11 Summary of Session 6

There has been a lot to digest in this session.

Ensuring that you have a good plan for a pension or other sources of income is essential for an enjoyable retirement. Ideally you should start planning from early in your adult life, as leaving it to later in life risks failing to accumulate sufficient funds for an adequate pension.

While the state pension provides a start to your target income in retirement, you will need to make additional provisions yourself to provide you with the lifestyle you want when you finish working.

In this session you have examined the different types of pension schemes found in the UK, and looked at alternatives to providing cash in retirement, like equity release. You also have seen that pensions are subject to various tax rules – and this alone is good reason to consider using a financial adviser to guide you through the pension options available to you.

The great news is that recent decades have seen people in the UK living longer lives. Enjoying a longer life makes it essential that you are meticulous with your pension planning, and that you don’t postpone taking action to implement your plan.

MSE and other links

• If you want to assess your pension position, follow this link to the Money Advice Service (MAS) pension calculator.
• If you want to find out more about state pension credit, follow this link to key points for retirement saving on the MoneySaving Expert website.
• If you want to learn more about what to consider when choosing a financial adviser, check the MoneySavingExpert website.
• If you want to learn more about the equity release market, follow this link to the MoneySavingExpert website.
• To find out more about Pension Credit, follow this link: MoneySavingExpert and Pension Credit.