Call Richard Cook: 07770 575 122

email: richard@theinvestmentandretirementcoach.co.uk

Coronavirus- five huge pension mistakes to avoid

Are you thinking that your pension plan may provide a solution to temporary financial problems caused by Coronavirus? You may be right but there are some huge mistakes to be avoided and it may be worthwhile taking some advice/guidance before taking action.

5 Huge Mistakes To Avoid.

1. If you are over 55 most pension plans will allow you to take up to 25% of the value of your plan as tax-free cash. DO NOT TAKE MORE UNLESS ABSOLUTELY ESSENTIAL. You could finish up with a large tax bill and you will have reduced the amount you can contribute to pension plans for the rest of your life – max £4,000 per annum.

2. Do not opt-out of your employer’s pension plan just to save your 4% contribution. You will lose out on the employer’s contribution and it may be some time before you can re-enrol.

3. Do not sell investments just because they have gone down.  A pension plan is a long term investment and it is essential that you find ways of becoming comfortable with the inevitable ups and downs. Talk to your adviser if you have one. If not book a free 30-minute guidance call with me, Richard, The Retirement Coach.

4. Do not go ahead with your current pension provider without shopping around. A good pension plan with which to build up benefits may not be a good plan from which to withdraw funds. Transfer between providers is now far easier than it used to be.

5. Don’t be talked into paying unnecessary fees. If you are just taking tax-free cash it can be a very straight-forward process particularly if you are using one of the on-line platforms such as Hargreaves Lansdown.


You are not alone in this. Withdrawals from pension plans have increased substantially over recent months and the flexibility provided by pension plans for the over-55s may provide just the answer you are looking for, particularly if your financial problems really are temporary. Don’t be tempted to go it alone. Free guidance is available from Pension Wise www.pensionwise.gov.uk or you can book a free 30-minute guidance call from me, Richard Cook, The Retirement Coach by clicking this link. 


Retirement Risk Zone: If you are in what I call “The Retirement Risk Zone“ – the three years before retirement and the three years after – this is a particularly important time for you, so do please get in touch. Just use this link to book your Free Zoom chat. Make the wrong decision, or no decision, now and it could have a major impact on your lifestyle for the rest of your life.
How good will it feel to know that, at long last, you are on top of your retirement planning and can look forward to the future with confidence? Is it safe to do it alone or do you need someone with more than 40 years as a pension expert on your side?



This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122

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