🥑 Five Pension Tips for Millennials!

1) Did you know that all employers MUST provide a pension scheme? Your employer must provide a pension scheme and, in most circumstances, make contributions so ensure you are enrolled on this! The benefit of these employer contributions, combined with the charges being capped on these types of plans, means that workplace schemes are a great option for most younger savers.

2) Had more than one job – are you keeping track of your old pensions? People tend to have more jobs now so keeping track of old pensions is important. You need to review plans regularly and consolidate where you can. By doing this you can keep track of your total fund and reduce the burden of filing lots of statements every year.

3) Take risks – time is on your side! As you have at least 25 years until retirement you need to take a long-term view. Historically, equities have provided better returns, but they do have more ups and downs than other asset classes. With a longer time until retirement, you can take advantage of this, take the largest amount of risk you can accept and try not to check the value too often!

4) You don’t need ongoing advice! You are unlikely to need regular planning advice, like people who are nearing retirement do, so it is not necessary to have an ongoing service from an advisor. You will be spending more money than needed and its likely better value for you to take information and guidance from the support your employer should be offering. This doesn’t apply to self employed people or those with other planning issues who are more likely to benefit from ongoing advice.

5) Prepare for the worst! Unfortunately, death does happen. It is essential to make a Death Benefit Nomination. This is so that the Trustees of your pension know your wishes and who you want to get the fund if you die before retirement age.


Your pension plan should be as individual as you are, contact our experts by calling us on 01282 452255 for a no obligation pension review – http://www.financialaffairs.co.uk/confused-about-your-pension/
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The Guide to Risk Resilience During COVID-19

We’ve put together a handy guide to help give you some clarity during this uncertain time. Click the link below to access the guide as a free download and get in touch today to speak to one of our friendly advisors.