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31 October 2022

When it comes to planning for your future, there might seem like there is a lot to think about and one thing that you might have heard about is consolidating your pensions.

Opting to consolidate your pensions can save a lot of work as well as money and time but is it right for you? Through your years of working, you might have picked up a number of pensions with different providers and this can prove challenging when it comes to managing their performance. This is where pension consolidation can help as this can help to reduce costs and there will be less paperwork. So, why should you consolidate your pensions?

Reviewing them Is Easier

It can prove a challenge to manage your pension, especially when you have pensions with a number of providers. When you consolidate your pensions, you can track them more efficiently and see how they are performing. This will give you greater clarity over the money in your pension and it enables you to make quick changes without the need to communicate with different providers.

Pension Costs May Be Reduced

When you combine all of your pensions together, it could mean that you reduce your pension costs at the same time. One way of looking at this is that the fewer costs you have to pay, the more money will have when the time comes to retire.

Older pensions have high charges associated with them and over time, these costs can eat into your pension, leaving you with less money. When you choose to consolidate your pensions into a modern pension, you can reduce your costs significantly.

Enhanced Performance

Your pension is likely to increase and decrease in value and how it is invested will determine the highs and lows. There are some pensions that will only utilise a small number of investment funds and that can mean that your pension might not perform very well. However, a newer pension will access a huge array, often thousands, of varying investments. So, when you consolidate your pension, you will have more funds that you can invest in and this provides an increased level of flexibility and choice when it comes to finding a strategy that works for you.

Improved Flexibility Once You Reach Retirement

In previous years, there were rules in place that meant that you had to use your pension to purchase an annuity when you reached retirement. This all changed back in 2015 which means that people are able to withdraw an income flexibly from their pension. However, this change does not help everyone, especially those who had a pension in place before 2015 whereby the only option was to purchase an annuity. The way to overcome this is to consolidate your pensions into a new pension as this will enable you to take advantage of the flexibility of being able to draw down an income.

Deciding whether to consolidate your pension is a big decision and it won’t work for everyone. However, understanding the reasons why you should, will help you to make an informed decision.

We are here to help

my corinthian is about planning for the future and making decisions about your money based on what you want for your future. We can help you combine old pensions, and get clear on how best your pension can work for you. It’s about setting goals and deciding how much risk you’re willing to take with your investments. It’s also about understanding what kind of lifestyle you want to lead and how much you can afford to spend every month.

When you have a financial plan in place, you can rest easy knowing that your future is secure.

In addition to the peace of mind that comes with being prepared for the future, there are countless advantages of financial planning. From emotional and health-associated benefits to social and financial benefits, financial planning positively impacts every aspect of your life.

Small wins eventually accumulate into large financial milestones, such as purchasing a car, paying off a mortgage, saving for a child’s education, or being able to stop work and retire comfortably.

Got questions? We’re all ears. Drop us an email [email protected] or 

get in touch with us – and let’s get your journey started. 

17 October 2022

We all have a desire to plan for our future but the world of pensions can seem daunting and confusing. However, when you scratch beneath the surface and understand the different types of pension that are available, you soon realise that things are not as complicated as they might seem. Therefore, it can help to understand the different types of pension and what they offer.

State Pension

This pension is claimed by most people once they reach retirement age if they have been contributing towards National Insurance for more than a decade. The State Pension age is always being reviewed by the government as it currently stands, people can claim once they reach 66.

How much you receive will depend on how many years you have been paying national insurance. If you have been paying for 35 years, then you will be able to claim a full state pension and if you have been paying for less, then you will get the basic state pension that is adjusted based on the number of years you have been paying.

Workplace Pension

There are two categories that fall under workplace pensions:

Defined Contribution – This is the most common type and the final amount you receive will depend on how much you have paid into it, how it was invested and how the investments have moved throughout the period that your money was invested.

Defined Benefit – This will pay you an income based on the salary that you were paid and how you were employed. These types of pensions can be extremely good depending on your circumstances and the scheme. These are often found in the public sector and some large corporations but they can prove expensive for companies.

You might also have heard of auto-enrolment which is a government initiative that was started in 2012. The aim was to get more people thinking about their future and so, for those over the age of 22 and earning more than £10,000 they would be automatically paying a percentage of their earnings into a workplace pension.

