Who can give advice about pensions?

If you need help in choosing a pension, or reviewing your retirement options, a regulated financial adviser may be able to help. Regulated financial advisers are authorised to give you advice and recommend suitable pensions products and investment options, for you.

Where can I get advice about my state pension?

For pension advice, call the Pensions Advisory Service on 0300 123 1047.

How much should I put in my pension?

Take the age you start your pension and halve it. Then put this % of your pre-tax salary into your pension each year until you retire. So someone starting aged 32 should contribute 16% of their salary for the rest of their working life.

How do I get in touch with DWP?

Contact the Department for Work & Pensions (DWP) on their pensions phone number 0345 606 0265 (standard rate) to contact Jobcentre Plus for work & benefits enquiries.

What should I ask my financial adviser about my pension?

If you are older, pots can be passed on and any money drawn by relatives will be taxed at their income tax rate. That makes new-style pensions inheritance tax efficient. If you are likely to have a big IHT liability, ask your adviser about how to plan for this.

What should I do with my pension when I leave?

Typically, when you leave an employer that offers a traditional pension plan, you’re given several options as to how to handle the proceeds: Leave the funds in the pension plan, and begin receiving payments at retirement. Take a full distribution and do a rollover into a new employer plan.

How can I get a better return on my pension?

Getting a better return on your money than your pension will provide. If you take a full distribution of the money in your old employer pension plan, you will be able to invest it using self-directed options. This will open up the possibility of getting a higher rate of return on your pension money, providing you with an even larger nest later on.

Is it better to take a monthly pension or a lump sum?

Taking a lump sum or monthly payments depends on: Faced with mounting pension costs and greater volatility, companies are increasingly offering their current and former employees a critical choice: Take a lump-sum payment now or hold on to their pension plan.