Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Improve your Pension: 10 ways

We all visualize the retirement days of one’s life as the days when one can escape the hustle and bustle of the daily life and just sit back and relax. We all plan our retirement; some of us would plan it quite early in life, so that there is enough savings we can use during the retirement days, and others would plan it a little late.
You might have already opened a good pension account and decided on the right pension fund, but with the introduction of new schemes released by different banks, or financial companies you might want to upgrade your pension schemes.

Below is a list of things you can check while deciding on the pension schemes:

  1. While you work with different employers, you have pension accounts with different insurance providers lying in your kitty. Perhaps you are one of them who, after working with a number of employers, would forget notifying the past companies, especially the insurance companies,  about any change of address (if moved house) or updating the your latest information with them. This result into these companies losing track of you and you losing out on the money you’re eligible to get. If you have experience such a situation, you can go back and trace such funds by contacting the Pension tracing service.
  2. Every State offers you with certain pension schemes particular to the State including the Basic State Pension or any additional pension. You can embark upon such pension schemes and utilise it to your advantage.
  3. There are several insurance companies which promise to offer you with reliable services but you can still run your own pension fund and manage it on your own.
  4. You are in your 20’s planning your retirement; the one thing you would want to know is “how much should I be contributing towards the retirement scheme?.” The answer to this question may vary depending upon your financial status, your goals for retirement, and your future expenditure post your retirement. The more you save, the better you spend your retirement days!
  5. There are employers who run a staff pension scheme within the organization. If you’ve decided not to join this group, think again! The staff pension schemes’ allow you to enjoy the pension benefits this organization has to offer.
  6. There is no limit to the number of pension accounts you can open. There are voluntary pension schemes’, self invested personal pension, etc. where you can put your money and leave it to grow and rest until you retire.
  7. There are numerous pension schemes that come with numerous tax benefits. Choose the schemes, you think, can earn you good pension earnings in the long run.
  8. There are ways in which you can get into a mutual understanding with your employer to reduce your monthly salary by an amount that can be added and paid into your pension. Not only will this enable you to control your taxed amount on your salary but also keep your pension savings in high spirit.
  9. If you carry forward your monthly salary or part of it to the next year, instead of cutting down on your monthly remuneration, you can accumulate more money in the pension fund in that particular year. And thus the objective of carry forward is to increase your pension fund contributions of that year.
  10. Sometimes the pension schemes are also affected by the government decisions. Depending upon the fiscal behaviour of one year, government might make changes to their policies impacting various areas, pension funds (for that matter). You might find out that your pension scheme is giving you lesser returns than what was promised.