributions or died as a result of a work-related illness or accident.
You meet any age, residency or timing requirements, particularly for Bereavement Support Payment.
The deceased was a member of a workplace or private pension scheme that provides survivor benefits.
Unmarried partners are generally not eligible for State bereavement benefits, including Bereavement Support Payment or inherited State Pension rights. However, some workplace and private pension schemes do recognise long-term partners or cohabitees, provided the deceased completed a valid beneficiary or nomination form.
How the State Pension Is Affected When a Spouse Dies
Many people ask: “If my husband dies, do I get his State Pension?” The answer depends on whether your spouse reached State Pension age before or after 6 April 2016.
Old State Pension (pre-April 2016)
If your spouse reached State Pension age before April 2016, you may be able to inherit:
Part of their Basic State Pension
Some or all of their Additional State Pension (SERPS/S2P)
This could increase your own State Pension entitlement.
New State Pension (post-April 2016)
Under the newer system:
You cannot inherit your spouse’s full State Pension
You may inherit a protected payment if one exists
Some transitional protections still apply in limited cases
Because these rules are highly technical, checking your position with HMRC or an adviser is often essential.
How Much Is a Widow’s Pension?
There is no single answer to how much a widow’s pension is, as the amount varies by source.
A widow’s pension could include:
Bereavement Support Payment (up to £3,500 lump sum plus monthly payments)
An inherited State Pension top-up
A percentage of a workplace pension (often 50–66%)
Lump sums or drawdown income from private pensions
Typical examples
SourceWhat you may receiveState PensionPartial inheritance in some casesWorkplace pensionOngoing survivor income or lump sumPrivate pensionLump sum, income, or bothBereavement Support PaymentFixed lump sum + monthly payments
For this reason, questions such as “how much is a widow's pension?” can only be answered accurately once all income sources are reviewed together.
Bereavement Support Payment Explained
Bereavement Support Payment (BSP) replaced older widows’ benefits in April 2017. It is designed to provide short-term financial support following a bereavement. BSP is paid regardless of your income or savings and is designed to support people of working age, rather than act as a long-term replacement for pension income.
What the Bereavement Support Payment includes
Bereavement Support Payment consists of two parts: a one-off lump sum, paid shortly after a successful claim, and monthly payments for up to 18 months. Higher rates are available if you have dependent children.
Key features of Bereavement Support Payment
Bereavement Support Payment:
Is not means-tested
Is not affected by your savings or other income
Is paid tax-free
Does not reduce entitlement to the State Pension or most other benefits
You usually need to make a claim within a certain timeframe following the death to receive the full amount, although late claims may still qualify for partial payments.
It is important to remember that, while BSP can provide valuable short-term help, it does not provide a lifelong income or replace a widow’s pension.
Inherited State Pension Rules
It may be possible to inherit part of a spouse or civil partner’s State Pension, but this depends on when they reached State Pension age and the type of State Pension they were receiving.
Inherited State Pension rights may apply in situations involving:
The old State Pension system (for people who reached State Pension age before April 2016)
Protected payments created when the new State Pension was introduced
Deferred State Pension increases, where the deceased delayed claiming their State Pension
Under the new State Pension system, inheritance is far more limited than it was in the past. In many cases, only specific protected elements or deferral increases can be passed on, rather than the full pension amount. Reviewing a deceased spouse’s State Pension position carefully can help ensure any available inherited income is not missed.
What Happens to Workplace and Private Pensions When Someone Dies?
When someone dies, the way their pension is treated depends on the type of pension they had, how it was structured, and whether survivor or beneficiary arrangements were in place, making it important to understand what income or lump sums may pass to a spouse, partner or dependants.
Workplace pensions
Most defined benefit (final salary) schemes pay:
A survivor’s pension (often 50% of the original pension)
Sometimes a dependent’s pension for children
Defined contribution workplace pensions may provide:
A lump sum
Ongoing drawdown income
Tax-free benefits if death occurs before age 75
Private and personal pensions
Private pensions, including SIPPs, are typically passed on based on:
Nomination forms
Trust rules
Age at death
Many pensions can be inherited tax-free if death occurs before age 75, making them a significant part of estate planning.
Claiming a Widow’s Pension or Bereavement Benefits
When claiming a widow’s pension or bereavement benefits, in most cases, the first step is to use the ‘Tell Us Once’ service, which allows you to notify government departments of a death in one go. This helps stop State Pension payments where appropriate and ensures your details are shared with relevant bodies.
You may then need to take further action, including:
Applying separately for Bereavement Support Payment (BSP) through the DWP
Contacting workplace pension providers to establish whether a survivor’s pension, lump sum or dependent’s benefits are payable
Notifying private or personal pension providers and checking nomination or beneficiary forms
Requesting information about any inherited State Pension entitlements, where applicable
Supporting documents are usually required, such as:
The death certificate
National Insurance numbers for both you and your spouse or civil partner
Marriage or civil partnership details
Pension policy or scheme references, if available
Because benefits and pension entitlements can overlap, and some may be missed if not claimed correctly, many people find it helpful to seek guidance to ensure all available support is identified and accessed at the right time.
Common Issues and Mistakes to Avoid When Claiming
Claiming bereavement benefits and pensions is not always straightforward, and it’s common for important steps to be missed at an already difficult time.
Common issues include:
Assuming benefits are paid automatically, when many require an active claim
Missing time limits for Bereavement Support Payment
Overlooking inherited State Pension entitlements under older rules
Confusing State bereavement benefits with workplace or private pension rights
Failing to consider how survivor benefits may be taxed or interact with other income
These mistakes can result in lost income or delayed payments. Taking time to understand what you may be entitled to and checking each element carefully can make a significant difference to your long-term financial security.
How My Pension Expert Can Help with Bereavement and Pension Planning
Bereavement often brings complex financial decisions at an emotionally overwhelming time. Pension and benefit rules can be difficult to navigate, particularly when entitlements exist across government benefits, workplace schemes and private pension arrangements.
My Pension Expert provides regulated guidance to help you understand your position clearly and avoid costly or irreversible decisions. Our support can include:
Reviewing a widow’s pension and bereavement benefit entitlements
Checking inherited State Pension rights and transitional protections
Assessing survivor benefits from workplace and private pensions
Explaining tax implications and income options
Helping plan a sustainable, long-term income following bereavement
Our role is to provide clarity, reassurance and perspective, allowing you to make informed decisions at your own pace, with confidence that nothing important has been overlooked.
Frequently Asked Questions

### Pension Credit Explained: What It Is, Who Qualifies & How to Claim
What is Pension Credit?
Pension Credit is a government benefit that boosts the income of people who are over Pension Credit age and on a lower income. If your weekly income falls below a minimum threshold, Pension Credit can top it up to ensure you have a basic level of financial support later in life.
Many eligible households miss out simply because they don’t realise they qualify, and the benefit can also provide access to valuable extras such as help with housing costs, heating payments, and even free TV licences for some age groups.
Pension Credit is made up of two parts, each supporting income in different ways:
Guarantee Credit
This element tops up your income to a minimum level set by the government. If your income is below that threshold, Guarantee Credit brings it up to that amount. This is the most common part of Pension Credit, providing ongoing income support.
Savings Credit
Savings Credit rewards individuals who have saved additional money for retirement, either through private pensions or personal savings. Not everyone qualifies, and it’s only available to people who reached State Pension age before April 2016.
Understanding what Guaranteed Pension Credit is and how it differs from Savings Credit is key to working out your entitlement.
Who Is Eligible for Pension Credit?
Eligibility for Pension Credit is based on your age, income and personal circumstances. You can apply for it, if you have reached the qualifying age (the same as the State Pension age), you live in England, Scotland or Wales or your income is below the government threshold.
To work out your pension credit eligibility, the government looks at your total income, which may include the following:
State Pension
Workplace or private pensions
Employment earnings (if working)
Benefits such as a Carer’s Allowance
Savings, withdrawals or income from investments
Certain benefits and disability payments may not reduce your entitlement. If you live with a partner, you must apply together, and your combined income will be assessed
How Much Is Pension Credit Worth?
Unlike a standard benefit with a fixed payment, Pension Credit raises your weekly income to a guaranteed minimum set by the government. If your income falls below this threshold, it’s topped up to the required level. The amount you receive depends on whether you are applying as a single person or as a couple, and thresholds are reviewed annually.
If you qualify for Guarantee Credit, your income is topped up to meet the minimum weekly threshold. Some people also receive Savings Credit, and your entitlement may be higher if you:
Care for someone with a disability
Receive disability benefits yourself
Are responsible for a child or young person
Have certain eligible housing costs
Because of these additional elements, many people are entitled to more support than they expect, which is why it’s worth checking your Pension Credit entitlement, even if you receive a private pension or have savings.
Pension Credit Savings Rules & Limits
Many people mistakenly believe they cannot claim if they have savings, but there is no strict Pension Credit savings limit. However, if you have more than £10,000 in savings or investments, your entitlement may be affected. For every £500 above £10,000, the government assumes a small amount of additional weekly income when calculating your benefit.
This doesn’t mean your savings will exclude you; it simply affects how your income is assessed. Private pensions, income from annuities and money held in savings accounts can all influence your entitlement, so it’s often worth checking your exact position with the government’s calculator or by contacting our financial advisory team.
How to Apply for Pension Credit
Applying is straightforward, and you can do it yourself without needing a solicitor or financial adviser. You’ll be asked for your National Insurance number, details of your income (including pensions, benefits and savings), and your bank account information so payments can be made directly to you. If you have housing costs such as rent or service charges, these may also be relevant to your claim.
You can apply for Pension Credit in three ways:
Online via the government website
Over the phone using the Pension Credit claim line
By requesting a paper form
Claims can be backdated for up to three months if you were eligible during that period but hadn’t applied, meaning you may receive a lump-sum back payment.
Pension Credit & the State Pension
Receiving Pension Credit does not reduce your State Pension, and your State Pension does not reduce your entitlement. Instead, they work together to create your total retirement income.
However, your State Pension does form part of your income calculation. If your State Pension is below the Pension Credit threshold, Guarantee Credit may top up your income. Some people who defer their State Pension or receive reduced pension income due to gaps in National Insurance contributions could be more likely to qualify.
If you receive Pension Credit, you can still choose to take a private pension or keep money invested, and it may not affect your entitlement in the same way as receiving income from it. Seeking guidance can help you understand how private and State incomes interact.
Other Benefits You May Receive If You Qualify
Pension Credit doesn’t just boost your weekly income; it can unlock a wide range of other financial support that reduces day-to-day living costs. In some cases, the value of these additional benefits can be worth more than the payment itself, which is why checking your entitlement is so important, even if you only qualify for a small amount.
If you receive Pension Credit, you may also get:
Free TV licence (if you’re over 75) – paid for directly by the government.
Council Tax reductions – or you may not have to pay any Council Tax at all.
Help with NHS costs – including free dental treatment, prescriptions in some areas, and vouchers for glasses or contact lenses.
Cold Weather Payments – extra payments during periods of severe winter weather.
Housing Benefit – if you rent your home, you may have some or all of your rent paid for.
Support for mortgage interest – homeowners may receive help with the cost of mortgage interest through the Support for Mortgage Interest (SMI) scheme.
Discounts on energy and utility bills – you may be eligible for schemes such as the Warm Home Discount or other energy support programmes offered by suppliers.
These additional benefits can significantly reduce your monthly expenses, offering meaningful support beyond the weekly Pension Credit payment.
Why Pension Credit Matters for Your Retirement Income
For people who rely primarily on the State Pension, or whose private pensions are smaller, Pension Credit can make a meaningful difference to quality of life. It provides stability, reduces financial stress and offers access to wider support that helps manage day-to-day living costs.
Because many people don’t realise they qualify, they miss out on payments they’re entitled to. Checking eligibility is particularly important if:
Your State Pension is lower than expected
You live alone
You have modest savings
You’ve reduced your working hours
You receive disability benefits
Understanding your Pension Credit entitlement can help protect your financial well-being throughout retirement.
Frequently Asked Questions

### Pension Transfers: How They Work, Benefits and Things to Consider
A pension transfer can be a useful way to take control of your retirement savings. Whether you have several old pensions, are reviewing your retirement plans, or simply want to understand your options, it’s important to know how pension transfers work and what to consider before making a decision.
Below, we explain what a pension transfer is, why people consider one, the key pension transfer rules, and the risks and benefits involved, to help you evaluate your options and decide whether transferring could be right for you.
What is a Pension Transfer?
A pension transfer is when you move your pension savings from one pension scheme to another. This could involve transferring:
An old workplace pension to a new provider
Several pensions into one plan
A workplace pension into a personal pension or SIPP
People often choose to transfer pension savings to make their pensions easier to manage or to access different features. However, transferring isn’t always the right choice, and some pensions include valuable benefits that could be lost.
How Pension Transfers Work
A pension transfer involves moving the value of one pension scheme into another. While the basic steps are similar, the experience can differ depending on the pension type and providers involved.
What happens during a pension transfer?
When you transfer your pension, your current provider confirms the value of your pension and transfers it directly to your new provider. The money stays within the pension system throughout, meaning it does not pass through your bank account and keeps its tax-efficient status.
Investment treatment during the transfer
In most pension transfers, existing investments are sold and moved as cash before being reinvested in the new pension. This usually means there is a short period where your pension is out of the market while the transfer is completed. During this time, the value of your pension will not rise or fall with market movements, so it will not benefit from any gains or be affected by any losses. This is a normal part of the transfer process.
Cash Equivalent Transfer Value (CETV)
If you are transferring a defined benefit pension, you will receive a Cash Equivalent Transfer Value (CETV). This is the lump sum offered in exchange for giving up your future guaranteed income. A CETV is usually valid for three months. If it expires, a new value will be issued, which may be higher or lower.
Reasons People Consider Transferring a Pension
People consider transferring a pension for a range of reasons, often linked to changes in work, lifestyle or retirement plans. Some of the most common reasons include:
Simplifying retirement planning by bringing multiple pensions into one place
Reducing charges, particularly where older pensions are more expensive
Gaining flexibility, especially around how and when income is taken
Accessing a wider range of investments, allowing greater control over how savings are invested
Matching pensions with retirement goals, such as phased or early retirement
For many, the question “should I transfer my pension” comes from a need for clarity and control rather than dissatisfaction with an existing scheme.
Pension Transfer Rules and Regulations
Pension transfer rules are designed to protect savers and reduce the risk of poor outcomes.
Important rules include:
Most pensions can be transferred at any age, though access to funds is usually restricted until age 55 (rising to 57 in 2028)
Transfers from defined benefit pensions worth more than £30,000 require regulated financial advice
Providers must carry out checks to reduce the risk of pension scams
Older pensions may include exit charges or guarantees that could be lost
Safeguards and scam protection
Pension transfers are a common target for scams. Providers look for warning signs, often called red or amber flags, such as pressure to act quickly or complex, unusual investment structures. These checks help protect your retirement savings.
Pension Transfer Options
There are several pension transfer options, and the right one depends on what you want your pension to do in retirement.
Common options include:
Transfer to a personal pension
Move to a self-invested personal pension (SIPP)
Consolidate multiple pensions into one plan
Transfer between workplace pensions
Each option offers different levels of flexibility, cost and investment choice.
Transferring Between Defined Contribution Pensions
Transferring between defined contribution pensions is usually more straightforward than other pension transfers. People may transfer DC pensions for the following reasons:
To combine pensions from different jobs
To reduce paperwork and administration
To access different investment options
To prepare for retirement income planning
It’s still important to check whether your existing pension includes features that could be lost when you transfer pension savings.
Transferring a Defined Benefit Pension
A pension transfer from a defined benefit pension is one of the most complex retirement decisions you can make. Defined benefit pensions provide a secure income for life. When you transfer pension benefits from a DB scheme, you exchange this income for a lump sum (the CETV), which is invested in a defined contribution pension. Once transferred:
The guaranteed income is lost
Your retirement income depends on investment performance
You take responsibility for managing withdrawals
Why financial advice is required
If the CETV is over £30,000, regulated financial advice is required by law. This reflects the fact that most people are better off retaining their guaranteed benefits.
An adviser will assess factors such as your income needs, attitude to risk, health, life expectancy and other sources of secure income.
Defined Contribution vs Defined Benefit Transfers
FeatureDefined Contribution TransferDefined Benefit TransferIncome certaintyNo guaranteed incomeGuaranteed income lostAdvice requiredNot usuallyRequired over £30,000FlexibilityHighGained after transferInvestment riskMember bears riskMember takes on riskComplexityLowerSignificantly higher
Understanding the differences between defined contribution and defined benefit transfers is important when planning for retirement. This comparison highlights why DB pension transfers require much closer scrutiny.
Should You Transfer Your Pension?
A suitable pension transfer depends on your circumstances, priorities and long-term plans. There is no single right answer, and what works well for one person may not be appropriate for another.
Before deciding whether to transfer pension savings, it’s important to consider how a transfer would affect your retirement income, flexibility and level of certainty. Asking the right questions can help you assess whether transferring genuinely supports your plans.
Key questions to consider:
Do I value flexibility over a guaranteed income?
Am I comfortable with investment risk and managing my pension over time?
Will transferring make my retirement planning clearer or more complex?
Could I lose valuable benefits, such as guarantees or protected features?
Taking time to reflect on these points can help you decide whether exploring pension transfer options is appropriate before taking the next step.
When a Pension Transfer May or May Not Be Suitable
The suitability of a pension transfer depends on your circumstances and priorities. The comparison below highlights situations where a transfer may or may not be appropriate.
When a pension transfer may make senseWhen a pension transfer may not be suitableYou have several small pensions to manageYou rely heavily on guaranteed incomeYou value flexibility over certaintyYou are uncomfortable with investment ups and downsYou have other secure income sourcesYou are uncomfortable with investment ups and downsYou want more control over how your pension is investedHigh exit charges or penalties apply
How to Transfer a Pension
Understanding how to transfer a pension can make the process clearer. While providers usually handle most of the administration, it’s useful to know what’s involved before you begin. The transfer process typically involves the following steps:
Gather details of your existing pensions: This includes provider names, current values and any guarantees or special features.
Review pension transfer options: Consider where your pension would be transferred to and how the new arrangement compares in terms of flexibility and charges.
Take financial advice if required: Regulated advice is mandatory for certain transfers, particularly defined benefit pensions over £30,000.
Submit the transfer request: The receiving provider usually manages the paperwork and contacts your existing scheme.
Monitor progress until completion: Transfers can take time, so it’s sensible to keep track until the process is finished.
Typical Steps and Timescales
The time it takes to complete a pension transfer depends on the type of pension and whether advice is required.
The time it takes to complete a pension transfer varies depending on the type of pension involved. Transfers between defined contribution pensions are usually completed within two to six weeks, while transfers from defined benefit pensions tend to take longer, often around two to four months.
Timescales can vary depending on provider efficiency, the complexity of the pension, and whether additional checks or advice are needed.
Risks and Things to Consider Before Transferring
Every pension transfer involves trade-offs. While transferring may offer greater flexibility or simplicity, it can also involve risks that need to be carefully considered.
Key risks to be aware of
Investment risk – once transferred, pension values can rise or fall depending on market performance
Loss of guarantees and benefits – particularly with defined benefit pensions or older schemes
Charges – including advice fees and ongoing pension charges
Timing risk – market movements during the transfer process may affect outcomes
Pension scams – transfers are a common target for fraudulent activity
Taking time to understand these risks helps ensure pension transfers are considered carefully and for the right reasons.
How My Pension Expert Can Help With Pension Transfers
My Pension Expert helps people understand pension transfers clearly and confidently, providing support throughout the decision-making process.
My Pension Expert supports you by:
Reviewing your existing pensions in detail
Explaining pension transfer rules and requirements in plain English
Helping you compare and understand pension transfer options
Providing regulated financial advice where required
Supporting you through the transfer process from start to finish
We aim to help you make informed decisions that support your long-term retirement plans by understanding your available options and what they could mean for you. Please note that My Pension Expert does not provide advice on defined benefit (final salary) pensions, as these are structured differently from other pension types.
Frequently Asked Questions

### How Much Pension Do I Need to Retire?
Pension Transfers: How Much Pension Do I Need for Retirement?
Whether you are early in your career or approaching retirement age, being able to answer the question, “How much pension do I need in retirement?” confidently can help you make better, more informed decisions about saving, investing and long-term planning.
This guide explores why there is no single “right” answer to this question, what influences retirement income needs, and how to think about what a good pension pot is for your own circumstances.
Why There’s No Single “Right” Pension Amount
There is no universal answer to the question, “How much pension do I need?” because retirement looks different for everyone. Income needs vary depending on lifestyle, health, housing costs and whether you will receive other sources of income.
Two people retiring at the same age with the same pension pot could experience very different outcomes depending on how they plan to live in retirement and how their income is structured.
Rather than focusing on a single number, it can be more helpful to think in terms of:
The lifestyle you want in retirement
Your expected retirement income needs
How long your retirement may last
How your pension will be accessed
What Factors Affect How Much Pension You Need
Several key factors influence how much you may need from a pension pot. Understanding these can help you build a more realistic and personalised goal.
Lifestyle and retirement goals
Your desired lifestyle is one of the biggest drivers of retirement income needs. Some people plan a relatively modest retirement, while others expect higher spending, particularly in the early years. Things to consider include:
Travel and holidays
Hobbies and leisure activities
Helping family members financially
One-off expenses, such as home improvements
A more active retirement usually requires a larger pension pot, particularly if spending is higher in the early years of retirement
State Pension entitlement
The State Pension forms a foundation of retirement income for many people, but on its own, it is unlikely to provide a comfortable standard of living.
You can check your entitlement and forecast using the Government’s official service. Knowing what you are likely to receive helps you assess how much additional income your private or workplace pension needs to provide.
When considering the question, “how much pension do I need to live comfortably?”, it is important to include the State Pension as part of your overall income picture, rather than viewing your pension pot in isolation.
Housing costs and debt
Housing has a significant impact on retirement income needs. Someone who owns their home outright will usually need less income than someone who is still paying rent or a mortgage.
Key considerations include:
Whether your mortgage will be repaid by retirement
Ongoing rent or service charges
Maintenance and repair costs
Downsizing plans
Lower housing costs in retirement can reduce pressure on your pension pot.
Health and longevity
Health and life expectancy also affect how big your pension pot should be. A longer retirement means your income needs to last longer, increasing the importance of sustainable withdrawals.
While it is impossible to predict exactly how long you will live, planning for a longer retirement can help reduce the risk of running out of income later in life.
What Is a Good Pension Pot?
Many people may be considering what a good pension pot looks like. While online figures and averages can be useful as a broad reference, they should always be treated with caution.
There is no single pension pot size that works for everyone. A pot that feels sufficient for one person may be too small or unnecessarily large for another, depending on income needs, retirement age and how long the money needs to last.
Rather than aiming for a specific figure, it’s often more helpful to think about how your pension pot will be used and what level of income it may be able to support over time.
Pension pot size vs retirement income
Focusing solely on pot size can be misleading. What matters more is the income your pension can provide throughout retirement.
Several factors influence this, including:
Investment performance over time
How and when income is taken
The length of your retirement
Whether income needs vary at different stages
This is why two people with the same pension pot can experience very different retirement outcomes.
How Much Pension You Need to Live Comfortably
The idea of a “comfortable” retirement is subjective and varies from person to person. However, research often groups retirement lifestyles into broad categories, such as minimum, moderate and comfortable, to help people think about income needs in practical terms.
A comfortable retirement is typically associated with greater financial freedom and choice, rather than simply covering essentials.
A comfortable lifestyle may include:
Regular holidays, including trips abroad
Running a car or upgrading vehicles when needed
Eating out, hobbies and leisure activities
Flexibility to manage unexpected costs without financial strain
Understanding how much pension I need to live comfortably involves matching your expected spending with realistic income assumptions, rather than relying on a single pension pot figure.
For many people, spending is higher in the earlier years of retirement and may decrease later, which can also influence how income is planned and drawn.
Pension Pot Benchmarks by Age
Benchmarks can help provide context when reviewing progress, though they are not targets in themselves.
AgeIllustrative pension potWhat this reflects30Around 1 x annual salaryEarly career stage, with time on your side and contributions still building30Around 1 x annual salaryRegular contributions established, growth becoming more meaningful50Around 4–6 x annual salaryPeak earning years, increased focus on retirement planning60Around 6–8 x annual salaryFinal preparation stage before retirement, income planning becomes clearer
These figures are illustrative only and depend heavily on earnings, contributions and investment performance.
How to Estimate Your Own Pension Target
Estimating how much do I need in my pension pot starts with understanding the level of income you are likely to need in retirement, rather than focusing solely on a single savings figure.
A structured approach can help turn broad retirement goals into a clearer, more realistic pension target.
A step-by-step approach
Estimate your annual spending in retirement: Start by thinking about day-to-day living costs, leisure spending and any one-off expenses. Spending may be higher in the early years of retirement and reduce later on.
Subtract expected State Pension income: Check your State Pension forecast to understand how much income this may provide and how it fits into your overall plans.
Identify other income sources: This might include workplace or personal pensions, savings, investments, rental income or part-time work.
Calculate the income gap: The difference between your expected spending and guaranteed income shows how much income your pension savings need to provide.
Estimate the pension pot required: Use the income gap as a starting point to estimate the size of pension pot needed, taking into account how your pension may be accessed and how long it needs to last.
This process helps translate lifestyle goals into a clearer savings target and highlights where adjustments may be needed, such as increasing contributions or reviewing retirement plans.
How Your Pension Is Paid in Retirement
How you access your pension plays an important role in determining both the flexibility of your income and how long your pension savings may last. The way income is taken can affect risk, certainty and long-term sustainability.
Common retirement income options
Flexi-access drawdown - allows you to keep your pension invested while taking income as needed. This offers flexibility, but income levels and pension values can vary depending on investment performance.
Annuities - provide a regular income in exchange for some or all your pension pot. Annuities can offer greater certainty but usually involve giving up flexibility.
Lump-sum withdrawals - involve taking money directly from your pension when needed. While this can be useful for short-term needs, it may affect how long your pension lasts.
A combination of options - many people use a mix of approaches to balance flexibility and income security over time.
Each option has different implications for income certainty, flexibility and risk. Understanding these choices is an important part of planning how much pension I need, as the way your pension is accessed affects how much income it can realistically provide.
How My Pension Expert Can Help You Plan Your Retirement
Planning for retirement can feel complex, particularly when you’re trying to understand how different choices may affect your long-term income. My Pension Expert helps bring clarity to this process, so you can make decisions with confidence.
We work with you to build a clear picture of your retirement plans, considering your current pensions, savings, lifestyle goals and attitude to risk. Our support is tailored to your circumstances, rather than based on generic assumptions or averages.
My Pension Expert can help by:
Reviewing your existing pensions and savings in detail
Helping you understand what a good pension pot is for your individual situation
Modelling different retirement income scenarios to show how choices may affect outcomes
Assessing contribution levels, investment approach and retirement timing
Providing regulated financial advice where appropriate
Our aim is to help you feel informed, supported and confident about your retirement plans, with a clear understanding of your options and the potential impact of your decisions.
Frequently Asked Questions

