WEBVTT - Get To Grips With Your Workplace Pension

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<v Kia>Hi,  it's  Kia here. Paying into your  workplace  pension  gets  you  extra  money  from 

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<v Kia>your  employer  and  the  government,  and  a  strong  start  can 

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<v Kia>have  surprisingly  big  benefits  thanks  to  the  power  of  compounding. 

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<v Kia>Saving  relatively  small  amounts  in  your 20s and early  30s  is  the  best 

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<v Kia>route  to  being  a  little  bit  richer  when  you  retire.


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<v Kia>Welcome  to  another  episode  of  A  Little  Bit  Richer,  brought 

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<v Kia>to  you  by  my  friends  at  Legal &amp;  General.  We've  unpacked 

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<v Kia>why  workplace  pensions  matter  so  much  in  episode  three  of 

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<v Kia>the  podcast.  Today,  Legal &amp;  General's  workplace  pensions  expert,  and  a 

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<v Kia>friend  of  the  show,  Kim  Brown,  is  back  to  help 

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<v Kia>us  get  the  most  out  of  our  pensions.  Welcome  back,  Kim.

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<v Kim Brown>Thanks,  Kia.

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<v Kia>So,  Kim,  firstly,  let's  recap.  What  do  we  mean  by 

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<v Kia>a  workplace  pension,  and  what  are  the  benefits  of  this 

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<v Kia>type  of  pension?

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<v Kim Brown>Yeah,  so if  we  start  by  looking  at  the  state  pension, 

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<v Kim Brown>to  put  it  into  context.  So,  the  state  pension  is 

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<v Kim Brown>paid  for  weekly  by  the  government.  It  starts  at  age 

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<v Kim Brown>66  now,  which  will  be  going  up,  might  be  later 

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<v Kim Brown>for  many  that  are  listening.  Your  amount  that  you  get 

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<v Kim Brown>from  the  government  per  week  will  be  dependent  on  a 

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<v Kim Brown>number  of  factors,  including  the  level  of  national  insurance  you 

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<v Kim Brown>pay  throughout  your  working  career.  But  if  we  take  the 

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<v Kim Brown>figures  from  April,  it's  11,500  pounds  maximum  a  year  of 

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<v Kim Brown>state  pension.  So,  I  think  for  many  that  might  be 

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<v Kim Brown>perceived  as  quite  a  modest  amount  to  live  on,  particularly 

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<v Kim Brown>people  that  are  going  to  still  be  paying  off  a 

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<v Kim Brown>mortgage  or  paying  into  rent.  And  if  that  is  true 

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<v Kim Brown>for  your  circumstances,  you  think  you'll  need  more  than  11,500, 

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<v Kim Brown>you  want  to  think  about  topping  that  up.  And  that 

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<v Kim Brown>can  be  through  a  private  pension  or  through  a  workplace 

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<v Kim Brown>pension.
 Your  question  then  on  the  benefits  of  workplace  pensions, 

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<v Kim Brown>there's  two  I  particularly  highlight  on  top  of  the  already 

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<v Kim Brown>amazing  thing  that  you're  doing,  which  is  thinking  about  your 

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<v Kim Brown>future  and  putting  money  aside  for  it.  One  is  that 

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<v Kim Brown>your  employer  has  to  contribute.  At  least  3%  of  your 

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<v Kim Brown>salary  from  your  employer  goes  into  your  pension.  That  might 

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<v Kim Brown>be  higher,  your  employer  might  offer  more,  but  also  some 

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<v Kim Brown>employers  do  contribution  matching,  so  if  you  pay  higher  than 

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<v Kim Brown>your  statutory  minimum,  they'll  pay  higher  than  they  have  to. 

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<v Kim Brown>So,  that's  definitely  worth  exploring.  And  I  think  when  we 

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<v Kim Brown>last  met,  you  really  well  described  it  as  a  deferred  pay.

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<v Kia>Yes.

