S11 Ep4 Good with Money: Pensions

In the fourth episode of this ‘Good with Money’ season, Simon and Bex talk about the key role that pensions can play in assisting us to manage our money well, right through to the end of our lives.

Some key points of interest covered in this episode include the following:

• Simon explains why pensions can be so important to our attempts to be good with money throughout our lives [00:51] despite the fact that, as Bex points out, it is now being reported that a significant number of working age adults are currently not paying into a private or workplace pension. [02:42]
• Simon outlines what a pension is [04:18] and then goes on to describe different types of pension, including the state pension, the defined benefit workplace pension, the Career Average Revalued Earnings pension and personal pensions. [06:17]
• Drawing on her own experience, Bex notes that personal pension providers have become adept at simplifying and streamlining pension arrangements for their customers. [09:18]
• In response to questions from Bex, Simon talks about the different factors that can influence our pension-related behaviour ranging from being in our 20s (when any pension contributions can ultimately yield a high return) [12:39], then progressing into the very busy and expensive middle stage of life [15:50], and finally into the pre-retirement phase. [19:33]
• For some people, the pre-retirement period can be a helpful time to seek professional financial advice. [20:14] Among the options that can be worth considering at this time are exploring the possibility of phased, or even ‘multiple’, retirements [22:05] and proactively planning the detail of what we would like our retirement to look like. [23:29]
• Concluding his comments, Simon stresses the importance of having a realistic and effective plan to manage money throughout retirement, for however long that may last [24:17]. He also notes the invaluable benefits, to family members in particular, of being organised and communicating well when it comes to putting our affairs in order in preparation for the end of life. [25:56]
• After a week’s break, our next ‘Good with Money’ episode will be on the theme of ‘Taxes’. [27:13]

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