Henson Crisp are Independent Financial Advisers (IFAs) providing bespoke wealth management and financial planning advice and services to a wide range of private individuals and businesses across the UK.

Indeed, pensions are as important as your family home alas they are often far less understood.  Along with your house, your pension might well be your greatest asset. Many people are familiar with the concepts of mortgages and know by when they will pay off their mortgage. However, not so many are familiar with how pensions work. Fewer still are aware of the options available to them when it comes to retirement planning.

Importantly, a pension is not simply a product for the future. The choices you make now regarding contributions can affect your current tax liability: primarily through tax relief on contributions. They can even be used as a highly tax-efficient method of saving for children’s futures.

Retirement planning may feature low on your list of priorities, especially if it is likely to be decades away. However, we need to be sure that we will have sufficient funds to last potentially over 40 years of retirement.

If you are facing redundancy, then you will also be facing a period of uncertainty and stress. Your workplace pension may be the least of your immediate considerations. However, the good news is that it is relatively easy to sort out.