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24 Savings


How to understand your pensions in 2018


We’re all going to retire at some point, so making sure you understand your pensions and the income they can generate for you, argues Sabuhi Gard, has never been more important


G


one are the days of people working for the same company until they retire, and relying on a final salary


pension scheme to give them a secure income. Peter Bradshaw, national


accounts director for Pension Monster, a new online retirement guidance tool for consumers, says: “For many, approaching retirement can be a stressful time. Tere are now more pension choices and retirement income options than ever, but with choice comes responsibility and the fear of getting it wrong. Te best way to start is to research what options are available for your retirement income, and shop around for the most suitable products.” Understanding what pensions


are available to you can be confusing, as there are many options out there. You may already have several private pensions, or a company pension as well as a State Pension. Do you consolidate these


into one pension pot? Or you may be self-employed and therefore you’re not currently covered by auto-enrolment into a pension, so you’ll need to save for your retirement on your own. Jamie Jenkins, head of pension


strategy at Standard Life, gives this useful advice: “If you haven’t started saving, don’t just give up. It’s never too late to get the ball rolling and you can choose between a personal pension, a stakeholder pension or a self-invested personal pension (SIPP). “Te differences are the


investment choices available to help try to grow your pot, the level of charges you pay and the flexibility on how you can access your pension in retirement.” Jenkins also says that retirees


should think carefully before cracking open small pension pots: “If you have a few pension pots, it might seem like a good idea to cash in the smaller ones when you can, but remember this could mean


losing out on extra income when you come to retire. “When you think about what


the small pots might add up to, you might find that bringing them together under one pension plan is the smarter move, partly because it means you can keep track of everything in one place. Before you do anything, make sure you check to see if any of your pensions include valuable guarantees that would be lost if you make a move. Transferring definitely isn’t right for everyone.” Tere’s also the question of what


date you’ll retire. For instance, when you first joined your company pension plan, you might have had your retirement age as 60 or 65 — if you’re going to retire at a different date, you’ll need to let your pension provider know. In relation to the State Pension


age, this keeps on changing for both men and women as we live longer. By October 2020, it’ll be 66, and between 2026 and 2028,


IMAGE: GETTY


the government are very likely to increase it to 67. But relying on the State Pension


might not necessarily be a smart move, and could lead to financial poverty in old age, according to Vince Smith-Hughes, a pensions expert at Prudential: “Te State Pension provides a very valuable level of income, but even if you’re entitled to receive the full amount, it’ll only provide most people with a very basic subsistence level of existence. “Also, it’s worth bearing in mind


that many people won’t get the full amount as they may have been contracted out for some time or had a period of not working, and


therefore don’t have a full national insurance record.” Smith-Hughes says: “Planning for


retirement should be considered in the wider context of having a financial plan for life. Take everything into account — other investments, requirements for death benefit and critical illness protection, if and how you want to leave money to loved ones and what could happen in later life. “Lifestyle factors are a big part


of this, which is why it’s usually beneficially for people to speak to a financial adviser about getting the right bespoke plan in place that works for you.”


Fare deals for London taxi and minicab drivers


Paying too much for your taxi insurance? Been refused taxi insurance elsewhere? Motorcade will step in where other insurance companies may shy away.


Motorcade will consider all applica- tions including those with previous claims, motoring or criminal convic- tions or points on their license. Te company takes all experience, history and circumstances into account so there’s no need to be disheartened. Motorcade also offers great rates to those with who have a clean license and maximum no claims bonus. Motorcade Insurance has been instrumental in


keeping London


moving since 1992 by offering specialist insurance solutions to taxi drivers. As one of the UK’s largest taxi insurers, Motorcade provides insur- ance policies at competitive rates for new and existing drivers. Motorcade also has a dedicated


Fleet team that can tailor your policy to suit your company needs. Whether you’re managing a fleet of black cabs, minicabs, minibuses or a mixture, Motorcade can offer a bespoke solu- tion that suits your requirements. Motorcade can offer you affordable


yet extensive cover. Te company’s UK-wide cover is available for seven days, 30 days, 90 days and 12 months with a variety of finance options on offer. Motorcade also provides a range of policies and products depending on individual requirements, including: • Public hire • Private hire • Comprehensive, third-party fire and theft, third-party-only cover • Breakdown cover


Motorcade provides taxi drivers with insurance policies at competitive rates


• Public liability cover Motorcade listened when its drivers said they wanted a fast, convenient service with loyalty rewards. It now offers more ways than ever to take out, renew or amend your insurance policy. Te dedicated team has the knowledge and experience to help and whether you prefer to use the app, log on to the website, contact our call centre or pop in to one of the six conveniently located London branches and speak to someone in person, you’ll find easy-to-understand advice, comprehensive policies and competitive prices. Motorcade’s great service comes as standard (even if your insurance policy doesn’t).


FINANCIAL SERVICES DISTRIBUTED WITH


Motorcade Insurance has got you covered!


Motorcade is a trading name of Acorn Insurance & Financial Services Ltd authorised and regulated by Financial Conduct Authority.


You can always call into any of our London branches. You’ll find us at: Motorcade City 68 Nile Street, Islington, London N1 7SR T: 020 3871 0500 Motorcade East 69-73 Ben Jonson Road, Stepney Green, London E1 4SA T: 020 3871 0600 Motorcade Fleet 73 Ben Jonson Road, Stepney Green, London E1 4SA T: 020 7741 1050 Motorcade Palace 100 Anerley Road, Crystal Palace, London SE19 2AN T: 020 3871 0700 Motorcade South Unit 11 Bendon Valley, Wandsworth, London SW18 4LZ T: 020 3871 0800 Motorcade West Byron Parade, Uxbridge Road, Hillingdon, London UB10 0LZ T: 020 3871 0900


Visit the website at motorcade. co.uk or call on a number listed that suits you


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