An estimated 3.6 million people aged 50 to 64 are economically inactive, 300,000 higher than pre-pandemic1.
With growth a major focus of the Spring Budget, there’s little doubt that the country’s economic growth will partly be reliant on getting the over-50s back to work.
Maybe you’ve taken early retirement but are having second thoughts? If you’re thinking about re-joining the workforce, it’s a good idea to ponder the below:
- Check if your new employer has a waiting period before auto-enrolling you into its workplace pension scheme – is there a means to opt into the scheme earlier to benefit from additional contributions?
- Find out how much you can save in your pension. As announced in the Spring Budget, tax relief on pensions has changed. We can help if you have any questions about your pension and how much you can contribute
- Will your employer match any additional contributions you make over your minimum level?
- Does your new employer offer you the option to exchange some of your salary in return for a pension contribution, which the employer then pays into your pension scheme along with their pension contribution? If so, this can prove to be extremely tax-efficient
- Decide how you want your contributions to be invested and select a realistic retirement date
- Set up a personal pension if you’re self-employed
- Remember to consider your other pension pots and investments to take account of your altered circumstances and ensure you have enough to be able to retire comfortably when the time comes
- And finally, call us to help with any pension queries you may have.
1Centre for Ageing Better, 2023