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<v Kim Brown>They're  paying  your  salary  today,  the  pension  is  then  putting 

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<v Kim Brown>money  away  for  when  you've  stopped  working.  And  I  really 

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<v Kim Brown>love  that  and  that's  something  that  people  can  take  advantage 

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<v Kim Brown>of.  The  second  benefit  of a  workplace  pension  then,  is  that 

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<v Kim Brown>you  get  tax  relief.  So,  you  get  money  from  the 

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<v Kim Brown>government.  So,  if  you  want  to  put  100  pound  a 

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<v Kim Brown>month  into  your  pension,  you  only  have  80  pounds  taken 

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<v Kim Brown>from  your  salary.  The  20  pound  comes  from  the  government 

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<v Kim Brown>in  the  form  of  tax  relief.  The  caveat,  the  difference 

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<v Kim Brown>of  a  workplace  pension,  besides  saving,  for  example,  into  an 

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<v Kim Brown>ISA,  is  you  can't  then  touch  that  money  till  later. 

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<v Kim Brown>It's  for  your  retirement.  So  currently,  at  age  55,  you 

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<v Kim Brown>could  access  that.  Again,  that  will  be  going  up,  but 

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<v Kim Brown>might  be  later  for  those  listening.

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<v Kia>I  think  it's  really  great  and  I  love  covering  workplace 

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<v Kia>pensions,  because  pensions  in  general,  as  a  topic,  when  you're 

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<v Kia>young,  20, 30,  even  sometimes  early  40s,  you  think  that's  so 

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<v Kia>long  away.  But  as  we  mentioned, it's  so  important  to  think 

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<v Kia>about  that.  So,  what  happens  to  the  money  that  is 

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<v Kia>saved  in  a  pension?

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<v Kim Brown>So, at  the  highest  level,  your  money's  invested.  It's  invested  with 

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<v Kim Brown>the  aim  of  growing  over  the  time.  So,  your  employer 

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<v Kim Brown>will  pick  a  company,  like  Legal &amp;  General,  someone  that  can 

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<v Kim Brown>invest  and  manage  your  money.  Your  money  will  be  held 

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<v Kim Brown>for  you  in  a  pot,  but  it'll  be  pulled  together 

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<v Kim Brown>with  others  and  invested.  So,  your  money  will  be  used 

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<v Kim Brown>to  buy  stuff,  to  buy  assets,  with  that  objective  of 

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<v Kim Brown>growing  over  time.  And  it  grows  either  because  the  assets 

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<v Kim Brown>grow  in  value,  or  because  they're  paying  money  back  into 

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<v Kim Brown>the  scheme.
 And  what  that  fund  manager  would  be  doing 

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<v Kim Brown>on  your  behalf,  is  selecting  the  assets,  so  that  could 

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<v Kim Brown>be  shares,  so  bits  of  companies,  they could  be  looking  at 

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<v Kim Brown>bonds,  cash,  property.  So,  your  money's  not  sat  there  in 

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<v Kim Brown>cash,  it's  being  invested  to  grow,  which  is  why  it's 

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<v Kim Brown>a  job  for  the  expert.  And  because  of  pulling  together 

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<v Kim Brown>with  others,  you're  able  to  better  spread  that  risk.  You'll 

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<v Kim Brown>be  invested  in  different  countries,  in  different  assets  that are,  again, 

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<v Kim Brown>looking  to  generate  that  growth  over  time.

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<v Kia>Amazing.  I  think  in  general,  investing  can  seem  very  daunting, 

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<v Kia>especially  pension  investing,  but  I  think  when  you  put  it 

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<v Kia>there,  it  makes  sense  especially  because,  as  I  mentioned,  we're 

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<v Kia>not  going  to  touch  that  for  a  long  time.  So, 

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<v Kia>you  want  to  put  it  away  and  help  it,  hopefully, 

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<v Kia>for  it  to  grow  so  you  can  get  back  more 

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<v Kia>than  you  initially  put  in.  And  that's  always  the  aim. 

