Planning Ahead: Now is the time to arrange your pension and your future – invaluable advice from IEP Financial

2016 was an exceptionally bumpy year with uncertainty and shock regularly hitting the headlines. With the consequences of the Brexit referendum unclear, a possible end of March triggering of article 50 and the impact of a Trump presidency on markets still to come, 2017 looks set to be a relatively bumpy ride as well. Careful financial planning will be even more crucial in the unsettling times ahead, and pension planning should be at the forefront of everyone’s minds.

Since Auto Enrolment was introduced back in 2012, much has changed across the pensions landscape. The general view amongst workers now is that the majority of them understand Auto Enrolment and why they are part of a Workplace Pension, with 56% of workers now saving into a recognised scheme through their employer.

Employers are now recognising that there are challenges with educating their employees and younger employees believe they should be experiencing more support in the workplace. As such, employers are using experts such as Independent Financial Advisers to educate their employees on planning for their future. Smaller businesses still have a long way to go to catch up with their larger counterparts as many don’t have the resource within their business to tackle Auto Enrolment.

It is shocking to hear that 9% choose to opt out because their employer has encouraged them to do so

Auto Enrolment has without doubt been a success, however it is shocking to hear that 9% choose to ‘opt out’ because their employer encouraged them to do so. A timely reminder that this is not allowed: only an employee can choose to opt out and they must never be coerced into doing so.

We would like to remind everyone that NOW is always a good time to look at your savings for retirement, whether you are 18 and just starting a new role, or 60 and want to look at your options. Speak to your employer and if you feel they can’t provide the support you need, speak to an Independent Financial Adviser.

For more information on Workplace Pensions or personal pension schemes, please call us on 01273 208813 to speak to one of our Independent Financial Advisers. Alternatively you can email us on info@iepfinancial.co.uk.