### How to Top-up Voluntary NI Contributions
Voluntary National Insurance Contributions: How to Top Up Your State Pension
Understanding your National Insurance (NI) record is an important part of retirement planning. For many people, gaps in their NI history can reduce the amount of State Pension they receive. This is where voluntary national insurance contributions can help.
Below, we explain what voluntary national insurance contributions are, who can pay them, how much they cost, and whether topping up your NI record is worthwhile. We also explain how missing NI years affect your State Pension and when professional advice can help you decide.
What Are Voluntary National Insurance Contributions?
Voluntary national insurance contributions are payments you can choose to make to fill gaps in your National Insurance record. These gaps may arise if you were not working, earned below the NI threshold, lived abroad, or were self-employed and earned low profits.
National Insurance contributions help determine your entitlement to the State Pension and certain other benefits. If you have missing years, you may receive less than the full State Pension unless those years are filled.
Voluntary contributions allow you to add qualifying years to your record, which can increase your future State Pension entitlement.
How Voluntary NI Contributions Work
The UK NI system is based on qualifying years. Each qualifying year adds value to your State Pension, up to the maximum amount.
If you do not automatically build a qualifying year through work or credits, you may be able to make voluntary NI contributions to cover that year.
Key points to consider
Contributions are paid directly to HMRC
Payments are linked to specific tax years
You usually choose which missing years to fill
Each additional year may increase your State Pension
Not every missing year needs to be filled, and not every year will improve your outcome. Understanding how each year affects your entitlement is essential before paying contributions.
Who Can Pay Voluntary National Insurance Contributions?
You may be able to pay voluntary National Insurance contributions if you have gaps in your National Insurance (NI) record and are not building qualifying years automatically through work or credits.
Groups who may be eligible include:
People who took career breaks, such as time out of work to raise children or care for family members
Those who lived or worked abroad and did not pay UK National Insurance
Self-employed individuals with low profits who did not pay enough NI to qualify for a full year
People who retired early or stopped working before State Pension age
Individuals whose earnings were below the National Insurance threshold
Before choosing to pay voluntarily, it’s important to check whether you are entitled to NI credits instead. Credits can be awarded automatically and can fill gaps in your record at no cost. Checking for available credits first can prevent unnecessary payments.
Why You Might Want to Top Up Your National Insurance Record
Many people consider making voluntary National Insurance contributions after checking their State Pension forecast and realising they are not on track to receive the full amount.
Common reasons for choosing to top up include:
Increasing guaranteed retirement income – each additional qualifying year can raise your State Pension, providing secure, inflation-linked income for life.
Reducing reliance on private savings – a higher State Pension can ease pressure on workplace or personal pensions.
Filling gaps in employment history – time spent caring, working abroad, earning low self-employed profits or retiring early can all result in missing NI years.
Improving financial certainty – the State Pension is not affected by investment markets, making it a stable foundation for retirement planning.
Topping up your NI record can be highly cost-effective, but it is not suitable in every case. The value depends on your age, existing record and whether additional years will genuinely increase your entitlement.
How Missing NI Years Affect Your State Pension
Under the new State Pension system, the number of qualifying years you hold directly affects how much State Pension you receive.
You usually need at least 10 qualifying years to receive any State Pension
You typically need 35 qualifying years to receive the full State Pension
If you have fewer than 35 years, your pension is reduced proportionally
How qualifying years translate into State Pension income
Each qualifying year adds roughly 1/35th of the full State Pension. Missing years, therefore, permanently reduce your entitlement unless they are filled.
How Missing NI Years Affect Your State PensionApproximate State Pension Entitlement10 years29% of the full State Pension20 years57% of the full State Pension30 years86% of the full State Pension35 yearsFull State Pension
This is why many people explore National Insurance top-up options later in life, particularly if they are close to retirement and have limited time remaining to build qualifying years through work or NI credits.
How to Top Up National Insurance Contributions
Topping up your National Insurance record involves paying voluntary contributions to HMRC for specific tax years where you have a shortfall. The process typically follows these steps:
Check your National Insurance record – using your HMRC online account to see which years are complete and which have gaps.
Review your State Pension forecast – to confirm whether adding extra years will increase your future pension.
Identify eligible years and costs – some years may be partially complete and cheaper to fill, while others may not improve your entitlement due to transitional rules.
Make payment to HMRC – once confirmed, you pay HMRC directly using the reference provided for the tax year you are completing.
Not all missing years are worth filling, and paying without checking can result in contributions that add no benefit. Confirming eligibility and value before making any payment is essential.
Paying Voluntary NI Contributions Online
Many people choose to pay voluntary National Insurance contributions online, which is usually the quickest method. The methods you can use are:
Paying via bank transfer
Paying using online banking
Using HMRC payment references for specific tax years
Understanding how to pay voluntary National Insurance contributions online ensures payments are allocated correctly and credited to the intended year. Always remember to confirm payment allocation after submission.
Deadlines and Backdating Rules
There are time limits for paying voluntary National Insurance contributions, meaning the option to fill missing years does not remain open indefinitely. In most cases, you can pay voluntary contributions for gaps going back up to six tax years. Each tax year has its own deadline, and once that deadline passes, HMRC will usually refuse payment for that year.
In some circumstances, temporary transitional rules may allow you to backdate contributions further than six years. These extensions only apply to specific groups and can be withdrawn at any time.
Key points to consider:
Deadlines vary by tax year
Extended backdating rules are time-limited
Missed deadlines usually mean the year is lost permanently
Because missed deadlines can permanently reduce your State Pension entitlement, reviewing your National Insurance record early is essential.
How Much Voluntary NI Contributions Cost
The cost of topping up your National Insurance record depends on the class of contribution you are eligible to pay and whether you are filling a full or partial year.
Typical Class 3 voluntary contribution costs
Contribution typeApproximate costWhat this meansOne full qualifying year£800–£900Fills an entire missing tax year and adds one full qualifying year to your NI recordPartial qualifying yearPro-rata amountCompletes a year where some NI was already paid, often at a much lower costMultiple yearsVaries by yearCompletes a year where some NI was already paid, often at a much lower cost
Class 3 contributions are the most common option for people who are no longer working or who have gaps in their record. In many cases, filling a partial year can be significantly cheaper than paying for a full year, making it particularly cost-effective.
How Many Years Do You Need for the Full State Pension
Most people need 35 qualifying years of National Insurance contributions to receive the full State Pension. Fewer years will usually result in a proportionately lower amount, while having at least 10 qualifying years is generally required to receive anything at all.
However, the position is not always straightforward, as some people may already have a protected amount, while others may not benefit from additional years. Transitional rules can also cap improvements.
For these reasons, simply aiming for 35 years is not always the right strategy. Any decision to top up National Insurance should be based on your individual State Pension forecast, confirming that extra years will genuinely increase your future income.
Is Topping Up Your National Insurance Worth It?
Whether voluntary National Insurance contributions are worth paying depends on your personal circumstances and where you are on your retirement journey.
Key factors to consider:
Your current qualifying years
Your forecasted State Pension
Your age and retirement timeline
Whether additional years increase entitlement
In many cases, topping up can provide an excellent return. In others, it may have little or no impact. A targeted cost-versus-benefit review is essential before making any payment.
Alternatives to Voluntary NI Contributions
Paying voluntary NI is not the only way to improve your retirement position, and it should never be considered in isolation. Before committing to a payment, it’s important to explore other options that may be more suitable or cost-effective, such as:
NI credits through childcare, caring responsibilities or certain benefits
Deferring your State Pension to increase future payments
Making additional private pension contributions
Reviewing workplace pension contributions and employer matching
Each alternative comes with different tax treatment, flexibility and long-term implications. Comparing these options alongside voluntary NI contributions helps ensure you choose the approach that best fits your wider financial plans.
How My Pension Expert Can Help You Decide
Deciding whether to pay voluntary National Insurance contributions is not always straightforward, and once paid, contributions are usually irreversible. Getting the decision wrong can mean paying for years that add no real benefit.
My Pension Expert can help you by:
Reviewing your National Insurance record and State Pension forecast
Identifying which missing years are genuinely worth filling
Highlighting years that may not improve your entitlement
Comparing voluntary NI contributions with alternative planning options
Helping you make informed, evidence-based decisions
Our role is to provide clarity and confidence, ensuring that any action you take improves your retirement position in a meaningful and measurable way, rather than relying on assumptions.
Frequently Asked Questions

### UK State Pension Age: Current Rules, Increases & Upcoming Changes
What Is the State Pension Age?
Your State Pension age marks the earliest point you can claim support from the UK State Pension, and it plays a key role in planning your retirement. It is:
Set by law and decided by the UK Government
Based mainly on your date of birth
The same for men and women under current rules
It’s important to remember that your State Pension age is not the same as your workplace or personal pension age. Many private pensions can be taken earlier (currently from age 55), although this is not a compulsory retirement age. You can also carry on working after you reach State Pension age if you wish.
The amount you receive is based on your National Insurance (NI) record. In most cases, you’ll need at least 10 qualifying years for any State Pension, and 35 qualifying years for the full new State Pension.
The Current State Pension Age in the UK
Under current legislation, the state pension age in the UK is 66 for both men and women. If you’ve already reached 66, you can usually claim your State Pension now (or may already be receiving it). If you’re below 66, your own State Pension age may be 66, 67 or 68, depending on your date of birth.
Because the rules are tied to exact dates of birth and phased increases, working out your State Pension age manually can be confusing. The Government’s online calculator uses your details to apply the correct timetable automatically, so you can see the exact age and the date you’ll qualify to claim.
Upcoming State Pension Age Changes (Including 2026)
A planned state pension age increase has already been set out in UK law. According to the current timetable, the next change begins in 2026:
The State Pension age will start rising from 66 to 67 between 6 May 2026 and 6 April 2028.
A further increase, from 67 to 68, is currently planned for 2044 to 2046.
If you were born between 6 April 1960 and 5 April 1977, the increase to 67 is likely to affect you. If you were born after 5 April 1977, your State Pension age may be 68, based on the current legislative timetable.
There is also ongoing discussion about whether the rise to 68 could be introduced earlier, though no decision has been made. Any change would require further government legislation.
Why the State Pension Age Is Increasing
Successive governments have argued that a State Pension age rise is necessary to keep the system fair and financially sustainable. There are three main reasons behind this:
People are living longerWhen the modern State Pension was first introduced, most people drew it for only a short period. Today, life expectancy has increased, and many people now spend 20 years or more in retirement.
The cost of the State Pension is risingThe State Pension is protected by measures such as the “triple lock”, which usually increases payments each year. As the retired population grows, this means the overall cost of providing the State Pension takes up a larger share of public spending.
Balancing generationsRaising the State Pension age is intended to share costs more fairly between current pensioners and younger workers who fund State Pension payments through taxes and National Insurance. However, charities and campaign groups highlight that working longer can be difficult for some people, especially those in poorer health or in manual roles.
Government Reviews of the State Pension Age
Under the Pensions Act 2014, the government must carry out a formal review of the State Pension age at least once every six years. These reviews look at:
Life expectancy and healthy life expectancy
The affordability of the State Pension
Wider economic and demographic trends
The impact of changes on different groups of people
The 2017 and 2023 reviews
An independent review in 2017 recommended that the State Pension age should rise to 68 between 2037 and 2039. A later review, published in March 2023, confirmed the planned increase to 67 by 2028 but decided not to bring forward the rise to 68 yet.
The 2025 review In July 2025, the Government launched a third review to examine whether the existing timetable remains appropriate, based on the latest life expectancy and economic data. A publication date has not yet been confirmed, and any recommendations are expected to shape policy decisions later in the 2020s
How Future State Pension Age Rises Could Affect You
Understanding how a future state pension age rise might affect you can help you plan with more confidence. Below are a few scenarios to illustrate the impact:
If you’re in your late 50s or early 60s, your State Pension age is likely to be 66 or 67. The 2026–2028 increase may affect you directly if you were born after 5 April 1960. You might need to work, or rely on other income, for an extra year before State Pension payments begin.
If you’re in your late 40s or early 50s, under current rules, you may be due to receive your State Pension at 67 or 68. Depending on the outcome of the current review, that 68 date could, in time, be brought forward, meaning you have longer to wait. 
If you’re in your 30s or younger, the age is currently set at 68 but further rises in the future are possible. For younger savers, private and workplace pensions may therefore play a bigger role.
Whatever your age, you may want to think about:
Building up your workplace or personal pension so you have more flexibility over when to retire
Checking your National Insurance record to make sure you’re on track for the full State Pension
Considering how long you might realistically want, or be able to work
How to Check Your State Pension Age
The simplest way to confirm your own government state pension age is to use the official State Pension age calculator.
Step 1: Use the online State Pension age calculator
You’ll be asked to enter your date of birth and your gender. The calculator will then show:
Your State Pension age under current legislation
The exact date you’ll reach that age
If you are based in Northern Ireland, a similar calculator is available on the NI Direct website, which follows the same rules.
Step 2: Check your State Pension forecast
Next, it’s worth using the State Pension forecast service to see:
How much State Pension you’re currently on track to receive
Whether you have gaps in your National Insurance record
Options for filling those gaps, such as paying voluntary NI contributions
Seeing both your State Pension age and your likely State Pension amount side by side can make it easier to plan when and how you plan to retire.
State Pension Age FAQs

### Personal Pensions: How They Work
Personal pensions play an important role in retirement planning, offering a tax-efficient way to build savings independently of your employer. They allow you to choose your contribution level, select your investments, and shape your retirement income over time.
Below, we cover how personal pensions work, the different types available, and the key rules you should be aware of.
What Is a Personal (Private) Pension?
A personal pension, sometimes called a private pension or private pension scheme, is a retirement savings plan you arrange yourself. Unlike a workplace pension, it isn’t tied to your employer, and you decide how much to contribute and when.
Although you manage it independently, your pension provider invests your contributions into funds or portfolios designed to grow your money over the long term. In return, the government provides tax relief on your contributions, making personal pensions one of the most tax-efficient ways to save for retirement.
A personal pension is:
Set up by you, not your employer
Allows flexible payments
Includes tax relief from the Government
Builds a long-term pot you can access from age 55 (rising to 57 in 2028)
Enables you to choose how your money is invested
A private pension is a personal savings plan designed to help you build retirement income on your own terms.
Types of Personal and Private Pensions
There isn’t just one type of personal pension. Each option offers a different blend of cost, flexibility and control, meaning you can choose a structure that fits your financial goals and investment confidence. The three most common types in the private pension UK market are outlined below.
Stakeholder pensions
A stakeholder pension is designed to be simple and accessible, with low minimum contributions and caps on charges. Payments can start and stop as needed, and the investment choice is deliberately limited to keep things straightforward. Because they’re easy to set up and manage, stakeholder pensions appeal to those beginning their retirement savings or looking for a low-maintenance option.
Self-Invested Personal Pensions (SIPPs)
SIPPs offer a far wider scope of investment choice, giving you control over where your money goes. Depending on the provider, this could include shares, bonds, funds, investment trusts and even commercial property. This level of freedom brings greater responsibility, typically higher charges and a need for closer involvement. SIPPs are therefore more suited to confident investors or those working alongside a regulated financial adviser.
Traditional personal pensions
A traditional personal pension sits between a stakeholder pension and a SIPP. It offers a selected range of investment funds chosen by the provider, alongside flexible contributions and online tools to help you track performance. It’s a popular choice for people who want growth potential without needing to manage every investment decision themselves.
Each type of private pension has its advantages. The right one for you will depend on how hands-on you want to be, how you prefer your money to be managed, and the level of growth potential you’re comfortable aiming for.
Setting Up a Private Pension
You can set up a private pension at any point in your working life; there is no minimum age, apart from needing to be under 75 to receive tax relief. Most people open a personal pension for the following reasons:
They are self-employed
They want to save more on top of a workplace pension
They have leftover pension pots and want to consolidate
They are not eligible for automatic enrolment
They want to control their retirement investment strategy
How to set up a private pension
Setting up a private pension doesn’t need to be complicated. The process is designed to be flexible and accessible. By breaking it down into five simple steps, you can begin building your retirement pot with confidence.
Choose a pension provider – start by choosing a provider or speaking to an adviser who can recommend one that matches your needs.
Decide how much you want to contribute – once you know where your pension will be held, work out how much you’d like to pay in and how often.
Select your investment choice or portfolio – each provider will offer a range of portfolios, from cautious options designed to preserve value, to higher-risk choices aimed at long-term growth.
Set up payments – arrange how your contributions will be made, whether through regular monthly payments, annual contributions or occasional lump sums.
Monitor your pension online – once your pension is up and running, you can track its performance, review your investments and make changes if required.
Many people find professional advice useful at this stage, especially when comparing charges, investment choices and long-term performance.
Paying Into a Personal Pension
One of the biggest advantages of a personal pension is the tax relief you receive on your contributions:
How pension tax relief works:
If you’re a basic-rate taxpayer:For every £80 you contribute, the Government adds £20(Total relief = 20%)
If you’re a higher-rate taxpayer:You can claim an additional £20 through self-assessment(Total relief = 40%)
If you’re an additional-rate taxpayer:You can claim an additional £25 through self-assessment(Total relief = 45%)
Result:Your £80 contribution becomes £100 or more once higher/additional-rate relief is reclaimed.
NB: Tax relief applies whether you hold a personal pension, workplace pension, stakeholder scheme or SIPP.
Investment risk and default funds
Since your pension grows through investment, it’s important to select an approach that matches how much risk you’re willing to take. Most personal pensions offer a default fund for those who prefer a hands-off approach, while others allow you to select different portfolios depending on how you want your money to grow. Reviewing your investments from time to time helps keep them in line with your long-term goals.
Annual allowance
There is a limit to how much you can contribute each year while still receiving tax relief. The current annual allowance is £60,000, or 100% of your earnings for the year, whichever figure is lower. Some people, such as very high earners or those who have already accessed pension income, may have a reduced allowance, but for most savers this remains the standard limit.
Those with very high incomes or who have reached the Money Purchase Annual Allowance (MPAA) may have smaller limits.
Taking Money from a Private Pension
You can normally start accessing a private pension in the UK from age 55 (rising to age 57 in 2028). Once you reach this point, you have several options for how to take your money, each offering different levels of flexibility, certainty and tax treatment.
Take up to 25% tax-free: You can usually take a quarter of your pot tax-free, either as a lump sum or through phased withdrawals.
Drawdown: You invest the remaining money and take income as needed. This offers flexibility but carries investment risk.
Annuity: You turn some or all of your pot into a guaranteed income for life.This is stable and predictable, but rates vary and can’t usually be changed later.
Lump-sum withdrawals: You take your pension in chunks. The first 25% of each withdrawal is tax-free, with the remainder taxed as income.
Deciding how to take your pension is an important step, and it’s worth taking the time to understand how each option works and what it could mean for your long-term income.
Advantages and Disadvantages of Private Pensions
Personal pensions can be an effective way to save for retirement; the key is choosing the right structure and managing it carefully over time. To help you evaluate whether a personal pension is right for you, the table below outlines the key advantages and disadvantages to consider:
AdvantagesDisadvantagesTax relief increases your savings and helps your pot grow faster.Your pension is invested, so the value can rise or fall.Contributions are flexible, making it suitable for different budgets.Charges apply, and costs vary between providers.You can choose how your money is invested, especially with a SIPP.You cannot normally access your money early, except in limited circumstances.Personal pensions are portable and move with you when you change jobs.Selecting investments can feel complex without clear guidance.Long-term investment potential may deliver meaningful growth.Poor investment choices may affect future retirement income.
Overall, a personal pension offers a flexible and tax-efficient way to build retirement savings, but it does require careful planning and periodic review.
How My Pension Expert Can Help
Whether you're setting up a new personal pension, reviewing your contributions or considering consolidating older pots, My Pension Expert can help you navigate the process with clarity. Our focus is on giving you the information and guidance needed to make confident, well-informed decisions about your retirement savings.
We take the time to understand your circumstances and long-term goals, assess how your existing pensions are performing, and explain your options in straightforward terms. The aim isn’t to steer you toward a particular product, but to ensure you have a clear understanding of how different choices could support your retirement plans.
What we offer:
Regulated financial advice tailored to your goals
Analysis of existing private pensions to assess performance and suitability
Clear explanations of investment options and charges
Support with contributions, consolidations and withdrawals
Personalised retirement planning, ensuring your pension meets your income needs
By combining clear guidance with regulated advice, we help you build a retirement strategy that feels right for you, both now and in the years ahead
Frequently Asked Questions

### Pension Tax Relief: How It Works and How to Claim Your Allowance
Understanding pension tax relief is one of the most effective ways to increase your retirement savings. Whether you contribute to a workplace scheme, a personal pension or a private pension, tax relief helps your money grow.
Below, we explain how pension tax relief works, how much you can receive, the rules for different types of pensions, and how contributions interact with your taxable income.
What Is Pension Tax Relief?
Pension tax relief is a Government incentive designed to encourage people to save for retirement. When you pay into a pension, the Government refunds the income tax you originally paid on that portion of your earnings and adds it directly into your pension pot.
You contribute from your income
The Government adds the tax you paid back into your pension
Your savings grow more efficiently as a result
This applies to most pension types, including workplace pensions, personal pensions and private pension tax relief arrangements.
A helpful way to think about it is that HMRC “tops up” your contribution to reflect what you would have earned before tax. That makes pensions one of the most tax-efficient saving methods available.
How Much Tax Relief Can You Get
The amount of tax relief on pension contributions depends on the income tax band you fall into. The higher the tax rate, the more tax relief you can claim.
Tax Relief Rates by Tax Band:
Taxpayer TypeYou Pay Into a PensionHMRC AddsTotal ReliefHow You Receive ItBasic-rate (20%)£80£2020%Automatically added by the providerHigher-rate (40%)£80£20 + £2040%20% added automatically + 20% reclaimed through self-assessmentAdditional-rate (45%)£80£20 + £2545%20% added automatically + 25% reclaimed through self-assessment
How much can I pay into a pension and get tax relief?
You can normally receive tax relief on pension contributions of less than £60,000 per tax year or 100% of your annual earnings. This limit is known as the Annual Allowance. If your total contributions exceed this amount, the excess may be subject to an Annual Allowance charge.
Special rules
There are a few situations where the standard allowance does not apply. High earners may see their annual limit reduced under the Tapered Annual Allowance, while anyone who has already withdrawn taxable pension income could be restricted to the £10,000 Money Purchase Annual Allowance (MPAA). Even so, non-earners are still able to receive tax relief on contributions of up to £3,600 gross each year.
Carry Forward
If you haven’t used your full Annual Allowance in the past three tax years, you may be able to carry forward the unused amount and make a larger pension contribution while still receiving pension tax relief. This is useful for people whose income varies, or for those wanting to make a one-off top-up.
To use carry forward, you must have been a member of a UK-registered pension scheme in each year you’re carrying forward from, and you need sufficient earnings in the current tax year to support the full contribution. Tax relief is applied based on your current tax band.
Carry forward can significantly increase tax-efficient savings, but the rules can be technical, so checking eligibility before contributing is important.
Pension Tax Relief for Private and Personal Pensions
Most people receive pension tax relief through one of two systems, ‘relief at source’ or ‘net pay’.
Relief at Source
With relief-at-source, your pension contributions are made from your take-home pay, and your provider claims tax relief on your behalf. This is the approach used by most personal and private pensions, including SIPPs, and is the system many self-employed savers will encounter.
• You contribute from take-home pay• Your provider automatically adds 20% basic-rate tax relief• Higher and additional rate taxpayers claim extra through self-assessment
Net Pay
Under net pay arrangements, which are commonly used in workplace pension schemes, contributions are taken from your salary before income tax is calculated. This means you receive your tax relief immediately and in full, without needing to make any further claims.
Your pension contribution is taken from your gross salary
You pay less income tax upfront
All tax relief is applied automatically
You do not need to reclaim anything later
Salary Sacrifice
Salary sacrifice enables you to exchange part of your salary for an employer pension contribution. Because this happens before tax and National Insurance (NI) are calculated, you immediately pay less NI and may pay less income tax too, meaning your pension contribution goes further. Your employer also saves NI and may add some of these savings to your pension, increasing the overall amount paid in.
Which system gives more relief?
Higher-rate taxpayers receive the same total relief under both systems, but the difference is the method of receiving it.
If you hold a private pension such as a SIPP or traditional personal pension, you will almost always receive relief at source.
Do Pension Contributions Reduce Your Taxable Income?
Yes, depending on the system used. In a net pay arrangement (common in workplace pensions), pension contributions directly reduce your taxable income.This means you pay less income tax straight away.
In a relief-at-source arrangement, your contributions are made from take-home pay and therefore do not reduce your taxable income directly. Instead, the Government adds basic-rate tax relief to your pension, increasing the value of your contributions straight away.
Higher-rate and additional-rate taxpayers can then claim any further tax relief they are entitled to through self-assessment. As a result, whether your taxable income is reduced depends entirely on the type of pension arrangement you have in place.
Are Pension Contributions Taxable?
Pension contributions are not taxable; in fact, they actually receive tax relief, which helps your savings grow more quickly. Where tax begins to apply is when you start withdrawing money from your pension.
When you take money out
Tax-free portion:You can usually take 25% of your pension tax-free, either as a single lump sum or spread across smaller withdrawals.
Taxable portion:The remaining 75% is treated as income and taxed at your marginal rate for that year.
Example: How pension withdrawals are taxed in practice
Imagine you have a £200,000 pension pot and decide to take £20,000 in one year. The first £5,000 (25%) is tax-free. The remaining £15,000 is added to your income for that tax year and taxed at your marginal rate. If your total income pushes you into a higher bracket, those portions may be taxed at a higher rate. Your original contributions, however, were not taxed and received tax relief.
How pension tax relief increases your contributions
Your Personal ContributionBasic-Rate Relief Added AutomaticallyAdditional Relief (Self-Assessment)Total Added to Your Pension£80 (basic-rate taxpayer)£20—£100£80 (higher-rate taxpayer)£20£20£120£80 (additional-rate taxpayer)£20£25£125
Your £80 contribution increases to between £100 and £125, depending on your tax band, a significant increase that helps long-term pension savings grow more efficiently.
How My Pension Expert Can Help You Maximise Your Tax Relief
Pension tax relief can be one of the most effective ways to grow your retirement savings, but the rules can feel complex, especially if you have multiple pensions, earn variable income, or fall into a higher tax bracket. Many people unintentionally miss out on the relief they’re entitled to, apply contributions inefficiently, or become affected by allowances they didn’t know existed.
My Pension Expert helps individuals understand how pension tax relief applies to their circumstances and how to structure contributions in a tax-efficient way. This includes guidance on:
Assessing whether you’re receiving the correct level of tax relief
Understanding the Annual Allowance and avoiding unexpected charges
Deciding whether a private pension or personal pension could offer additional tax-efficient saving opportunities
Reviewing existing pension arrangements to ensure contributions are structured effectively
Exploring whether consolidating pension pots could simplify tax management or improve efficiency
Our goal is not to increase contributions for the sake of it, but to help you understand how tax rules interact with your pension strategy. By clarifying the options available and the potential implications of each, we support you in making decisions that satisfy your long-term financial goals.
Frequently Asked Questions

