No one’s really succeeded in making pensions sexy yet, have they? Other financial products have way more curb appeal. ISAs, bonds, mortgages, credit cards, store cards, all of these things are sexier than the pension. For me, I’ve always been turned off because in order to get my head round one, I have to calculate my retirement age, which is thoroughly depressing. There is also the confusion element that seems to surround most pension options, which is well illustrated by this video…
Now: Pensions are highlighting here, the lack of transparency, and excessive charging, within the UK pensions industry. There is no reason why pensions need to be so complicated, so why do we put up with it?
You might be able to guess that the Curb Your Consumerism take on to have or not to have a pension, is very much HAVE a pension. Not only that, but I’d advocate starting it as early as possible. The later you start building your pension, the more you’ll have to contribute later on. Due to compound interest, late starters will find it very difficult to catch up with the early birds.
There is never a bad time to review your pension plans. Whether you’re in your first job and want to know what your options are, or you’re later on in your career. Are you on track to being able to support your retirement based on current projections? If not, what do you need to change? If so, could you be getting an even better deal?
A good place to go for information on pensions is The Pensions Advisory Service. This is a free and independent resource, which includes a service that allows you to ask an expert for advice on your situation.
Another good and free advice site is The Money Advice Service. This site has lots of planners and calculators to help you look at your money from a different angle and start to improve your financial outlook.
This post has been sponsored by Now Pensions.