Pensions: Worthy of a Rebrand?
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It is perhaps the tendency to put off thinking about pensions that is most worrying.
The hard sad fact is that unless you have begun some sort of decent non-State pension provision by the age of 30, you are likely to retire in penury come age 65 (or 68, 70, take your pick). |
If you are lucky enough to have access to an employers’ pension arrangement (one to which they contribute, whether it’s Defined Benefit or Defined Contribution), take it. It will be far better than anything the State pension will have to offer. It won’t allow you to retire in luxury but, if you can, contribute as much as you can afford.
While I fully understand, of course, that putting a roof over your head, food in your stomach, and clothes on your children’s backs take priority, don’t leave it until the kids have left home before thinking about how you will survive when you can no longer work. By then (bar a lottery win) it will be far too late.
Another name for a pension? The Australians call it “superannuation”- a long word, but why not…
Jennie Kreser is Silverman Sherliker’s corporate pensions partner, and can be reached on jik@silvermansherliker.co.uk or by calling +44 (0)20 7749 2700.
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