What you need to know – the main talking points

The Chancellor of the Exchequer, George Osborne, gave his fifth Budget speech to Parliament on 19 March 2014. He unveiled plans to support economic recovery – including tax breaks to boost productivity, exports and manufacturing.

Making adequate provision for retirement means not running out of money

Women have historically lived longer than men, but this is gradually changing. Life expectancy has continued to increase all round as all generations enjoy unprecedented wealth, better nutrition, healthier lifestyles and the benefits of advancing medical science.

The best chance of being reunited with a lost scheme

People change jobs and employers change their names, but, more importantly, we all forget things from time to time. With that in mind, it is easy to lose track of pensions that you have paid into over the years. If you do not actively look for your lost pensions, then you take the risk of relying on them looking for you! This can be difficult for them to do if, for example, you have changed your name through marriage or moved home yourself.

Bringing your pensions under one roof

Most people, during their career, accumulate a number of different pension plans. Keeping your pension savings in a number of different plans may result in lost investment opportunities and unnecessary exposure to risk.

Taking control of where your money goes and how it grows

Some people don’t want a pension company deciding how their pension savings are invested – they want to control where their money goes and how it grows. In this scenario, a Self-Invested Personal Pension (SIPP) offers a solution. Very much a do-it-yourself pension, you choose what investments you want to put your savings into, and therefore keep control of your savings.

Helping you take full control of your retirement savings

People change jobs, employers change their names but, more importantly, we all forget things from time to time. With that in mind, it is easy to lose track of pensions that you have paid into over the years.

More couples are deciding to part later in life

Divorce is not purely exclusive to the young or middle-aged, and we’re seeing a steady increase in what have been dubbed the ‘silver-splitters’ – couples who are deciding to part in later life.

Adapting to changes in working patterns

More than half of over-55s currently in the workforce are happy to work past the default retirement age of 65, according to new research from MetLife[1].

The reality of living on a pension is taking new retirees by surprise

The reality of living on a pension is taking new retirees by surprise, with many under-budgeting their first five years of retirement and overspending by an average of £6,500, according to LV=. This is leading to a surge in older retirees taking out new credit or extending previous credit commitments.

Preparing for the arrival of your first baby

First-time UK parents spend more than £492 million[1] each year preparing for the arrival of their first baby, according to research from Aviva. This equates to £1,619 per family and shows a 17% increase to the £1,389 total in March 2012[1].

Focused on managing costs

We’re becoming increasingly good when it comes to cost cutting, according to the latest findings of an annual online survey from long-term savings and investment specialist Standard Life by YouGov PLC.

Taking on the risk of managing your own pension

New research[1] from MGM Advantage shows the risk people are willing to take managing their own pension savings. 28% of the over-55s said they were not comfortable taking on the risk of managing their own pensions to provide a suitable income throughout retirement.

Peace of mind for a lifelong secure regular income

A huge reform of the defined contribution pension system (as opposed to workplace final salary schemes) announced in Budget 2014 means that under the proposals, from next year, millions of people reaching retirement age will be able to spend their pension pot in any way they want.

Keeping track of your pension portfolio pays dividends

If you’ve accumulated numerous workplace pensions over the years from different employers, it can be difficult to keep track of how they are performing. There is a danger that long-forgotten plans may end up festering in expensive, poorly performing funds, and the paperwork alone can be enough to put you off becoming more proactive.

Building a savings pot to provide income when you retire

Investing regularly from as young an age as possible, while taking advantage of various tax incentives, is the logical way to achieve this.