They think it’s all over! Well not yet for many
10 July 2026The world stage for football is about to reach its climax, with the final being watched and celebrated by many millions, both at home and abroad. I understand that financially the tournament may well have been successful, although it may be many months until we know the real position.
Referencing successful outcomes for many millions of people, it has been fairly argued that pensions auto enrolment for employees has been a great success since its inception over a decade ago. However, whilst some think that with the pensions box ticked and the need to review this is over, many realise (hopefully sooner rather than later), that there is still work to do and that it’s not over yet.
For the self-employed (new or older), the loss of standard employment benefits that might be expected, such as pension accrual and health protections, is understood. Replacing these benefits can be low on the priority list for some self-employed people as they focus on building and maintaining their business and making ends meet.
Irrespective of the employment status of employed or self-employed, the key question is usually, are you paying in enough for your future? For the employed, if the statutory minimum is being paid, even with employer contributions, it may not provide a large enough pot to generate a comfortable income in retirement.
There are important points to consider when looking forward to your ‘final’:
- Affordability (especially with the costs of living rising) of increasing contributions
- How much do you want when you retire and what size of pot or pots do you need for this
- When do you want it, noting that the minimum pension age is increasing to 57 from 55 from 2028
- What other assets or incomes can you bring to your own financial tournament? Checking your State Pension is a great start, along with keeping an eye on any other pensions you may have
These might be basic pension planning questions to consider, but checking your position as soon as is possible, and regularly, is worthwhile to make you stay on the ball (pun intended!). A bit like the new hydration breaks being used in the Americas, taking a few minutes out to ensure everything is working well could make a real difference.
No individual advice is provided during the course of this blog.
The team at Chapters Financial will be happy to help you with your own enquiry about how to plan your pension benefits looking forward.
Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.
