Cornwall LivingIssue #76

Maximise your retirement

Even if retirement isn’t far away, there are a number of steps you could take to increase your eventual retirement income.

Harris Begley provides some areas that you may want to consider and discuss in order to increase your retirement fund.

Make sure you have details for all your pension pots

Locate pension pots that you may have forgotten about. The Pension Advisory Service and the Pension Tracing Service can help you trace forgotten pension pots. Remember to take your State Pension into account. Check your State Pension entitlement to help determine if and how much you’re likely to receive when you reach State Pension age – and whether you’ll need to top it up.

Redirect regular spending into your pension

If you have a regular expense that no longer needs to be paid, you could redirect that extra money into your pension instead. As an example, once you finish paying off a car loan, you can use those payments for your pension fund. This is a quick and simple way to give your retirement savings a boost while sticking to your everyday budget.

It can also be an idea, if your income rises, to put all or part of the difference towards your retirement fund. This can be done in a number of ways, including by increasing the sum you contribute to a workplace or personal pension.

Consolidate your pensions

If you have paid into several different pensions over the years and find it hard to stay on top of all of the paperwork, you could consider consolidating your pensions into one plan. This will also help to keep track of your overall retirement sum and whether or not you’re on track towards your targets.

Before you switch, it’s essential to obtain professional advice to check that you don’t have any guarantees that you’ll lose by moving your pension savings to another scheme, and that the charges you pay aren’t higher in the new scheme. Not all pension types can or should be transferred. It’s important that you know and compare the features and benefits of the plan(s) you’re thinking of transferring.

Consider retiring a little later than planned

Delaying your retirement might give your pension fund more chance to grow. Remember though, if your pension fund remains invested, the value could go down as well as up and you may not get back what you put in. If you defer your retirement, it’s also important to check whether this will affect any state benefits you’re entitled to.

Working part time for a while after you finish full time work might enable you to delay drawing money from your State Pension or your pension, meaning your money may last longer when you do retire.

You could even consider trying something new, like setting up your own business. Becoming your own boss could be a good way to stay active and keep earning, too!

For more ways to maximise your retirement, contact financial advisors Matt Begley or Steve Rusga.


Information is based on Harris Begley’s current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. Although endeavours have been made to provide accurate and timely information, Harris Begley cannot guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough review of their particular situation. Harris Begley cannot accept responsibility for any loss as a result of acts or omissions.

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.