### Find My Pension: How to Trace Lost or Old Pensions
Why People Lose Track of Pension Pots
Across the UK, billions of pounds are held in lost pensions, forgotten or unclaimed by the people who own them. According to research from the Pensions Policy Institute, this amount is estimated at over £26 billion. There are several reasons why pensions are so easily misplaced.
Job changes
Many people collect several workplace pensions over their careers. Each time you move companies, a new employer may set up a different pension provider for you. If you don’t keep updated records, it becomes easy to lose track.
Changing address
If you’ve moved home and forgotten to tell your pension provider, they may not be able to contact you. Over time, paperwork stops arriving, and the old pension gets forgotten.
Scheme closures or mergers
Pension providers sometimes merge, rebrand, or close. When this happens, your pension might move to another company without you realising.
Lost paperwork
Many people rely on paper statements. If documents get misplaced or discarded, you may not remember who your provider is.
Automatic enrolment
Since 2012, millions of people have automatically joined workplace pension schemes. These can be small, especially in short-term jobs, but still valuable over time. Without keeping track, they can easily be forgotten.
Keeping good records helps, but if you’ve misplaced a pot, help is available - and you can trace your pensions for free.
How to Find a Lost Pension in the UK
If you’re unsure where to begin when tracking down an old pension pot, there are several reliable ways to get started:
1. Find your paperwork
Look through any pension statements, payslips, old contracts, emails, or financial files. Even a small detail, such as an employer’s name, a scheme administrator, or a partial policy number, can identify which provider holds your pension.
2. Speak to previous employers
Your former employer should be able to confirm whether you were enrolled in a pension scheme and provide the name of the provider. Even if the company has changed ownership or no longer exists, payroll or HR records can often indicate which scheme was used when you worked there.
3. Search online and use official services
The UK Government offers a free pension finder tool that searches a database of thousands of pension schemes. You can enter the name of your current or previous employer, and it will provide contact details for the provider so you can get in touch with them directly.
4. Contact providers directly
If you recognise a provider’s name from old documents or email history, approach them directly. With your personal details and National Insurance number, they can confirm whether you have a pension with them, even if you no longer have the policy paperwork.
5. Ask a regulated financial adviser
Some regulated financial advisers offer a pension-tracing service and can do the tracking for you. This is not a service provided by us, but it is something certain advisers may offer as part of their wider advice process.
Where available, an adviser will have systems in place to help trace old pensions, contact previous providers, request detailed scheme information, and check whether a pension includes valuable benefits or guarantees that should not be overlooked. They can also review whether bringing pensions together could make your retirement savings easier to manage.
Even if a pension pot is small or hasn’t been touched for years, it may still be worth finding. Tracing a pension typically incurs no cost, and modest pots can grow over time, particularly when considered alongside other retirement savings.
Pension Tracing by National Insurance Number
While you can’t search for all your pensions with your National Insurance (NI) number alone, pension tracing by National Insurance number is still an essential part of the process when providers verify and locate your records. Here’s how it helps:
Pension providers use your National Insurance number to identify your pension record.
If you contact a provider, they will often ask for your NI number first.
Advisers will also use your NI number when requesting policy information on your behalf.
HMRC uses your NI number to record pension contributions, particularly for workplace schemes.
What you can’t do
You cannot enter your NI number into a website or search tool to instantly see all your pensions in one place. Even the government pension finder database does not display balances or personal details; it only provides contact information to help you trace your pension. Your NI number is a key identifier, but it only works when you already know who to contact.
Using the Government’s Pension Tracing Service
The Government’s Pension Tracing Service is a free and official way to locate contact information for pension providers linked to your current or previous employers. It is especially helpful if:
You remember the employer but not the pension provider
The provider has changed name, merged, or no longer exists
You’re unsure which provider held your old workplace pension
What the service can do:
Search a government database of over 200,000 workplace and personal pension schemes
Provide contact details for the pension provider or administrator
Help you confirm whether an employer offered a pension scheme when you worked there
What it cannot do:
It cannot tell you whether you have a pension, only who to contact
It cannot show balances, values, or policy numbers
It cannot search using your National Insurance number
How to access the service
You can use the service online through the government website. You’ll need the name of your employer or pension provider to begin your search. For many people, this is a good first step before speaking to a financial adviser.
How to Find Old Workplace and Personal Pensions
Tracking down retirement savings depends on what type of pension you’re looking for. Whether you’re trying to find old pensions from past employers or locate a private plan you arranged yourself, the process will vary slightly depending on how the pension was set up.
Different steps apply to workplace and personal pensions. To find an old workplace pension, you can use the following:
Employer name
Government Pension Tracing Service
HR or payroll records
P60, payslips, or employment contracts
Emails from pension providers during enrolment
If the employer has closed, the tracing service can still identify the pension scheme that was linked to it.
Tracing personal or private pensions
For personal pensions (such as those arranged directly with a provider), start by:
Looking at bank statements showing payments to a provider
Searching for emails or statements from a pension company
Checking for older direct debits
If you remember the provider but cannot access information, you can contact them directly. They will request personal details to verify your identity before confirming whether a pension is held in your name.
If the provider no longer exists - don’t worry, pensions are protected, and funds don’t disappear. They are usually transferred to a different provider. A financial adviser can trace old schemes, or the government service can help identify who now manages the pension.
What Information You Need to Trace a Pension
Tracing a pension is much easier when you have some basic details. To trace my pension, you may need:
Your full name
Your National Insurance number
Your current and previous addresses
Name of the employer linked to the pension
Dates you worked at the company
Any policy or plan numbers (if available)
Name of the pension provider (if known)
You don’t need all this information, but even small details can help locate a lost pension. Advisers can often investigate based on limited information and follow up with providers on your behalf.
How an Adviser Can Help You Find and Combine Pensions
Some regulated financial advisers may help with tracing lost pensions, although this is not a service provided by My Pension Expert (MPE). Where available, this support is typically part of a wider advice process rather than a standalone service.
Finding your pensions is only the first step. You also need to understand the value of each pot, the applicable charges, how it is invested, and whether any guarantees or benefits could be affected by a transfer. This information helps build a clearer picture of your overall retirement position.
Regulated financial advice can help clarify these details and outline considerations for keeping pensions separate or combining them, allowing informed decisions to be made based on the complete information available.
Benefits of using an adviser to trace and manage pensions
There are several benefits to asking a regulated adviser to trace and manage your pensions, as they can contact providers on your behalf, track down missing pots, and explain the value and features of each one. They can:
Identify all your pensions using professional tracing methods
Contact providers on your behalf
Explain the value and features of each policy
Check for valuable benefits you could lose if you transfer
Help you combine pensions, where suitable
Recommend tax-efficient withdrawals when you retire
Why combining pensions isn’t always right
Some pensions carry guarantees or valuable benefits. An adviser will check whether transferring would cost you money or reduce your retirement income. Advice ensures your decision is based on what’s best for your circumstances.
Frequently Asked Questions

### Auto-Enrolment Pension: How It Works, Eligibility, & What You're Entitled To
What Is Auto-Enrolment?
Auto-enrolment is a government initiative designed to help more people save for their retirement through a workplace pension. Instead of choosing to join a pension scheme, eligible workers are automatically enrolled by their employer. Contributions are taken from your pay, your employer adds their share, and tax relief increases the total further.
Auto-enrolment aims to make pension saving the default option for anyone working in the UK, and it has become one of the most significant improvements in pension participation in recent decades, with millions of people now building private pension income alongside their State Pension.
You can remain in the scheme, increase contributions, or opt out, but being automatically included ensures you never miss out by accident.
Who Is Eligible for Auto-Enrolment?
Instead of setting up a pension yourself, you’re automatically added to your employer’s scheme if you meet certain criteria. To be automatically added to a workplace pension, you typically must:
Work in the UK
Earn £10,000 or more from one job (2024/25 tax year)
Be aged between 22 and State Pension age (66 in 2025)
If you don’t meet one or more of these criteria, it doesn’t mean you’re excluded. Workers under 22, part-time employees, and those earning below the auto-enrolment thresholds can still ask to join their employer’s scheme at any time. Your employer must allow you to join and, depending on your income, may also be required to contribute.
How Auto-Enrolment Works
Once you meet the eligibility criteria, your employer must place you into a qualifying workplace pension scheme automatically. From then on, contributions are handled for you through your salary.
Salary deductions go straight into your pension
A small percentage of your wages is taken before you’re paid and added to your pension pot. You don’t need to arrange anything yourself; the contributions are taken automatically.
Your employer adds their contribution
Your pension grows faster because your employer must contribute too. They cannot contribute less than the legal minimum, and some employers choose to contribute more.
Tax relief boosts your payments
The government adds extra money in the form of tax relief, meaning part of your pension contribution comes from tax you would otherwise have paid. This makes workplace pensions highly tax-efficient.
Your contributions are invested
Once paid in, your contributions are invested into funds designed to grow over time. You can usually switch your investment options if you prefer a different level of risk or strategy.
How Much You and Your Employer Pay In
Under auto-enrolment, both you and your employer must pay into your pension each time you’re paid. The law sets minimum auto-enrolment contributions to ensure everyone saving into a workplace pension receives at least a basic level of support.
Most auto-enrolment pensions follow these minimum rules:
You contribute 5% of your qualifying earnings
Your employer contributes 3% of your qualifying earnings
Together, this makes a minimum total contribution of 8%
You can choose to pay more than the minimum amount if you wish, and some employers may offer higher contributions. However, your employer cannot pay less than their minimum requirement.
Qualifying earnings: Your contributions are not calculated from your full salary. Instead, they are based on income between £6,240 and £50,270 (2024/25 tax year). This portion of income is known as qualifying earnings.Example of how it’s worked out:
If you earn £30,000 a year, only the earnings between £6,240 and £30,000 count towards contributions:
Qualifying earnings: £30,000 − £6,240 = £23,760
Your 5% contribution: £1,188 per year
Employer’s 3% contribution: £713 per year
Total yearly contribution: £1,901
Pension Providers Used for Auto-Enrolment
Employers must use a pension provider that meets certain regulatory standards.
Common providers include:
Nest (government-backed scheme)
People’s Pension
NOW: Pensions
Aviva
Legal & General
Royal London
Scottish Widows
Each workplace pension scheme comes with its own set of features, including different charges, investment options, online tools for managing your pension, and the range of retirement benefits you can choose from.
If you’re unsure about how your scheme works or what options are available to you, your employer must either provide the relevant information or direct you to the pension provider so you can review the details yourself.
Your Rights Under Auto-Enrolment
Auto-enrolment is designed to protect your long-term financial wellbeing, and with it comes a set of rights that put you firmly in control of your retirement savings. If you’re eligible, you can expect support from your employer and the confidence that your pension is being funded on your behalf.
You have the right to:
Be automatically enrolled if you meet the criteria
Receive employer contributions alongside your own
Get clear information about how your pension works and what contributions will be made
Ask to join the scheme, even if you don’t qualify for automatic enrolment
Leave the scheme (opt out) if you decide it isn’t right for you
Rejoin in the future if your circumstances change
Keep your pension if you change jobs, as your savings always remain yours
Your employer must support your right to save. They cannot encourage you to opt out, refuse to enrol you, or treat you differently because you choose to stay in the scheme.
Can You Opt Out of Auto-Enrolment?
You can choose to leave your workplace pension, but only after you’ve been enrolled on the scheme. Opting out before enrolment isn’t possible; your employer must add you first, and then you decide whether to stay or leave.
Once you’re enrolled, you opt out directly through your pension provider (not your employer). They will give you an opt-out reference number and instructions to follow.
What happens to the money already paid in?
If you opt out within one month, all contributions taken from your pay are refunded. If you leave after one month, the money stays in your pension pot and continues to be invested for your future.
What do you lose if you opt out?
Your employer contributions (free additional money from your workplace), tax relief added by the government, and growth from long-term pension investments. Because of this, choosing to leave a pension should be considered carefully.
Even if you do choose to opt out, your employer must re-enrol you every three years if you still meet the eligibility criteria. This ensures you get another chance to save for retirement automatically.
Can You Have Multiple Auto-Enrolment Pensions?
Yes, if you change jobs, your new employer will usually set up a fresh workplace pension for you, which means you could build up several pension pots over time. Each pot will remain yours, regardless of where you work next, and the money will continue to be invested until you access it at retirement.
You can choose to leave each pension where it is, transfer some of them into a single pot, or review them later with professional guidance. Managing your pensions as you change jobs ensures you make the most of the contributions you’ve built up and don’t lose track of pots that could form an important part of your retirement income.
What Happens If You Change Jobs?
If you change jobs, your pension pot stays in your name, and contributions stop from your old employer. Your new employer will then assess you for auto-enrolment and start a new pot (unless they use the same provider). If you are changing jobs, you should:
Keep old pension paperwork
Notify your provider if you change your address
Check whether charges or benefits differ between schemes
Many people forget older pensions, so maintaining records can help you avoid losing track of savings.
Tax Relief and Auto-Enrolment
Auto-enrolment pensions benefit from pension tax relief, meaning the government adds money to your contributions. Basic rate taxpayers automatically receive 20% tax relief, while higher and additional-rate taxpayers can claim even more through their tax return.
Even non-taxpayers receive tax relief on contributions they make to workplace pensions. Tax relief is one of the biggest reasons why it pays to remain enrolled wherever possible, as it boosts your pension at no additional cost to you.
Auto-Enrolment and Self-Employed People
Self-employed workers are not automatically enrolled on a pension scheme because they don’t have an employer. However, they can still benefit from a private pension or SIPP and receive tax relief on their contributions.
Key points for self-employed savers:
You choose your pension provider
You control how much and how often you contribute
You still receive tax relief like employees
There are no employer contributions unless you employ yourself through a company payroll
Although you’re not included in auto-enrolment, building a pension remains one of the most tax-efficient ways to save for retirement if you are self-employed.
Common Auto-Enrolment Problems and How to Fix Them
Despite being straightforward in most cases, some workers experience the following issues:
You’re not enrolled but think you should be: Ask your employer in writing. If they fail to enrol you, you can report them to The Pensions Regulator.
Your pension contributions look incorrect: Speak to payroll. Errors can happen if your salary changes, your overtime is miscalculated, or your qualifying earnings aren't updated
You’ve opted out accidentally: You can request to re-join at any time by informing your employer. They must accept this once every 12 months.
You don’t know who your provider is: Your employer must tell you. You can also check payslips for pension deductions and provider details.
You have multiple small pots: You may want to explore consolidation options to reduce fees and simplify management.
Frequently Asked Questions

### Pension Guides
Pensions are governed by a mix of rules, contribution requirements and long-term planning considerations. Knowing how different pension arrangements work can help you understand your current situation and the choices available as you approach retirement.
Making sense of pension planning
Planning a pension involves decisions about contributions, tax treatment, retirement timing, and how income may be taken in the future. Without clear explanations, it can be difficult to see how these factors fit together and what they mean for your long-term financial security.
Key pension topics
Different pension topics are relevant at different stages of life. Some people focus on contributions and employer responsibilities, while others may be more concerned with how their pension is invested or what happens when they change jobs or retire.
Workplace pensions are a key part of retirement saving for many people in the UK. They include automatic enrolment, contributions from both employees and employers, tax relief, and investment options that can influence the size of your pension over time.
You can read more about how workplace pensions work, how much is paid in, how contributions are invested, and what happens when you change jobs or access your pension here.

### Pension Rules
Understanding pension rules is crucial to planning for a secure future in later life. However, pension regulations can be complicated, particularly as rules surrounding tax, allowances, and retirement ages continue to change.
How pension rules affect you
Pension rules determine how much you can save, when you can access your pension, and how your money is taxed. These regulations apply whether you’re employed, self-employed, or approaching retirement, and they play a key role in shaping your long-term income.
Having a basic understanding of pension regulations can help you plan more effectively and avoid unexpected issues later in life.
Keeping up with changes to pension regulations
UK pension rules are not fixed. Retirement ages, tax thresholds, and contribution limits can change as government policy evolves, which is why staying informed is crucial.
At My Pension Expert, we provide clear, expert-led explanations of current pension rules, helping you understand what applies now and what future changes could mean for your retirement plans.
Get expert advice on pension rules
Whether you're building your pension pot, nearing retirement, or reviewing your options, knowing the latest rules empowers better decisions. From contribution limits and tax relief to access ages and withdrawal options, the rules shape every stage of your pension journey.
Explore the specific rules covered in this section or contact our team for personalised advice tailored to your circumstances.

### Types of Pensions in the UK
There are several types of pensions, and understanding how they work is crucial for making informed decisions in your long-term retirement planning. Whether you’re just starting to save or reviewing what you already have, knowing the differences can help you make the most of your pension arrangements.
Understanding your pension options
Pensions come in different forms, each with its own features, benefits, and rules. Some are arranged through work, such as workplace pensions, while others are set up privately, like personal pensions. The government also provides some.
The type of pension you have can affect how contributions work, how flexible your options are, and how income is taken when you retire. Choosing the right pension type isn’t about finding a single “best” option; it’s about understanding what fits your circumstances, career, and retirement goals.
Clear explanations, without the jargon
At My Pension Expert, we explain the different types of pensions, helping you understand how each option works in practice. Whether you have one pension or several, clarity is the first step toward making better decisions. Our advisers can provide guidance tailored to your specific situation.
If you want to understand how personal pensions work, including contributions, growth and access, you can read more here.

### Restricted vs Independent Financial Advice: What's the Difference?
Understanding the difference between restricted vs independent financial advice is an important step in choosing the right support for your financial future. Both types of advice are fully regulated, both must act in your best interests, and both must meet the Financial Conduct Authority’s (FCA) standards.
This guide explains how the two models work, their advantages and limitations, why My Pension Expert is moving to a restricted advice framework, and what this means for clients going forward.
What Is Independent Financial Advice?
Independent financial advice means the adviser can recommend products from across the whole of the market. They are not limited to a predefined panel of providers or products, and they are required to consider all suitable options before giving advice.
Key characteristics of independent advice:
Advisers review every relevant provider or product available in the UK market.
Recommendations must reflect an assessment of the entire market, not a shortlist.
Independence allows full flexibility, especially for complex needs or specialist products.
Advisers must demonstrate that advice was formed after assessing all appropriate options.
Independent advice can be valuable for clients with varied assets, specific requirements, or unusual pension arrangements, where a full-market view may be necessary.
What Is Restricted Financial Advice?
Restricted financial advice means the adviser’s recommendations come from a defined set of products, providers, or types of financial solutions.
Importantly, restricted does not mean limited quality, just that the adviser works within a carefully chosen framework.
What “restricted” can mean:
The adviser may focus on certain types of products (for example, retirement income solutions).
The adviser may use a selected panel of providers chosen for quality, stability, and performance.
The adviser may specialise in a specific area, such as pensions or retirement planning.
Whatever the type of restriction, the adviser must still:
Recommend only what is right for your individual circumstances.
Follow FCA rules, ensuring advice is suitable, fair, and in your best interests.
Explain clearly what their restrictions are and how they operate.
For many clients, restricted advice offers clarity, consistency, and a product range designed to suit the needs of most individuals with similar financial objectives.
Key Differences Between Restricted and Independent Advice
Although both types of advice must be regulated and suitable, they differ in breadth and focus. The comparison below outlines the main differences at a glance:
Restricted vs Independent financial advice: A quick comparison
AreaIndependent AdviceRestricted AdviceScope of productsConsiders the entire UK marketUses a defined panel of vetted providers/productsApproachBroad, wide-ranging comparisonsDepth and consistency within a curated rangeCost and efficiencyIt can be more expensive due to extensive researchMore streamlined, often with clearer or lower feesClient suitabilityIdeal for complex or niche financial needsSuitable for most retirement-focused clients
Both types of advice are fully regulated and must deliver suitable recommendations; the main difference lies in how widely advisers search before forming a suggestion.
Pros and Cons of Independent Financial Advice
Independent financial advice offers the widest possible range of options, but that breadth comes with its own advantages and limitations. Understanding these can help you decide whether a full-market approach is genuinely beneficial for your circumstances or whether a more focused model would serve you better.
Pros of independent financial advice:
Access to the whole of the market provides maximum choice.
Useful for clients with unusual assets or complex arrangements.
Flexibility to consider specialist or niche products.
Transparency around product selection.
Cons of independent financial advice:
Increased costs when broader research is required.
Longer advice journeys due to extensive comparisons.
Not always necessary for clients with straightforward pension needs.
Quality varies widely depending on adviser experience and firm size.
Independent advice is valuable when you need a full-market comparison, but it is not always the most efficient option for common retirement scenarios.
Pros and Cons of Restricted Financial Advice
Restricted financial advice focuses on a curated range of products and providers. This structure offers clarity and efficiency, though it also has certain limitations. These points summarise the key benefits and considerations.
Pros of restricted financial advice:
Selected options ensure products have been vetted for quality and performance.
Streamlined advice reduces unnecessary complexity in the recommendation process.
Consistent outcomes from using a well-defined product range.
Clearer expectations around fees and product types.
Retirement specialisation offers depth of expertise for common client needs.
Cons of restricted financial advice:
Smaller product range compared with whole of market advice.
Fewer niche options for clients with unusual or complex requirements.
Defined panel offers a smaller choice of providers.
For most people approaching retirement, restricted advice still provides the accuracy and personalisation needed to make confident decisions, without being unnecessarily complex.
Is Restricted Advice Still High-Quality and Regulated?
Yes. Restricted advice is regulated to the same FCA standards as independent advice. It isn’t a lesser form of guidance; it just takes a different approach to how recommendations are selected and delivered.
Financial advisers must:
Complete the same qualifications.
Meet the same ethical and professional standards.
Provide advice that is suitable, personalised, and in your best interests.
Show clear evidence of how recommendations were formed.
Many of the UK’s largest advisory firms, including well-known national brands, operate successfully within restricted frameworks.
Can Restricted Advisers Access a Wide Range of Products?
Restricted advice operates from a defined panel of products, but the creation of that panel is anything but restrictive. Providers are examined for their financial strength, the consistency of their investment performance, the transparency of their charging structure, and how well their products meet the needs of typical clients.
This careful selection process usually results in a broad range of high-quality solutions, often far exceeding what you might uncover through your own research. For most people, the selected range offers more than enough choice to meet retirement goals confidently.
Why My Pension Expert Has Moved to Restricted Advice
My Pension Expert has transitioned to a restricted advice model to provide a clearer, more consistent client experience focused on retirement outcomes. This decision has been guided by what clients value most.
More consistent outcomes
A defined recommendation framework helps ensure that clients with similar needs receive solutions that have been thoroughly reviewed and tested.
Deeper retirement expertise
Restricted advice allows us to focus exclusively on pension and retirement products — areas where specialist knowledge makes a meaningful difference.
Stronger quality control
Working with a carefully selected panel of providers ensures each product meets high standards of value, performance, and financial security.
Greater efficiency
Streamlined processes reduce unnecessary research duplication, meaning clients receive guidance more quickly and efficiently.
How We Ensure Our Recommendations Remain Unbiased
Even within a restricted model, unbiased advice is essential and mandatory under FCA rules. My Pension Expert maintains impartiality through:
A rigorous product selection process based on data, performance and client outcomes.
Ongoing reviews of each provider and product to ensure continued suitability.
Strong compliance oversight, ensuring every recommendation is fair and evidence-led.
Client-first principles, meaning advisers tailor advice to your circumstances, not to a product list.
Clear disclosure, so clients understand how recommendations are formed.
If a client’s needs fall outside the restricted range, we will point them toward the most appropriate solution.
What to Expect as an MPE Client Going Forward
As My Pension Expert adopts a restricted advice approach, clients can expect the following:
An easy advice journey
A faster route to retirement decisions keeps the advice journey simple.
High-quality products
All solutions will be thoroughly vetted for long-term strength and performance.
Clear explanation
You’ll understand exactly why a recommendation is being made.
Retirement-focused guidance
Advice remains tailored to your personal goals and circumstances.
The same level of personalisation Restricted advice does not reduce the personal nature of support. Your situation still drives every recommendation
Restricted vs Independent Advice: Which Is Right for You?
Choosing between restricted and independent advice depends on your situation, preferences, and the type of financial decisions you’re making.
A restricted advice model may suit you if:
You want a streamlined, efficient advice process.
Your financial goals meet with the products selected by the firm.
You value specialist retirement planning support.
You prefer predictable costs and clear, consistent recommendations.
Independent advice may suit you if:
You have very complex or unusual financial circumstances.
You require access to highly specialist or niche products.
You want a full-market comparison, regardless of time and cost.
For the majority of people planning for retirement, restricted advice offers all the depth, clarity, and specialist support they need without overwhelming them with unnecessary options or complexities.
Frequently Asked Questions

