Why putting a windfall in a pension could mean reaping more in the long run

If you received an unexpected windfall what would you do? Despite placing it in a pension being far down the list for most people, it could be one of the most prudent decisions. Just one in 20 people receiving £25,000 would choose to put it in a pension, according to research from Lane, Clark & Peacock. Young people, perhaps unsurprisingly, were the most likely to shun pensions. Just 2% of those aged between 18 and 24 would do so; the same portion would choose to gamble it. ...

Pension education needed as millennials struggle to balance priorities

The millennial generation is increasingly engaged with pensions. But a lack of financial knowledge means that they’re often struggling to juggle multiple priorities. As a result, almost a quarter aren’t saving into a pension, according to Prudential. Whether you’re a millennial struggling to balance short and long-term money goals or a parent or grandparent to a young worker and want to provide some support, there are steps that can be taken. If you’re finding talk of pensions confusing, it’s important to realise you’re not alone. Millennials want more ...

Beat the scammer: 10 pension tips as pension scams take centre stage again

Pension scams are once again making headlines. New statistics from the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) show the average amount a pension scam victim loses is £91,000. With a third of pension holders aged between 45 and 65 not knowing how to verify a claim of contact from someone saying they are a legitimate pensions adviser or provider, it’s time to raise awareness. Following these ten pension tips to avoid scammers, can help you protect your life’s savings. 1. Verify who you’re speaking to Many pension ...

Young adults and pensions: Five reasons to engage early

Auto-enrolment in a Workplace Pension for the majority of UK employees has sought to engage more people on the topic of pensions. However, research from State Street has indicated that while more young workers are aware of pensions, they’re pessimistic about their retirement prospects. Luckily, engaging early and taking an interest in investing for the future can put you in a better position. Even though retirement age may still seem far away, taking steps to build a pension now means your retirement years are far more likely to live up to ...