Why you mustn’t let anything stop you saving into a pension

Some of the country’s leading financial experts are urging people to keep saving into a pension despite the tough economic backdrop. 

In a video event launched today and hosted by Wealth Editor Jeff Prestridge, former Pension Ministers Baroness Altmann and Steve Webb believe women and those in middle-age in particular should be using every opportunity to put money into a pension to give themselves a chance of securing a decent income in retirement. 

These two groups, they say, are often under-pensioned. In the case of women, this is because of the need during their working lives to take time off work to have children. 

Paying in: Women and those in middle-age in particular should be using every opportunity to put money into a pension

In the case of those in their 30s and 40s, it usually results from missing out on attractive definedbenefit pensions that guaranteed workers a pension dependent upon a combination of their salary and years worked.

Webb, Pensions Minister in the Coalition government formed by David Cameron, says: ‘There are many women who have perhaps had interruptions to their working life, or worked less or part-time. Many couples plan jointly for their finances and most of the time we would say that’s a sensible thing to do, but we also know that many people in couples now sadly won’t be couples when they retire.’ 

Webb adds that many workers can be astute with their pensions by taking advantage of the generosity of their employers. Some companies will now increase the contributions they pay into a pension on behalf of an employee if the worker is also prepared to put in more than the minimum. Altmann says it is key that people are encouraged to ‘put more money away’ for retirement. 

While pensions are the bedrock of effective retirement planning, she says ‘saving in an Isa is another tax-efficient way of putting money away for later years’. She adds: ‘Certainly, pensions and Isas can be a good combination on which to base your income in retirement.’ 

Joined by Claire Trott, head of pensions strategy at St. James’s Place Wealth Management, the experts also discuss in the online panel other key issues – for example, access to pensions at age 55, funding a pension on behalf of a child and the importance of checking on the progress of your state pension. 

The video panel discussion can be watched via: dailymail.co.uk/ sjp. There is also a supporting free guide available (via the same link) called: ‘The complete guide to financial planning for those approaching or already in retirement.’

It has been written by Jeff Prestridge – in partnership with St. James’s Place – and can also be obtained by phoning 020 7030 3335.

This post first appeared on Dailymail.co.uk

Some of the country’s leading financial experts are urging people to keep saving into a pension despite the tough economic backdrop. 

In a video event launched today and hosted by Wealth Editor Jeff Prestridge, former Pension Ministers Baroness Altmann and Steve Webb believe women and those in middle-age in particular should be using every opportunity to put money into a pension to give themselves a chance of securing a decent income in retirement. 

These two groups, they say, are often under-pensioned. In the case of women, this is because of the need during their working lives to take time off work to have children. 

Paying in: Women and those in middle-age in particular should be using every opportunity to put money into a pension

In the case of those in their 30s and 40s, it usually results from missing out on attractive definedbenefit pensions that guaranteed workers a pension dependent upon a combination of their salary and years worked.

Webb, Pensions Minister in the Coalition government formed by David Cameron, says: ‘There are many women who have perhaps had interruptions to their working life, or worked less or part-time. Many couples plan jointly for their finances and most of the time we would say that’s a sensible thing to do, but we also know that many people in couples now sadly won’t be couples when they retire.’ 

Webb adds that many workers can be astute with their pensions by taking advantage of the generosity of their employers. Some companies will now increase the contributions they pay into a pension on behalf of an employee if the worker is also prepared to put in more than the minimum. Altmann says it is key that people are encouraged to ‘put more money away’ for retirement. 

While pensions are the bedrock of effective retirement planning, she says ‘saving in an Isa is another tax-efficient way of putting money away for later years’. She adds: ‘Certainly, pensions and Isas can be a good combination on which to base your income in retirement.’ 

Joined by Claire Trott, head of pensions strategy at St. James’s Place Wealth Management, the experts also discuss in the online panel other key issues – for example, access to pensions at age 55, funding a pension on behalf of a child and the importance of checking on the progress of your state pension. 

The video panel discussion can be watched via: dailymail.co.uk/ sjp. There is also a supporting free guide available (via the same link) called: ‘The complete guide to financial planning for those approaching or already in retirement.’

It has been written by Jeff Prestridge – in partnership with St. James’s Place – and can also be obtained by phoning 020 7030 3335.

This post first appeared on Dailymail.co.uk