State pension: Britons urged ‘get to know’ their retirement sum – take action now

State pension: Expert discusses when payments are made

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The Department for Work and Pensions is supporting the “ Geeks” in their bid to improve a person’s understanding and awareness of their finances in relation to their pensions. MP Guy Opperman and Geeks Co-founder Jonathan Bland, have offered their tips in order to help Britons further their understanding and take action.

As a way to understand one’s state pensions better, they have advised using the state forecast tool.

The state forecast tool available on gov.uk is an easy way to get an estimate of how much state a person can expect.

There is also information about when they can get it, and how to increase it, if they can.

Additionally, there are webinars available throughout the week to help people understand what to take with their pensions.

READ MORE: Martin Lewis explains how to get ‘cold hard cash’

These can offer guidance on how much people may want to be saving for the future.

people go through a variety of jobs through their lifetime and have workplace pots with each of them.

This may result in people not knowing where all their pension pots are and how much is in them.

Mr Opperman and Mr Bland have advised that Britons who need help finding a lost pension can use the Find pension contact details service available on gov.uk

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This can help someone find contact details for their own workplace or personal pension scheme or someone else’s scheme if they have their permission.

The Pension Geeks have resources available such as webinars on the state pension, and information on how your workplace pension is invested.

With millions of pounds being invested with pensions, people should care where this may be going.

For example, with the negative impacts of climate change, on biodiversity, on deforestation, people may want to act sooner rather than later.

Knowing this has led to a rise in interest among pensions savers to ensure their pension money is towards the issues that are important to them – potentially leaving those pension schemes who aren’t engaged on climate issues in the dust.

So, whether people are starting saving, ready to take their pension, looking for clarity on how pensions work or where their scheme invests – Pension Awareness Week can demystify it all.

Pension Awareness Live started on Monday 13th September and runs to the end of the week.

It’s not too late to get involved – there are webinars available throughout today, Thursday and Friday such as; How can I take my pension money?, and Pension tax explained.

Britons will be able to sign up for the webinars through Pension Awareness Live 2021.

To gain guidance on accessing one’s pension, Britons can use the Money Helper.

This is a new consumer facing brand from the Money and Pensions Service’s which brings together the support and services of three government-backed financial guidance providers.

This means that each person will get support from the Money Advice Service, the Pensions Advisory Service and Pension Wise when trying to access their pension.

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