Pension Awareness Day, falling on Monday, September 15, has prompted a finance expert to alert people about common pension blunders they might be making and how to correct them for a more secure future. This topic is gaining increasing significance due to the forthcoming changes in taxation by the UK Government, which will include pensions as part of your estate for Inheritance Tax purposes.
Lack of awareness about these changes, among other factors, could end up costing you thousands of pounds by the time you retire. To help circumvent this, Antonia Medlicott, Managing Director of financial education specialists Investing Insiders, has highlighted three common pension pitfalls to be mindful of.
Being invested in a poorly performing pension fund
Most pension providers offer multiple pen