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<v Kia>So,  Kim,  pension  investments  feel  like  a  very  daunting  topic 

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<v Kia>for  some,  so  can  you  explain  a  little  bit  more 

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<v Kia>for  us?

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<v Kim Brown>I  can  really  appreciate  that.  I  think  they  can  feel 

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<v Kim Brown>daunting  because  investments  can  go  up  and  down,  and  the 

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<v Kim Brown>value  of  your  pension  pot  can,  but  I  think  if 

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<v Kim Brown>you  think  about  it  like  if  you  bought  a  flat 

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<v Kim Brown>in  London  in  the  '80s,  and  if  you're  looking  at 

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<v Kim Brown>the  price  of  that  flat  now,  it  probably  has  gone 

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<v Kim Brown>up  over  time.  That's  the  same  goal  as  your  pension. 

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<v Kim Brown>And  if  you  look  every  day  or  every  week,  you 

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<v Kim Brown>will  find  that  it  moves  up  and  down,  but  the 

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<v Kim Brown>goal  is  to  generate  returns  over  the  longer  term.  I 

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<v Kim Brown>think  the  flip  side  of  thinking  about  it  as  being 

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<v Kim Brown>daunting,  is  to  think  about  how  much  power  there  is 

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<v Kim Brown>in  pensions  as  well,  and  I  mean  that  in  two 

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<v Kim Brown>ways.
 So,  we  talked  about  owning  shares,  so  owning  bits 

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<v Kim Brown>of  companies.  As  a  result,  Legal &amp;  General,  fund  managers,  as 

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<v Kim Brown>well  as  members  can  have  the  right  to  vote  and 

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<v Kim Brown>express  their  opinion  on  certain  decisions  that  those  companies  make. 

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<v Kim Brown>That  might  be  in  relation  to  whether  they're  paying  the 

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<v Kim Brown>living  wage,  executive  pay  or  their  approach  and  treatment  on 

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<v Kim Brown>climate.  And  it's a  really  interesting  way  of  indicating  to  those 

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<v Kim Brown>companies  what  their  investors  care  about  and  starting  to  shift 

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<v Kim Brown>the  dial  on  big  strategic  issues.  So,  for  example,  Legal &amp; 

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<v Kim Brown>General  recently  voted  in  favor  of  getting  increased  transparency  around 

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<v Kim Brown>how  Apple  are  using  AI  and  their  ethical  guidelines  around 

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<v Kim Brown>it.  And  as  I  say,  it's  just a  really  powerful  way 

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<v Kim Brown>of  indicating  the  ways  that  members  feel,  as  well  as 

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<v Kim Brown>fund  managers  voting.
 The  second  really  powerful  way,  I  think, 

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<v Kim Brown>is  you  can  choose  where  your money is  invested  if  you  wish 

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<v Kim Brown>to.  So,  you  can  take  greater  risk,  but  you  can 

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<v Kim Brown>also  pick  funds  that  are  more  aligned  to  your  ethical 

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<v Kim Brown>views,  to  pick  sustainability  funds,  pick  those  that  have  religious 

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<v Kim Brown>beliefs  that  align  with  yours.  So,  I  appreciate  that  people 

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<v Kim Brown>can  be  daunted  by  some  aspects.  I  hope  there's  also 

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<v Kim Brown>some  really  interesting  elements  in  there, and  the  more  you  get 

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<v Kim Brown>to  know,  I  think  the  less  daunting  and  the  more 

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<v Kim Brown>interesting  they  become.

