You should have so much to look forward to when you retire. Yet how you prepare and build up your pensions could have a big impact on what your future looks like, and your ability to do the things that matter to you.
Hopefully you’re already paying into a pension. But as they offer lots of valuable benefits, it’s worth checking if you’re doing enough to boost your retirement lifestyle.
Most of us pay into a workplace pension. It’s a contribution you might notice on your wage slip, and not think too much about. But it’s never too early to start considering if you’re on track to have enough money to achieve your retirement goals, and if you could be doing more to prepare.
A pension is a long-term investment. The value of your fund can go down or up and you may get back less than you invested. Your eventual income will depend upon factors such as the size of your fund at retirement, future interest rates and tax rules. The way your pension is taxed depends on personal circumstances. Tax rules may change in the future.
At Skipton, we’re helping thousands of people plan towards a fulfilling retirement. Our team of financial advisers are ready to do the same for you.
Our Pension Review Service could give you a clearer picture of how much money you’re on track to achieve in retirement.
We’ll carefully review what you have, including any defined contribution pensions you have from old jobs. This includes checking their performance, prospects and any valuable benefits they offer.
Where you require advice on existing investments/pensions the minimum value required, including the investments/pensions under review, is £50,000.
That’s the big question. And the answer is…it depends. Your retirement goals are personal, and you ideally need enough money to achieve what matters to you.
To achieve a comfortable retirement lifestyle, you’re likely to need more than £200,000 saved up in a pension. That might seem like a lot. But it is possible.
| Target value at 65 | From age 30 | From Age 40 | From age 50 |
| £100,000 | £89 | £168 | £375 |
| £250,000 | £221 | £420 | £936 |
There are some brilliant tax incentives available for defined contribution pensions. If you have a workplace pension, your employer will also pay into it through employer matching.
Beyond that, it might also help to set up another pension to boost your plans.
We’re here to offer as much or as little support as you need.
For example, we could help you to set up a new pension to invest your money in, which you can manage yourself. We'll make recommendations based on our panel of investment options and present options suited to your personal circumstances.
If you’re looking for more help and are happy to pay an ongoing charge, we offer a range of ongoing service options that can help you prepare for retirement and even help you keep on top of your plans.
Where you require advice on existing investments/pensions the minimum value required, including the investments/pensions under review, is £50,000.
The great thing about our Pension Review Service is we will do all the hard work for you.
We will communicate with your defined contribution pension providers to obtain detailed information on each scheme. This allows our in-house experts to analyse the strength of your plans.
Depending on your situation, this research might take a few months to complete – that’s so we can get a really accurate picture for you.
But at the end, we'll do our best so that you can be in a position to make informed decisions about your future.
Book your FREE initial consultation to find out if financial advice might be right for you. Simply fill in your details and we'll be in touch at a time that suits you.
Arrange your appointment by calling us on 0345 266 9395.
