My pension gap is so large that there is no point
on Jul 28 in 50s/60s, Near retirement, Sort it out tagged by Brian WoodYour pension gap may be so large, and pensions are now so expensive, that your first reaction might be just to give up. But there are many more things you can do to start to close the gap than you might have thought.
There are three different areas to think about in reducing your pensions gap:
1) Thinking about your retirement in a different way. These days, the switch from work to retirement isn’t a single event that is out of your control: it is more helpful to think of it as a transition that you can manage and adjust over time – so that whatever pension pot you have, it works to best effect.
2) Maximising the value of all the pension arrangements you already have. Start by making sure you have tracked down all your entitlements. Then, make sure you make the best possible decisions to extract the maximum value from the pensions you already have. This can look difficult because pensions language can be so confusing and intimidating – but that’s where we can help.
3) You can start investing a bit more in your pension. If you had not taken steps 1) or 2), this might have looked like throwing good money after bad. But once you have started closing your pensions gap by taking control, this extra investment will feel a lot more sensible and secure.
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