### Workplace Pensions Rules & Contributions
A workplace pension helps you save for the future automatically, with your employer and the Government adding to what you put in. Over time, these combined contributions can make a meaningful difference to your retirement income.
What Is a Workplace Pension?
A workplace pension is a retirement savings scheme that your employer sets up for you. Both you and your employer contribute, and the Government adds tax relief to increase your savings. A workplace pension is designed to help you build a long-term income for retirement. For most people in employment, being part of a workplace pension is the easiest and most efficient way to save.
Under the UK’s automatic enrolment rules, employers must:
enrol workers aged 22 or over who earn at least £10,000 per year
pay a minimum level of workplace pension contributions
provide access to a qualifying workplace pension scheme
Once enrolled, contributions are automatically taken from your salary each month.
Workplace pensions work alongside the State Pension, helping to build a fuller and more secure retirement income by bridging the gap between what the State Pension provides and the lifestyle you want in later life.
Types of Workplace Pension Schemes
There are several types of workplace pension schemes in the UK. While they all serve the same purpose, saving for retirement, they work in different ways and offer different levels of certainty.
Defined Contribution (DC) Workplace Pensions
This is the most common workplace pension today, especially under automatic enrolment. A defined contribution workplace pension builds a pot of money over time. The value of your pot depends on:
how much you and your employer contribute
tax relief
investment performance
charges applied by the provider
At retirement, your pot can be used flexibly; you can take lump sums, start drawdown, or buy an annuity.
Key features include:
Your contributions are invested in funds selected either by you or, if you prefer, by the scheme’s default option.
Your pension pot can go up or down depending on market performance and investment choices.
You have flexibility at retirement, with options such as drawdown, lump sums or buying an annuity.
Schemes are typically run by major providers such as Nest, Aviva, Scottish Widows or Legal & General.
Defined Benefit (DB) or Final Salary Pensions
These are less common today but are still offered by some public sector and older corporate schemes. Instead of building a pot, you earn a guaranteed income for life based on:
your salary while working
how long you were in the scheme
the scheme’s accrual rate
Defined Benefit pensions are considered highly valuable because the employer carries the investment risk and guarantees the income.
Key features include:
A guaranteed income for life, with payments that typically rise each year to help keep pace with inflation.
No investment risk, as your income is not tied to market performance, the scheme promises a payout, regardless of how investments perform.
Limited availability, as these schemes are now uncommon in the private sector and are mostly found within the public sector or long-standing corporate arrangements.
If you have this type of pension, and you would like some help, you will need to seek advice from a professional with a specific qualification and regulatory permission. For example, regulated advisers with the CII Level 6 Award in Regulated Pension Transfers can help.
Group Personal Pensions (GPPs)
These are personal pensions arranged by your employer with a pension provider. They operate like defined contribution pensions but are classified as personal pensions rather than occupational schemes.
Key features include:
An individual plan for each employee, held within the employer’s group arrangement.
Contributions are taken directly from your salary, making saving automatic and consistent.
Access to default investment pathways, designed to guide savers toward suitable long-term investment choices.
Workplace Pension Contributions
Workplace pension contributions come from three sources working together: your payments, your employer’s payments, and the Government’s tax relief. This combined approach helps your pension grow faster than saving alone.
Under automatic enrolment rules, the minimum total contribution is 8% of qualifying earnings. This is made up of:
5% from you, which includes the tax relief added by the Government
3% from your employer, paid directly into your pension
Many employers choose to do more than the minimum. Some offer enhanced contributions or matching schemes, for example, if you contribute 5%, they may match it with another 5%, significantly increasing your long-term retirement savings.
Salary sacrifice and workplace pension contributions
Some employers offer a salary sacrifice arrangement, where you agree to give up part of your salary and your employer pays it directly into your pension. This reduces both your National Insurance contributions and your employer’s National Insurance (NI).
Many employers pass part of their NI savings back to you through higher pension contributions. This can make workplace pension contributions significantly more tax-efficient than contributing to a private pension alone.
Example: How Workplace Pension Contributions Work
If you earn £30,000 per year:
You contribute 5% → £1,500
Employer contributes 3% → £900
Government adds tax relief → included within your 5%
Total annual workplace pension contribution = £2,400
How Your Workplace Pension Is Invested
Your contributions are invested into funds chosen either by you or set as the scheme’s default option. Providers offer a range of investment strategies to include:
cautious or lower-risk funds
balanced portfolios
higher-risk growth funds
ethical or ESG-focused options
lifestyle strategies that reduce risk as you approach retirement
If you do not choose your own funds, your money is typically placed into a default investment fund designed for a broad mix of savers.
Investment risk and performance
Investment performance directly affects the size of your final pension pot. All investments carry risk, but workplace pension providers must offer clear information about each fund’s level of risk and expected return.
Reviewing your investments
Regularly reviewing your investment funds is important to ensure they continue to meet your retirement goals, the investment risk you’re prepared to take, and the age you expect to retire. Most workplace pensions offer online dashboards, making it easy to monitor performance and adjust your choices when needed.
Using a Workplace Pension Calculator
Workplace pension calculators enable you to enter your salary, contribution levels and planned retirement age to see how your pension could grow over time. They also show how increasing your contributions or receiving higher employer payments might affect your final pot.
Tools such as the MoneyHelper pension calculator use assumptions about investment returns, inflation and charges to indicate how your pension might develop. While the results aren’t guaranteed, they provide a useful snapshot to help you plan and make informed decisions about your long-term retirement income.
Accessing Your Workplace Pension
Your workplace pension is a type of defined contribution or defined benefit pension, and access rules depend on the scheme.
Defined Contribution (DC) schemes
With a defined contribution scheme, you can normally access your pot from age 55 (or age 57 from 2028). Your options include:
Taking up to 25% tax-free
Flexi-access drawdown
Annuity purchase
Lump-sum withdrawals (UFPLS)
Any taxable withdrawals are added to your income for the year.
Defined Benefit (DB) schemes
You are entitled to a guaranteed income from your scheme’s normal pension age, which is typically 60 or 65. Early access may be possible, but it may reduce the income you receive.
Leaving a Job: What Happens to Your Workplace Pension?
Leaving a job does not mean losing your pension. What happens depends on your scheme type:
If you have a Defined Contribution workplace pension:
Your pot stays invested with the provider
You can leave it where it is, or move it to another pension
Your new employer will set up a separate workplace pension
You do not lose any money already contributed.
If you have a Defined Benefit pension
You retain the benefits you’ve built up
Your pension becomes “deferred”
Income is paid when you reach the scheme’s pension age
You may be able to transfer a DB pension to a DC pension, but you will need to seek mandatory advice if the value exceeds £30,000.
How My Pension Expert Can Help You Understand Your Options
Workplace pensions form an essential part of your long-term financial security, but the rules, contributions and investment choices can be complex. Many people are unsure whether to increase contributions, consolidate previous workplace pensions, or how best to access their savings when they retire.
My Pension Expert can help you:
Understand your workplace pension scheme and contribution levels
Assess whether consolidating old workplace pensions is right for you
Review the investment risk and performance of your existing pension
Explore your options for accessing your workplace pension
Build a personalised retirement plan based on your goals
Our aim is to provide clear, regulated guidance so you can make confident decisions about your pension income.
Frequently Asked Questions

### Marlborough Investment Management Portfolios
You can find all the Marlborough Investment Management Portfolio Factsheets below –  select the name of your portfolio to open the most recent factsheet.
Passive Funds
Passive MPS 2
Passive MPS 3
Passive MPS 4
Passive MPS 5
Passive MPS 6
Passive MPS 7
Passive MPS 8

### About Us
At My Pension Expert, we believe everyone should feel confident about their retirement plans. Since 2010, we've helped thousands of people across the UK take control of their pensions with clear, personalised advice tailored to their needs. 
We offer regulated financial advice for people aged 55 and over, covering everything from pension consolidation to income drawdown, annuities, and long-term retirement planning.
Who we are
We're a UK-based company with our head office in Doncaster and a dedicated team supporting clients nationwide. At the heart of what we do are our expert financial advisers and our friendly client support team, always on hand to guide you through your pension options – whether you’re approaching retirement or already enjoying it.
And it's not just those you speak to directly. The rest of our teams throughout the office, from paraplanners to compliance specialists, work behind the scenes to keep everything running smoothly.
We all work together with one clear goal: to put our clients first in everything we do.
We put clients first
Our service is simple. We listen, explain your options clearly, and help you make decisions that feel right. There's no jargon and no pressure - just expert pension advice that fits your goals and circumstances.
If you're unsure about your current pension pots or what steps to take next, we're here to help. You'll speak to real people who understand the retirement landscape and will guide you with honesty and care.
Part of a wider group
We're proud to be part of a group of trusted financial advice brands, all working to improve outcomes for people across the UK: 
Imperium Advice – financial planning for higher funds
My Money Expert – guidance on savings and investments
Together, we're helping more people make informed, confident decisions about their financial future.
What sets us apart
What truly sets us apart is our people. Our teams are the backbone of the business - combining technical expertise with a personal touch to ensure every client feels supported, informed, and confident at every step of their journey.
Hear from our customers
Hear from our customers and discover how we’ve helped them secure a confident retirement.
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Want to speak to someone about your pension options?
Get in touch to book a free, no-obligation consultation with one of our advisers.

### Imperium Advice
Financial planning with a modern approach
Imperium Advice is part of the My Pension Expert group, created to deliver bespoke, FCA-regulated financial planning for clients with more complex financial needs. We focus on building strategies that protect and grow your wealth, while giving you confidence in every decision.
Tailored expertise for your future
We understand that financial planning isn't one-size-fits-all. Our advisers take time to understand your goals, lifestyle, and aspirations. From investment strategies and retirement planning to tax-efficient solutions and protection planning, every recommendation is tailored to your circumstances.
Why choose Imperium Advice?
Impartial advice – regulated recommendations you can trust
Bespoke strategies – built around your personal goals and circumstances
Expert insight – combining technology with human expertise for clarity and confidence
Imperium Advice reassures you that your finances are managed with care, attention, and forward thinking.
→ Speak to an adviser at Imperium Advice.

### My Money Expert
Straightforward guidance on savings and investments 
My Money Expert makes financial planning accessible and transparent, helping you take control of your money with confidence. Whether you're looking to grow your savings, explore investment opportunities, or better understand your retirement options, our advisers are here to guide you.
What we offer
At My Money Expert, we provide advice across a range of savings and investment options, including:
Stocks & Shares ISAs – tax-efficient ways to grow your money
General Investment Accounts (GIAs) – flexible investment opportunities to suit your goals
Pension drawdown – helping you access your pension while keeping it invested for potential growth
Advice tailored to you
Every client is different. Our advisers will take the time to understand your goals, appetite for risk, and financial situation, before recommending a portfolio that balances risk and opportunity.
With My Money Expert, you'll receive the same care and expertise you'd expect from the My Pension Expert group, all focused on making savings and investments more straightforward to understand.
→ Looking for some guidance? Contact us today!

### Our Brands
As part of the My Pension Expert group, our sister brands offer expert support in different areas of financial planning. Each helps people feel more informed, secure, and in control of their financial future. 
Imperium Advice
Financial planning for higher-value portfolios
Imperium Advice provides bespoke, FCA-regulated advice for clients with larger financial assets - covering investments, tax-efficient strategies, and protection planning.
Find out more about Imperium Advice
My Money Expert
Straightforward guidance on savings and investments
My Money Expert offers accessible support to help people grow and manage their money - including savings, ISAs, general investments, and pension insights.
Find out more about My Money Expert
Together, our brands offer a complete approach to financial planning, whether you're managing everyday savings or seeking expert advice on larger investments. Whatever your goals, you're in safe hands.

### Our One Million More Manifesto
To achieve our goal of one million more people seeking financial advice by 2030 a reality, we are calling for a collective effort from the Government, Businesses and Pension Industry to work together.
We want to see the wheels start turning in the following areas:
Government
Accelerate the launch of the Pensions Dashboard, making pension information clear and accessible to everyone
Remove the MPAA limit to help people save without penalty if they rejoin the workforce
Run an awareness campaign on the pension tools available to people and their benefits for overall retirement plans
Business
Improve financial education for mid-life employees
Expand advice as a workplace benefit for all employees
The Pensions Industry
Improve transparency and implement stricter industry standards around ceding schemes and pension switching
Promote accessibility of pensions advice language for all wealth brackets
Changing how people see and engage with their pension is a job that requires dedication from all people involved. The One Million More campaign asks stakeholders across the Government, regulator, business and the financial services to commit to helping Britons all across the UK improve their financial futures through access to financial advice.
We will keep you updated with our progress. 
Let’s do it!

### Support Beyond Retirement
At every step of your retirement journey - and in life beyond pensions - My Pension Expert is proud to be part of a wider support network. Planning for the future isn’t just about numbers; it’s about peace of mind, confidence, and knowing you're not alone.
We believe retirement planning isn’t just about finances – it’s about people. That’s why we go further than pension advice. We’re committed to helping clients feel heard, understood, and supported in managing their money and navigating life’s changes, challenges, and opportunities. Whether you’re preparing for retirement, already enjoying it, or responding to life’s unexpected turns, we’re here to make things as clear and accessible as possible.
We know that everyone’s needs are different. That’s why we’re committed to making our services easy to use, whether online, over the phone, or in writing. If you need information in a different format (such as large print or audio) or if you’d prefer a specific method or pace of communication, please let us know. 
Our team will always do what we can to accommodate your preferences and support your experience.
Where to Find Additional Support
While we specialise in financial advice, we understand that support is sometimes needed in other areas of life, particularly regarding health, wellbeing, or difficult personal circumstances. If you ever need extra help, you're not alone; help is always available. 
We've brought together a list of trusted independent UK charities and organisations offering free, confidential advice and support:
CharityWhat They DoWebsiteHow to Contact ThemCitizens AdviceOffers free, confidential advice online, by phone or in person. They help with a wide range of issues, including benefits, debt, housing, family matters, law, and more.citizensadvice.org.ukVisit the Contact Us page to find your local branch and available contact options.Age UKSupports older people with friendship, advice and local services to help them feel valued and supported in later life.ageuk.org.ukExplore services in your area to get local help and support.Macmillan Cancer SupportSupports anyone affected by cancer, offering financial, emotional, and practical advice to individuals, families and friends.macmillan.org.ukFind all contact options on their Contact Us page.MindA leading mental health charity providing support, information and campaigning for better mental health and reduced stigma.mind.org.ukVisit their Contact Us page to get in touch with the team.SamaritansOffers emotional support to anyone in distress or struggling to cope, helping reduce feelings of isolation.samaritans.orgReach out in a way that works for you via their Contact Samaritans page.Turn2UsProvides information and financial support to people experiencing income shocks or financial insecurity.turn2us.org.ukAccess support services through their Get Support page.National Domestic Abuse Hotline (Women & Children)Confidential support for women and children experiencing domestic abuse. Run by Refuge and staffed by trained female advisers. Economic abuse is recognised and supported.nationaldahelpline.org.ukFind support via phone, live chat or BSL on their Support page.Men’s Advice LineA confidential service for male victims of domestic abuse, run by Respect. Offers support for emotional, physical and financial abuse.mensadviceline.org.ukFind multiple contact options on their Contact Us page.National Autistic SocietyOffers advice and support to autistic people and their families. Campaigns for inclusion and provides guidance on benefits, finances and more.autism.org.ukFind urgent help, advice, and access to their online community via the Contact Us page.

### Our Celebrity Partner: Emilia Fox
Emilia Fox teams up with My Pension Expert to showcase what it means to turn 50, today.
As part of our One Million More campaign, My Pension Expert has teamed up with Emilia Fox to celebrate life at 50.Emilia Fox says: “Turning 50 today doesn’t look anything like it did for our parents’ generation. People are building businesses, raising kids, travelling, [and] living full-on lives”And she’s right.My Pension Expert’s analysis has shown increasingly popular themes emerge as a new generation moves towards retirement.Today, more than a quarter (28%) of people currently in their 50s say that they have picked up more hobbies compared to only 18% of Baby Boomers when they were the same age. Popular hobbies picked up by midlifers include reading (48%), cooking/baking (44%), gardening (40%), travel (38%) and sports and keeping fit (29%).Similarly, there’s a rise in personal care, health and wellness for today’s 50-year-olds. Analysis shows that 2 in 3 of today’s Gen X prioritise health and wellness more than when they were younger. Four in five people are adopting healthier diets, with 75% of over 45’s across the nation ranking their diets as healthy.As well, today’s Gen X showcase changing priorities. Where building a family may have been tradition, today’s 50-year-olds are actually having less kids than the generation before.
Changing priorities, increasing dedication to health and wellness and the uptake of new hobbies shows that today’s midlifers are changing the narrative of what it means to be 50. There seems to be a shift to showing yourself a bit of love. Whether it’s trying new things that make you happy or taking care of your health and wellness, positive wellbeing is shaping midlife, today.And at 50, there is a clear consensus of knowing what you want and going to achieve it.The ‘One Million More’ campaign aims to uplift 50-year-olds and only emphasise positive wellbeing for Gen X. While eating healthily and exploring hobbies help to promote this, financial wellbeing is an important accompaniment on your wellbeing journey.My Pension Expert’s campaign wants to promote advice as an opportunity for midlifers, across the UK, to manage and improve their financial wellbeing. Combining better financial wellbeing with an exciting new lifestyle now, could be the tool you need to ensure the longevity of your happiness and self-care through to and beyond retirement.You manage your day-to-day health and hobbies and let financial advice handle the background work. It could be the perfect match.

### Why One Million More?
You might be asking yourself: ‘why one million’? Well, we have good reason for such an ambitious target.
We are aiming to reach one million more people, across the UK, to get more engaged with their pensions through advice. Advice can offer a range of benefits to people, some you may not even expect. Yes, it could help with the value of your pension pot, but there is so much more.
Putting your future first
Advice is a tool for empowerment. It allows you to take control over your finances. Something like a pension that too often goes dismissed running in the background, can become something you can take control of and make it work for you.Advice also offers an opportunity for people to explore the range of options and financial tools available to them which, in turn, could lead to better financial outcomes. Exploring these options with a financial adviser also grants you with the rare opportunity to learn about finances, with you at the heart of it.If we can get one million more people accessing advice, the benefits across the country could truly shape how we all engage with our savings now, and in the future. It aims to raise awareness of how important engaging with your pension can be as well as the largescale benefits it offers ranging from your pot, to shaping the wider economy.It's a chance to change the way society perceives pensions.
Provide reassurance when navigating retirement decision
Our research has shown that those approaching retirement could receive a £17,640 boost to their pension by seeking financial advice.
This would mean that if one million more working people sought advice on their pension, together, we could work to secure an accumulated £17.6billion boost to pensions across the country.
Securing a collective £17.6 billion payday wouldn’t just be a glorious boost for you. It would also benefit the economy, raise awareness of the importance of accessible advice and drive down pension poverty figures.
Whether it provides you with a worry-free warm home, or a cruise around the world, now is a good time to consider engaging with your pension planning. Our hopes are high, but our determination to help savers is even higher.
Everything is outlined and discussed in our One Million More manifesto, which you can read here.

### Celebrating life in your 50s
There’s a reason that your 50th birthday is a ‘Golden Birthday’. At 50, you know what you want from life… and how to get it! We believe that’s something worth celebrating!
Contrary to some misconceptions, turning 50 today looks nothing like it did before. Today’s 50-year-olds are travelling more often for leisure than the generation before. They are picking up new hobbies at a great pace and are more focused on their health and wellbeing than ever before.
However, the financial planning, and financial advice ultimately seems to be lower on the priority list. In fact, our recent survey amongst 3000 Britons aged between 45 and 85 revealed that:
64% of those turning 50 in the next five years have never sought advice about their income in later life.
More than half (54%) of people aged 45–59 don’t feel confident in their financial security for retirement.
Over a quarter (27%) of pensioners say their retirement income is lower than they expected at 50.
More than a third (36%) of people aged 45–49 feel financially concerned about turning 50.
The shortfall in advice could be for a number or reasons. For example, people may not know that it’s available to them, or they may think advice is too expensive. Perhaps more realistically, life happens – everyone is so busy these days, sometimes thoughts about pensions just fall by the wayside.
The Pension Commissions commitment to review auto-enrolment - particularly the minimum contribution levels - only highlighted the need for more active saving. However, too little is being said about pension engagement. Pension engagement has typically been low, and many reach retirement with a pension that hasn’t reached its full potential.
That’s what we’re going to change!
Our One Million More campaign aims to encourage one million more working people to seek advice – and reap the rewards of advice.
Analysis has found that if someone aged 50 sought advice now, they could grow their pension pot by £17,640 by the time they were 65*. If our campaign succeeds in helping one million people to seek financial advice, this could help 50-year-olds across the country achieve a potential uplift in savings of up to 17.6 billion!
Don’t delay! Take that first step and join the one million more Britons taking charge of their financial future today. Download your free copy below!

