Know your limits - pension lifetime allowance
Protect your pension savings by applying for fixed protection if you think you'll have mor...
State Pension age changes
If you were born in the 1960s, you could be affected by the change to State Pension age.
Workers to join company pension
To help people save for their retirement, all employers will need to enrol workers into a workplace...
Court ruling spells end for pension unlocking schemes
Plans giving savers early access to their pensions cash are to be outlawed.
Choose who gets your death benefits
Choose who you want to receive the death benefits from the co...
Get more from the tax man
Paying into PensionSaver? Higher rate taxpayers can claim additional tax relief.
Members warned about pension unlocking schemes
Schemes that offer you the chance to cash in your pension early are not in your best interests.
Pensions and the annual allowance
How the annual allowance may restrict tax-efficient pension savings.
State Pension basics
The way it works and how you can find out what you'll get from the State.
Current rating: 5/5
Are you saving in PensionSaver lifestyle?
Like the majority of PensionSaver members you may be paying into the lifestyle fund. For those of you who can’t remember which fund that is – it’s the one where Fidelity do everything for you, so you don’t have to worry about choosing your own funds.
However, you do have to set a lifestyle age – that’s the age at which you plan to retire. Lifestyle works by moving your money to less risky funds as you approach this age.
When you are younger, all of your pension account is invested in equity funds. As you approach your lifestyle age your money is moved to investment funds generally considered to be lower risk like bonds and cash.
When you joined PensionSaver you might have had a completely unrealistic expectation of when you might retire and you might have set your lifestyle age with that in mind. If you are planning to take your benefits earlier or later than your lifestyle age you must let Fidelity know as this will affect when they start to move your money.
You can contact Fidelity on 08457 234 235 if you need to be reminded of your lifestyle age. Or send an email to pensions.service@fil.com.
Make sure you move into less risky funds at the right time – so review your lifestyle age now.
Source: Time For Money