In these “interesting times,” it pays to remind ourselves why we invest our hard-earned money to secure our own future. Now more than ever we have to be aware and realise that building a nest egg for ourselves is the only way to guarantee our own futures.
I have been reading several reports on the state of the UK Pensions, the deficits that have grown massively this year due in part to the staggering effect of COVID-19 on the state of companies finances both globally and in the UK.
The aggregate deficit of UK defined benefit (DB) schemes surged to a ‘staggering’ £135.9bn in March, up from £124.6bn at the end of February, latest Pension Protection Fund (PPF) data has revealed.
(Pension Protection Fund)
The money has to be found from somewhere or the scheme itself may collapse, causing even greater hardship to people retiring and looking to enjoy their pensions.
The sheer size of this deficit reinforces the need for the individual to look at their finances and build a suitable retirement package.
We have published several articles on pensions in the past — these new figures drive home the reasons why we need to look after ourselves.
At Absolute, we set up and run many pension schemes designed specifically for you and your future needs. Now is the time to get things in order; get in touch with us to review this important area of financial planning.
Stay safe!
All the best,
David Riggs
