Retirement planning can be complicated – there’s lots to think about. While working, you need to consider what kind of lifestyle you want in retirement and how much you need to save to achieve this. At retirement, you’ll need to navigate the choices for accessing your savings and the tax rules.
It might be worth considering getting professional help in the form of impartial guidance or financial advice.
As a TPT member, you can access a new advice service, through Origen Financial Services. For £600, Origen offers two services for different stages of your retirement planning journey:
Each service includes a meeting with an adviser, a report with recommendations, and a follow-up call to discuss the report. The advice is entirely independent from TPT and will be based on your personal circumstances. TPT is not involved in the provision of the advice and does not accept any responsibility for the advice.
You can find your own financial adviser if you prefer. The MoneyHelper website contains a useful directory.
Here’s a summary of the kind of advice you might want to consider at different stages of your retirement planning.
Ideally, you should be thinking about your pension as soon as you start your first job. The more you save, the better retirement income you will get. Many of us will be auto-enrolled, which is a good start, but you may need to contribute more than the minimum to achieve the lifestyle you hope for when you stop working. Some people who don’t automatically qualify for auto-enrolment need to opt in or set up a private pension.
There are plenty of resources to help you understand pensions and make smart financial decisions. These include:
As you get older, you might want to think about upping your savings – for instance when you get pay rises or a bonus from your employer. There are also other considerations, such as how to balance pensions saving with other priorities. The resources above are useful, but if you want recommendations tailored to your circumstances, Origen can help.
Consider seeking advice if you’re:
Once you’re over 50, the government’s Pension Wise service is a great resource to help you think about what you want to do with your savings.
In fact, there are some situations where you must consider a free guidance appointment. This includes taking your pension savings or transferring them from TPT to another provider.
This means that we won’t be able to help you without a declaration form confirming that you have either received guidance following a Pension Wise appointment or opted out of the free guidance offer and notified us that you are opting out using the declaration form. A copy of the declaration form is included in the transfer or retirement pack that we’ll send you. If you would like us to book an appointment for you, you can call us. Alternatively, or if we are unable to book an appointment for you, you can book an appointment with Pension Wise directly on the MoneyHelper website or by calling 0800 138 3944.
Financial guidance can improve your understanding, and it’s free. However, bear in mind that Pension Wise will provide you with generic information, so it may be more of a starting point in your planning journey.
A financial adviser can help you make the right choices. This is particularly important if you’re thinking about transferring pensions or if you need personalised advice on how to provide a retirement income from your savings.
If you’re already retired, a financial adviser can also help you to check that your income strategy is still right for you.
How the Origen financial advice process works:
Find out more about financial advice and the Origen Financial Advice Service here.
You can find your own financial adviser if you prefer. The MoneyHelper website contains a useful directory.