Personal or Private pension

If you are self-employed or want to open your own pension then a personal or private pension is the next option. This is one that is opened by yourself through fund providers who will then invest your money on your behalf. You will have more control over your investments and the potential to earn will depend on how much risk you want to take. The more risk you take, the higher the returns but you could lose your investment and the lower the risk, the lower the returns. Furthermore, you might also be asked if you have any preferences when it comes to investing. Once you have chosen, you will then pay a set amount into your fund and over time, the fund will grow depending on the way in which it is managed.

So, pensions are hugely important when it comes to planning for the future and that is why it is vital that you understand the different types.

How We Can Help

As an award-winning pensions and benefits consultant, we help SMEs to create a more secure, satisfying and successful present and future for your business and for your employees.

As an independent consultancy we get to work with all the major providers of pensions and employee benefits. We know their products and get great deals, which in turn means you get the right advice and can usually save you money. We’ll meet you in person to understand your company, culture and what you want to achieve. From this information, we will do all the spade work and come back with the right products and services that deliver your promise to your employees.

We offer a no-obligation call with a member of our friendly, experienced and supportive team. We are here to make your life easier by providing the best possible service – pure and simple. Visit our website or drop us an email at [email protected] so we can discuss how we can support you and your employees. 

4 October 2022

From the moment we enter the world of work, we are told that we have to work up until retirement age and that work should underpin everything that we do. This has been the mindset of generations before us but the Covid-19 pandemic threw a slight curveball at the world of work and life balance because it made people realise that there is more to life than work. Of course, if you want to live comfortably in retirement then you have to work but it is possible to find that perfect work-life balance and now, more people are looking to enjoy more of life at a younger age.

What Has Research Found?

The research by Aviva, which looked at data from 2,173 employees, found that 41% of people enjoy their current role because of the way in which it allows them to get the best of both worlds when it comes to work-life balance. This is a figure that has risen when compared to before the pandemic, proving that many people have changed their approach to life and work.

Another element of the workplace that employees appreciate is the benefits on offer as this helps them to feel valued and it increases happiness and boosts morale. Despite this, a similar number of people said that they would like to see improvements made to benefits in the coming year.

The vast majority (88 per cent) of employees said workplace benefits (other than salary) improved their overall happiness. However, a similar proportion (87 per cent) said they wished to see improvements to the benefits offered in the next 12 months.

In contrast to this, male employees were more likely to state that the salary attracted them to their current job as opposed to the work-life balance that it offered. The figure for women came in slightly lower at 34% compared to 43% for men. Therefore, it was found that women were more attracted to roles because of the work-life balance that it offered as opposed to the salary on offer.

So often, when speaking to employees, they tell me that the perks and benefits they access make a difference to their overall wellbeing and happiness. This is especially true when it comes to flexible work arrangements. For example, we know that flexible working gives employees more time for themselves and their loved ones, as well as more time to take care of their health. We also know that there are clear links between wellbeing and productivity.

When speaking to employers we know they need to attract talent into the company and retain experience in order to thrive. The pandemic has changed our approach to life and while benefits in the workplace were still important, more people were now seeing the benefits of a good work-life balance.

What has been found is that employers have to consider the needs and challenges of employees when it comes to any benefits packages that they offer. Therefore, employers have to communicate clearly with employees what the packages offer and how they can benefit from them. As more people look to find a good work-life balance, they have stated that the benefits they would prefer are those that give them an allowance to spend on anything they wish.

Let’s talk 

As a result of the pandemic, people have re-evaluated what matters to them. Some believe that they should have more time to live life while they are younger and parents like the idea of being able to work from home so they can take their children to school and pick them up. All of this is clear proof that working patterns and greater flexibility helps to empower people and enhance productivity in the workplace. All of which benefits employers and employees alike.

When you do this, you will find that your workforce becomes happier, more content and more productive. At Corinthian Benefits we focus on creating happier employees that feel more connected and engaged to their employers through their pensions, benefits and general wellbeing. 

We offer a no-obligation call with a member of our friendly, experienced and supportive team. We are here to make your life easier by providing the best possible service – pure and simple. Visit our website or drop us an email at [email protected] so we can discuss how we can support you and your employees.