Pension and Saving Week
Help during Pension and Savings Week.
With Pension Awareness and Savings Week coinciding, Bradford District Credit Union emphasises the importance of planning for a comfortable retirement while also fostering good savings habits. This week provides an ideal opportunity to assess your overall financial strategy and discover how BDCU can help you build a secure future with our partner, the Money and Pensions Service.
A pension is a long-term savings plan designed to provide income in retirement, with regular contributions made during your working years.
Types of Personal Pensions:
● Standard Personal Pensions: Various investment options.
● Stakeholder Pensions: Flexible with low contributions and capped charges.
● SIPPs: For those managing a range of investments, though with potential higher fees.
For more information, visit the page : Retirement Adviser Directory | Find a regulated financial adviser | MoneyHelper
All personal pensions benefit from tax relief, so choose a provider wisely and start early.
Maximise Your Pension:
1. Understand Your Options: Defined benefit vs. defined contribution pensions.
2. Explore Withdrawal Choices: Lump sum, annuity or a mix?
3. Consider Taxes: Plan for tax impacts.
4. Align with Your Lifestyle: Tailor your plan to your retirement goals.
5. Review Regularly: Adjust your plan as needed.
All personal pensions benefit from tax relief, so choose a provider wisely and start early.
Maximise Your Pension:
- Understand Your Options: Defined benefit vs. defined contribution pensions.
- Explore Withdrawal Choices: Lump sum, annuity or a mix?
- Consider Taxes: Plan for tax impacts.
- Align with Your Lifestyle: Tailor your plan to your retirement goals.
- Review Regularly: Adjust your plan as needed.
Like anything related to personal finance, it’s important to keep your pension money safe, so remember to be wary of potential scams.
To avoid pension scams, make sure to:
- Verify Advisers: You should be able to take your time when making decisions about your own pension. If in doubt, do not share your personal information with an adviser – always wait until you’re certain they are who they claim to be.
- Avoid Unsolicited Offers: Unless you’ve specifically asked someone to contact you, you should not be contacted about your pension.
- Seek Independent Advice: Consult a qualified advisor for informed decisions.
Before transferring your pension, make sure the firm or person you are transferring to is regulated by the Financial Conduct Authority (FCA) and authorised to provide advice.
BDCU – Here to Help.
This week, take charge of your financial future with BDCU and local resources like MoneyHelper. Understanding your pension options is key to a secure and enjoyable retirement.
For more guidance, MoneyHelper offers sessions designed to help you learn more about your pension on Teams:
12 September 2024 at 11am-12pm –
Session will be based on – ‘Understanding your pension as a self-employed individual’
18 October 2024 at 11am-12pm – Microsoft Virtual Events Powered by Teams
Session will be based on – ‘The menopause and your pension – A session for those with defined benefits pensions’
18 October 2024 at 3-4pm – Microsoft Virtual Events Powered by Teams
Session will be based on – ‘The menopause and your pension – A session for those with defined contribution pensions’
By understanding and managing your pension wisely, you can secure a comfortable and fulfilling retirement.
Join our BDCU Pensions webinar
We also would like to invite you to our Money and Pensions webinar with our partners Money and Pension Service on 5th November at 1pm,
follow the link for information and to book your place.
Pension & Money Webinar (BDCU) Talk Money Week Tickets, Tue 5 Nov 2024 at 13:00 | Eventbrite