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<v Kia>I absolutely agree.  I  think  this  podcast  is  a  testament  to it,  that 

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<v Kia>knowledge  is  power  and  you  feel  more  confident  and  more 

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<v Kia>empowered  the  more  you  know,  so  it's  really  good  to 

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<v Kia>hear  that.  This  is  the  age- old  question,  Kim.  It's 

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<v Kia>all  about  how  much  should  you  be  putting  in  your 

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<v Kia>pension.  So,  I'm  going  to  ask  you.  What  percentage  of 

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<v Kia>someone's  salary  is  ideal  that  someone  should  be  putting  away 

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<v Kia>every  month?  And  if  someone  is  in  their  20s and 30s, like  I 

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<v Kia>mentioned,  it  seems  so  far  away,  is  it  something  that 

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<v Kia>they  should  even  be  worrying  about  right  now?

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<v Kim Brown>It's  a  great  question  and  I  wish  I  had  a 

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<v Kim Brown>singular  answer  for  you,  a  right  or  wrong  answer  to 

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<v Kim Brown>this  question,  but  the  amount  that  you  should  be  contributing 

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<v Kim Brown>is  based  on  you.  It's  based  on  what's  affordable,  but 

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<v Kim Brown>it's  also  based  on  when  you  want  to  retire  and 

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<v Kim Brown>what  that  retirement  looks  like.  So,  my  best  advice  would 

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<v Kim Brown>be  to  use  some  of  the  tools  available  to  help 

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<v Kim Brown>you  plan.  There's  some  brilliant  free  resource.  If  you  go 

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<v Kim Brown>onto  Money  Helper,  they've  got  a  retirement  planner,  you  can 

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<v Kim Brown>put  in  details  about  what  you  earn,  when  you  want 

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<v Kim Brown>to  retire,  as  I  say.  And  they'll  show  you  your 

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<v Kim Brown>projected  income  at  retirement,  but  they've  also  got  good  sliders 

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<v Kim Brown>that  you  can  adjust.
 What  happens  if  I  pay  more? 

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<v Kim Brown>What  happens  if  I  retire  later?  Companies  like  ours,  like 

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<v Kim Brown>Legal &amp;  General,  will  have  similar  things,  retirement  planner  tools,  so 

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<v Kim Brown>get  on  one  of  those  free  tools  through  your  pension 

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<v Kim Brown>provider,  or  generally  available,  and  just  look  and  think  about 

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<v Kim Brown>it.  And  your  point  on  younger  savers.  It's  so  true. 

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<v Kim Brown>Save  as  much  as  you  can  as  early  as  you 

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<v Kim Brown>can,  because  that  money  has  a  really  long  amount  of 

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<v Kim Brown>time  to  work  for  you.

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<v Kia>Amazing.  I  think  that's  really  important,  like  you  said,  and 

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<v Kia>I'm  not  too  far  away.  So,  30  years  is  approaching 

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<v Kia>for  me,  it's  coming.  Is  there  a  certain  amount  that 

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<v Kia>people  like  myself,  around  that  age,  should aim to  have  in their  pension  pot?

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<v Kim Brown>I  thought  you're  saying  you're  not  that  far  away  from  retirement.

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<v Kia>No. Oh my gosh, no.

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<v Kim Brown>No, not quite.

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<v Kia>Not quite.

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<v Kim Brown>Not  too  far  away  from  30, okay.

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<v Kia>From 30.

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<v Kim Brown>I  think  it's  worth  looking  at  and  thinking  now,  but 

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<v Kim Brown>I  would  just  regularly  review  it.  So,  I  think  what 

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<v Kim Brown>can  be  really  important  is  when  you  get  a  pay 

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<v Kim Brown>increase,  before  you  get  used  to  that  money  in  your 

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<v Kim Brown>pocket,  log  back  onto  one  of  those  planners,  think  about 

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<v Kim Brown>the  difference  it  could  make  over  the  longer  term  if 

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<v Kim Brown>you  invest.  Same  is  true  if  you  get  a  bonus. 

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<v Kim Brown>It's  a  really  tax- efficient  way  of  using  your  bonus 

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<v Kim Brown>money.  And  again,  before  it  goes  in  your  pocket,  think 

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<v Kim Brown>about  retirement  you  and  what  that  could  mean  then.

