Pension Awareness Week: A practical guide for later life

From 15th to 19th September, Pension Awareness Week shines a light on something that affects us all: our financial wellbeing in later life. Whether you are decades away from retirement or already planning the next chapter, taking time to understand your pension can make a real difference.

This guide offers clear, actionable steps to help you take control of your pension, because peace of mind tomorrow starts with small, thoughtful actions today.

Why pension awareness matters

Pensions are one of the most important yet often overlooked parts of personal finance. They do not just provide income in retirement. They are the foundation of independence, choice, and security in later years.

Many people put off thinking about pensions, but the earlier you start, the easier it is to shape the future you want. Pension Awareness Week is the perfect reminder to pause, review, and plan ahead.

 

 

5 practical steps to take this week

 

1. Get clear on what you already have

  • Check your State Pension forecast via gov.uk.
  • List any workplace or personal pensions you hold.
  • Note down how much is currently in each, and what they could provide in the future.

 

2. Define your future lifestyle

Ask yourself: What kind of retirement do I want?

  • Will you want to travel, pursue hobbies, or help your family financially?
  • Estimate monthly living costs and compare them with projected pension income.

 

3. Boost your contributions

Even small increases can make a big difference over time.

  • Take advantage of any employer matching schemes.
  • Use tax relief to stretch your contributions further.
  • If self-employed, set up a personal pension and contribute regularly.

 

4. Understand your options

Modern pensions are flexible. Depending on your plan, you might:

  • Take a tax-free lump sum.
  • Draw income gradually (known as drawdown).
  • Buy an annuity for guaranteed income.
    Seek advice before making big decisions, as pension choices are often irreversible.

 

5. Review regularly

Life changes, so should your pension plan. Make a habit of reviewing once a year. Check:

  • Are you on track for your desired retirement age?
  • Are your investments performing well?
  • Do your plans still suit your circumstances?

 

Pension Awareness Checklist

  • Check your State Pension forecast
  • Gather workplace and personal pension details
  • Estimate your retirement expenses
  • Review or increase contributions
  • Book a financial review (with a regulated adviser if needed)

 

Pension planning is not about numbers alone. It is about freedom, security, and the ability to enjoy life the way you want. This Pension Awareness Week, take one small step, whether that is checking your pension forecast, increasing your contributions, or simply starting the conversation with family.

 

How an iHus annexe can support financial security

Pensions are one part of preparing for the future, but your living arrangements also play a huge role in long-term stability. A garden annexe can:

  • Reduce costs by downsizing or avoiding care home fees.
  • Preserve independence while staying close to loved ones.
  • Add value to property, creating flexibility for the future.
  • Offer peace of mind for both you and your family.

At iHus, we specialise in designing and building annexes that support both independence and financial resilience, providing a thoughtful part of retirement planning.

To see how we can help you plan for the future, speak with our team to book your free consultation.