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Filling the Pension Gap

Thanks to the pension reforms we have seen in recent years, retirement is no longer the fixed waypoint in our lives that it once was. We can now choose when we want to retire and do so on our own terms. That was borne out by a recent Aviva survey which revealed that 44% of 55 to 64 year olds were planning a phased retirement; reducing their hours but not stepping fully out of the workforce. The percentages were even higher for younger age groups.

That flexibility enables individuals to supplement their pension and to benefit from the mental stimulation which work can bring. However, in order to make the most of this flexibility it is important that pension options have been fully optimised in the years leading to retirement. For example, those with gaps in their national insurance record have the option to pay voluntary contributions covering the previous six years if those gaps could result in a reduced state pension. The deadline is usually the 5th April but due to demand the deadline in respect of the tax year 2016/17 has been extended to 31st July 2023.

Those wanting to check their state pension entitlement and national insurance record can do so by signing in to their government gateway account. If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website