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Have you looked at your pension arrangements of late?

It is surprising to learn how many people in the UK have a figure in mind they would like to earn on their retirement but many have pension funds which are well underfunded and will earn nowhere near the kind of income they expect and need. How many of us actually know the calculation required to see what income your pension fund would bring in? How many of us have actually reviewed our pension arrangement within the last 12 months?

Over the last decade we have seen a gradual reduction in annuity rates which has effectively increased the cost of each pound of pension in the future. Many people may not be aware of this significant reduction even though they will, if they have private pension arrangements, receive annual statements confirming the situation. Many people appear happy to leave their pension arrangements in the hands of pension fund trustees when in fact they have no obligation to hit a certain target for members, but merely to see that no rules are broken in the future.

Whether you're 20, 30 or older it is never too late to start a pension and it is never too late to review your current arrangements. Do not leave this until just a few years before your retirement as you will have little time to make a significant difference if your pension arrangements are underfunded.

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