So how could pensions advice help you?

• If you have a private pension fund or are part of a “defined contribution” workplace pension scheme, and are just coming up to retirement, it’s really important that you seek pensions advice. Most pension administrators start moving pension fund investments out of equities and into bonds in the years coming up to retirement, in order to guard against losses on the stock market in the final years. However, if you are thinking of deferring your retirement for a few years, this could stop you from benefiting from a future recovery. Talk to a pensions adviser to help you decide whether you should ask your pension administrator to stop this automatic transfer
• If you can’t afford to defer your retirement, and you are worried that your fund is losing value, one option would be to make it “paid up” by stopping contributions. Alternatively you could take your tax-free lump sum, which might enable you to deal with any short-term financial difficulties, and leave the remainder invested in the hope that it might recover some of its losses. Either of these options has implications for your future financial situation, so you do need to take pensions advice.
• A lot of people are feeling the pinch financially just now and you may be one of them. You feel the need to cut back on something and pension contributions seem an easy target – they seem less immediate than food, fuel or mortgage payments. But if you’re thinking about this, do take pensions advice. The adviser should be able to discuss ways in which you can economise on contributions without risking your whole pension.
• Perhaps you have just been made redundant, or are about to be. Should you use all or part of your redundancy payment to buy a pension plan? This is a difficult decision and you should discuss it with an adviser.

These are worrying times for many of us, but it’s important for everyone to be able to look forward to a secure retirement. Whether or not you are approaching retirement age, you may well have concerns about your pension provision. If so the sooner you seek pensions advice the better. Contact us to discuss your retirement options with one of our Financial Planners and you should soon feel more positive about your future.

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