As it becomes more important to plan your retirement, experts reveal the top mistakes people make with their pensions and how to correct them
The earlier you save into a pension, the better it will be, but there are also other options Delaying saving into a pension potEd Monk, associate director at Fidelity International, said: “A common mistake people often make is putting off saving for retirement and thinking you’ll do it tomorrow instead.
“You could also miss out on other important benefits, such as a payout from your pension scheme if you were to fall ill and become unable to work prior to your retirement date, as well as any benefits the scheme would pay to your dependents if you were to pass away unexpectedly.”If you’re already some way into your career and you do not have any pension savings, you’re not alone.
Monk said: “This is an excellent opportunity to boost your pension savings – effectively free money – and well worth exploring whether this is a benefit offered by your employer.”If your plans or circumstances have changed, you might want to explore other potential sources of additional income, for example whether you might consider a phased retirement or looking at opportunities for part-time work.
There are also services available that can help you do this, including Pension Bee and AJ Bell’s Pension Finder tool. Before transferring any old pensions, you should check there are no valuable benefits attached that you may lose or exit charges that will be applied. Your provider should be able to tell you if this is the case.
This means the Revenue assumes you are making 12 withdrawals rather than just the one, with the upshot being you are likely to be significantly overtaxed – potentially by thousands of pounds.
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