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<v Kia>That's  good,  I  think  I've  said  this  before.  Pina  Colada 

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<v Kia>on  the  beach,  I'm  going  to  have  that  in  mind 

0:08:35.849 --> 0:08:38.669
<v Kia>when  I'm  thinking  about  my  pension.  That's  really good.  So  then, 

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<v Kia>Kim,  what  information  do  you  suggest  that  people  check  with 

0:08:41.699 --> 0:08:44.010
<v Kia>their  pension  savings?  And  what  should  they  be  keeping  an 

0:08:44.010 --> 0:08:46.380
<v Kia>eye  on,  and  more  importantly,  how  frequently?

0:08:46.920 --> 0:08:48.751
<v Kim Brown>So,  I  think  people  should  look  at  their  pension  every  day.

0:08:48.751 --> 0:08:51.750
<v Kia>Imagine, every single day,  pull  it  up.

0:08:52.800 --> 0:08:54.929
<v Kim Brown>No,  you're  absolutely  right.  Pensions  are  a  long- term  investment, 

0:08:54.929 --> 0:08:56.730
<v Kim Brown>it's  not  a  daily  thing,  it's  not  like  your  bank 

0:08:56.730 --> 0:08:59.609
<v Kim Brown>account.  I  think  what's  important  is  getting  it  right  at 

0:08:59.610 --> 0:09:02.338
<v Kim Brown>the  start. And that can  be  when  you  start  a  new  job,  that 

0:09:02.340 --> 0:09:04.740
<v Kim Brown>can  be  today,  for  instance.  If  you're  enjoying  this  podcast, 

0:09:04.740 --> 0:09:08.550
<v Kim Brown>you're  interested  in  pensions,  start  today  and  think  about,  do 

0:09:08.550 --> 0:09:10.650
<v Kim Brown>you  know  where  your  money  is  invested?  How  much  are 

0:09:10.650 --> 0:09:14.250
<v Kim Brown>you  putting  in?  Have  you  nominated  your  death  beneficiary?

0:09:14.549 --> 0:09:14.910
<v Kia>A  big  one.

0:09:14.969 --> 0:09:16.799
<v Kim Brown>Yeah,  it's  a  big  one.  Make  sure  that  we  know 

0:09:17.190 --> 0:09:19.170
<v Kim Brown>who  you  want  to  get  your  benefits  if  you  do 

0:09:19.170 --> 0:09:22.559
<v Kim Brown>pass.  All  those  things  are  really,  really  key.  And  including 

0:09:22.559 --> 0:09:25.650
<v Kim Brown>there,  are  we  saving  enough?  So, I think  that's  it.  Get  it 

0:09:25.650 --> 0:09:29.639
<v Kim Brown>right.  And  then,  how  frequently?  I  think  annually  feels  about 

0:09:29.639 --> 0:09:33.689
<v Kim Brown>right.  Once  a  year,  pay  your  pension  some  attention.  Go 

0:09:33.690 --> 0:09:36.960
<v Kim Brown>back  in,  check  some  of  those  assumptions,  and  make  sure 

0:09:36.960 --> 0:09:40.319
<v Kim Brown>you're  on  track  for  the  retirement  you've  been  picturing.  And 

0:09:40.320 --> 0:09:42.240
<v Kim Brown>then  lastly,  I  just  think  it's  really  important  to  do 

0:09:42.240 --> 0:09:45.030
<v Kim Brown>it  when  there's  a  life  event,  particularly  if  you're  taking 

0:09:45.030 --> 0:09:47.910
<v Kim Brown>a  career  break.  I  think  most  people  are  familiar  with 

0:09:47.910 --> 0:09:51.208
<v Kim Brown>the  gender  pay  gap.  There's  also  a  gender  pensions  gap, 

0:09:51.270 --> 0:09:53.789
<v Kim Brown>where  Legal &amp;  General  research  has  shown  that  women  are  retiring 

