The penny drops podcast: Let's talk about pensions
In the second episode of ‘The penny drops’, our host Andrea Fox goes back to basics on pensions with money expert Sarah Pennells.
What will we be talking about?
This month we’ll be covering everything you need to know about pensions, from tax and contributions to retirement options. This episode will cover:
- What exactly are pensions and how do they work?
- How are they different from savings?
- What is tax relief?
- How do you know how much to put into your pension?
- What are workplace pension schemes?
- How do you set up a pension if you’re self-employed?
- Where does your pension money go once you’ve invested it?
- What is the State Pension and how does it work?
- What makes a good pension?
- What options do you have at retirement?
- How do you know how much retirement income you’ll need?
- What’s the difference between men and women when it comes to pensions?
- Why are pensions so important?
Who is our guest?
Sarah Pennells is an author, broadcaster and financial journalist with over 20 years' experience. A regular on the BBC, ITV’s Good Morning Britain, Sky News and Channel 5, Sarah is an expert on personal finance and consumer issues. She's also the creator of the UK's leading women’s money website SavvyWoman, which offers hints and tips to help women everywhere get more from their money.
All views and opinions expressed in the podcast are those of the expert and not of Royal London.
Where can you listen?
You can download and listen to episodes using the iTunes Podcast, Spotify, Google Podcast or Castbox apps – just search for ‘The penny drops’. Make sure to subscribe so you don’t miss any new episodes, and please do leave us a review – we’d love to know what you think of the series.
Or, if you don’t have access to an app, you can listen to the podcast online. We’ll send you reminders about any new episodes in your quarterly member emails.
How can you find more information?
Royal London recommends you seek independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website, or visit Unbiased to find a trusted professional in your area.
You can also find lots of helpful information about pensions and retirement on the following sites:
Pensions Advisory Service
- Website: www.pensionsadvisoryservice.org.uk
- Telephone: 0800 011 3797
- Website: www.pensionwise.gov.uk
- Telephone: 0800 138 3944
- Website: www.ageuk.org.uk/information-advice/money-legal/pensions
- Telephone: 0800 055 6112
Money Advice Service
- Website: www.moneyadviceservice.org.uk/en/categories/pensions-and-retirement
- Telephone: 0800 138 7777
And you can read more about the difference between men and women’s pensions in this report from the Chartered Insurance Institute.
Please note that all topics discussed in this episode can vary depending on your personal circumstances, and the value of your pension investments can go down as well as up. Tax relief could also change and depends on individual circumstances (read the Which! guide on tax reliefs for more information). Any figures quoted were accurate at the time of recording (October 2019).
Take a look at our retirement guide
Our retirement guide explains how your finances might change when you retire, and points you in the right direction if you need further support and information.
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