Pensions - Articles - Smash your pension planning with a volley of questions


The tennis world’s top competitors will be walking onto Wimbledon’s Centre Court today - and may well be inspired by the board above the entrance which displays Rudyard Kipling's poem 'If'’, and its famous words on how you should treat “Triumph and Disaster”.

 But if you are not one of the world’s top tennis players you might need to think of another Kipling poem if you want to take control of your personal finances – and, in particular, your retirement saving. It may help you avoid a savings disaster and set you on the path to triumph instead.

 Matthew Arends, partner and head of UK retirement policy at Aon, said: “It’s all about asking yourself the right questions. Kipling’s poem ‘I Keep Six Honest Serving Men’ – “What and Why and When, And How and Where and Who” can easily be applied to working out where you are now and where you need to be with your retirement saving.

 “Asking yourself the questions below and finding the right answers might not make you as financially successful as Serena Williams or Novak Djokovic but could give you some peace of mind about your future.”

 WHAT type of pension saving do you have? Defined benefit? Defined contribution? A personal pension? A mix of more than one? Do you understand how they work?

 WHY are you saving? Have you some dreams you want to pursue in your retirement? Is there a standard of living in retirement that you aspire to?

 WHEN are you likely to retire or looking to retire? Do you have a fixed retirement date or will it depend on when you have saved enough to fulfil your dreams?

 HOW long have you got to keep on saving? How will you access your pension saving? How much do you have in different pension pots? How much state pension are you due?

 WHERE are all the details of your pension? Do you have all the paperwork? Have you lost contact with some of your pensions? Can you access your pension details easily?

 WHO will you turn to for help? Your employer? An insurer/pension company? An Independent Financial Adviser or the Money and Pensions Service?

 Matthew Arends continued: “The most successful tennis players talk about how well they “play the big points” – and there are plenty of those in saving for your retirement too. However old you are, asking the right questions, seeking the right help and making the right decisions at those big points will make a real difference on whether you smash your retirement planning.”

   

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