A recent study¹ has identified several distinct pension personality types, each with its own strengths and challenges. Which one resonates with you?

Procrastination Pete and Paula are the most common type, often overwhelmed by the complexities of pensions. This group is likely to make poor decisions, such as hastily withdrawing a 25% tax-free lump sum without a clear plan – potentially costing them thousands in future income.

Buy-to-Let Brian and Barbara prefer the perceived security of property, though they often underestimate the costs and risks involved. Meanwhile, Spend-It Simon and Sally focus on enjoying life now, potentially jeopardising their long-term financial security by dipping into their pensions early.

Winding-Down William and Wendy are easing into retirement, supplementing reduced work hours with pension withdrawals, while Help-Me Harry and Helen are determined to get it right by seeking financial advice.

Whatever pension personality you relate to, everyone prepares for retirement differently, with attitudes ranging from denial to detailed planning. The great news is that we’re the strategic planning type, ever responsive and flexible to your changing circumstances and market conditions. So, however you’re approaching retirement, you know that you can count on us.

¹People’s Partnership, 2024

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

‍