### Sitemap
Welcome to our Sitemap, your one-stop guide to navigating our website.
You will find a structured list of all our pages, organised for easy access and convenience.
Whether you are looking for specific services, blog posts, news articles, or contact information, our sitemap helps you quickly locate the content you need.
Pages
About Us
	Careers
		My Academy
	Environmental, Social, and Corporate Governance
		Our B Corp Journey
		St John’s Hospice Doncaster
	Meet the team
	Our Brands
		Imperium Advice
		My Money Expert
Articles and Features
Case Studies – Real Client Stories & Retirement Successes
	Bill’s Story
	Dave’s Story
	Jason’s Story
	Jill’s Story
	June’s Story
	Tracy’s Story
Celebrating life in your 50s
Contact us
Financial Advice: Plan, Invest & Retire with Confidence
	Fees and charges
	Ongoing advice
	Our service
Frequently Asked Questions
Investments
	General Investment Account
	LGT Wealth Management Model Portfolios
	Marlborough Investment Management Portfolios
	Risk and reward
	Selecting investments
	What Is a Stocks and Shares ISA and How Does It Work?
My Pension Expert – Client Agreement
My Pension Hub
One Million More Campaign
Our Celebrity Partner: Emilia Fox
Our One Million More Manifesto
Pensions
	Annuities
		Annuity Rates in 2025: How They Work & How to Get the Best Deal
		Annuity vs Drawdown Calculations: Compare Your Income Options
		Are Annuities Worth It? Pros, Cons and Alternatives
		Compare Pension Annuities: What to Look for and How to Assess Value
		Cost of delay
		How Do Annuities Work and What Income Could You Receive?
		Lifetime Annuities: A Guide to Guaranteed Retirement Income
		What Annuity Will Money Buy? Understanding Your Income Potential
	Flexible-access drawdown
	Inheritance Tax Planning: How to Protect Your Estate
	Pension & Retirement Calculators
		Annuity Calculator: Estimate Your Guaranteed Retirement Income
		Pension Drawdown Calculator: Estimate Your Flexible Retirement Income
	Pension consolidation
	Pension Guides
		Check Your Pension: How to Review Charges, Performance and Terms
		Early Retirement: How to Retire Sooner and Plan Your Income
		Find My Pension: How to Trace Lost or Old Pensions
		How Much Pension Do I Need to Retire?
		How to Grow Your Pension Fund: Practical Steps for Savers
		Pension Advice Costs: What to Expect and How Fees Work
		Pension Consolidation: How to Combine Your Pensions and Reduce Costs
		Pension Contributions: How Much You Can Pay In & How to Check Yours
		Restricted vs Independent Financial Advice: What’s the Difference?
		Salary Sacrifice: How It Works and the Pension Tax Advantages
		What Happens to Your Pension When You Die? Rules and Inheritance Options
		What Is a Pension? Understanding the Basics
		Widow’s Pension and Bereavement Benefits: What You Can Claim
		Workplace Pensions Rules & Contributions
	Pension Rules
		Annual Allowance: Pension Rules, Limits and How to Avoid Tax Charges
		Carry Forward Pension Allowance Explained
		How to Top-up Voluntary NI Contributions
		Money Purchase Annual Allowance: What It Means for Your Pension
		Pension Recycling Rules: What Counts and How to Avoid Tax Charges
		Pension Tax Relief: How It Works and How to Claim Your Allowance
		Triple Lock Pension: What It Is and How It Protects State Pensions
		UK Pension Rules: Key Limits, Allowances and Access Ages Explained
		UK State Pension Age: Current Rules, Increases & Upcoming Changes
		What Is A Tax Relief at Source Pension and How Does It Work?
	Pension scams
	Pension Tax & Withdrawals
		Pension Tax: How Your Pension Is Taxed and Key Allowances Explained
		Taking Your Pension Early: Rules, Costs and Penalties to Consider
		Tapered Annual Allowance: Rules, Thresholds and How It Works
		Withdrawing Your Pension: Tax, Rules and Flexible Withdrawal Options
	Private Pensions for the Self-Employed: What Are Your Options?
	Types of Pensions in the UK
		Auto-Enrolment Pension: How It Works, Eligibility, & What You’re Entitled To
		Pension Credit Explained: What It Is, Who Qualifies & How to Claim
		Pension Transfers: How They Work, Benefits and Things to Consider
		Personal Pensions: How They Work
		UK State Pension – What it is, how much you’ll get, and everything else you need to know
	What Is a Drawdown Pension? A Simple Guide
Privacy Policy
Regulatory information
Sitemap
Support Beyond Retirement
Terms and conditions
Thrifty at 50
Why One Million More?
Posts by category
	Category: Estate Planning
		Inheritance Tax: How It Works and Ways to Reduce What You Pay
		What financial support is available if your partner dies?
		Could writing a will be the best present you give this Christmas?
		Trusts: What are they and should I get one?
		Getting your estate in order: everything you need to know
		When is the right time to create a will?
		What Happens to My Pension When I Die?
	Category: In the Press
		Celebrating Second Chances and Long-Term Care
		My Pension Expert secures £25 million refinancing loan from OakNorth
		How will the US tariffs affect your UK pension?
		Pensions reform sorely missed from Spring Statement
		Autumn budget 2024: What does it mean for pension planners? 
		The importance of avoiding financial speculation
		What does the new Labour government mean for pensions?
		Protecting UK pensions: what we want from the next government
		Sprinting to Retirement with Racing legend Sprinter Sacre
		What Policy Changes do Pension Planners Really Want to See?
		My Pension Expert’s Westminster Roundup 
		My Pension Expert: putting savers at the heart of pension policy
		Spring Budget 2023: What did it mean for pension planners?
		Record interest rate rise overshadowed by inflation concerns
		In the Press – Why don’t savers trust fintech?
		How would negative interest rates impact your retirement plans?
	Category: Industry Updates
		Why the New Pensions Commission Must Focus on Clarity and Fairness for Consumers
		Family dynamics are changing. How does this affect how we prepare for retirement?
		Megafunds, consolidation, and investment. What do UK pension reforms mean for you?
		What does a spike in inflation mean for retirement saving?
		How does the latest interest rate decision affect pension planning?
		Supporting Employees with their Workplace Pensions
		The reality of workplace auto-enrolment: are you in the know?
		What the 2024 Spring Budget means for pension planners
		The Autumn Statement 2023: My Pension Expert’s Wishlist
		What’s going on?! We’re breaking down the Inflation Situation
		My Pension Expert takes on the Party Conferences
		The people have spoken! How Britons feel about UK Pension Policy
		Cutting Through the Noise: What is Consumer Duty?
		The latest pension reform: What does it mean for you? 
		Is Jeremy Hunt wrong to pressure people to stay in work?
		What changes do pension planners need to know for 2023/24?
		Addressing the gender pension gap
		What do interest rate hikes mean for retirement planners?
		What did the “mini-budget” mean for pension planners?
		What could the new-look Government mean for the pension sector?
		Should pension planners be concerned about market fluctuations?
		The changing face of financial advice
		What is causing Britain’s will writing problem?
		What will rising inflation rates mean for retirement finances?
		What can pension planners expect in 2022?
		Autumn Budget 2021: What does it mean for pension planners?
		Will fintech enhance pension engagement?
		Time is money: lifting the lid on ceding provider delays
		The Budget 2021: The Pension Industry’s Wishlist
		What has 2020 meant for the pension industry?
		Why Brexit Has Put Pressure On Pension Incomes?
	Category: Investments
		Thinking about diversifying your investments? Here’s what you need to know
		What is a Stocks and Shares ISA? 
		What Gareth Southgate can teach us about pensions and investments
		Passive Funds: Breaking down the basics
		Risk Vs Reward – Understanding your Risk Appetite
		What investment options are available to retirement planners?
		Could your pension be the key to solving the climate crisis?
		Should pension planners diversify their investment portfolios?
		Investments: A pension planner’s lifeline?
		Pension investments: they’re more accessible than you think
		How to find pension investments to suit your needs
		Could gated investments hinder Briton’s retirement plans?
		Is investing in property a dangerous retirement strategy?
		Does it pay to make ethical pension investments?
		What are the riskiest investments for pension planners?
		A beginner’s guide to risk appetite
		Should you diversify your pension investments?
	Category: Pensions Explained
		Could Your 50s Be The Perfect Time To Strengthen Your Financial Future?
		What Should You Do If Someone Contacts You About Your Pension?
		Why Retirement Income Doesn’t Always Match Expectations
		Why It’s Never Too Late to Start Engaging with Your Pension
		Many People Still Feel Uncertain About Their Pension Options
		Financial Advice vs Guidance: What’s the Difference
		What Life at 50 Really Looks Like Today
		How to Complete Our Online Pension Process
		Understanding Your Pension Options
		Basic State Pension: Eligibility, Amounts and Increases 
		Pension Beneficiaries Explained: What You Need to Know
		Tax on Pension Drawdown: What You’ll Pay and How to Plan
		Pension Sharing and Divorce Settlements: How It Works and What to Expect
		How to Claim Your Pension: Steps, Timescales and What to Expect
		5 Things to Check when your Pension Statement Arrives
		Tax Year Pension Planning Checklist: Start Strong, Stay Ahead
		Turning Pension Anxiety into Confidence
		Getting Started: Common First Questions About Pension Advice
		Pension Review: Be Ready To Book Your Call
		Pension Transfers: When You Should Consider Switching
		The Role of Pension Reviews
		ISA Allowance Explained: What You Need to Know
		Planning Your Retirement Lifestyle, Not Just A Pension Plan
		What Happens to My UK Pension If I Move Abroad?
		ISA vs Pensions: Which Is Best for Your Retirement Savings?
		How to Create a Reliable Investment Strategy
		How Does My Pension Expert Create a Personalised Retirement Strategy?
		Do You Get Tax Relief on Employer Pension Contributions?
		Common Pension Mistakes and How To Avoid Them
		The Most Commonly Asked Pension Questions
		State Pension vs Personal Pension
		How To Choose a Financial Adviser
		Types of Pensions in the UK
		Personal Pension vs Workplace Pension
		Pension Jargon Explained
		How ignoring your workplace pension could cost you in the long run
		How can you avoid the Pension Easter Egg Hunt?
		Understanding Your Pension: What You Need to Know
		Key Steps to a Stress-free Retirement
		Tackling the gender pensions gap
		How could inheritance tax impact your pension plans? 
		Talk Money Week – The #DoOneThing you can do for your pensions
		Pensions for the self-employed: your know-how
		Pensions Explained – Tracking down lost pension pots
		Pension tax relief explained and how it may benefit you
		Ombudsman’s Decision for WASPI women: What does it mean?
		A retirement planner’s guide to ethical pensions
		Auto-Enrolment: An underrated secret weapon?
		Breaking Down Drawdown: Could it Be the Right Option For You? 
		Transfers: Not Just Seasonal News
		Is pension advice expensive?
		What could high annuity rates mean for pension planners?
		ESG Investments: The future of pension planning?
		Drawdown vs annuities during the cost-of-living crisis
		Do retirees need to maintain a strong credit score?
		Pensions explained – Are annuities still relevant?
		How are pensions divided during a divorce?
		Should Britons increase their workplace pension contributions?
		Pensions Explained – What is the gender pension gap?
		How can savers keep on track with their pension savings?
		Why are annual pension reviews so important?
		Flexible-Access Drawdown: The key to a stress-free retirement
		When should you switch pension provider?
		Five questions to ask your employer about your pension
		Is it possible to boost my income in retirement?
		What prevents savers from switching pension providers?
		What happens to your pension when you get divorced?
		Everything you need to know about pension tax relief
		All you need to know about junior pensions
		LISA: A viable alternative to a pension?
		Everything you need to know about Flexible-Access Drawdown
		What do you need to know when switching pension providers?
	Category: Responsible Business
		A look into Christmas at St John’s Hospice
		Make your well-being the star of your retirement this Christmas
		Spreading awareness this World Menopause Day
		My Academy: 2 years of developing people and growing careers
		Looking into our B Corp journey
		My Pension Expert has achieved B Corp status!
		My Pension Expert acquires Tenet&You
		Propagate your way to plant paradise
		Five fun ideas for creating your own urban jungle
		ESG and sustainable finance in the pensions sector
		Pride Month and pension advice inclusivity
		My Pension Expert: proud partner of RHS Malvern Spring Festival
		How a community garden can provide a neighbourhood haven
		Four ways to let your gardening skills bloom
		My Pension Expert launches career pathway initiative, My Academy
		Celebrating ten amazing days at Cheltenham Literature Festival 
		We’re proud partners of Cheltenham Literature Festival
		Investment into My Pension Expert confirmed after FCA approval
		My Pension Expert delights at the RHS Malvern Spring Festival
		Music to our ears: We’re sponsoring the Cheltenham Jazz Festival
		Responsible Business – Team Wild Waves: Journey’s end…
		Introducing Imperium Advice – our new retirement service
		An Alternative Christmas and New Year…
		Introducing Team Wild Waves – The world’s toughest row!
		Celebrating the Women of My Pension Expert
	Category: Retirement Planning
		Winter Fuel Payment: Who Qualifies and How to Apply
		Understanding Your Pension Statement
		How the Pension Triple Lock Affects Your Retirement Income
		Can I Retire Early?
		Balancing Retirement Savings When One Partner Earns More
		The Pension Protection Fund
		How to Increase Your Retirement Fund Without Breaking The Bank
		Does My Private Pension Increase With Inflation?
		Retirement Planning for Couples
		Do I Pay National Insurance After 66?
		Finding Purpose in Retirement
		Do I Get Taxed On My Pension?
		The past, present and future of auto-enrolment
		Shaping Your Retirement Around Your Personal Objectives
		Money Talks: Starting the Conversation That Matters
		Helping Your Parents Plan for Retirement
		Clear the Clutter: How to Tidy Up Your Finances This Spring
		Should You Work Part-Time in Retirement? The Pros and Cons
		Your guide to retirement planning as a business owner
		5 finance questions to ask your partner this Valentine’s Day
		Looking ahead for pensions in 2025
		Co-piloting or flying solo? How relationship status can shape retirement planning
		The problem with pension planners relying on social media
		What is pension consolidation, and should I do it?
		Four ways to get retirement-ready this Pensions Awareness Week
		Should I withdraw my tax-free lump sum from my pension?
		Pension calculators: how can they help you plan your retirement?
		How much do I need to save for retirement?
		Leaping into retirement: how to get out of the work mindset
		Balancing saving for short-term goals with saving for retirement
		Getting kids to think about retirement
		Recognising the challenges faced by LGBTQ+ pension planners
		Navigating debt when approaching retirement
		What Can Lent Teach us About Retirement Planning?
		Is the gender pensions gap closing?
		Workers aren’t engaging with their pension. Here’s why it matters
		Overcoming Pension Hurdles in your retirement planning
		Changing the Pension World with Tech
		Prioritise your wellbeing in Retirement with MPE
		New Year, New You: Our Financial Resolutions for 2024
		Celebrate with MPE as the Holidays are Coming!
		Advice and Guidance: Both valuable, but in different ways
		Retire into your Hobbies! Mark this new chapter of your life
		Retirement Planning – What’s Your Perfect Holiday?
		The Value of Advice: Why Miss Out? 
		Pension Potential: The Key to Your Dream Retirement
		Cutting through the annuity rates noise
		Addressing the pensions gap among people with disabilities
		My Pension Expert launches Retirement Fairness Index
		What is the ‘Mid-life MOT’? Is it for pension planners?
		Rising interest rates: how will they affect pension planning?
		Why is pension engagement so low in the UK?
		Seven tips for spring cleaning retirement finances
		How to take the stress out of retirement planning and pensions
		Debt Awareness Week: How can retirement planners manage debt
		How can Britons make their dream retirement a reality
		Breaking down Briton’s retirement dreams and their challenges
		Retirement finances and mental health
		What’s the difference between guidance and advice in finance?
		How can pension planners make sure resolutions stick?
		Approaching retirement without a financial plan?
		Pension scams skyrocket at Christmas – here’s how to spot them
		Have Britons lost faith in government pension policy?
		What the Chancellor’s Autumn statement means for pension planners
		Why not to rely on online guidance for pension planning
		Is pension advice only for the wealthy?
		Breaking the debt taboo: Managing debt in retirement
		How to get your children thinking about their financial future
		Revealing the impact of the cost-of-living crisis on pensions
		Protecting your pension from fraud this festive period
		From phishing to phone calls: stop fraudsters in their tracks
		Should savers continue contributing to a workplace pension?
		How to manage debt in retirement
		What is the difference between advice and guidance?
		How can advisers restore public trust?
		Have I left it too late to save for retirement?
		When should you take out your 25% tax-free pension lump sum?
		How to plan for an unexpected retirement
		How to safeguard your retirement savings
		Household Names Aren’t Always the Best Option for Your Pension.
		How is Pension Income Taxed? And How much is exempt?
		Act now to reap the rewards of retirement

### One Million More Campaign
Our One Million More campaign is our mission to get one million more people to seek financial advice by 2030. 
Whilst pensions may have been making headlines, from the revival of the Pensions Commission to the details of the Pension Schemes Bill, pension news does not necessarily resonate with everyone.
It’s completely understandable! We’ve all got incredibly busy day-to-day lives, trying to juggle our family, work and friendship commitments. Many of us don’t have time to read the latest pension policy news, let alone check in on their pension.
My Pension Expert’s ‘One Million More’ campaign aims to change that. Our mission is to raise awareness and help people all across the UK harness the power of advice.
Whether you’re taking that first step to learn more about your pension or going straight to a financial adviser to receive advice tailored to your needs, we want to empower you to plan for your future with confidence.
Our ambition to get one million more people accessing pensions advice by 2030
We all have different ideas of what we want our future to look like. And we want to make sure the future you want is well within reach.
This is why we believe advice can offer real value.
In fact, the My Pension Expert team have conducted some analysis and found that if you seek advice at the age of 50, you could boost your pension pot by an extra £17,640 by the time you are 65. If one million people were to embark on this mission with us, that could see an accumulated £17.6 billion added to pension pots around the UK !
We want to make sure that no one misses out on their pension pay day – it’s your money to unlock after all!
To get as many people as possible aware and putting words in to action, we have teamed up with star actress, and ambassador for all things turning 50, Emilia Fox to make sure everyone has the chance to shape their own retirement.
Boost your confidence and boost your pension.
When investing your capital is at risk. Past performance is not a guide to future performance. Performance can depend on individual circumstances and market conditions

### Careers
At My Pension Expert, we believe in supporting both our clients and our people. From flexible working arrangements to ongoing training and industry-recognised qualifications, we ensure our team has everything they need to thrive.
Why Join Us
Joining My Pension Expert means being part of a team that values collaboration, innovation, and genuine care for our clients. You'll be encouraged to develop your career in a way that works for you, with clear pathways and support at every stage.
Here are the current job openings at My Pension Expert. To apply, please send your CV and the position you're interested in to recruitment@mypensionexpert.com. Feel free to follow us on LinkedIn for updates.
Current Vacancies

### Our B Corp Journey
My Pension Expert has officially joined the global B Corp community - businesses that balance profit with purpose. It's more than a certification; it's a commitment to making decisions that benefit our clients, people, community, and planet.
Becoming a Certified B Corporation means we've met the rigorous standards set by B Lab, a global non-profit network that drives positive change in businesses' operations.
This recognition confirms our dedication to transparency, accountability, and using business as a genuine force for good. It reflects the high standards we've built into our culture, from how we treat our team to how we support our clients and broader community.
What It Represents
Our certification sits within our broader commitment to responsible business practices. Whether it's supporting tree planting through the National Forest, helping our team develop through My Academy, or promoting a supportive and sustainable workplace, every aspect of My Pension Expert contributes to making a positive impact.
We're incredibly proud of our team and the shared values that made this possible.
“We’re delighted to have been awarded B Corp status. And we’re grateful to Palatine Private Equity – which achieved B-Corp Status themselves in 2022 – for supporting us through the process.”
Andrew Megson

### My Pension Hub
Welcome to My Pension Hub, our new pension management web app that aims to revolutionise the way people engage with their pension!
My Pension Hub provides a centralised portal to give you visibility and clarity over your pension and investments. It offers 24/7 access to all the information you need to keep on track to your ideal retirement.
Track your application
Receive frequent status updates from your Support Representative
Send messages to your advice team or request a callback at a convenient time
Discover the easier way to manage your retirement finances with My Pension Hub.
What would you like to do?
Activate your My Pension Hub account
Log into your My Pension Hub account
New feature alert: We're gradually rolling out the ability for you to see a live valuation of your pension fund right here on the Hub! This means you'll be able to check the current value of your fund without needing to call or email. 
Please note: This feature is being introduced in stages, so it may not be available for all users yet.
Mockup created from iPhone mockups
Tracking your application with My Pension Hub
At My Pension Expert, we work incredibly hard to keep our clients informed throughout every stage of their journey.My Pension Hub is the fastest and most convenient way for you to track your application, so you know exactly where your money is.
It's all in the details...
My Pension Hub’s tracking feature lets you see exactly which stage your application is at, and what future steps are required.Not only does it let you know when each key progress point is completed, but you can also see the latest updates for each of your individual pensions.
Mockup created from MacBook Air mockups
The tracker updates automatically as your support representative carries out their actions, so you can see your application’s progress in real time. Don’t forget to activate your notifications to receive useful updates to your device as they happen!
Built with accessibility and security in mind
Your security is of the utmost importance. That’s why the hub is designed with built-in encryption and optional two-factor authentication, keeping your data safe and secure.
We’ve also integrated Userway into this application. This offers a range of accessibility features to optimise your account to your needs - whether that’s adjusting the text size, colours, or brightness, or even adding audio voiceover. Just click the blue stick figure icon in the bottom right corner of your screen to choose the features you’d like to use.
Got a question about your application?
My Pension Hub is here for you if you ever have a question about your pension, application, or our service. Send a message to your client support representative through the app or book a call back at a convenient time.
Activating your My Pension Hub account
When you send back your signed application, you’ll be sent an email confirming that we’ve received it. The email will also include a link to activate your account, and all the details you’ll need to get set up.
If you haven’t received this email but believe that you should have, get in touch! We can resend the information to you and help you gain access to your My Pension Hub account.

### Your Guide to Investments


### Articles and Features


### Frequently Asked Questions
Can I combine all my pension plans?
The short answer is yes, you can transfer your pensions into one place. This is known as consolidation.
If you have multiple pension plans and are considering combining them, we recommend you speak to an adviser before doing so. This way, you can be sure you’re doing the right thing for your personal situation and My Pension Expert will check each individual pension plan to make sure there are no penalties for switching.
Are there any charges or penalties for transferring my pension to another provider?
This will depend on the type of pension(s) that you currently have; My Pension Expert will always complete checks on your current plans to take a close look at the benefits they offer. By doing this, you can be reassured that you won’t lose any valuable benefits by transferring, and make sure there are no exit penalties.
Clients who take our advice and subsequently set up a retirement income product will be charged an advice fee for the service. The fee is taken from the pension pot itself on transfer and is not payable direct. As an advised service, we will only recommend a transfer where it places you in a better position, even after our fee.
What happens to my pension when I die?
The type of pension you have and whether you’ve started to take an income will determine how it is taxed or distributed when you die. Each pension plan gives you the option of adding a death benefit into the plan to protect your loved ones. You can find out more about passing on your pension here.
Do I have to take my pension now?
Pensions are open-ended arrangements so, in theory, you don’t have to take the money from your pension. You need to think about why you require the funds and whether delaying your pension could mean that you lose out. By taking advice from My Pension Expert, you can be sure that any decision you make is the right one for you.
How do I know I can trust My Pension Expert?
The decisions you make regarding your pension income are among the most important you’ll make in your lifetime. With that, we understand that you need to be sure that the advice you receive is honest and can be trusted.
My Pension Expert is authorised and regulated by the Financial Conduct Authority (FCA) and can be found on the FCA register No. 579999. Our FCA status means that you can be confident that the advice you receive is in your best interest.
Aside from being regulated, My Pension Expert is ‘Excellent’ by our clients on the independent review website Trustpilot.
What is the advice My Pension Expert offer?
We offer restricted financial advice.
This means that we are able to search the market and carefully select a panel of providers that we believe are the best suited to our client's needs and circumstances to ensure they are in the best position.
What happens if the companies involved fail financially?
Depending on your pension product, you will have different protections in the event that a provider fails financially.
Annuities are 100% covered by the Financial Services Compensation Scheme, with no upper limit. This means that the full value of your annuity is protected.
Invested funds, including those invested in Drawdown, are covered for up to £85,000 per investment company, per person. We also aim to diversify your funds across multiple providers, helping to limit your dependence on individual providers as additional protection against financial failure.
What is the difference between Discretionary and Advisory financial management?
At My Pension Expert, we recommend investment portfolios that are discretionary managed. This means that we make our initial recommendation based on your individual circumstances, needs, objectives, and attitude to investment risk. Going forwards, as we've identified your risk profile, your fund manager can make changes to the portfolio within the defined boundaries of the risk profile without first gaining your express approval. This means that your money is managed on your behalf to make sure it continues to meet requirements going forwards.
Alternatively, with an advisory management service, once your investments are set up, should any changes to the portfolio be appropriate – for example to switch out of an underperforming investment or change asset allocation – then your express permission is required before the management firm can make the changes. This gives you more oversight of your investments, however it typically means that you need to play a more active role in the investment management process, and it can take longer to action changes recommended by your Financial Adviser.