0:09:53.789 --> 0:09:57.660
<v Kim Brown>with  half  the  pension  of  men.
 So,  if  you  are 

0:09:57.809 --> 0:10:00.929
<v Kim Brown>going  on  maternity  leave,  same  could  be  true  for  paternity, 

0:10:01.260 --> 0:10:03.300
<v Kim Brown>really  do  think  about  the  impact  it  can  have,  not 

0:10:03.300 --> 0:10:06.030
<v Kim Brown>just  on  your  pocket  today,  but  on  your  future.  The 

0:10:06.030 --> 0:10:09.540
<v Kim Brown>other  area,  actually,  it's  in  divorce.  Again,  Legal &amp;  General  have 

0:10:09.540 --> 0:10:12.270
<v Kim Brown>done  some  research  in  this  area,  and  a  third  of 

0:10:12.270 --> 0:10:15.328
<v Kim Brown>women  on  divorce  are  waiving  their  right  to  their  partner's 

0:10:15.390 --> 0:10:18.750
<v Kim Brown>pension.  And  it  can  be  a  really  sizable  asset.  Sometimes 

0:10:18.750 --> 0:10:21.750
<v Kim Brown>it's  the  second- biggest  behind,  say,  a  house.  So,  it's 

0:10:21.750 --> 0:10:24.179
<v Kim Brown>really  important  to  be  aware  and  think  about  it  and 

0:10:24.179 --> 0:10:25.470
<v Kim Brown>take  it  into  consideration.

0:10:25.500 --> 0:10:27.630
<v Kia>You've  touched  on  a  lot  of  good  points  there.  I 

0:10:27.630 --> 0:10:29.338
<v Kia>think  one  I  want  to  circle  back  on  is  when 

0:10:29.340 --> 0:10:31.559
<v Kia>you  mentioned  nominating  beneficiaries.

0:10:31.559 --> 0:10:31.858
<v Kim Brown>Yeah.

0:10:32.189 --> 0:10:34.679
<v Kia>That's  a  big  one.  I  had  some  people  close  to 

0:10:34.679 --> 0:10:38.130
<v Kia>me  lost  family  members,  but  because  their  family  member  didn't 

0:10:38.130 --> 0:10:41.010
<v Kia>nominate  beneficiaries,  it  was  a  round  the  house  thing,  trying 

0:10:41.010 --> 0:10:43.620
<v Kia>to  figure  out  where's  the  pension,  how  can  we  get 

0:10:43.620 --> 0:10:46.679
<v Kia>it,  can  we  access  it?  And  when  you  are  going 

0:10:46.679 --> 0:10:48.360
<v Kia>through  that  process,  something  like  that  where  you've  lost  someone 

0:10:48.360 --> 0:10:50.820
<v Kia>and  you're  grieving,  having  to  do  all  that  work  in 

0:10:50.820 --> 0:10:53.250
<v Kia>admin  isn't  really  something  that  is  on  top of  your  mind 

0:10:53.460 --> 0:10:54.720
<v Kia>and you shouldn't  have  to  be  doing  that.  So,  it  is  very 

0:10:54.720 --> 0:10:57.779
<v Kia>important,  when  you  review,  to  make  sure that  you're  checking  everything 

0:10:57.780 --> 0:11:00.239
<v Kia>and  make  it  easier  if  that  time  does  come.  Obviously, 

0:11:00.240 --> 0:11:02.160
<v Kia>we  hope  that  you  can  draw  your own  pension,  but  if 

0:11:02.160 --> 0:11:03.929
<v Kia>you  do  need  to  pass  it  on,  make  sure  that 

0:11:03.929 --> 0:11:04.979
<v Kia>is  covered.

