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Waking Up to Pensions
If you get a letter from your pension provider, don’t ignore it; it may contain some important information. Starting on 1 November, a new type of pension communication could be on its way to those aged over 50. These new ‘wake up’ communications are designed to provide basic information on the current state of pension savings such as the size of the pension pot and an indication of the income the pot may generate in retirement. Information about charges and how the pot is being invested should also be shown.
Following a review in 2018, something which we wrote about in our July 2018 article ‘wake up to pensions,’ it is hoped that by providing individuals with an early indication of their current expectations in retirement it will give them time to review and increase their pension savings if necessary. It is worth noting that the new communications don’t apply to every form of pension saving. For example, those in final salary schemes should already be receiving annual updates on the progress of their expected pension based on years of service and current salary.
If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.