More help is needed making sense of workplace pensions

As the saying goes – you work to live, you don’t live to work. Most of us want to be able to retire with certainty at some point, no matter how much we may love our jobs. According to a June 2023 survey from Aviva (www.aviva.co.uk), 79% of workers want their company to do better at helping them to make sense of their workplace pension and plan for a retirement that will provide them with financial security.

Of those who expressed a need for more guidance, 41% would like to learn more about building up their pension pot, and 45% would like to learn more about ensuring their pension lasts into retirement. Sadly, only 20% of UK workers believe that the workplace pension they receive from their employer provides adequate support.

Making sense of your workplace pension with a financial advisor

If you are still working and are unsure about your pension plans, there are alternative support options outside of your employer, such as a financial advisor.

A financial advisor can remove some of the ambiguity about retiring and help you feel more confident in the future by building a plan that’s right for you. If you’re a few years away from retiring, they can look at what your pension is on track to provide & if you might want to consider paying in more while you can.

If you are about to retire, a financial advisor can help you to make careful decisions on using your pension in a tax-efficient way.

The sooner you assess your pension, the more time there is to make a stronger plan if necessary.

If you would like to speak to a financial advisor about your pension, please do get in touch. Affinity Financial Advisors Ltd have the knowledge & experience to review your current financial arrangements, analyse and recommend a strategy for funding your retirement, suitable to your needs.

Affinity Financial Advisors Ltd, High House, Harlington Rd, Uxbridge UB8 3HX

Tel: 01895 810 134  |  Email: enquiries@ifa-affinity.co.uk  |  Web: www.ifa-affinity.co.uk

Affinity Financial Advisers Ltd is authorised and regulated by the Financial Conduct Authority (FCA: 457234)

*A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Pension income could also be affected by interest rates at the time benefits are taken. Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits. Accessing pension benefits is not suitable for everyone. You should seek advice to understand your options at retirement.

*The value of your investment can go down as well as up and you may not get back the full amount invested. Investments do not include the same security of capital which is afforded with a deposit account.

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