17 Pension Mistakes Everyone Is Making

Your pension will be one of the most valuable things you ever own, but most people are making costly mistakes with theirs. Let's look at 17 of them.

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Links:
1. Default funds

2. Pension advice allowance

3. Partial Transfers

4. Tax relief

5. Opting out
STOP IT!

6. Lost

7. Contact details

8. Auto enrolment enough

9. Self employed

10. Shop around

11. Counting on state

12. Drawing too early

13. MPAA

14. Pension focus
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15. Government messing
Enough said..

16. Junior SIPP

17. Relax

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This video does not represent financial advice, and I am not a financial advisor. When investing, your capital is at risk. Investments can rise and fall and you may get back less than you invested. Past performance is no guarantee of future results.

Timestamps
00:00 - Mistakes
00:18 - Defaults
01:57 - Pension Advice Allowance
02:29 - Partial transfers
03:57 - Tax relief
05:26 - Opt out
06:01 - Lost
06:23 - Contact
06:42 - Auto enough
08:13 - Self employed
08:53 - Shopping around
09:43 - State pension
10:31 - Drawing early
11:49 - MPAA
12:31 - Pension focus
13:38 - Government messing
14:12 - JSIPP
14:56 - Relax

[DamienTalksMoney]

I have linked to relevant resources for most of the points covered in the description. Pensions are inherently complex, and I have only brushed over some of these points. If you are unsure, speak to a financial advisor. You can even use the Pension Advice Allowance!

[kristiangustafson]

My 16 y/o daughter and I watched this together (she was just sitting in my office...but it caught her attention.). We had a good chat about pensions, ISA, etc. She asked good questions, made me happy. Thanks for the bonding moment!

[jonathanhowe]

This should be a “Public Service Announcement “ - beautifully delivered golden pension nuggets - thank you again

[stephenhughes]

I've never been one for taking financial advice and choose to make my own financial decisions. One thing I can safely say is that You have an excellent way of putting things across and I just wish there were more people like you who help to educate everybody on financial matters. Well done.

[DonaldMacdonald-fq]

Holy smoke Batman….this is probably the single best video I’ve ever seen on pensions I’ve ever seen, and I wish I’d seen it as soon as I started working.

Have shared it around my peer groups as a reminder of what I preach now but my word….excellent work Damien 💃🏻😎👏🏻

[justjacqueline]

Being just a labourer on building sites for 52 years and being self employed I can only say to my new colleagues is SAVE FOR YOUR PENSION, I know its difficult particularly during the wet months of the year. Find a pension plan ignore how posh and well dressed they are and SAVE for your future and the future of your wife and family.

[dafruk]

I was guilty of sitting in default until my 40s, gutted to think how much money I've missed out on through not paying attention.

[JohnnnyQuidd]

Opening line "I wanna keep this snappy" - I would have put my whole pension on a crocodile joke in the next screen.

[KevinPacey-zpxl]

Brilliant!, I'm so keen to communicate with my staff the benefits of us both funding their pensions together. Thanks to you, this will help a lot. A run through of Salary sacrifice and the benefits to all might be great! Thanks again

[MrAlwaysBlue]

The soundest financial advice available online.

[GeorgeMaragozis]

My workplace pension provider is Scottish Widows. I recently opened a Vanguard pension account and transferred the most of the money I had in my Scottish Widows pension pot and leaving there £1000. The whole process took around 6 weeks and it was easy.

[kevinoxley]

Sound advice Damien - Even though I have a good understanding of pensions and took control of my own some time ago, I always learn something from your videos, so a huge thanks!

[stve]

Great content Damian, the more that people get their heads around this the more educated and hopefully better off they will be. Thanks

[masbuleinlondon]

I think it was one of your videos few months ago where you suggested to switch the default fund to something more aggressive. Done that and noticed huge difference (positive one). Thank you Damien.

[ashleykingston]

I found out about the higher tax rate pension relief a few weeks ago. I wish HMRC would discuss these things more! Still, caught in time to gp for back payments but glad you brought it up for those that didnt know.

[RosieHarp]

A 'qualified financial advisor' costs more than the pension fund 😫

[superslip]

BANG ON VIDEO. especially the flexibility with ISAs and SIPPS. you can be so flexible with a combination of the two. Also agree on the government constant meddling. Leave them alone!

[ramireddyvarun]

legend. i shared this video with 5-6 people. exceptional quality Damien!

[C-L]

Great content and delivery, being a bit of pension nerd I knew most of what you said but great refresher and firmed up on a few things that believed rather than knew for a fact, well done

[rjsimm]

Finally got round to changing from the default pension pot this morning! I must have heard you say to do that about 100 times now 😂