Pension awareness is an event held from the 12^th-16^th of September 2022, providing everyone with free, impartial, and straightforward pension information. It’s brought to you by recognised industry voices such as Pension Geeks and Money Helper, as well as The Department for Work & Pensions. We highly recommend anyone with pension queries or those seeking more information visit the Pension Awareness website for more details and tune in to their live shows.

Important pension questions explained and answered

The live shows next week answer important questions regarding the state of pensions and the future. This includes a detailed explanation of how pensions work, how pensions are invested, what pension credit is, and how you combine pension pots.

Pension Awareness 2022 is filled with great advice, offering a vast array of financial information to people regardless of age. If you’re a few years away from retirement or a few decades, Pension Awareness 2022 has important information that could improve your future finances.

Do you need a pension? Is the state pension sufficient?

To qualify for the state pension, you need 35 qualifying years. This means that you need 35 years of national insurance contributions or credits to receive the pension. However, the current state pension is just £185.15 per week, which likely isn’t enough to provide a comfortable retirement. For this reason, we recommend that everyone makes their own pension plans.

What if you have multiple pensions?

Nowadays, it’s common for people to move between jobs as they advance their careers. This often results in them having multiple workplace pensions with different pension providers. This can be very confusing; however, it’s important to remember that all your pensions still belong to you, and should you wish, you can combine them to make a more manageable pot.

We recommend speaking to a financial adviser before moving your money into a single pension pot. There can be charges and management fees to consider, as well as benefits and guarantees you may miss out on. Additionally, if your pension is a final salary scheme, it’s a legal requirement to seek independent financial advice.

When can you retire?

Technically, you can retire whenever you want. However, it’s important to ensure you have enough money to last throughout your retirement. It’s also important to note that you can keep working after you reach the state pension age should you wish; the default retirement age (forced retirement) no longer exists.

From 2028 many pensions will move their minimum retirement age to 57; however, the money inside the pension plan will need to last throughout your retirement, so it’s important to consider your future and the affordability of early retirement carefully.

With regards to state pension age, it varies depending on your date of birth. However, the age is gradually increasing for both men and women. For example, in 2028, the state pension age will reach 67. The government has a helpful calculator to check your state pension age. Using your date of birth, this tool will inform you when you’ll reach the state pension age, pension credit qualifying age, and when you’re eligible for free bus travel.

Pension & retirement financial advice; Springfield Financial

At Springfield Financial, our independent pension financial advisers can help you to make the most of your pensions and other assets and achieve your retirement goals. During our meetings, we can advise you on existing pensions, new pensions, pension transfers, pension tax relief, and other retirement income options.

For further information or to arrange an initial no-obligation consultation, please telephone us on 01772 729 742.