The pension pot problem: the day Age Reform caused riots

15/03/2023

As recently as February this year (2023), France has been in pension purgatory. Reformation from the Bourne Government has resulted in riots and union-based strikes across the capital in response to the announcement that they plan to increase the retirement age from 62 to 64.

So, how does this measure up to the UK standards and what could this mean for your pension plans? In this article, we will be answering these questions and advising on how to get the best out of your pension pot.

The UK Standards

Currently, the UK government has suggested an increase in retirement age with a similar rise in pension accessibility. This rise will see the retirement age increase from 66 to 68 by 2035, with similar increases likely to follow until 2040. While this may feel like a long way off, especially for those who have not reached retirement age already, we at B-Advised believe it is never too early to prepare for the future and the best advice we can give is to remain ahead of the curve.

We have discussed before how important looking ahead is when discussing pensions, if you have not seen it (or simply need a refresher) check out our previous pension planning article here.

Growing your pension is key to ensuring your retirement is the best it can be. However, with new regulations and reforms coming in yearly, it can be difficult to know what method will garner the most reward. Pensions should be as individual as the person behind them, and while it feels like new government regulations can dampen your financial dreams, there is still much you can do.

Things you can do to strengthen your pension

Even in uncertain times, the best step on the road to a perfect pension begins with a good plan. To set up a strong plan, it is important to understand the options you will be faced with when considering your world after work.

The two most common forms of pension are:

• Workplace pensions
• Personal/private pension

Simply put, workplace pensions mean a pension that is set up by any of your employers with no input from yourself. Alternatively, a personal pension is set up yourself and has no input from employers or other sources. B-Advised will help you assess what pension is best for you and how to gain the most from your plan.

Other alternatives to these forms of pension and extended formats, such as cash ISAs and investment plans, can help to strengthen your pension and are also services we can advise you on.

So, whether you are a pensioner pro or a novice in need of advice, we at B-Advised will offer service for all your financial needs. Get in touch with our team today to be prepared for your tomorrow.