Hi, I'm Natalie Davison, Head of Advice and Guidance Operations at Standard Life.
That means I look after teams that talk to our customers every day.
Mistakes are part of life. The good news is we can learn from them.
So I want to talk to you today about three pension mistakes people often make.
Firstly, losing track of old pension plans.
It is common to have more than one pension plan to your name, and they can be easy to lose track of, especially if you've moved home or jobs.
If there is a plan you've lost track of, it could be that your contact information isn't up to date or that your provider cannot get in touch with you.
So if you can, log in to your provider's website, or app, and check your details and see if your plan is up to date. Or simply get in touch with them. They should be able to help you. They are here to do the hard work for you.
Secondly, overlooking the benefits of having a pension plan.
There are many benefits to using a pension plan to save for your future.
For example, if you're lucky enough to have a pension provided through your employer, they must pay in a minimum percentage of your salary. Some may even match or exceed your own payments, giving you even more money into your plan.
All pension plans also offer tax benefits, meaning you can get a helping hand from the government while you're saving.
Finally, money in a pension plan is normally invested over a longer period of time to give it the opportunity to grow.
However, you need to remember the value of investments can go down as well as up, so you may get back less than you paid in.
It's important to periodically check how your pension is doing and manage it if required.
The third mistake is assuming that the State Pension will cover all your costs in retirement.
Right now, the full new State Pension amount gives you around £12,000 per year.
But the Pensions and Lifetime Savings Association estimates a single person needs £14,400 per year to live a minimum standard of living.
Enough to cover your needs, with a little left over for fun and social occasions.
So it's a good idea to make sure you'll have enough money from other sources to achieve the future you wish.
