Saving for retirement
Have you ever thought that you’ve reached major milestones in life without even blinking? Time moves fast and planning is often left behind. But, where retirement is concerned, planning, saving and investing become hugely important. The better prepared you are, the more choices you’ll have when the time comes. At Saga Investment Services, we’re here to help you.
Why it’s important to review your pensions
In this video you will find out why you should review your pensions and how you can do so. We'll tell you about the benefits of bringing your pensions together in one place (something known as consolidating), and also the things you need to consider before transferring a pension.
The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. This video does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.
Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? Will I incur any penalties on my existing pension if I transfer? Is it an occupational final salary pension scheme? (in which case it is very unlikely to be advisable to transfer) Have I considered the charges on my current plan? (a new arrangement may be more expensive - especially if you have a stakeholder pension). If you are near retirement or don't need the additional flexibility it may not be worth considering a transfer at all.
Making the most of your pension
A simple way to get your retirement savings on track
A simple first step is to take a good look at any pensions you’ve already got. Most of us have collected a few throughout life. These could add up to quite a lot of money but people often know next to nothing about them. For example, do you know how well the investments in your pension are performing? And what about charges – are you paying more than you need to? Making the most of what you’ve already got is the easiest way to turbo charge your retirement plans.
We’re usually told not to keep all of our eggs in one basket but when it comes to pensions (and ISAs) it can make a lot of sense. If you’ve got a number of different pensions, consolidating them into one will make them much easier to manage. It’ll be clear how well your investments are performing, you’ll spend less time dealing with paperwork and you might even cut down on fees.*Find out more
The more you save, the better position you’ll be in when you reach retirement so our message is to save as much as you can afford to. If you save into a pension, you’ll benefit from tax relief, which will make your money go further. Find out more about pensions, allowances and tax relief.
Are you looking for a pension for your retirement savings?
Our Saga SIPP is here to help. It’s easy to set up, great value and gives you access to excellent investments to help your retirement fund grow. You can pick these yourself or, if it makes life easier, we can choose and manage them for you.
Don’t forget your other investments too
Saving for retirement isn’t just about pensions. Your ISAs and other investments can play a part too. Find out what our Saga Investments Online service can do for you.
Tools to help you plan
Our Look Ahead retirement income calculator can help you understand what you need to do to achieve your retirement goals. And, once you’ve worked out what you need to invest and how long for, you can make sure you’re on track through our secure online service. Simply link your goal to your investments and see how you’re doing.
*Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? Will I incur any penalties on my existing pension if I transfer? Is it an occupational final salary pension scheme? (in which case it is very unlikely to be advisable to transfer) Have I considered the charges on my current plan? (a new arrangement may be more expensive – especially if you have a stakeholder pension).