What UK pension investors should look out for in 2016
By Kirsten Hastings, 17 Dec 15
After seismic changes to the pensions landscape, 2016 looks like being another year of upheaval. Here are the main things Hargreaves Lansdown think investors should look out for.
New Year resolutions:
1. Contact your pension providers and get a private pension forecast. If you’re not on target for an income you’ll be happy with then look at what you can do to change it. Options include increasing contributions, retiring later and making changes to your existing arrangements. Because of a technical change to the Annual Allowance (aligning Pension Input Periods with the tax year), there may be scope to put more into a pension this year than usual.
2. Get a state pension forecast. There are changes to the state pension happening this year so it is a good moment to look at what you can expect your National Insurance contributions to buy for you.
3. Review your pension investment choices, especially if you have been auto-enrolled into a default fund. Most default funds will not be the best strategy for each individual.
4. If you are eligible for a workplace pension and you haven’t already joined, then look at doing so; it is free money from your employer.
5. Review your pension charges. Pension products have been constantly evolving; even if it was right for you when you started it, it may not be the best choice now. The government is looking at ways to make it easier and cheaper to move your pension (see 10 on next page).
Tags: Hargreaves Lansdown | Pension
