Pensions, retirement planning and life events

Our guides and articles on individual pensions, workplace pensions, retirement planning and life events

Individual pensions

Individual pensions are pensions that you keep, regardless of whether you move from one company to another. They can also be set up alongside a workplace pension, or even when you're receiving the State Pension. If you're self-employed or not working, you can also use an individual pension to help save towards your retirement.

 

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As you fund an individual pension yourself, the more you pay in, the more potential there is for you to achieve the retirement you want. You could also get tax relief on additional contributions, so it's worth considering topping up your pension.

 

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Workplace pensions

You'll probably have heard ‘workplace pensions’ mentioned in the media, which all employers legally have had to set up for their employees over the last few years. This process is called ‘automatic or auto-enrolment’ and millions of people now have one of these types of pension. Find out if this could apply to you and more about the way we look after our workplace pension here at Prudential.

 

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So the great news is you’ve taken the first step, and are already a member of a workplace pension scheme.

 

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An Additional Voluntary Contribution (AVC) plan is set up by an employer for employees to make further contributions to potentially build up additional retirement benefits. It's designed to sit alongside the main company pension scheme.

 

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Retirement planning

Greater flexibility around how you use your pension savings, may open up exciting new possibilities for your future. Our checklist can help you ensure your planning is on track. Are you retirement-ready?

 

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There are a lot of things to consider before you'll be able to answer this question. Budgeting for the future can be hard, especially when it could be for the next 20 plus years.

Let's start by looking at some of the key things to think about.

 

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The simple truth is that you can usually retire when you have enough money.

Sounds obvious. But many people still believe that they have to retire at a date set by someone else. And some people think the age they get their state pension is their retirement age.

 

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This is the million dollar question and to some extent depends on what you want to do in retirement.

 

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It might seem like a far off prospect but knowing how you can access your pension pot can help you understand how best to build for the future you want.

 

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The way that you decide to take your pension will affect what you can do with it when you pass away.

 

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Did you know that when you reach State Pension age you no longer pay National Insurance contributions - even if you're still working? Many people don't know this, and along with any State Pension you may get, there might be other financial benefits as you get older too. 

 

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We've outlined some information on the current taxation, legislation and HM Revenue and Customs (HMRC) practice which may affect you if you're saving, investing, or have a pension plan. Tax rules can change and the impact of taxation (and any tax relief) depends on your personal circumstances.

 

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Whether it’s a stash of cash secretly squirreled away to help pay for the odd treat here and there, or a loan taken out years ago that's slowly being paid off, each year we find that couples are keeping millions of pounds worth of money or debt secret from one another.

 

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If you've been paying into a personal pension during your working life, you'll have been building up a pension fund. There are various ways you can access this money from age 55. One of the options is to buy a guaranteed income for life (also known as an annuity). This is designed to provide you with an income for the rest of your life, no matter how long you live.

 

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Life events

It's one of the most difficult subjects to talk about. Divorce. When relationships come to an end there are so many things to consider. Children, home and support are naturally the first things you focus on.

When you begin the process of separating a shared life the sheer number of things to deal with is daunting. And the cost of divorce can have a lasting impact on your plans for later in life.

 

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We all want to make sure our loved ones are taken care of when we’re no longer around. Estate planning is making sure your wealth passes to the people you want it to, in the most efficient way possible.

 

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A power of attorney is a way of planning ahead for your financial security in the future.

 

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More information

All articles and guides

View all our articles and guides covering pensions, retirement, life events, estate planning and investments. You can also read helpful articles and guides to help keep you safe and secure from scams. 

Looking for help?

Retirement and pensions can be tricky to understand. A financial adviser can help guide you through the jargon and figures to help you achieve your retirement goals. 

So, if you don’t already have an adviser, arrange a chat with one of our advisers. We offer a restricted advice service.

Contact a financial adviser