Economic uncertainty, changing rules and new options about how to save and contribute to your pension make finding impartial advice and transparent information on the subject ever more important. To help you keep up on all the latest information we’ve put together a list of some of the best resources available online right now.
Finding transparent information on pensions
Many people choose to make contributions to workplace or private pensions in addition to the state pension they’re entitled to receive. You’re typically eligible to take pension payments from the age of 55, though many people defer this and continue working much later in life. It could be the case that you’ve been paying into a pension scheme for most of your working life, but are only now beginning to look at your options more closely as you approach retirement age.
The internet is a great place to find practical information on both your state and workplace pension that’s easy to understand. On the government website you can find a detailed overview of the basic state pension, which covers everything from eligibility to how to claim. If you’re looking for something more specific, for example what happens to your state pension if you retire abroad, there is a huge wealth of resources to help answer your questions on the website’s state pension section.
The Money Advice Service is another great place to look for information – the service offers free, unbiased and independent advice on common retirement questions, and has excellent resources to help you cover everything from where and when to get pensions advice to building an action plan. This website doesn’t just cover pensions – so if you’re also trying to arrange your other finances at the same time, the website has plenty of letter templates, videos and guides to cover common questions.
Finally, the Pensions Advisory Service is an online tool you can make use of. It’s an independent, non-profit group that’s been set up to provide information, guidance and advice. You can find help about what to do when things go wrong, information about saving into a pension, and a host of other resources dealing with everything from tax to transferring payments.
Getting more detailed pension information
Thanks to an amendment to the Pensions Bill tabled by the government, pension providers will soon have to disclose all transaction costs in defined contribution workplace pensions.
If you’d like to read more detailed information about pension schemes or the rules around workplace pensions, start at the HM Revenue & Customs website. They have a section devoted to understanding pension schemes and will be able to answer several of the most common questions. Similarly, you can find an easy guide to workplace pensions on the government website that offers information about how to manage and protect your pension.
If you think something has gone wrong or you have a serious concern about your pension, the Pensions Regulator website is a good site. You can find resources around whistleblowing, fraud and other common complaints here – each section provides easy links or contact information to the appropriate bodies to help sort out your query.
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