Pensions 

How to start a pension if you've left it late

  • To understand why people may leave it late to start saving.
  • To ascertain how to overcome some significant pension challenges.
  • To be able to list different ways to help boost pension savings.
CPD
Approx.60min
How to start a pension if you've left it late

Introduction

Every financial adviser will have met at least one person in their late 40s or early 50s who have big dreams for retirement but small savings to match it.

Those wanting a champagne lifestyle on a Capri-Sun budget need to rethink their priorities and start making pension savings as soon as possible.

But how easy will it be for an older person to put aside enough money to secure a decent financial nest egg? What sort of challenges will they have to overcome? 

This guide explores the reasons why people may have left it late to start making any serious form of pension saving and will assess the sort of challenges they will need to overcome - and how to do this.

It will also discuss various ways in which individuals can take advantage of workplace pensions and tax rules to help make the most of their pension savings, as well as provide tips on how to start putting a plan in place. 

The guide qualifies for an indicative 60 minutes' worth of CPD.

Contributors of content to this guide: Jessica List, pension technical manager for Curtis Banks; Tom Selby, senior analyst for AJ Bell, Alistair McQueen, head of savings and retirement at Aviva; Steve Webb, director of policy for Royal London; Andrew Pennie, head of pathways for Intelligent Pensions; Vince Smith-Hughes, director of specialist business support for Prudential; Chris Cummings, chief executive of the Investment Association; Alistair Wilson, head of retail platform strategy for Zurich UK; Anna Lane, chief executive of The Wisdom Council; Matthew Yeates, investment manager for Seven Investment Management; Ascot Lloyd; the London Institute of Banking and Finance; Tilney. 

Simoney Kyriakou is deputy editor of Financial Adviser

In this guide

CPD
Approx.60min
  1. People who don't start saving until their forties are likely to face what, according to Mr Webb?

  2. When does Mr Wilson say is the second best time to start a pension?

  3. What is one of the most powerful ways of paying for our 'later life', according to Mr McQueen?

  4. What is at the beating heart of the pensions system, in Mr Cummings' view?

  5. What are people giving up if they do not make the most of workplace pensions, according to Mr Pennie?

  6. What does Mr Selby advocate if you can afford it?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To understand why people may leave it late to start saving.
  • To ascertain how to overcome some significant pension challenges.
  • To be able to list different ways to help boost pension savings.

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