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Maggie, 44

Maggie wouldn’t call herself a wild person, but she doesn’t mind taking a risk with investing. In fact, since being widowed it’s become a key part of her future-facing money plan. 

My relationship with money: "Comfortable"

"I have some disposable income which maybe some other people don’t have, so that enables me to go on holiday and help my children out. I save about £200 a month, sometimes more, and if the kids have something coming up like a baby or an eye test I’ll pay for that."


My approach to savings changed when I became widowed


Pensions are important, but I still don't really get it


I feel quite safe with stocks and shares


My biggest money question...

"I’m paying in the minimum to my pension at work and I’m considering upping it, but I don’t really have confidence in it. How can I tell if it’s solid? How do I know the pension will still be there when I come to retire?"

 

Answer by Helena Wardle, Sterling and Law

I completely understand why there is a lack of faith in pensions, the main concerns I have come across are “what happens if the pension provider goes bust” and “what if the rules change again!”

Pensions benefit from consumer protections and the type of protection you have depends on the type of pension you have. If you have a final salary pension, your pension would normally be shown as a level of income that you have built up. If the company goes bust, you would be protected by the “Pension Protection Fund” which would protect 90% of your promised income up to a cap* (*£36,019 this tax year) and most final salary pension scheme members would be below this cap.


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