Society help for wealthier retirement

Yorkshire Building Society has launched a new pension review service for its customers and members of the public to help them maximise their income in retirement.

A job for life is now a thing of the past with many individuals working at a number of different companies throughout their career or working on a contract or freelance basis, and many more have a number of jobs at one time. Pension planning in these circumstances can be complex. The flexibility offered by personal pension schemes means they are now as popular as traditional company pension schemes, but many people are unsure whether their scheme is right for them or if the funds are working as hard as they could be.

Yorkshire Building Society, in association with its financial advisers, Legal & General, is therefore offering a free, no obligation, service to help individuals assess how their current pension arrangements are performing. The service is personalised based on individual circumstances and will provide recommendations to ensure that pensions continue to meet individuals’ needs, both now and in the future.

The service is aimed at people aged between 35 and 55 years, who have either worked at more than one company, have more than one pension fund or who are concerned whether their pension will provide enough money when they retire.

Tanya Jackson from Yorkshire Building Society said “When most people took out their first pension they probably thought it would be for life, but it’s likely that their circumstances have changed or that they have since accumulated a number of different pensions over time. As a society we are happy to change our mortgages and credit cards on a regular basis, but when it comes to a personal pension many will not give it a second thought until they retire – when they could get a nasty surprise!”

“The new service we are providing is encouraging people to dust off their pension statements and to check out whether they are providing what they are expecting, and if not to do something before it’s too late. The service is free and will take only about an hour of their time – there is really nothing to lose and a wealthier retirement to gain.”