Five great resources for pension planning

18 February 2025

Written by Retirement Line

With over two thirds of people concerned about the future of the State Pension, here are five useful resources to take control of your pension planning.

Recent research indicates that a significant number of UK adults are concerned about the future of the State Pension. A study by Nucleus Financial Platforms Group found that 71% of UK adults believe the State Pension will not exist or will be less generous when they retire. 

Andrew Tully, technical services director at Nucleus, explained in the Financial Reporter: “These findings re-affirm the importance of having a plan for retirement. State Pensions are the bedrock of people’s retirement income, but they are complex and the position is constantly changing.

“Over the past 10 years we have seen the introduction of the new State Pension, increases to State Pension age with more to come soon, and a constant debate around the future of the triple lock.

“It’s therefore no surprise that many have little confidence the State Pension will be around in its current format, or exist at all, by the time they reach State Pension age. Being unable to rely on the State Pension makes planning even more vital.”

The research also highlighted a gender divide in confidence about the State Pension’s future. Women were particularly doubtful, with 26% believing it will not exist in its current form and 9% thinking it may disappear altogether.

What is pension planning?

Whether you're at the start of your career or nearing retirement, it’s never too early - or too late - to begin saving for later life. Pension planning involves assessing your future income needs and taking steps to ensure you’ll have enough saved to meet them. This can include workplace pensions, personal pension schemes, or other savings and investments designed to provide an income in retirement. 

The goal is to give you financial independence and flexibility in later life. With careful planning and a commitment to putting enough away, you may even find that you’re able to retire earlier than you expect. 

Top resources for retirement pension planning

For those unsure of where to begin, professional pension planning advice can be invaluable. It can help you navigate tax benefits, contribution limits, retirement income options and how to optimise your savings for the long term. 

But there are also sources of help that don’t involve the cost of professional pension planning advice. If you're ready to take a greater control of your retirement savings without paying for advice at the moment, these five resources provide valuable tools and information to get you started:

1. GOV.UK’s Plan for Retirement
   This government resource explains all the basics of retirement savings, but perhaps two of the most useful resources here are the State Pension forecast tool and a benefits checker to ensure you don’t miss out on extra money you’re entitled to.

2. MoneyHelper Checklist for Retirement
   MoneyHelper’s checklist walks you through key steps as retirement approaches, from reviewing pension pots to planning how to withdraw your savings.

3. Which? Retirement Planning Guides
   Which? offers clear and unbiased information on personal pension planning, helping you choose the best pension products and maximise your savings.

4. The Money and Pensions Service
   This free government-backed service provides free and impartial money and pensions guidance for people across the UK.

5. Age UK: Retirement Planning
   Age UK offers guidance tailored to those approaching or in retirement, covering topics such as pension income and budgeting tips. They also offer helpful information on preparing yourself emotionally for this next phase of your life.

With many people doubting the future of the State Pension, effective pension planning is key to achieving financial security in later life. Using the resources above may help you take charge of your savings and feel confident about your retirement. Start today—it’s never too early, and it’s never too late.

Source

71% of UK adults believe the State Pension will not exist or will be less generous when they retire: 71% of UK adults sceptical about state pension future. Financial Reporter. Accessed 11 February 2025.