Page 56

Planning for Retirement

Pensions can often be the last thing on younger people’s minds, but it is becoming increasingly important to plan and save for your retirement. There are various kinds of pension available, including State Pension, personal and stakeholder pensions, and company (occupational) pensions, so find out which you are entitled to. Details of the various pension schemes are 56

freely available from a range of organisations, but if you require advice tailored to your individual needs you should consider speaking to a financial adviser, who may charge for their services. You can get details of your employer’s pension scheme by speaking to your company’s human resources department. You can forecast your pension entitlement to find out how much you will have to live on when you retire and what action you will need to take now if you need to increase your future income. There are numerous pensions and saving schemes available so you will need to work out which will give you the best return on your hard-earned money and will work best for your circumstances. You are entitled to a State Pension if you have paid the necessary amount of National Insurance contributions. If there are any gaps in your contributions this may affect your pension, so it is a good idea to check this as it is possible to fill the gaps with extra payments. Since April 2006 new, simpler, rules have been applied to personal and company pension schemes. For most people, this will allow them to pay more into their pension schemes on more flexible terms. You can calculate your retirement age and basic pension entitlement at To find out more, contact a pensions adviser.  MY CARE GUIDE

My Care Guide  
My Care Guide  

Your personal guide to caring services in Sefton & West Lancashire