0:11:05.969 --> 0:11:08.010
<v Kim Brown>I  couldn't  agree  more.  It's  not  part  of  the  estate, 

0:11:08.010 --> 0:11:10.708
<v Kim Brown>so  it  will  be  covered  separately.  You  can  do  it 

0:11:10.710 --> 0:11:13.020
<v Kim Brown>online  now  at  Legal &amp;  General,  and  you  can  view  it 

0:11:13.020 --> 0:11:16.139
<v Kim Brown>online.  And  I  think  that's  really  helpful  in  just  ensuring 

0:11:16.139 --> 0:11:17.429
<v Kim Brown>that  you've  taken  those  right  steps.

0:11:17.639 --> 0:11:19.500
<v Kia>I  absolutely  agree.  So,  you  touched  on  it  a  little 

0:11:19.500 --> 0:11:23.429
<v Kia>bit  there,  Kim,  but  what  happens  to  your  workplace  pension 

0:11:23.458 --> 0:11:25.710
<v Kia>if  you  move  jobs?  I'm  sure  there's  many  people  out 

0:11:25.710 --> 0:11:28.260
<v Kia>there,  myself  included,  you've  gone  from  one  job  to  another, 

0:11:28.260 --> 0:11:30.540
<v Kia>you  contributed  here  and there, so  what  happens  to  those  pensions?  Do 

0:11:30.540 --> 0:11:32.700
<v Kia>they  just  disappear  into  the  ether  and  we  never  see 

0:11:32.700 --> 0:11:34.769
<v Kia>them  again?  Or  is  the  money  sitting  there?  What  happens 

0:11:34.770 --> 0:11:35.010
<v Kia>to  them?

0:11:35.429 --> 0:11:38.819
<v Kim Brown>Your  pension  is  your  money.  So,  if  you  move  jobs, 

0:11:38.820 --> 0:11:41.279
<v Kim Brown>you  can  move  your  pension  with  it.  And  I  think 

0:11:41.279 --> 0:11:45.059
<v Kim Brown>pension  consolidation  is  really  worth  considering.  You  want  to  look 

0:11:45.059 --> 0:11:47.070
<v Kim Brown>at  the  costs  and  charges  you're  paying  in  your  different 

0:11:47.070 --> 0:11:49.950
<v Kim Brown>pots  and  make  sure  that  it  makes  financial  sense  to 

0:11:49.950 --> 0:11:54.719
<v Kim Brown>consolidate.  But  it  can  help.  And  I  think  wider  than 

0:11:54.719 --> 0:11:57.959
<v Kim Brown>that,  is  thinking  about  the  value  of  having  all  your 

0:11:57.960 --> 0:12:00.480
<v Kim Brown>money  in  one  spot.  If  a  key  thing  to  do 

0:12:00.480 --> 0:12:02.790
<v Kim Brown>annually  is  just  check  you're  on  track,  if  you're  checking 

0:12:02.790 --> 0:12:05.100
<v Kim Brown>one  pot  and  that's  all  in  one  place  for  you, 

0:12:05.100 --> 0:12:07.110
<v Kim Brown>it's  a  lot  easier  for  you  to  picture  your  future 

0:12:07.110 --> 0:12:08.970
<v Kim Brown>and  see  what  it  could  look  like  than  having  multiple 

0:12:08.970 --> 0:12:11.549
<v Kim Brown>pots.  So,  I  think  for  that  reason  in  particular,  it's 

0:12:11.550 --> 0:12:13.410
<v Kim Brown>helpful  to  think  about  scheme  consolidation.

0:12:13.500 --> 0:12:16.559
<v Kia>Amazing.  Kim,  before  we  end,  because  this  has  been  great, 

0:12:16.980 --> 0:12:20.790
<v Kia>what  are  your  top  three  tips  on  workplace  pensions?

0:12:20.940 --> 0:12:24.689
<v Kim Brown>So,  my  top  three,  particularly  on  your  focus  on  those 

0:12:24.690 --> 0:12:27.000
<v Kim Brown>in  their  20s  and  early  30s,  I  think  save  as 

0:12:27.000 --> 0:12:29.400
<v Kim Brown>much  as  you  can  for  as  early  as  you  can. 

