Looking after your financial wellbeing
As you start another new year, you may find this a good time to do some financial planning. It’s important to think about the potential risks and opportunities that you could face in achieving financial wellbeing, taking a broader perspective on the current economic conditions. Working out how your Plan pension fits in with that bigger picture could be a helpful first step. If you want to check the current position of your pension, you can visit our member portal.
Budgeting and expenses
The start of the year is an ideal time to revisit your budget and align it with your financial goals. Analysing monthly expenses and identifying areas where adjustments can be made will help in living within your means and getting on top of any debt you may have. You should also consider potential increases in living costs, such as health care, utilities and groceries.
Lots of websites offer help with everything from day-to-day savings tips to debt advice.
- MoneyHelper is a free, independent service provided by the government. It offers advice about pensions, benefits, savings and more.
- Money Saving Expert gives advice on everything from reducing your bills to finding the best insurance deals.
- Age UK offers help aimed at older people, including benefits you can claim.
- Citizens Advice can help you if you’re facing problems such as debt.
If you’re getting close to retirement and want to think about how much income you’ll need, you might also find it helpful to look at the Retirement Living Standards produced by the Pensions and Lifetime Savings Association.
Government programmes and benefits
It’s important to keep up to date with new laws and government initiatives. This includes staying informed about adjustments in pension taxation, tax credits, and potential help and/or benefits that you may be eligible for. If things aren’t clear, seeking advice from financial professionals or using online resources can help.
- Help for Households gives details of any government support you may be able to claim to help with the cost of living.
- Cost-of-living support provides a list of support available to you. This includes income and disability benefits, bills and allowances,childcare, housing and travel.
- UK government website provides Government services and information in the UK.
As ever, if you’re making decisions about your financial future, it is always best to seek independent help and advice. MoneyHelper is an excellent place to start. It can also help you find an authorised independent financial adviser (IFA) in your area.
You should also note that the Trustee has negotiated a competitive price with Origen Financial Services to act as a financial adviser. Origen can provide advice if you’re looking for help with deciding how to take your benefits from the Plan. Visit the Library section of the website to view the 'Financial advice' guide for more information about Origen, and how to use this service.