Much like looking after a car, your pension needs regular maintenance to ensure a smooth ride for your future. Putting money aside now could give you greater financial security in the long run.
We’ve created a pensions MOT checklist to help you see the areas where your pension planning could use some attention.
How to use your pensions MOT checklist
- Read through the checklist
- Review each section - tick ‘pass’, ‘advisory’ or ‘needs attention’ depending on how confident you feel about each statement
- Take action – based on your MOT assessment, take steps towards improving the areas you selected as ‘advisory’ or ‘needs attention’
Why regular check-ups matter
Just like your car needs regular servicing to keep it on the road, consistent reviews of your pension can ensure it stays aligned with your goals for retirement. Small changes today can make a big difference in the future, so it’s important to make looking after your pension a priority if you can.
Where you can get help and information
In order to complete the checklist, and feel confident of your knowledge, you can check out these websites.
You can work out how much you might need in retirement by using MoneyHelper’s Retirement Planner.
Then visit the Retirement Living Standards website. The Retirement Living Standards are set by the Pensions and Lifetime Savings Association (PLSA) and show what kind of lifestyle you might have in retirement based on different income levels. The website explains the kind of lifestyle each income level supports, and the assumptions used to calculate this.
If you think you won’t have enough to live the lifestyle you’re hoping for, you can make changes, to try and increase they money in your Master Trust account. You can visit your online account to increase your contributions, change your investments or adjust your target retirement date.