Start Contributing Early and Consistently

Beginning pension contributions early allows more time for compound interest to work. If your employer offers matching contributions, make sure to contribute enough to receive the full match. It’s essentially free money.

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Review and Consolidate Your Pensions

Review your projected retirement income annually and adjust contributions where needed. Many people under-contribute simply because they haven’t reviewed their statements. Consolidating multiple pension pots can reduce fees and make management easier.

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Increase Contributions with Pay Rises

Using pay rises or bonuses to increase contributions helps to protect your future lifestyle and avoids having to make compromises later.

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Unsure if your pension is on track? Call Octo Financial Planning on 01326211854 to discuss your options and whether regulated advice may be appropriate for you.

A pension is a long-term investment, the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation. This article is for information only and does not constitute financial advice. Pension suitability depends on individual circumstances.

Octo Financial Planning Ltd is an appointed representative of 2plan wealth management Ltd which is authorised and regulated by the Financial Conduct Authority and is entered on the FCA register (www.fca.org.uk) under reference 972331. Registered office: Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, DA2 6QA. Registered in England and Wales Number: 13922409 

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