Your pension pot is probably something that you contribute to over time but doesn’t always think about daily. However, it is something that you should have in mind when life-changing events happen. You may not know how to respond to such events and what to do for pension protection.
Solutions For Pension Protection:
So, to help you out, Portafina has given some tips on problems of what events could occur and how they might affect your pension funds. These tips will help prepare you for life’s changes and keep your pension funds safe in the process.
One major life event that can happen that most people may not plan for is bankruptcy. It can be a tough time financially and create a significant level of instability. In light of this, you may be wondering what’s going to happen to your pension during such a period. You can relax knowing that it isn’t classified as an asset, so money can’t be taken from there.
Nevertheless, what’s most important is that you speak to your pension provider to find out how bankruptcy may affect your savings into and access to your pension fund.
Getting a New Job
Finding yourself in a situation where you have a new job can be an exciting time in your life. However, it’s crucial that you know what it means for your pension protection and whether it will be positively or negatively impacted. The good news is that when you change employers, your new employer has to enroll you in a new pension scheme if you’re over 22 years of age and earning a salary of over £10,000.
Also, find out whether you’d be able to transfer into your new scheme or any existing pots that you have. It’s advisable that you follow Portafina’s Facebook page to keep up to date with the latest pension developments.
Going Through a Divorce
One of the most significant worries for people going through a divorce is what’s going to happen to all of their assets? And how they’ll be divided. You may likewise be concerned about your pension. As it should be included as part of any financial settlement in the case of a divorce. Seeing as there is flexibility in terms of how your pension is shared out, you can rest assured that it can be protected. Some options include both pension sharing or pension offsetting.
Whether you want to accept it or not, death is an inevitable part of life. This is why instead of ignoring it, you should make it your goal to plan ahead instead. Do this by deciding how you want your funds to be distributed when you pass away. Whether it be by donating it to charity or giving it to your family or friends. Knowing your pension providers policy beforehand should help you make the right decision.
Aside from the mentioned, moving abroad is a major life event that could affect your pension pot. Ask your provider questions such as how easy it will be to access your pension abroad. And also whether you’d still qualify for a tax break before making final decisions.
Planning for specific life events can positively protect your financial future, and the financial future of those you care most about. If you have any questions or would like to find out more, you can visit Portafina Discovery a handy resource hub. They also have lots of information on their social channels, YouTube, on Twitter at@Portafina UK, and on LinkedIn.