Beat the Pensions Crisis

Series
Financial Times
Author
Brian Wood / Claire Brinn  
Publisher
Pearson
Cover
Softcover
Edition
1
Language
English
Total pages
224
Pub.-date
September 2009
ISBN13
9780273722052
ISBN
0273722050


Product detail

Product Price CHF Available  
9780273722052
Beat the Pensions Crisis
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Description

How many years will you have to work so that you build a decent pension?

How much do you need to live comfortably in your retirement?

 

There’s a crisis in pensions which affects the majority of people in the UK. The crisis is all about the gap between the money that you need to live in retirement and the money that you’ll actually get. And it’s a crisis that is changing the way that we all think about our retirement, when we can stop working and how we’ll manage to get by on state, occupational and personal pensions.

 

This book cuts through the complexity surrounding pensions and explains how the crisis affects you – irrespective of your age. It describes the practical steps that you can take to ensure that you’re better off in retirement, whenever that may be.

 

Beat the Pensions Crisis is about handing back control of your pension to the only person who can really do anything to improve it. That’s you.

 

Visit the website at www.thepensionscrisis.com

 

What is the pensions crisis and how does it affect you? Put simply it’s the gap between the amount of money that you need in retirement, compared with the amount of money that you’re likely to receive from your pensions.

 

At first glance, this gap can look large and it’s tempting to think that the situation is hopeless. But it’s not! Beat the Pensions Crisis shows you that you have a lot more control over your pension than you may have thought, and by taking the right action, at the right time, you can do a lot to increase your income in retirement.

 

Providing for a secure retirement is simple, and step-by-step you’ll learn how to: 

  • Shatter the myths and delusions about pensions
  • Work out how much of a pension pot you’ll need when you retire
  • Understand the difference between different types of pension
  • Turbocharge your pension so that you’ll receive more
  • Use the tax reliefs available to enhance your pensions and savings
  • Shop around for the best pension annuity at retirement
  • Understand what you need to do to improve your wealth, decade by decade, from your 20s through your 30s, 40s and 50s to your retirement

 

Table of Contents

Table of Contents

What crisis?

The nature of the crisis

Why you must take responsibility

­       Private pensions

­       Company pensions

­       State pensions

­       The costs of retirement

Myths and delusions

·         Including a Flow chart pointing from each false belief to relevant sections in the book

Tackling the problem

What can I do if I am near retirement?

(Primary audience for chapter: ages 50s, early 60s)

·         Work out how much you will get

­       State pension

­       Company pensions

§         Sample letter

­       Private pensions

§         Sample letter

­       Other assets

·         How to convert this into real worth in the future (ready-reckoners)

·         Flowchart(s) summarising all the above

·         Work out how much you will need

­       Current lifestyle expectations

§         Ready-reckoner based on current lifestyle

­       How these may change

§         Lifestyle choices

­       Other things to think about

·         Flowcharts(s) summarising all the above

­       The ‘gap’ you need to close

­       How that gap might change over time

·         Actions you can take

­       Choices relating to State pensions

­       Choices relating to Company pensions

­       Choices relating to Private pensions and all your other assets

§         Choices about your type of pension at retirement

­       Choices relating to lifestyle

·         How these actions affect the ‘gap’     

What can I do if I am already retired?

(Primary audience for chapter: late 60s onwards)

·         Assessing your likely sources of income

­       Pensions from various sources

§         Searching for ‘lost’ pensions

­       State benefits and concessions

­       Other assets

§         Property, investments, endowments etc

§         Ready-reckoner for value as a pension

·         Assessing your needs

­       What you have learnt in the transition to retirement

­       Taking benefits into account

­       Other things to consider (eg how to fund your next car purchase)

·         Actions/options

­       Working and taking pension

­       Effect of, and mechanisms for, deferring pension

­       Funding for long-term care

­       Planning for inheritance

­       Equity release etc

What can I do to make provision for a future pension?

(Primary audience for chapter: 40s and below)

·         The state pension will be insufficient

­       Example calculations

­       Taxes will have to support huge numbers of pensioners

§         Baby Boomer effect

§         Lower birth rates

­       It’s up to you

·         Company pension

­       Join it!

­       Increase contributions

­       Additional Voluntary Contributions (AVCs)

­       Take into account when changing jobs

­       Maximise pension from previous employers

·         Private pensions

­       Advantages and disadvantages

­       Stakeholder pensions

­       Pensions products

­       Self-administered pensions

·         Other savings and investment

­       Advantages and disadvantages

­       Other forms of tax relief

­       Endowment maturities

­       Reference to other Pearson publications for greater detail)

Options and issues for everyone

(Audience: everyone)

·         Looking at all your assets, not just pensions

­       How much equivalent pension could they buy?

­       Include your current income

­       Ready-reckoners

·         The best investment of all

­       Eliminate consumer debt

­       High, guaranteed, tax-free returns

·         Pensions and unexpected events

­       Job loss

­       Divorce

­       Death

·         Options for your house

­       Downsizing

­       Consolidation with other generations

·         Inheritance issues

­       Trading off pension against inheritance

­       Expectations of different generations

­       Impact of inheritance tax

·         State benefits

­       Bits and pieces (eg winter fuel allowance)

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Getting advice

·         What sort of advice do I need?

­       Where do I get it?

­       How do I choose an adviser?

­       Should I pay, and if so how much?

­       What should I expect them to do for me?

·         Avoiding bogus or poor advice.

The pensions crisis and the future

·         What can be learned?

§          Summary of the key actions:

§         Work out how much pension you will get

§         Work out how much pension you will need

§         Find ways to fill the gap

 

Back Cover

How many years will you have to work so that you build a decent pension?

 

How much do you need to live comfortably in your retirement?

 

 

There’s a crisis in pensions which affects the majority of people in the UK. The crisis is all about the gap between the money that you need to live in retirement and the money that you’ll actually get. And it’s a crisis that is changing the way that we all think about our retirement, when we can stop working and how we’ll manage to get by on state, occupational and personal pensions.

 

This book cuts through the complexity surrounding pensions and explains how the crisis affects you – irrespective of your age. It describes the practical steps that you can take to ensure that you’re better off in retirement, whenever that may be.

 

Beat the Pensions Crisis is about handing back control of your pension to the only person who can really do anything to improve it. That’s you.

 

Visit the website at www.thepensionscrisis.com

Author

Brian Wood is chief executive of Telos Solutions, a leading management consultancy that specialises in delivering practical and workable solutions to complex and difficult problems in the financial services industry. He is a qualified actuary and has previously served as chief executive of Windsor Life, PPP Lifetime (the life and pensions arm of PPP Healthcare) and Winchester White management consultants. During his career, he has worked on a broad range of assignments in the life and pensions industry, many of which have involved working with industry bodies, government and the regulators.

 

Claire Brinn is a director of Telos Solutions and chief executive of Wealth Squared, a business that provides advice to women having to make major financial decisions for the first time, usually after a death or divorce.  Claire is an experienced manager and executive in financial services, having worked with Chemical Bank, Prudential and Britannic Assurance before becoming one of the founders of Telos Solutions.