### LGT Wealth Management Model Portfolios
You can find all the LGT Wealth Management (LGTWM) Model Portfolio Factsheets below – switch tabs to jump between Passive Fund Portfolios, Discretionary Managed Model Portfolios, and Sustainable Model Portfolios. Then, just select the name of your portfolio to open the most recent factsheet.
Passive PortfoliosBlended Model PortfoliosSustainable Model PortfoliosImperium Multi-Asset Funds
MPE Defensive Factsheet
MPE Cautious Factsheet
MPE Balanced Factsheet
MPE Adventurous Factsheet
MPE Growth Factsheet
MPE LGT WM Strategic Factsheet
MPE LGT WM Defensive Factsheet
MPE LGT WM Cautious Factsheet
MPE LGT WM Balanced Factsheet
MPE LGT WM Adventurous Factsheet
MPE LGT WM Growth Factsheet
MPE LGT Sustainable Defensive Factsheet
MPE LGT Sustainable Cautious Factsheet
MPE LGT Sustainable Balanced Factsheet
MPE LGT Sustainable Adventurous Factsheet
MPE LGT Sustainable Growth Factsheet
Imperium Performance
Imperium Defensive Factsheet
Imperium Cautious Factsheet
Imperium Balanced Factsheet
Imperium Adventurous Factsheet
Imperium Growth Factsheet

### Selecting investments
Investments have the potential to help you transform your retirement strategy and make your money work harder. However, they can also carry significant risks. So, whether you’re investing your pension into a Flexible-Access Drawdown or looking for opportunities to grow your savings, it’s important to select investments that are right for you.
To help you understand what this might look like, our team of advisers are here to review your circumstances and provide a tailored recommendation.
 Important information
When investing, your capital is at risk. Past performance is not a guide to future performance.
How are invested funds managed?
In order to understand what investment strategy might suit you best, it can help to get a feel for the different styles of fund management.
The two main management styles we explore are passive fund management and discretionary fund management (also known as model portfolios). But what do these look like and, more importantly, could one of them help you to unlock the potential in your pension?
We’ve broken down the key facts about each style to give you a better idea of how they might impact your retirement strategy.
Passive Fund Management
Passive fund management, sometimes known as ‘tracking’, aims to match the performance of popular market benchmarks while keeping costs low.
Instead of actively selecting individual investments, passive fund managers replicate market indices, like the FTSE100, to create an Index Fund or Exchange-Traded Fund. The value of these funds moves in line with the performance of the index being tracked.
As passive fund managers don’t pick which investments are included in a fund, the cost of management is low. However, as the performance echoes the performance of the index, if the market falls, so will the value of your fund.
What are the benefits and drawbacks of passive funds?
Low-cost investment strategy, as fund managers don't need to pick individual stocks.
Low maintenance, simple investment solution.
Limited investment options as your fund manager can’t hand-pick assets.
Discretionary Fund Management
With discretionary fund management, a fund manager actively selects investments to create a diverse portfolio. This typically results in higher management costs, but with the aim that the portfolio will outperform the benchmark.
Discretionary managed portfolios are made up of predominantly actively managed funds made up of various asset classes, such as bonds and commodities. This diversification reduces the impact of market volatility, helping improve long-term performance.
With these portfolios, the portfolio manager will regularly review the markets to spot trends and alter the portfolio composition as conditions change; in some cases, replacing funds completely. What’s more, the active funds within your portfolio also have fund managers who make micro-decisions regarding each individual asset.
So, how do discretionary managed funds compare?
Aim to outperform the benchmark, although this is not guaranteed
Frequently amended to reflect changing market conditions.
Regularly balanced to maintain risk level.
Fees are usually higher than other funds.
How investing works at My Pension Expert
To make sure we can recommend an investment strategy that will meet your requirements, our team of expert Financial Advisers take an overview of your current situation, lifestyle, and your retirement goals. They also consider how comfortable and able you are to take on financial risk and any values you hold that could guide your investing.
Once your adviser completes this analysis and you both agree that investments are appropriate for you, they’ll recommend a model portfolio.
When making our recommendation, we explore a range of portfolio types from leading providers. Any investment we recommend will have a risk rating that matches your attitude to risk and capacity for loss. Your adviser will explain any risks associated with your chosen portfolio to make sure that you’re comfortable with the decision.
Our approach to passive funds
At My Pension Expert, if your adviser believes that you’re most suited to passive investment, they’ll recommend a cost-effective, passive model portfolio that is actively managed by a discretionary fund manager.
This is a portfolio made up of various Index Funds, Exchange-Traded Funds, and occasionally cost-efficient stocks and shares. Each portfolio has a diverse set of investment holdings, with the aim to spread out the risk across numerous assets.
We work with a specialist portfolio provider, who have designed bespoke passive portfolios for My Pension Expert that are available to our clients. These portfolios benefit from discretionary fund management at the same cost as a typical passive fund, letting our clients experience the best of both worlds!
Other options we can recommend
Sustainable model portfolios
Are you interested in investing in a brighter future? Unlike traditional investments, sustainable investment portfolios allocate your funds to drivers of positive change; whether that's companies promoting financial inclusion or even developing cures for diseases.There are sustainable model portfolios at a range of risk levels, so you can find one to meet your needs. The sustainable model portfolios that we recommend to our clients are also discretionary managed, benefitting from a hands-on management approach.
Smooth managed funds
Smooth managed funds are a different method of investing that aim to provide more stable returns by smoothing out short-term market fluctuations. This results in a less volatile investment, with mechanisms to protect your savings and limit risk.However, it’s crucial to note that, like all investments, Smooth Managed Funds still carry risk. The value of an investment made into a Smooth Managed Fund can go down in value as well as up, and past performance is not a guide to future performance.
Asset allocation: building a balanced portfolio
Asset allocation involves dividing your investment portfolio across different asset classes, such as shares, bonds, and cash. When building a model portfolio, professional asset managers balance the portfolio so that the risks and target performance fall within predetermined boundaries.
For example, portfolios with higher associated risk often have greater growth potential, but also greater possibility of loss. These portfolios may have a higher proportion of shares, which tend to be more volatile, whilst a lower-risk portfolio might carry a higher proportion of more stable assets, like cash and bonds.
Fund managers usually take a broad view of global markets and industries, reviewing trends before digging deeper. It’s important that portfolios are diverse, with a mixture of asset classes, industries, and global markets. This helps to reduce risk by limiting exposure to any single investment.
Understanding the benchmark
Your financial adviser will send you a copy of your recommended portfolio factsheets with your application pack. These outline the make-up of assets, along with the fund’s past performance against the benchmark.
It’s important to remember that past performance should not be used to predict future performance. As with all investments, growth cannot be guaranteed. However, the benchmark will show you how a portfolio compares to the average performance of other funds within the same risk profile.
The benchmark can be used to evaluate how the different asset groups which make up your portfolio have performed and when it may be appropriate to make fund changes.
Ready to get started?
Investing can be a great way to help you grow your wealth, provide a lasting source of income, and achieve a financially stable retirement. However, it’s not without risk, and it’s important to be fully informed before making any decisions.
Our team of advisers can help you to understand the various investment options available and how these align with your financial goals, so you can explore the options that could provide long-term stability and growth potential.
Book a call with a member of the team today.

### My Academy
Here at My Pension Expert, we're delighted to welcome you to My Academy!
Launched in 2022, My Academy provides a structured path for learning and progression within My Pension Expert. Our programmes are flexible and tailored to individual needs, supporting personal growth and professional development.
A career in financial services covers far more than advice or accountancy. There are opportunities across a variety of areas, including:
Management
Marketing
Sales
Administration
Technology
Data Science
We're proud of the positive feedback we receive from colleagues, apprentices, and students who have participated in our programmes. Our teams foster a supportive and welcoming environment that encourages learning and collaboration.
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Whether you're interested in gaining experience through a placement or developing skills on the job with an apprenticeship, My Academy offers opportunities to learn, grow, and progress within the business.
For more information about the programmes available, email myacademy@mypensionexpert.com.

### Environmental, Social, and Corporate Governance
At My Pension Expert, we incorporate Environmental, Social, and Corporate Governance (ESG) in all aspects of our business, and constantly seek to improve this. 
We're a Certified B Corporation, which means we've been verified as meeting B Lab’s high standards for social and environmental impact, we've made a legal commitment to stakeholder governance, and that we're demonstrating accountability and transparency by disclosing this record of performance in a public B Corp profile. 
Environmental
Carbon footprint
My Pension Expert's total carbon footprint is 246.5 tonnes CO e / Carbon intensity (tonnes CO/employees) = 2.9. We've also implemented a carbon-neutral policy.
National tree planting
Each month, we pay for trees to be planted on behalf of our colleagues. Our donations support the National Forest to deliver positive change and work towards a greener, healthier and more sustainable future.
Carbon Literacy
Alongside making sure all our colleagues work in line with our environmental policies, we've also provided opportunities for colleagues to gain their Carbon Literacy Certification. 
This is part of the Carbon Literacy Project, which aims to improve awareness of the effect of carbon dioxide on the environment and how individuals and organisations can make practical changes to combat climate change.My Pension Expert is also part of the Palatine Private Equity Peer-to-Peer ESG Network, which meets regularly to support ESG objective development across the organisations involved.
Travel
At My Pension Expert, we've put a range of resources in place to help our employees minimise their travel requirements.
Our employees don't travel to meet with clients.
We support remote working.
Where possible, the staff at My Pension Expert are encouraged to use public transport to travel to and from work, with an interest-free season ticket loan available to all of our employees.
For our employees who do travel to and from the office by car, we offer a discounted car-parking permit for those who choose to car share.
My Pension Expert supports the Cycle to Work scheme.
Office space
My Pension Expert occupies a single floor office space based in central Doncaster; therefore, our employees are not required to travel between offices and have easy access to public transport.All energy supplied to the building is 40.4% renewable, and within our office space, the heating and AC systems are maintained to work efficiently and at an optimum temperature to limit energy wastage.
Printing
At My Pension Expert, we're working hard to limit our paper usage. Where possible, we communicate with our clients and suppliers electronically.All office paper has the Forest Stewardship Council (FSG) accreditation, meaning the paper has been sourced from sustainable forests.All products ordered from our outsourced printers, InstantPrint, are fully recyclable and have FSG accreditation.
Courier service
For sending and receiving client documents that can't be completed electronically, we use a secure courier service provided by DPD, who are also committed to providing a carbon-neutral service. 
DPD's carbon-neutral commitment is outlined within their environmental policy.
Recycling
My Pension Expert operates a complete recycling scheme that ensures all waste is limited.
Third-party providers
As part of My Pension Expert's procurement process, we assess all our third-party provider's ESG policies and, where possible, we utilise online communication and e-signatures.
Social
Staff Wellbeing and Development
As a part of an initiative to encourage staff to make healthier food choices, My Pension Expert arranges for fresh fruit to be delivered to the office each week by EatFruit. 
EatFruit operates eco-delivery, using carbon-neutral routes. 
They reuse their fruit delivery crates (or send fully recyclable ones that feature eco-friendly ink) and source as much fruit from the UK or Western Europe as possible to minimise their carbon footprint. 
EatFruit also donates any waste or excess fruit to a network of local food banks.One of the crucial parts of our business that helps drive us forward is our employees, and we're constantly working to help them develop their roles within the business. 
We offer our employees training and sponsorship to help them develop their skills further through our education initiative, My Academy.
Health & Safety
When our employees join My Pension Expert, they undergo a health and safety assessment.Our health and safety policy is reviewed annually and readily available to employees.
Diversity & Inclusion
At My Pension Expert, we promote diversity and inclusion and avoid discrimination within the workplace. 
With a 58% to 42% male to female cohort and a 50/50 ratio within our management team, we aim to increase diversity and equality.
Community Relationships
Since 2019, St John's Hospice Doncaster has been the official charity of My Pension Expert. Staff raise funds throughout the year with regular charity events.My Pension Expert also works to sponsor a range of events and personalities, helping us connect with and support communities across the UK.
Corporate Governance
Governance & Leadership
My Pension Expert appoints boards with a diverse mix of gender, skills, experience, and competency.Remuneration structures are aligned to the delivery of company strategy and long-term performance.Here at My Pension Expert, we recognise that attracting, developing, and retaining talent contributes to the business's success. 
Where possible, we'll always seek to promote colleagues internally.
ESG Monitoring
At My Pension Expert, our employees understand the importance of ESG and receive advice and guidance to help them incorporate it into their roles and across the business.My Pension Expert is constantly seeking to improve ESG. As such, it is closely monitored and discussed at each quarterly Executive Board.

### St John's Hospice Doncaster
Opened in 1992, St John's Hospice Doncaster provides its patients and their loved ones with excellent end of life care. They offer counselling and support as well as an information service, all centred around their ‘Six Cs’:
Communication
Commitment
Competency
Compassion
Care
Courage
Since 2019, St John’s Hospice Doncaster has been My Pension Expert’s official charity. Our colleagues raise funds for the charity throughout the year, with regular events both in and out of the office.
Our charity events
Sheffield Half Marathon
In April 2024, our Policy Director, Lily Megson, ran the Sheffield Half Marathon in aid of St John's Hospice Doncaster.She completed the hilly 13 mile run to the finish line, raising a fantastic £2760 for the charity.
Virtual London Marathon
Following the cancellation of the 2020 London Marathon, Marc Jones from our retirement team took part in the virtual London Marathon, replacing Tower Hill and The Mall with the streets of Doncaster.Marc raised over £2,000 for St John’s in memory of his friend who had recently passed away at the hospice.
In-Office Fundraising
Throughout the year, the team at My Pension Expert hold a number of in-office events. These include raffles, quizzes, charity dress-down days, and bake-offs - all in aid of St John’s Hospice Doncaster and the fantastic work they do.
Leeds Relay Marathon
In May 2026, some of the My Pension Expert team completed the Leeds Relay Marathon in aid of St John’s Hospice.
The team joined forces to tackle the challenge together, proudly representing the charity we support. It was a fantastic team effort, with all our runners crossing the finish line and helping to raise vital funds for St John’s Hospice.

### Fees and charges
At My Pension Expert, we want to provide a fair, comprehensive, and transparent service. That’s why fees and charges are only ever applied once you’ve received and accepted our recommendations.
Your adviser will make sure you fully understand the associated costs and how they’ll impact your pension and investments during your advice call. We also include all the relevant fees and charges in the quotes and illustrations you’ll receive in your introduction pack, so any income, guaranteed maturity amounts, and other projections reflect what you’ll actually receive. There won’t be any unexpected costs added later.
Why Transparent Fees Matter
At My Pension Expert, we understand that retirement planning isn’t just about numbers, it’s about securing your future, protecting your loved ones, and achieving peace of mind. That’s why we believe complete transparency is essential when it comes to our pension advice fees and charges.
We’re committed to ensuring that every client fully understands what they’re paying for and how those fees support the tailored financial advice they receive. Whether you're considering transferring your pension to a new provider, consolidating multiple pension pots for simplicity and efficiency, or exploring flexible-access drawdown options to manage your retirement income, we clearly outline all associated costs upfront - before any commitment is made.
Our Fees and Charges
To keep things simple, we only have two types of fees. These are taken as a percentage of your pension or savings, usually as part of the fund transfer.
Below is a breakdown of the fees and charges that may apply to you. Your adviser will highlight which are relevant and answer any questions you have during your advice call.
Initial Advice Fee
This is the one-off fee for our recommendation, if accepted. It covers the cost of advice and all administrative work required to transfer your funds to the recommended plan. This fee is only applied once you've received and accepted our advice and have returned your application pack.
Ongoing Advice Fee
 If you select a drawdown plan or we offer advice on your investments, you're also eligible to join our ongoing advice service. This annual subscription to our service gives you year-round access to your dedicated adviser, an annual financial health check, and other exclusive market insights.
Provider charges – Drawdown and InvestmentsOnly
In addition to our service charges, the companies that manage and hold your investments will also charge a fee. 
Please note, these fees will vary depending on your provider.
Fund ChargeThis is an annual fee charged by the provider of your investment portfolio.Platform ChargeThis is an annual charge paid to the platform used to manage your investments.Discretionary Fund Management ChargeThis annual charge pays for the ongoing management of your fund by one of your provider’s dedicated fund managers.
What You Get For Your Fee
Personalised financial advice from an FCA-Regulated adviser
Personalised financial advice from an FCA-Regulated adviser
A detailed discussion about your goals and recommendations
Pension transfer/consolidation handling
Ongoing support and annual reviews (if you've selected the Ongoing Advice service)
Frequently Asked Questions
Need another question answering? Get in touch with us today.
Are your fees fixed or percentage based?
Fees and charges are taken as a percentage of your pension or savings,usually as part of the fund transfer. Provider charges may differ.
What happens if I choose not to go ahead after the initial advice?
Our calls and advice are completely without obligation. If you choose notto go ahead, you won’t be charged.
Are your charges competitive?
Our one-off initial advice fee is based on our services. Provider charges,however, may differ between companies.
How are the fees and charges calculated?
Fees and charges are calculated based on percentages of yourpensions/savings.
Contact Us
Have questions or ready to seek advice? Contact My Pension Expert to unlock the potential in your pension, with tailored recommendations.
My Pension Expert LimitedFloor 4, Colonnades HouseDuke StreetDoncasterDN1 3BW
Tel: 01302 636119 Email: info@mypensionexpert.com
Complaints:complaints@mypensionexpert.com
Press Enquiries:press-enquiries@mypensionexpert.com

### Flexible-access drawdown
Are you approaching retirement age and wondering how to access your pension savings? A flexible-access drawdown, often known simply as 'drawdown', could be the answer.
What is Flexible Income Drawdown?
Flexible income drawdown is a popular method of accessing your pension savings that offers flexibility and control over your income. It allows you to keep your pension savings invested while withdrawing cash as and when you need it.
Depending on your objectives, you could take a lump sum or set up regular withdrawals, adjusting your income whenever necessary. So, unlike fixed options like annuities, drawdown offers flexibility to adapt to your changing needs.
See It In Action
How Do You Know if Flexible Income Drawdown isFor You?
At My Pension Expert, we take the time to understand your circumstances so we can provide personalised advice that puts you in the best possible position at retirement. With no obligation, our pension expert's priority is to make sure you have confidence in the decisions you make regarding your pension, without needing in-person consultations.
The flexible income drawdown approach offers greater control, tax efficiency, and potential for growth compared to traditional annuities, allowing you to adapt your income to your lifestyle.
As your money remains invested, its value can fluctuate, meaning there is some level of risk involved. No two individuals are the same, what might work for someone else may not work for you so that’s why it’s essential to seek advice from our financial advisers to help you determine if flexible income drawdown aligns with your monetary goals and risk tolerance.
Is Drawdown Better Than An Annuity?
Both drawdown and annuities have their benefits; we wouldn't say either option is better than the other.
What works for you depends entirely on your circumstances. Factors like your spending habits, pension value, desired lifestyle, and tax situation will influence what's the best choice for you.
Choose Flexible Income Drawdown if:
1. You want control over your withdrawals
2. Are keen to explore investment growth potential
3. You want the ability to pass on funds to loved ones
However, you must be comfortable with investment risk and managing your money carefully to ensure it lasts throughout retirement.
Choose an Annuity if:
1. You prefer a guaranteed, stable income for life
2. Don't want any investment risks
3. You value certainty and security over flexibility
We'd recommend speaking with one of our advisers to discuss which options could help you reach your retirement goals.
Benefits of flexible income drawdown
Flexibility: Adjust your plan as needed.Change your income level or frequency,switch up your investment strategy, orpurchase an annuity later.
Potential Growth: Keep funds investedfor potential growth throughout yourplan.
Legacy Planning: Passing on a flexibleincome drawdown offers versatilityyour beneficiaries may take it as a lumpsum, set up an annuity, or leave itinvested
Income drawdown considerations
Investment Risk: As with allinvestments, capital invested indrawdown is at risk. Your financialadviser will work with you to find anappropriate portfolio for your goals andcircumstances.
Tax Implications: Income withdrawalsare subject to tax, affecting your overallfinancial planning.
Reviewing your options: An annuitycould be a better solution if you’d prefera guaranteed or fixed income withoutinvestment risk.
Steps To Set Up Your Flexible Income Drawdown
(Spoiler alert: we can support you with all of it! You can find out more about the ways we help you keep things simple here)
1. Identify your position
You probably have more than one pension pot, so round them all up to get an overview of your total pension fund value and assess any safeguarded benefits you may have. You can find lost pensions with the help of the government's pension tracing service.
2. Choose a provider
Shop around to find a provider offering the options most suited to your needs, as features, charges, and investment options can differ between plans.
3. Select your investments
Most providers will offer a range of model portfolios, so selecting one that suits your objectives and considers how comfortable you are with risk is vital.
4. Decide your income
Determine the level of income you want to take from your pension savings. It will depend on factors such as your age, investment performance, spending, and the value of your pension pot. It's important to choose a sustainable income that meets your needs over the long term, although you can alter it at any time.
5. Complete the paperwork
You'll need to complete an application to set up your drawdown plan. These forms typically request information about your pension savings, retirement plans, and investment preferences.
6. Transfer funds
Once your new provider has confirmed that they have all the information required, they'll start the transfer. Transfers often take between four and twelve weeks but can take longer. We recommend starting the process as early as possible so that you can access your money when you need it.
7. Monitor investments
Once everything is set up, you should regularly review your investment performance and adjust your income accordingly. If your investments perform well, you may be able to take a higher income in future years. However, if they perform poorly, you may need to reduce your income to avoid running out of money. With My Pension Expert's ongoing advice service, we review all of this for you, with annual financial health checks that make sure you stay on track.
8. Understand taxation
At My Pension Expert, we advise you on which option is most suitable for your unique circumstances. We'll make sure you clearly understand any risks and charges that apply so that you can make an informed decision.
We also manage the transfer process, with regular updates from our client support team, and can even help you manage and adapt your flexible income drawdown plan moving forward with the help of our ongoing pension advice service. So, with My Pension Expert, you can future proof your retirement strategy.
Tax-free cash
You can take a lump sum of up to 25% of your pension fund value in one go as tax-free cash. Or, you could choose to have 25% tax-free on each withdrawal. Your adviser will help you to understand how this could affect you.
Use your investment growth
When using investment growth, you only draw an income for the amount your fund has grown. So, say you have a fund value of £50,000 which increases by 5% over the year. In this scenario, you would withdraw this 5%, or £2,500, as income.Using investment growth for your income removes the risk of your fund running out too early. However, it does mean that your income would be variable and dependent on growth.
Draw funds from capital
This lets you take money from your fund as needed. Your fund manager may dip into cash reserves or sell some of the investments that make up your portfolio, making sure it stays balanced to meet your requirements.This lets you take a higher income, but you may run out of funds sooner. When choosing how much income to take, you should consider how long you need the fund to last so you don't run out of money.
Don't take any regular income
You may choose not to take a regular income, leaving the whole fund invested to maximise your potential investment growth.Drawdown's flexibility allows you to draw money from the fund as required, such as a one-off withdrawal, or switch on regular income payments later. It's wise to discuss any changes to your income with an adviser, who will help you to understand how this may affect how long your funds will last.
Next Steps
Talk to a member of our team today to begin your retirement journey with confidence. There's no obligation, just personalised advice to unlock your pension potential.
Want more information but not ready to get in touch? Our drawdown calculator can give you an idea of what a sustainable monthly income could look like for you.
Frequently Asked Questions
Need another question answering? Get in touch with us today.
What happens if my pension pot runs out?
If your pension pot runs out, you may need to rely on other sources of income, such as the State Pension or personal savings, to support your retirement.
Can I switch from Flexible Income Drawdown to an annuity?
Yes, you can switch from Flexible Income Drawdown to an annuity at any time,giving you the option to secure a guaranteed income for life.
Can I pass on my pension via Flexible Income Drawdown?
Yes, with Flexible Income Drawdown, you can usually pass on any remaining pension funds to your beneficiaries, often with tax advantages depending on your age at death.
Can I still contribute to my pension after starting F.I.D?
Yes, you can still contribute to your pension after starting Flexible IncomeDrawdown, but your annual allowance may be reduced.
Contact Us
Have questions or ready to seek advice? Contact My Pension Expert to unlock the potential in your pension, with tailored recommendations.
My Pension Expert LimitedFloor 4, Colonnades HouseDuke StreetDoncasterDN1 3BW
Tel: 01302 636119 Email: info@mypensionexpert.com
Complaints:complaints@mypensionexpert.com
Press Enquiries:press-enquiries@mypensionexpert.com

### Bill's Story
Meet Bill, a seasoned project manager from the bustling town of Great Yarmouth. 
Bill made an enquiry with My Pension Expert on the brink of his retirement. With decades of hard work under his belt, Bill wanted to make sure that he got as much as he could out of his retirement nest egg. Recognising the complexity of pension decisions, especially at the age of 65, Bill wisely sought out financial advice to navigate this crucial transition with confidence.
When it came to finding the right financial adviser, Bill wasn't sure where to start. Thankfully, a quick Google search delivered him to My Pension Expert's website, which provided him with the easy-to-understand, jargon-free information he needed to begin his journey toward financial empowerment. So, he booked a convenient callback for himself.
Enter the Retirement Technicians at My Pension Expert, who explained all of Bill's options and equipped him with quotes and illustrations, providing an insight into the income he might receive at retirement. We also conducted thorough pension checks on his current plans to make sure he wouldn’t lose any existing benefits if he moved to a new plan.
Once Bill had had time to review the options and felt comfortable in his understanding of them, his Retirement Technician booked him an appointment with one of our financial advisers, David Taylor.
The advice appointment
During his advice call with David, Bill was asked about his financial circumstances, including his current income and outgoings, as well as what he was looking to achieve from his pension, which was worth approximately £86,000.
One of Bill's main objectives was to grow the fund further while maintaining control over access to the money should he need to in the future. During his call with David, they discussed the different options available and how each would or wouldn't support Bill in achieving his objectives. As Bill already had a secure income from a previous pension and his state pension to cover his living expenses, they were able to rule out the need for a conventional annuity.
Based on their conversations and a thorough assessment of Bill's attitude to risk, David advised a Flexible Access Drawdown, which would provide a potential for growth and the flexibility to make changes that Bill was looking for. Together, they weighed the merits and risks of this approach, with David ultimately recommending a model portfolio that best suited Bill's preferences and circumstances.
Making the transfer
After choosing to proceed with David's recommendation, Bill was introduced to William Humphreys, his dedicated Client Support Representative. William's role was to manage Bill’s application and keep him updated on the progress, answering any questions that he may have had up until his transfer was completed and beyond.
Bill's experience
Bill can't recommend My Pension Expert enough; he's found working with our team to be an exceptional experience. The convenience of receiving top-notch financial advice over the phone integrated seamlessly into his busy schedule, making the transition to retirement smooth and stress-free. 
And it hasn't ended there – beyond unlocking the potential in Bill's pension, My Pension Expert also empowered him to make informed decisions regarding his ISA investments.
So, what did Bill have to say in his review of My Pension Expert on Trustpilot?

