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Why pensions might just change your life

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A talk to people at the Cintra conference on February 7th 2019

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Why pensions might just change your life

  1. 1. Why Pensions might just change your life February 2019
  2. 2. Here to help not to sell
  3. 3. Here’s Jill She has £35,000 in pensions across 5 providers She’s overwhelmed Jill is 55 She wants someone to tell her how her pensions have performed and how to get her money back .
  4. 4. Jill’s in Auto-enrolment has forced payroll and pension providers to engage with technology 73% of workers contributed to a workplace pension in 2017 FCA are actively pushing for transparency from providers and value for money 80,000 people used the governments pension tracing service in October 2018 Pension Freedoms people want to spend their money but in many instances that requires combining pension pots
  5. 5. Jill has high expectations of her employer Independent experts Information that is clear and simple Clarity on how she can spend her money
  6. 6. What Jill wants • Jill wants answers • Why are pensions so complicated? • Why should she still pay into a pension? • She wants top tips on • State pensions • paying into a private pension • keeping track of her pensions • getting value for money • getting help
  7. 7. Why are pensions so complicated? They may be complex but we can give Jill some simple tips on what she needs to know • Major public policy issue with people living longer • Very long term savings plan so “fashions” change • Big cost to the Treasury so rules keep changing
  8. 8. Why pay into a pension? Pension savings can be Jill’s “free lunch” At some point, Jill may wish to have the choice to stop working or changing the way she works. Pensions are the most efficient ways to save for most people and pension pots are much better value than in the past. Pension savings can provide benefits on retirement and death.
  9. 9. Top Tip #1 https://www.yourpension.gov.uk State pension • How it works • What Jill can expect • What age will she get it • How she checks her State pension • Making sure that all NICs are included • when working and • when not working
  10. 10. Top tip #2 It only costs £80/£60 (or less) to save £100 Paying into a pension • Workplace and private pensions • How much and how often • Tax relief • How much • How to get it
  11. 11. Top tip #3 £20bn in lost pensions – it could be you Keeping track of her pensions • What to do when she joins an employer • What to do when you leave an employer • Finding old pensions • Keeping records • Death benefit nomination forms
  12. 12. Top tip #4 Make your money work as hard as you Getting value for money • How much a pension costs • Which pensions offer the best value for money • How can you get better value for money • Old legacy products • Exit charges cap at age 55
  13. 13. Top tip #5 www.pensionsadvisoryservice.org.uk Getting help • The Pensions Advisory Service • gov.uk • Company websites • Regulated financial advice • Friends & family – NOT! • Avoiding scams
  14. 14. Jill and her colleagues have issues 50m abandoned pots by 2050 94% can’t afford (or won’t) take financial advice 6 pension pots on average when they reach 55 £20bn in lost pension benefits
  15. 15. Jill and her colleagues are powerful £800bn in workplace pensions £400bn in non workplace pensions Pensions are complicated and scary. Normal people do not engage in their pension decisions. This means less money and a lower quality of life when they retire. 500,000people per year reach 55 = 1,000 people
  16. 16. A digital view of what she has on her phone Jill needs a dashboard
  17. 17. Answers that are close at hand
  18. 18. How many Jills do you work with? = 100 Jill’s
  19. 19. Henry Tapper February 2019

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