0:12:29.400 --> 0:12:32.399
<v Kim Brown>Really  make  that  money  work  for  you.  I  think  the 

0:12:32.400 --> 0:12:36.270
<v Kim Brown>second  is  that,  pay  your  pension  some  attention.  Understand  where 

0:12:36.270 --> 0:12:40.530
<v Kim Brown>your  money  is,  annually  think  about  it,  think  about  consolidation. 

0:12:40.710 --> 0:12:43.230
<v Kim Brown>Check  it's  right  for  you,  but  I  think  it  helps 

0:12:43.230 --> 0:12:46.020
<v Kim Brown>in  making  sure  you're  on  track  for  the  retirement that  you 

0:12:46.020 --> 0:12:48.780
<v Kim Brown>want  when  you  want  it.  And  the  third,  I  think, 

0:12:48.840 --> 0:12:52.708
<v Kim Brown>is  talk  about  pensions,  talk  about  finance.  I  feel  like 

0:12:52.708 --> 0:12:55.770
<v Kim Brown>we  really  do  have  a  gap  in  this  country.  I 

0:12:55.770 --> 0:12:58.380
<v Kim Brown>see  it  amongst  my  friends,  let  alone  people  younger  than 

0:12:58.380 --> 0:13:01.050
<v Kim Brown>me.  So,  if  you've  enjoyed  this  today,  if  you've  got 

0:13:01.050 --> 0:13:03.179
<v Kim Brown>something  from  it,  share  it  with  a  friend,  share  it 

0:13:03.179 --> 0:13:04.920
<v Kim Brown>with  a  colleague,  talk  to  them  about  money.

0:13:05.370 --> 0:13:09.659
<v Kia>Absolutely  agree.  Financial  education  is  so  important,  but  I  think 

0:13:09.870 --> 0:13:11.400
<v Kia>the  good  thing  we  want  to  end  on  is,  pay 

0:13:11.400 --> 0:13:14.220
<v Kia>your  pension  some  attention.  I  like  that  one.  Kim,  thank 

0:13:14.220 --> 0:13:16.380
<v Kia>you  so  much,  as  always.  You've  come  back  and  you've 

0:13:16.380 --> 0:13:19.230
<v Kia>graced  the  podcast  with  amazing  gems.  So,  I  hope  everyone 

0:13:19.230 --> 0:13:21.840
<v Kia>listening  is  going  to  be  pulling  up  their  workplace  pension 

0:13:21.840 --> 0:13:23.700
<v Kia>and  reviewing  it,  because  that's  what  we  need  to  be 

0:13:23.700 --> 0:13:27.870
<v Kia>doing.
 Next  time,  we're  delving  into  debt  and  have  helpful 

0:13:27.870 --> 0:13:30.510
<v Kia>tips  on  how  to  manage  it.  I'd  love  it  if 

0:13:30.510 --> 0:13:33.480
<v Kia>you  shared  the  podcast,  tell  a  mate,  leave  a  review, 

0:13:33.630 --> 0:13:36.000
<v Kia>and  help  other  people  start  getting  a  little  bit  richer. 

0:13:36.390 --> 0:13:38.160
<v Kia>And  if  there's  anything  you'd  like  me  to  discuss  on 

0:13:38.160 --> 0:13:42.479
<v Kia>future  episodes,  get  in  touch  via  Legal &amp;  General's  Instagram and TikTok  channels. 

0:13:42.809 --> 0:13:45.390
<v Kia>You  can  also  see  some  fun  behind  the  scenes  videos, 

0:13:45.570 --> 0:13:48.510
<v Kia>and  exclusive  tips  from  a  range  of  our  experts.  A 

0:13:48.510 --> 0:13:50.760
<v Kia>Little  Bit  Richer  is  brought  to  you  by  Legal &amp;  General. 

0:13:51.270 --> 0:13:52.920
<v Kia>Thank  you  for  listening  and  see  you  soon.