The Teachers’ Pension Scheme website offers a huge number of videos to support you in the management of your pension. These videos give insights into how to use this resource for your pension planning. Here are some of the top tips they suggest in one of these videos.
Get Digital
There is little reason nowadays to be ill-informed about your pension. You can access online calculators and other tools to understand your finances during your working life and retirement. My Pension Online is your pension dashboard, which allows you to see estimates of the value of your pension fund.
My pension online is also where you can apply for your retirement and review your record.
Take time to look after your pension.
The next value tip is to take the time to understand and manage your pension. The small details will matter, as you need to be sure you are making the most of your benefits. It is not just about checking what extras you can pay in; it is about ensuring your work history is accurate.
Plan for your future
The calculators are one of the most successful features on the website, as they help you to get an idea of the value held in your pension. Though only indicators of value, these estimates are valuable in retirement planning decisions.
You can use the calculators to plan for your retirement and understand how much you will have to enjoy life beyond work. It is worth noting that these calculators only offer estimates, and the true value of your pension will be worked out once you have applied for retirement.
Seek advice and find out more
While the Teachers’ Pension Scheme website is a valuable resource of information, the pension scheme is not allowed to offer you advice. Suppose you want advice on what to do with your pension. In that case, you need to seek advice from an independent financial advisor, who will be able to comment on your financial situation.
Conclusion
Managing your pension is important and worth tending to in these summer months. Make sure you know your finances and whether you can afford life after retirement.
The content in this article was correct on July 31st, 2022. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on pensions for teachers and non-teachers. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you. The value of your investment can fall as well as rise and is not guaranteed.