### General Investment Account
Looking to expand your savings and investment portfolio? A General Investment Account (GIA) could be the perfect solution. While Stocks and Shares ISAs offer valuable tax advantages, they come with an annual contribution limit. A GIA complements your ISA strategy by allowing you to invest beyond that limit, giving you more opportunities to grow your wealth over the long term.
Who is a General Investment Account suitable for?
A General Investment Account can be a great option for many investors.  If you've already maxed out your ISA contributions and want to invest more, a GIA allows you to do just that. 
It's particularly suitable for experienced investors comfortable with a broader range of investment choices and those with long-term financial goals, such as saving for a child's education or a second home. 
A GIA offers a simple and accessible way for anyone to invest their money with the aim of growing their wealth over time.
However, unlike an ISA, any growth or income from investments in a GIA is taxable. The exact amount of tax you’ll pay depends on your circumstances.
Why choose a General Investment Account?
Convenience: Enjoy easy access to deposit and withdraw funds as needed. Remember that early withdrawals might impact your potential returns, but don’t worry – our financial advisers are here to guide you through these decisions.
Transparent Charges: Say goodbye to surprises! You'll know exactly what you're paying upfront, with no unexpected fees for making changes or withdrawals.
Diversified Portfolios: Gain access to expert-recommended multi-asset portfolios tailored to your risk tolerance and loss capacity.
Online Management: Take control anytime, anywhere. You can monitor your investments around the clock through your online portal, so you’re always in the know.
How will I be taxed?
Our expert financial advisers can help you navigate the tax implications of investing in a GIA. They'll assess your individual circumstances and ensure you're making the most of your available tax allowances.  For example, if you have an unused ISA allowance, it's usually wise to utilise that before investing in a General Investment Account, as ISAs offer tax-free growth and income.
The exact amount of income and capital gains tax you need to pay depends on your circumstances. Any income you receive from your investments will be paid to you gross, meaning no tax deductions will be made. You'll need to settle any tax liability directly with HMRC.
Ready to explore your investment options further?
Let's chat!
 Important information
When investing, your capital is at risk. Past performance is not a guide to future performance.
Your tax treatment depends on your individual circumstances and may be subject to change in future.
Frequently Asked Questions

### Risk and reward
Investments can be a fantastic way to make your pensions or savings work harder for you and can be great addition to your saving strategy.
However, when it comes to investments, there's always a level of risk involved. Whether you're eyeing a Stocks & Shares ISA, a General Investment Account, or a drawdown plan for your pension, it's crucial to grasp the level of risk involved before diving in.
Our financial advisers are here to recommend the portfolio that best suits your needs, making sure you're comfortable with the risks and that your investment aligns with your goals and objectives. We can recommend portfolios across a range of different risk levels using multi-asset funds that offer investment diversity, limiting your exposure to market shocks and offering access to a range of different assets.
Rest assured, your adviser will recommend what's best for you, considering your risk tolerance and financial objectives. Think of them as your financial friends, always looking out for your interests while aiming for growth of your funds. The easiest way to think of risk and reward is that the higher reward often comes with greater risk, just like climbing a mountain for a better view.
Now, Let's Break Down a Couple of Key Risk & Reward Concepts
Risk
The chance your investment could decrease in value.
Reward
The potential return or profit gained from an investment
Attitude to Risk
This is how comfortable you are with risk in your investments. For example, you may consider yourself to be an adventurous investor. If this is you, you might be willing to take the risk of greater losses in favour of higher growth potential for your funds.
Alternatively, you may be cautious, happier to aim for lower potential growth in return for a less volatile investment experience.
Capacity for Loss
Capacity for loss refers to the amount of financial risk you can afford to take without it having a detrimental impact on your day to-day lifestyle or long-term financial wellbeing. 
Think of it as a financial buffer your safety net. Even if your investments perform poorly, having a strong capacity for loss means you won’t be forced to change your standard of living or compromise future goals like retirement or funding yourchildren’s education.
Remember, your attitude to risk and reward and capacity for loss might not always line up. You might be able to handle a loss but prefer to play it safe. That's where your advisor steps in, using all the information you've given to tailor their recommendation just for you.
So, speak to us today to find out what strategy could help you unlock the potential in your savings and make them work harder for you. We make risk and reward manageable.
Risk and Reward: Understand Investment Risk
Understanding the different risk and reward associated with investing is essential when considering your options and assessing risk tolerance. Every investment carries an element of risk and knowing what the possibilities are can help you stay level and confident in your financial decisions.
Common types of investment risk include:
Market Risk - The value can fluctuate due to wider movements across the markets such as interest rate changes and sectors within the economy can cause financial rise and falls.
Inflation Risk - Inflation can chip away at your return potential and if your investments don't outrun inflation then you may end up losing value.
Credit Risk - An issuer of a bond/loan may fail to make interest or principal payments especially in corporate/high-yield bonds
It's important to be aware of factors that may impact your returns and our expert financial advisors can help you in selecting investments to suit your goals and risk tolerance.
 Important information
When investing, your capital is at risk. Past performance is not a guide to future performance.
What Does Reward Look Like in Investments?
When we talk about “reward” in the risk and reward equation, we're referring to the potential financial gain you might receive from your investments.
This return can come in several different forms, and the type of investment you choose will determine the nature and timing of your rewards.
Capital Growth - The increase in value of an asset over time e.g. you buy shares at £100 and then later sell for £150, your capital gain would be £50.
Dividend Income - Some companies pay a portion of their profits to shareholders in dividends. Regular payout can be a consistent form of income for those retiring and seeking cash flow.
Interest Payments - Fixed-income investments such as government bonds pay interest over a set period. They tend to be more reliable than stocks.
Total Return - A combination of capital growth and income. The total return value shows the full picture of your investment earnings, allowing easier assessment of your risk and reward strategy.
By working with our financial advisers, you can assess your risk profile and explore solutions and portfolios that align with your goals and income preferences. At My Pension Expert, we personalise investment strategies that aim to balance potential growth with a clear understanding of the risks involved.
Our approach helps you make informed decisions and stay confident about your financial future - supporting a retirement you can truly be proud of.
Frequently Asked Questions
Need another question answering? Get in touch with us today.
Are higher risks bad when investing?
Not necessarily. Higher-risk investments often offer greater potential returns, especially over the long term. However, they also come with increased chances of loss.
How do I know what level of investment risk is right for me?
Determining your ideal level of risk involves assessing your risk tolerance and your capacity for loss based on your circumstances. Our financial advisors can help with this.
Can I get good returns without taking on a lot of risk?
While it’s possible to earn modest returns through lower-risk investments like bonds or savings accounts, these typically offer limited growth.
How can I balance risk and reward in my portfolio?
Balancing risk and reward involves diversification, understanding your financial goals, and reviewing your investments regularly, with our financial advisor's support.
Contact Us
Have questions or ready to seek advice? Contact My Pension Expert to unlock the potential in your pension, with tailored recommendations.
My Pension Expert LimitedFloor 4, Colonnades HouseDuke StreetDoncasterDN1 3BW
Tel: 01302 636119 Email: info@mypensionexpert.com
Complaints:complaints@mypensionexpert.com
Press Enquiries:press-enquiries@mypensionexpert.com

### Pension consolidation
If you've had more than one job during your working life, it's likely that you've paid into more than one defined contribution pension scheme.
Consolidating your pension pots means transferring them into a single plan, and this can offer significant benefits. At My Pension Expert, our advisers can recommend portfolios that have the potential to deliver healthy growth within a risk profile you're comfortable with, identifying the options that align with your pension objectives. 
Of course, when considering switching up your pension strategy, you should always consider what the positive and negative impacts could be. So, what are the benefits?
What are the benefits of consolidating pension pots?
The main reasons to switch typically include reducing the charges on your scheme, particularly if you're part of an older plan with high fees. You might also want to access different investment options to make your money work harder or change your level of risk.
Pension consolidation can also help you access more flexible income options if you're planning on retiring soon. Many older plans offer a limited range of income options, so transferring to a newer plan will make sure you have access to the retirement products best suited to your needs.
Finally, you might just want to simplify your retirement strategy by combining all of your pots into one. One pot typically equals less paperwork, fewer fees to keep track of, and less overall administration, making it ideal for people looking for a streamlined retirement plan.
At My Pension Expert, we conduct thorough checks on your current plans and compare these with other plans across our carefully selected panel of providers. We’ll analyse your fees and investment options to see if consolidating or transferring your funds could put you in a better position.
Potential benefits
Reduced fees
Access to portfolios
Flexible income options
Simplified strategy
Decreased administrative burden
Why might someone decide not to consolidate pensions?
There are a couple of key reasons why consolidation might not be right for you. So, you should consider the following:
Do any of your existing plans have any unique benefits, such as protected tax-free cash or enhanced death benefits?
Do any of your policies have exit penalties that could cancel out the benefits of transferring to a new provider?
Do you have a defined benefit pension? We don't usually recommend transferring this type of pension - it's hard to beat!
Are you still paying into your pension, and does your employer match your contributions? You may lose out if you switch.
On top of these questions, it's important to remember that there's no guarantee that your new fund will perform better than your existing one, and past performance can't be used to predict future performance. 
That being said, our advisers recommend portfolios that offer prudent fund management and market analysis, competitive fee structures, and investment diversification, all with the aim of putting you in the best position to meet your objectives. We also make sure to answer all of the above questions as part of our pension checks, so that you can be confident that you won’t miss out!
So, should you consolidate?
Pension consolidation can be a valuable strategy for simplifying your retirement planning, enhancing oversight of your pension savings, and potentially reducing costs.
Speaking with our financial advisers can help you assess your current situation and work out which, if not all, of your pensions could be consolidated to improve your position at retirement. And if consolidation isn't right for you, we'll tell you.

### Investments
A Guide to Smart Financial Planning
Looking for an easy-to-understand introduction to investments? You're in the right place. Here's what you need to know before putting your money to work.
At My Pension Expert, we specialise in empowering you with financial advice tailored for retirement. Whether you're approaching retirement or simply planning ahead, making informed financial decisions is crucial, and that's where our advisers come in.
One of the most powerful tools at your disposal when planning for the years ahead is investment. With the right guidance and support from our experts, investments can form a key part of a well-rounded retirement strategy, helping you grow your savings and provide long term financial security. But we understand getting started can feel overwhelming, especially if you're not sure how to handle your finances.
We're here to offer a clear service and introduction to investments, designed to help you understand your options and select the investments suitable for you. Explore our comprehensive introduction to investments today, and discover how strategic investment planning can support your retirement ambitions.
What is an investment?
What exactly is an investment? It's your ticket to potential profits!
To break it down, an investment is where you allocate money into an asset, such as Stocks and shares, with the expectation of generating income/capital growth over a period of time. Now it may sound similar to savings where you set money aside, however, investing includes various levels of risk and reward on your returns.
Whether you're using your funds to purchase stocks, property, bonds or cash holdings, investments offer a world of opportunities to grow the value of your funds. With the help of investment portfolios, which our advisors can recommend based on your goals and objectives, you can invest in a diverse range of assets to help you manage your risk and suit your needs.
Our investment service:
Stocks & Shares ISA
General Investment Account (GIA)
Pension Drawdown
What are the Benefits of Investing
Investing is one of the most effective ways to build wealth and meet long-term financial goals, especially for fulfilling retirement plans. As part of our introduction to investments, here are some core reasons as to why investing is beneficial:
Grow Your Wealth - Allocating money to assets that have potential to generate income and increase over time allow your savings to grow. Interest and reinvestment can largely increase your wealth compared to regular savings accounts.
Beat Inflation - Inflation gradually decreases the value of money. Savings accounts do offer minimal interest however investments usually offer returns that overtake the inflation rate, preserving your value.
Achieve Long-Term Goals - When saving for your future and to be able to tick off those awaited dreams and investing can help you reach those milestones faster.
Diversify Risks - A range of assets on your investment portfolio can spread the risk across multiple avenues, reducing the impact on your overall wealth.
Is Investing Right for Me?
Now, you might be wondering, "Is investing right for me?" Don't worry, you're not alone. Whether you're hesitant due to the size of your pot or fear of complexity, we've got you covered.
Our team of financial advisers is committed to making financial advice accessible to everyone. They'll assess your situation, discuss your goals, and tailor advice to fit your needs perfectly. And guess what? If investing isn't the right move for you, we'll let you know - no strings attached!
But hey, we get it - financial decisions can be daunting. That's why we offer no-obligation appointments. Book an appointment by requesting a callback, or call us free today - we're here to help you navigate the investment landscape with confidence.
 Important information
When investing, your capital is at risk. Past performance is not a guide to future performance.
Common Mistakes to Avoid When Investing
As part of the introduction to investments, it’s important to be aware of some common pitfalls investors make. Here are the key mistakes to avoid:
Lack of ResearchIt's a big risk investing in assets you are unsure of. Seek advice from our financial advisers and they'll guide you through your options based on your circumstances and goals.Chasing Short-Term GainAttempting to make quick profit is risky and investments are designed for long-term gain and it can take time to see results.Failing to DiversifyInvesting all your money into a single asset exposes you to great risk during market fluctuation, diversifying lowers the impact of changes.Ignoring Risk ToleranceOur advisors are experienced in assessing risk tolerance and helping individuals to create a portfolio that suits their needs.Not Reviewing PortfolioSeeking ongoing advice and reviewing your investments with our financial advisors can help you keep on track.
Introduction to Investments: Understanding theCosts
Investment products are designed to return a profit after you account for any fees. There are a number of charges associated with investments, some of which relate to the advice you receive, whilst others are linked to the investment platform and fund choice.
At My Pension Expert, we believe in transparency, so you'll always know exactly what you're paying for and the value you're getting in return. A financial adviser will break down all the charges when they make their recommendation, making sure you're fully informed every step of the way.
Ready to take control of your financial future? Request a callback or give us a call today, and let's put your money to work!
Frequently Asked Questions
Need another question answering? Get in touch with us today.
What types of investment accounts are available?
We have Stocks & Shares ISAs, General Investment Accounts and Pension Drawdown options. Our advisers are equipped with knowledge on these portfolios and can help you make the most of your finances.
How do I choose the right investments?
Choosing the right investment can seem difficult but we're on hand to help. Check out our Selecting Investments page or get in touch today.
What fees are associated with investment services?
Fees may include advice fees such as our ongoing advice service, platform fees and fund management costs, be aware that these are subject to each provider and not fixed across portfolios.
Can I get ongoing investment advice?
Yes! At My Pension Expert, we offer an ongoing advice service that will allow you to receive long-term support and annual portfolio reviews to help you manage your finances safely.
This introduction to investments is just the beginning. Get in touch with expert team today and explore your options in more details.
Contact Us
Have questions or ready to seek advice? Contact My Pension Expert to unlock the potential in your pension, with tailored recommendations.
My Pension Expert LimitedFloor 4, Colonnades HouseDuke StreetDoncasterDN1 3BW
Tel: 01302 636119 Email: info@mypensionexpert.com
Complaints:complaints@mypensionexpert.com
Press Enquiries:press-enquiries@mypensionexpert.com

### Terms and conditions
The site
“We”, “Us”, “Our” or My Pension Expert means My Pension Expert Limited.
The site is owned and operated by My Pension Expert a company registered in England. My Pension Expert is authorised and regulated by the Financial Conduct Authority (FCA). The business is registered at register.fca.org.uk as № 579999.
The registered office of My Pension Expert is Colonnades House, Duke Street, Doncaster, DN1 3BW.
Our services
On this website (also referred to as site), we provide general information regarding retirement finance products, investments, financial markets, economic activities and political decisions. We do not charge website users for accessing this information.
My Pension Expert provides financial advice. This service entails thorough consultation with our retirement technician team, and then a session with one of our financial advisers, wherein you will receive tailored recommendations to suit your specific needs and future goals. See our service for more details. We charge users of this service.
Within numerous pages of this website, we provide users with the opportunity to share their contact information with us to request a call back from a member of the My Pension Expert Team. By sharing your contact details, you are consenting to a member of the My Pension Expert Team contacting you to discuss your retirement finance options.
Details of our Privacy Policy can be found here.
Reliance on content
The content on our website is provided for general information. Whilst we endeavour to make sure the information within the content is current and up to date, you should not rely on it as advice, or as a recommendation that a product or investment is suitable for your individual circumstances.
Information provided regarding retirement finance products and investments does not constitute financial advice.
Promotional content
We endeavour to produce informative and accurate content to educate website users about different retirement finance products and investments. However, given the nature of our business, some content will promote the services provided by My Pension Expert; the service in question being financial advice.
We do this by referring to My Pension Expert within article content as an example of a financial adviser which you might contact to receive tailored, financial advice. We also invite site users to contact a member of our team or request a call back from a member of the team (see our service for details).
None of the content will promote specific products or investments. The promotional activity will exclusively centre on the advisory services provided by My Pension Expert.
Changes to our content
Our website is regularly reviewed, and the content is changed where necessary to ensure any information up to date. Said updates can be made at any given time and we are under no obligation to inform web users of these updates.
We reserve the right improve, amend, or suspend any service outlined on the site, without providing you with notice.
Limitations of liability
My Pension Expert makes no representations or warranties of any kind regarding the accuracy, completeness, or suitability for any of the information on this site. My Pension Expert is not liable for technical inaccuracies or typographical errors within site content.
We assume no responsibility for the content of third parties, which might be linked within the site.
My Pension Expert, nor any of its directors, employees, or any other representatives will be liable for the loss or damage arising from any action taken by a user website of its website, based solely on the site content alone. We are not liable for any financial decisions made by any individual who has had no contact with a My Pension Expert financial adviser.
Further regulatory information can be found here.

### Cost of delay
Are you contemplating delaying taking an annuity income? If so, it’s important to think carefully about why you might want to. If you're waiting in the hope of higher annuity rates down the line, it's crucial to understand the cost of delay.
Like any financial decision, timing is important. Whether you're pondering when to start taking income or exploring the available options, seeking guidance from a financial adviser can help make sure your pension is working for you. And expert insights can save you from potential losses down the road.
Waiting for a bump in annuity rates could result in a more substantial annual income. However, there's no guarantee of a rate hike, and even if it does happen, the gains might not outweigh the income you'd miss out on in the meantime. That lost income, built up in even just a few years, could take decades to recoup.
How My Pension Expert can help
Understanding the cost of delay is all part of our service here at My Pension Expert. Our team of experienced financial advisers tailor their advice to your unique circumstances and even help you crunch the numbers to gauge what the cost of delay would be for you, empowering you to make informed choices.
For queries regarding your pension options, including the implications of delaying, reach out to our team. Your financial future deserves it.

### Ongoing advice
Whatever you want to achieve in your retirement, My Pension Expert’s financial advice can help you unlock the potential of your retirement savings.
For anyone looking to invest their funds, whether that’s a pension or other savings, it's wise to keep monitoring and evaluating your strategy going forward. That's why we’re pleased to offer an ongoing advice service that helps you stay on track throughout your retirement. So, you can rest assured that your savings are in great hands.
Why do I need ongoing advice?
One of the great features of drawdown is its flexibility - you can change your plan at any time. Need to change your level of income? No problem. Want less exposure to risk? Sure thing. In a fast-moving world, your circumstances and objectives can quickly change, so having a retirement strategy that can change with you can be a huge benefit.
However, changing things like your income or switching portfolios can drastically impact how long your fund will last, so it’s important to understand the implications of any alterations. This is the same with other investments; where a portfolio may have been suitable for you when you first invested, it may not suit your requirements later. Receiving ongoing advice offers you peace of mind that the decisions you make today and during the life of your plan are always in your best interests.
What’s included?
Clients who sign up for our ongoing advice service benefit from:
An annual financial health check to refresh their advice and make any required changes to their investment plan.
Year-round access to their Financial Adviser (FA) and Client Support Representative to answer any questions.
Regular news and performance updates through our client newsletter.
Our dedicated team regularly review our clients' financial plans to make sure their recommendation remains the most suitable option for each client's needs and retirement goals.
How much does it cost?
Our clients are at the heart of everything we do, so we’ve worked hard to offer a competitive, comprehensive ongoing advice service.
Unlike some advisers, we have no other ad-hoc charges; we won’t charge you extra for making a withdrawal or changing your investments. Instead, you’ll pay a simple ongoing advice fee. You can find the full breakdown of possible charges that may apply to your drawdown or investment products here.
 Important information
When investing, your capital is at risk. Past performance is not a guide to future performance.
If you invest in a flexible-access drawdown (FAD) plan, your pension pot is invested. Your income relies on the performance of your fund. A FAD is usually a long-term investment; the fund value may fluctuate and can go down. Your income will depend on the size of the fund, the performance of the fund, the economic climate, and tax legislation.

### Contact us
Have questions or ready to seek advice? Contact My Pension Expert to unlock the potential in your pension, with tailored recommendations.
My Pension Expert LimitedFloor 4, Colonnades HouseDuke StreetDoncasterDN1 3BW
Tel: 01302 636119 Email: info@mypensionexpert.com
Complaints:complaints@mypensionexpert.com
Press Enquiries:press-enquiries@mypensionexpert.com

### Pension scams
What are pension scams?
Pension scams are designed to encourage you to invest your savings into schemes that look legitimate, but actually line the pockets of criminal fraudsters. Your hard-earned pension fund could be the target of financial scams when you're planning how to put your savings to use for retirement.
With pension scams on the rise and with new ways to target vulnerable investors, we've got a range of support and advice to help you keep your money safe and to give you peace of mind when it comes to securing a financial future.
Why are pension scams dangerous?
Pension scams can have devastating, long-lasting consequences. Scammers often lure victims with the promise of easy money, but in the end, individuals may lose all or part of their pension savings so learning how to protect yourself is vital.
Difficult to recover funds - Once the money is gone, it's often nearly impossible to recover as fraudsters operate all over the world, making them extremely difficult to trace.
Lower returns - Scammers will convince victims to opt into high-risk investments or transfer money into fraudulent accounts, resulting in the loss of part or all of their savings.
Tax penalties - Many victims receive penalties as scams commonly promote early access to savings before the legal age requirements (aged 55).
Significant emotional distress - Worries of the future, a new lack of security and the stress of attempting to recover lost funds can have a huge impact on mental health and lead to feeling betrayed and struggling to trust legitimate companies moving forward.
Need support?Call us today and we’ll help easeyour mind
Contact Us
Types of pension scams
Cold Calls
Criminals come across as overly confident and persuasive. They will offer a deal with unrealistic opportunities, such as high returns.
Unsolicited Emails
These high-pressure emails are designed to mimic legitimate companies. They promote one-offlimited deals and exclusive benefits which actively don’t exist.
Fake Investment Schemes
The most common schemes involve cryptocurrency and overseas property thatclaim to lead to high interest rates and extra financial gain.
Early Access Schemes
They promise access prior to the legal age (55) which leads to tax bills and loss of savings.
Pension Transfer Schemes
By moving money to other accounts, you will not receive the promised return rates, and these sites have little to no fraud protection.
Phishing
This is designed to steal user information such as bank or personal details, often included in email scams.
Pension Loan Schemes
This encourages a pension exchange for a loan with fixed terms that they cannot opt-out of.
How to spot a scam
When it comes to pension scams, there are some tell-tale signs that the person on the other end isn’t who they say they are. Here are some important signs to look out for:
Remember, if it sounds too good to be true, it probably is. If someone claims they can offer you an income that is significantly higher than any other provider can, be cautious! Sometimes this is possible, but always check first.
A ban on cold calling anyone about their pension was put in place in January 2019. So, be wary if you're approached by phone call, text message, email, or even in-person without your prior permission (i.e. you filled in an online form or asked for a callback beforehand).
Scammers may try to rush you into making decisions quickly and pressure you into giving personal bank details over the phone.
Look out for clues in their contact details. Scammers will often have mobile numbers or PO box addresses on their websites or business cards.
How to protect yourself against pension scams
Never Share Information
Legitimate organisations will not request your bank or personal details outside of basic contact details, e.g. phone number or email address.
Research Pension Providers
Research well-known pension providers and make sure to check that offers are reasonable and legal.
Check Company Registration
Always ensure that the companyou're dealing with is registered with a recognised regulatory body, like the Financial Conduct Authority (FCA) in the UK. You can check this online.
Don’t rush decisions
Take your time in making decisions about your financial future and goals. Here's why genuine advice matters
Stay Alert
Be wary of scam emails/phone calls - does it all sounds too good to be true?
Always Report Scam Activity
Always report suspicous activity to local authorities such as Action Fraudor the Financial Conduct Authority ScamSmart.
Ready to protect your future?Let us help you secure a stable,worry-free retirement today.
Contact Us

