Best Financial Advisors in Irvine

A: If you meet the criteria above (Q1), the timing of when your employer will enrol you into a workplace pension depends on their size. Your employer will give you the exact date nearer the time.

A: It's possible to get an idea of how much you will get from your workplace pension by getting a 'pension estimate' (also sometimes known as a 'pension projection'). You can get this from whoever runs your pension scheme. They may also have an online calculator that can help you work out the income you may get when you retire.

A: Being in a workplace pension means you've taken an important step towards giving yourself the lifestyle you would like in later life. You may want to start thinking about the things you will need money for in retirement such as paying bills, transport and buying food, and the things you may also want to do such as: run a car meet friends for lunch or drinks buy gifts for your family or friends go on days out/ holidays do sport or other leisure activities. Once you have an estimate of how much you can expect to get from your workplace pension you can think about whether it will be enough. If you're concerned you will not have enough, you could think about contributing more to your pension, working longer, and/or saving in other ways. You can find out more about your options at: www.gov.uk/plan-retirement-income

A: The rules vary depending on the type of scheme. Find out from whoever runs your pension whether you can nominate (choose) someone to receive the money if you die and how much they would get. If you can nominate someone, whoever runs your pension should ask you to confirm in writing who that person is when you first join the pension. If they don't do this, you should ask them for a nomination form. You can change your nomination at any time. It's important to review it if your circumstances change. Please note: although in most cases the money will go to whoever is nominated, organisations who run pension schemes are allowed to pay it to someone else if this is needed. For example, if the person nominated cannot be found or has died.

A: You could leave it where it is. You will get it when you retire, so long as you were in the pension scheme long enough. The length of time needed will be in the pension scheme rules. Or you might be able to combine it with your new workplace pension. If you're considering doing this, you need to check with your current pension provider that it's possible and, if it is, how to go about doing it. If you need help with your pension options, The Pensions Advisory Service might be a good starting point. Website: www.pensionsadvisoryservice.org.uk If you have lost track of a pension, the government's Pension Tracing Service could help provide you with the contact details for that pension. Website: www.gov.uk/find-lost-pension