### Annuities
What is an annuity? Annuities & Retirement Income Options Explained
In this article you'll find:
1. What is an annuity?2. How do annuities work?3. Different types of annuities• Lifetime annuity• Fixed-term annuity• Enhanced annuity• Joint-life annuity• Escalating annuity• Investment-linked annuity
4. Comparing annuity types at a glance5. Tax rules and guarantees6. Annuity vs pension drawdown7. Weighing up the decision8. Expert insight: when to consider an annuity9. FAQs about annuities
When you retire, one of the most important choices you ll make is how to turn your pension pot into a dependable income. For many people, annuities provide the security they’re looking for a steady payment, guaranteed for life or a fixed period, no matter what happens in the markets.
In essence, an annuity converts your pension savings into an income you can count on. You hand over part or all of your pension pot to an annuity provider, and in return, they agree to pay you a regular income monthly, quarterly, or annually. Once it s set up, your payments continue automatically, giving you peace of mind that your essentials are covered.
But not all annuities are built the same. Understanding the types available, their pros and cons, and how they fit into a broader retirement plan will help you make an informed, confident decision.
What is an annuity?
An annuity is a financial product designed to provide guaranteed income using your pension savings. You can choose an annuity that pays out for life or for a set number of years. It’s often used to cover core expenses - mortgage payments, bills, and everyday costs - so you’re not relying entirely on market-based income sources like drawdown or investments.
Once purchased, the annuity’s provider calculates your income based on several factors: age, health, the size of yourpension pot, and the options you choose, such as inflation protection or a joint-life benefit. The older you are or the more health conditions you disclose, the higher your rate may be. This is because the provider expects to make payments over a shorter time.
How do annuities work?
You can usually take up to 25% of your pension pot tax-free before using the rest to buy an annuity. The remaining amount is used to generate income, which is taxed in the same way as your salary. Your provider will then make regular payments directly into your account according to the terms of your contract
An annuity’s reliability makes it an attractive option for retirees who value stability. It takes market fluctuations out of the equation and replaces uncertainty with structure - a dependable foundation for the years ahead.
Different types of annuities
There are several types of annuities, each with different features and benefits. The right one for you depends on your personal circumstances, priorities, and outlook on risk. Below are the main options and how they work.
Lifetime annuity
A lifetime annuity pays a guaranteed income for as long as you live. It’s simple, predictable, and often used to cover day-today essentials. Many retirees combine it with drawdown or savings for additional flexibility
Pros:
Income guaranteed for life - no matter how long you live.
Options for joint-life cover, value protection, and inflation increases.
Straightforward setup and minimal ongoing management.
Cons:
Once purchased, an annuity can’t usually be changed or cancelled, and rates depend on market conditions at the time of purchase.
Adding inflation protection or joint-life cover reduces the starting income.
If you choose a level income, inflation may erode the spending power of your payments over time.
Inflation may erode the spending power if a level income is taken.
Fixed-term annuity
A fixed-term annuity provides income for a set period, typically between five and ten years. At the end of the term, you receive a maturity amount that you can reinvest, use to buy another annuity, or take as cash.
Pros:
Gives flexibility to review your options later in retirement.
Useful for bridging income before state pension age.
Allows access to potentially better rates in future.
Cons:
Income stops at the end of the term unless renewed, and future annuity rates are uncertain.
Less suited to those seeking long-term guarantees.
If a level income is chosen, inflation may erode the spending power of your payments over the term.
Inflation may erode the spending power if a level income is taken.
Enhanced annuity
Enhanced (or impaired-life) annuities offer higher rates to people with certain medical conditions or lifestyle factors, such as smoking or high blood pressure. These recognise shorter life expectancy in exchange for higher income.
Pros:
Potentially higher income for eligible applicants.
Reflects personal health and lifestyle for a fairer outcome.
Cons:
Requires full medical disclosure to determine eligibility.
Rates vary widely between providers - comparing quotes is essential.
Joint-life annuity
A joint-life annuity continues to pay an income to your spouse or partner after you pass away, usually at a chosen percentage of your income.
Pros:
Provides financial security for a partner or spouse.
Customisable continuation options (e.g., 50%, 66%, or 100%).
Cons:
Lower starting income than single-life policies.
Not always necessary if your partner has independent income.
Escalating annuity
An escalating annuity increases your income every year, either by a fixed rate or in line with inflation. That way, your income keeps pace with the rising cost of living
Pros:
Helps protect income against inflation over time.
Predictable, gradual increases provide budgeting confidence.
Cons:
Lower initial income compared to level annuities.
Inflation-linked versions cost more upfront.
Investment-linked annuity
An investment-linked annuity ties your income to investment performance. If markets perform well, your income may rise; if they fall, it could reduce. It’s suited to retirees comfortable with some market exposure.
Pros:
Potential for income growth over time.
Often includes safety features like minimum payment floors.
Cons:
Income may fall during market downturns.
More complex than traditional annuities.
Comparing annuity types at a glance
The table below provides a quick comparison of the main annuity options available in the UK, highlighting how they differ induration, risk, and suitability. This can help you understand which type best aligns with your goals and circumstances.
As you can see, each option serves a slightly different purpose — and the right fit depends on your goals, risk tolerance,and personal priorities.
Annuity typeIncome DurationRisk LevelInflation ProtectionFlexibilityTypical SuitabilityLifetimeFor LifeLowOptionalLowGuaranteed incomeseekersFixed-term5-10 YearsLow-MediumOptionalMediumBridging incomebefore state pensionEnhancedFor LifeLowOptionalLowThose with health orlifestyle factorsJoint-lifeFor life (with spousecontinuation)LowOptionalLowCouples seekingpartner protectionEscalatingFor LifeLowHighLowThose concernedabout inflationInvestment-linkedVariableMedium-HighPartialMediumThose comfortablewith market exposure
Example:A 65-year-old with a £100,000 pension pot might receive around £6,300 per year from a standard lifetime annuity.
With certain medical disclosures, that same individual could qualify for an enhanced annuity paying roughly £7,100 per year.
If they opted for a 3% escalating income, their starting payments would fall to around £5,400, but would increase annually to help offset inflation.
Once you’ve decided which type of annuity fits, it’s worth understanding how taxation and additional guarantees can affect your income.
Tax rules and guarantees
You can normally take up to 25% of your pension tax-free before purchasing an annuity. The remaining 75% is used to generate income, which is taxed as regular income. You can add features such as guarantee periods or value protection to ensure some of your investment passes to loved ones if you die early. These reduce your starting income slightly but add peace of mind.
Annuity vs pension drawdown
An annuity provides stability, while drawdown offers flexibility. Choosing between them depends on your priorities. If you prefer guaranteed income and peace of mind, an annuity can be ideal. If you’d rather retain control over your investments and adjust income as needed, drawdown might be better. For many people, the best option is a blend - using an annuity to secure the essentials and drawdown for flexibility.
Weighing up the decision
Annuities aren’t perfect for everyone, but their strengths are clear for those seeking reliability. They remove investment uncertainty and provide structure, yet they come with trade-offs that should be understood.
Advantages:
Certainty of income for life or a fixed period.
Freedom from market volatility and investment decisions.
Flexible options for inflation protection and joint-life cover.
Drawbacks:
Limited flexibility once purchased.
Inflation may erode fixed income over time.
Rates can vary significantly between providers.
Expert insight: when to consider an annuity
Annuities tend to suit people who value stability and simplicity. They’re particularly useful for covering guaranteed expenses like mortgage payments, household bills, and daily living costs. If you prefer hands-off management and want to secure a lifelong income, an annuity can form the backbone of your retirement plan.
However, they don’t have to stand alone. Many clients use annuities alongside drawdown or savings. This combination offers both peace of mind and flexibility, ensuring you can meet essential needs while retaining access to liquid funds for unexpected costs.
FAQs about annuities
Ready to explore your options?
Your retirement income is too important to leave to chance. Whether you’re leaning toward an annuity, drawdown, or a mixof both, professional guidance can help you make confident, informed decisions.At My Pension Expert, our FCA-regulated advisers compare the whole market and tailor recommendations around yourgoals, ensuring your retirement income works as hard as you do.
Speak to a pension specialist today

### Pensions
Your pension is brimming with potential.
Let's unlock it.
Choosing the right retirement option is one of life’s most important financial decisions. So, at My Pension Expert, we think it’s vital that you have complete confidence in your choices. And we’re here to help you with that.
We don't just search the retirement market to find you the great pension plan that will help you get more from your savings. Our experts get to the root of what is important to you and advise the options that best meet all your retirement needs and aspirations.
Whether you’re looking to strike a perfect semi-retired work-life balance, take the grandkids on the summer holiday they’ve been dreaming of, or simply know that you’ve got a secure income for life, we can provide a recommendation tailored to you.
The routes you might take:
Drawdown
Are you reaching retirement and wondering how to access your pension savings flexibly? A flexible-access drawdown, often known simply as ‘drawdown’, could be the most suitable option for you....
Drawdown
Lifetime Annuity
A lifetime annuity guarantees a secure, stable income for the rest of your life, regardless of how long you live. Your pension won’t run out, but you also can’t make changes to your level of income or frequency of payments...
Lifetime Annuity
Fixed-Term Annuity
With a fixed-term annuity, you receive a secure income for a set period of time. At the end of the term, the unused portion of your fund (adjusted for growth and charges) will be returned to your pension plan...
Fixed-Term Annuity
Other useful resources
State Pension
You’re probably aware of the State Pension. But you may still have questions, like who’s eligible, how much am I entitled to, and when can I get my hands on it?
State Pension
Pension Scams
Scams are designed to encourage you to invest your savings into schemes that look legitimate, but actually line the pockets of unscrupulous fraudsters. How can you avoid them?
Pension Scams

### Regulatory information
My Pension Expert Limited is authorised and regulated by the Financial Conduct Authority (FCA). We are entered on the FCA Register Nº 579999 at www.fca.org.uk. Registered in England and Wales at Colonnades House, Duke Street, Doncaster, DN1 3BW, company Nº 07627457.
The information contained in this site does not constitute advice and we recommend that you seek financial advice before taking any action.
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at customers in the UK.
The FCA does not regulate taxation and trust advice or Wills.
Risk Disclosure
A pension is a long-term investment. When investing, your capital is at risk; the fund value may fluctuate and can go down as well as up, which would have an impact on the level of pension benefits available.
Past performance of investments is not a guide to future performance.
Complaints
In the event that you have a complaint or dispute with us, you're entitled to raise this through our complaints procedure, which is available on request. If you wish to make a complaint, please contact:
Stacey Rylance, My Pension Expert, Floor 4 Colonnades House, Duke Street, Doncaster, DN1 3BW
T: 01302 639 540
E: compliance@mypensionexpert.com
Please be assured we treat complaints seriously. For your protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS). Please see the following link for further details: www.financial-ombudsman.org.uk.
Useful Information
Financial Conduct Authority (FCA)
2 Endeavour Square, London E20 1JN
Find us on the Financial Services Register www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.
The Financial Services Compensation Scheme (FSCS)
Telephone 0800 678 1100 or visit www.fscs.org.uk
Money Helper
Telephone 0800 011 3797 or visit www.moneyhelper.org.uk

### Meet the team
My Pension Expert's leadership team
Our management team
Kirsty Buckley
Client Support Manager
Daniel Collins
Head of Advice
Alexander Hill
Head of Finance
Thomas Lee
Director of Investments
Mark Robinson
IT Manager
Alex Whiteley
Financial Controller
Chris Liddle
Director of Sales
Greg Tester
Head of M&A Integration
Aqib Ramzan
Retentions Manager
Lee Thompson
Head of Ongoing Advice
Financial Advisers
Brandon Carr-Barker (DipFA)
Financial Adviser Manager
Daniel Collins (DipPFS)
Head of Advice
Georgia Cram (DipPFS)
Financial Adviser
Dianne Gascoigne (DipFA)
Financial Adviser
Paul Goulden (DipFA)
Deputy Head of Advice
Vishal Goyal (DipFA)
Financial Adviser
Richard Harrison (DipFA)
Financial Adviser
Mohammed Hussain (DipFA)
Financial Adviser
Jamie Jones-Green (DipFA)
Financial Adviser
Thomas Lee (DipFA)
Director of Investments
Sam Marshall (DipPFS)
Financial Adviser
Samuel Martin (DipPFS)
Financial Adviser
James Paul (DipPFS)
Financial Adviser
Harry Persad (DipPFS)
Financial Adviser
Charley Smith (ACSI)
Financial Adviser
Martin Smith (DipPFS)
Financial Adviser
Lee Thompson (DipPFS)
Head of Ongoing Advice
David Winn (DipFA)
Financial Adviser
Katie Stather (DipFA)
Advice Director
David Tidswell (DipFA)
Financial Adviser
Samuel Womersley (DipPFS)
Financial Adviser
David Taylor (DipFA)
Financial Adviser
Emma Unsworth (DipFA)
Financial Adviser
Banyamin Yasin (DipFA)
Financial Adviser

### Our service
Financial Advice Tailored To Your Needs
At My Pension Expert, our clients come first. So, we’ve made it our mission to provide a seamless experience with comprehensive pension advice that’s tailored to you and your retirement goals.
Whether you're exploring your pension options for the first time or seeking a better investment strategy, our expert advisers are here to guide you every step of the way. We understand that no two financial journeys are the same, which is why our service is tailored specifically to your circumstances - offering clarity, confidence and peace of mind as you move into the future.
Here’s what sets us apart:
Convenience:Say goodbye to rigid schedules.Our team of specialists and advisers are at your service whenever it suits you best – whether that’s during the day, evening, or even on weekends.
Advice thatadds value:Each and every one of our clients receives comprehensive, tailored advice and thorough pension checks.This makes sure that any recommended changes to your retirement strategy puts you in a better position and improves your outcomes.
Efficiency:We know that time is of the essence.Our service and streamlined process is designed to make sure your transfer is managed as efficiently as possible, so you can start reaping the benefits sooner.
Are you unsure if your current pension plan will provide the retirement you’ve envisioned?
Do you have multiple pension pots and don’t know whether to consolidate them?
Are you nearing retirement and feeling overwhelmed by complex choices like drawdown, annuities, or tax implications?
If you’ve answered “yes” to any of these, it might be time to seek our service and obtainprofessional pension advice.
Why Choose Our Service?
At My Pension Expert we make pension planning simple. Our team is here for you every step of the way to make sure you can enjoy a retirement worth celebrating. Our service and goal is to empower you with all the financial advice you need to make the best choices for your future.
Pension Advice - Understand all the options suitable for your circumstances and make informed decisions about your future income.
Retirement Planning - Create a tailored retirement plan that aligns with your objectives to secure your financial future.
Investment Management - Grow your pension pot with strategies suited to your goals andrisk profile.
Frequently Asked Questions
Need another question answering? Get in touch with us today.
What does your pension advice service include?
Our service includes advice and support when making financial decisions, breaking down all your suitable options, transferring/consolidating pots, financial health checks and help with investments
How do I know if I need pension advice?
You may need pension advice if you're unsure how to access your pension, have multiple pots to manage, want to know how to plan most tax-efficiently, or feel uncertain about your options and what they mean for your future.
Can I get help transferring or consolidating my pension?
Absolutely! Our expert team is well-equipped to handle consolidation and transfers for you. Simply accept the advice and know all your options as well as the implications of switching providers, and we'll do the rest.
Do you offer advice for people already in retirement?
Yes, no matter what stage of retirement you are in, whether you are approaching retirement age or are looking to rebalance your finances, our service is set up to help and support you with your financial decisions.
Contact Us
Have questions or ready to seek advice? Contact My Pension Expert to unlock the potential in your pension, with tailored recommendations.
My Pension Expert LimitedFloor 4, Colonnades HouseDuke StreetDoncasterDN1 3BW
Tel: 01302 636119 Email: info@mypensionexpert.com
Complaints:complaints@mypensionexpert.com
Press Enquiries:press-enquiries@mypensionexpert.com

### Financial Advice: Plan, Invest & Retire with Confidence
What Is Expert Financial Advice?
Expert financial advice is personalised guidance provided by a regulated financial adviser who is qualified to assess your circumstances and recommend specific financial products or strategies. This goes far beyond general “guidance”, which can explain your options but cannot tell you which route is right for you. Only a regulated adviser can analyse your situation, provide a tailored recommendation, and take responsibility for that advice.
Expert advice matters because it ensures your decisions are informed by someone who understands the full landscape of financial planning, including pensions, investments, tax considerations, and long-term goals. Rather than offering general suggestions, an adviser evaluates the options available, explains the advantages and risks, and helps you choose the approach that best meets your needs.
Receiving expert financial advice gives you clarity, confidence and structured support at every stage of life, ensuring you make informed decisions about your money with long-term security in mind.
What Does a Financial Adviser Do?
A qualified financial adviser helps you understand your financial position, identify your goals, and build a strategy to reach them. An adviser can help you to:
Create a clear financial plan based on your priorities
Review existing pensions and investments
Assess your attitude to risk and capacity for loss
Recommend appropriate products, funds, or strategies
Provide clear, jargon-free investment advice
Ensure your decisions remain tax-efficient
Review and adjust your plan over time
Whether you’re preparing for retirement, looking to grow your investments, or seeking guidance on a major financial decision, a personal financial adviser provides support built around your current circumstances and/or long-term goals.
The Benefits of Expert Financial Advice
Working with a personal financial adviser gives you access to a broader range of solutions and deeper insight into how the financial landscape affects you. Key benefits include:
Unbiased recommendations
Expert advice is free from provider influence, ensuring every recommendation is fully justified, has your best interests at heart, and is based on a thorough assessment of your financial situation and long-term goals.
Greater choice and flexibility
With access to the full market, your financial adviser can compare pension, investment and savings products to find the options that best suit your needs, whether you want to grow your wealth, protect it, or turn it into a reliable income.
Expert financial planning
Complex decisions become clearer when someone explains your choices, risks and opportunities in a way that’s easy to understand. This includes building a long-term plan that adapts as your circumstances change.
Improved long-term outcomes
Research consistently shows that people who receive professional financial advice often achieve better investment performance, higher retirement income and greater financial security over time.
Peace of mind
Knowing your financial strategy has been thoroughly analysed, stress-tested and regulated provides reassurance at every stage, from early financial planning to life after retirement.
Financial Planning for Every Stage of Life
Rather than viewing your finances as isolated moments, a financial adviser helps you build a continuous strategy that evolves with you. That might mean establishing healthy money habits early on, strengthening your financial position during peak earning years, or preparing for the transition into retirement.
During your working life, advice can help you manage competing priorities, mortgages, family commitments, or increasing pension contributions. As retirement approaches, specialist pension financial advice can guide you through drawdown, annuities and tax-free cash decisions.
Even once you’ve retired, financial planning remains essential. Expert advice can help you maintain a sustainable income, preserve your investments, and adapt your strategy as markets or legislation change.
Investment & Pension Advice from Regulated Experts
Financial advisers assess your pensions and investments as part of a broader strategy designed to support your financial well-being. This includes:
Investment advice
• Identifying the right mix of funds• Balancing growth potential with risk management• Keeping your strategy in line with your long-term goals
Pension advice
• Reviewing your existing pensions• Recommending consolidating or keeping pots separate• Explaining drawdown, annuities and tax-free cash options• Helping ensure your retirement income is both sustainable and tax-efficient
All our advice is FCA-regulated and tailored to your personal circumstances, ensuring you feel well-informed, supported and in control.
Independent vs Restricted Financial Advice
When you’re choosing a financial adviser, it’s important to understand the type of advice they’re authorised to provide. The distinction between independent and restricted advice can influence the range of products you’re offered and how tailored your recommendations are.
Independent financial advice offers a whole-of-market approach. Your adviser can assess products from every provider, compare the full range of pension and investment options, and recommend what genuinely suits your circumstances. Your advisor also has a duty to justify each recommendation and demonstrate that it is in your best interests, and not influenced by commercial ties or limited product lists.
Restricted advice operates within narrower boundaries. A restricted adviser may focus on a particular set of products or recommend only from selected providers. While this kind of advice can still be regulated and appropriate, it doesn’t offer the same breadth of choice or the same level of flexibility when creating a long-term plan.
Both types of advice must still be FCA-regulated and act in your best interests, but the range of products they can recommend will differ. Understanding how your adviser works helps you make informed choices about where your advice is coming from and which approach suits your needs.
How Much Does Financial Advice Cost?
Costs vary depending on the complexity of your needs, the type of products recommended, and the level of service you choose. Most financial advisers work on either:
A fixed advice fee: A set, clearly defined charge for providing a personalised recommendation. This is often used for straightforward cases or one-off pieces of advice, giving you complete clarity about what you’ll pay upfront.
A percentage of the amount being invested or transferred: A fee calculated as a small proportion of the pension or investment amount involved. This approach is often used for more complex retirement or investment planning. At My Pension Expert, all fees are explained clearly and transparently before you make any decision. There are no hidden charges, and you will only ever pay for advice that is appropriate and right for you.
Why Choose My Pension Expert?
My Pension Expert is one of the UK’s leading specialists in regulated retirement and financial planning. Here’s what sets us apart:
Expert financial advice on the products we can recommend
Qualified UK-based financial advisers who explain everything clearly
Dedicated support team ensuring your journey is simple and stress-free
FCA-regulated recommendations designed to protect your financial future
Over a decade of experience helping clients plan, invest and retire with confidence
Whether you’re reviewing old pensions, seeking investment advice, or preparing for retirement, our advisers help you make decisions that suit your circumstances, not anyone else’s.
Expert Insight: The Value of Professional Financial Planning
Good financial planning is more than just choosing the right products. It’s about feeling confident in the future you’re building. Professional advice helps you avoid common mistakes, understand your risks, and see your money as part of a bigger picture.
Thoughts from Katie Stather, our Advice Director:
“Many people underestimate the difference that well-structured, expert advice can make. The right plan doesn’t just improve your investments or pension income; it can also give you clarity and peace of mind. Our job is to understand your goals, your concerns and your timeframe, then build a strategy that supports you through every stage of life.”
Frequently Asked Questions

### Privacy Policy
Last Updated: April 2025
Our Privacy Notice explains how we use your personal data, describes the categories of personal data we process and for what purposes. We are committed to collecting and using such data fairly and in accordance with the requirements of the Data Protection Act 2018. 
We take your privacy seriously and you can find out more here about your privacy rights and how we gather, use and share your personal information.
Summary
Who we are
My Pension Expert of Colonnades House, Duke Street, Doncaster, DN1 3BW acts as controller for the personal information you provide to us.
Your rights
You have the right to object to how we process your personal information. You also have the right to access, correct, sometimes delete and restrict the personal information we use. In addition, you have a right to complain to us and to the data protection regulator. Contact details are shown here.
Stacey Rylance at compliance@mypensionexpert.com. Alternatively, you can write to us at the address shown above.
Information Commissioner: ico.org.uk/global/contact-usYour privacy rights are detailed more fully on the following pages.
How we gather and use personal information
We need to obtain information about you, so that we can provide the financial advice you require. This information is obtained directly from clients by telephone, post or other means. We hold such information as Data Controllers in accordance with the requirements of the Data Protection Act 2018. We use this information to analyse your current and future financial needs so that we can ensure that any subsequent advice takes due account of, and is suitable to, your circumstances. We will not share your information with any other party except as indicated in this Privacy Statement or where required to do so by any statutory, governmental or regulatory body for legitimate purposes.
Sharing and transferring personal information
Where necessary to the provision of our service, we may share your personal information with third parties. The categories of third party are listed later in this notice. We will confirm the actual third parties with whom we might/will share your information when we have identified the product/service providers that we recommend you use. This will usually be done in our suitability report in which we detail our recommendations to you. Until you have been informed of the actual third parties with whom we might share your information, and provided that you have not terminated our contract or otherwise objected to that sharing, we will only share in a way that does not enable the third party to identify you.
Keeping personal information
We keep your personal information securely for as long as we need to for the purpose of providing you with financial advice under the terms of our service/fee agreement (contract) or for as long as we are required to by relevant regulations.
Legal basis for collecting/processing information
The legal basis on which most of the information that you provide will be collected and processed is to enable us to provide the financial advice that we have agreed you require. However, some types of information require your explicit consent.  In particular, in relation to any adverse health history you might have. We will seek your consent if required. Where you have given us consent, you have the right to withdraw it at any time.
Full Privacy Notice
Introduction
We take your privacy seriously and you can find out more here about your privacy rights and how we gather, use and share your personal information.
Your Privacy Rights
You have the right to see what personal information we hold about you and you can ask us to correct inaccuracies, delete or restrict personal information or ask for some of your personal information to be provided to someone else. You have the right to object to how we use your personal information. If you need to contact us in relation to any of your rights or wish to make a complaint about how we have used your personal information directly to us or to the Information Commissioner’s Office, you can use the contact details indicated on the first page of this notice.
Right to withdraw consent: Where you have given us your consent to use personal information, you can withdraw your consent at any time.
Access to your personal information: You can request access to a copy of your personal information.  We will not normally charge for providing this information to you.
Portability: You can ask us to provide you or a third party with some of the personal information that we hold about you in a commonly used electronic form.
Rectification: You can ask us to change or complete any inaccurate or incomplete personal information held about you.
Erasure: You can ask us to delete your personal information where it is no longer necessary for us to use it, you have withdrawn consent, or where we have no lawful basis for keeping it. Note that we might be required by regulations to retain your information even if you want it to be deleted.
Right to object: You can object to our processing of your personal information for marketing purposes.
Restriction: You can ask us to restrict the personal information we use about you where you have asked for it to be erased or where you have objected to our use of it.
Legal basis for collecting/processing information
The legal basis on which most of the information that you provide will be collected and processed is to enable us to provide the financial advice that we have agreed you require.
However, some types of information require your explicit consent.  In particular, where we identify that it is relevant to obtain details from you in relation to any adverse health history you might have, we will seek your explicit consent.
Where you have given us consent, you have the right to withdraw it at any time.
What kinds of personal information we use
We use information relating to your personal situation and financial position.
How we gather your personal information
We obtain personal information:
directly from you by telephone or other means;
from other organisations such as investment/pension providers, where you have provided authority for them to share information relating to your existing plans;
from your professional advisers, where you have provided authority for them to share information.
We may also obtain some personal information from recording calls or meetings or by making contemporaneous notes of calls or meetings.
How we use your personal information
We hold your personal information as Data Controllers in accordance with the requirements of the Data Protection Act 2018.
We use this information to analyse your current and future financial needs so that we can ensure that any subsequent advice takes due account of, and is suitable to, your circumstances.
We will not share your information with any other party except as indicated in this Privacy Statement or where required to do so by any statutory, governmental or regulatory body for legitimate purposes.
Sharing and transferring personal information
Where necessary to the provision of our service, we may share your personal information with third parties. The categories of third party are listed below:
Pension Providers
Annuity providers
Investment Providers
Investment Platforms
Providers of pension transfer comparison reports
Compliance Advisers
Legal Advisers
Back Office Systems Providers
Third Party Software Providers
We will confirm the actual third parties with whom we will share your information when we have identified the product/service providers that we recommend you use. This will usually be done in our suitability report in which we will detail our recommendations to you.
Until you have been informed of the actual third parties with whom we will share your information, and provided that you have not terminated our contract or otherwise objected to that sharing, we will only share in a way that does not enable the third party to identify you. Where necessary to implement the service that you require, your personal information might be transferred to other countries outside the UK, but only to jurisdictions where suitable protection is in place.
Keeping personal information
We keep your personal information securely for as long as we need to for the purpose of providing you with financial advice under the terms of our service/fee agreement (contract) or for as long as we are required to by relevant regulations.
The Information Commissioner’s Office has more information about each of these rights here.
Other useful privacy policies
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