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National Free Wills Month - October

Following the Pension Awareness live shows that took place in September (the shows can be watched on catch-up), October brings with it the opportunity to have a will drafted for free for those aged 55 or over.

Led by a group of charities, the campaign aims to support people with ensuring their wishes are legally recorded. This is important because, if you don’t make a will, the law will decide who inherits what from your estate, which may not match your wishes. 

Visit  freewillsmonth.org.uk and type in your postcode to find solicitors who are taking part in the campaign in your local area. You can then book an appointment with a solicitor of your choice directly through the website. 

It’s important to remember that your will does not cover any death benefits payable from your Amey pension. You should separately update your Expression of Wish form to say where you’d like any lump sum death benefit payments from your pension to go if you die before you claim them.

National Pension Tracing Day – 27 October

National Pension Tracing Day is back for another year and will take place on Sunday, 27 October. The campaign urges the nation to track down any old or lost pensions.

Research shows 1 in 20 people have a lost pension and over 26.6 billion pounds are lost in misplaced pensions, which divides roughly into 2.8 million pension pots, worth an average of £9,500.

Finding a lost pension pot could make a huge difference to your life after work. It means more money to spend on all the things you want to do in retirement.

To trace a lost pension pot, follow these simple steps:

Step 1

List all places you’ve worked at over your lifetime

Step 2

Go through old paperwork and see if you have any pension statements from previous employers

Step 3

Identify any gaps. If you feel like you’re missing something, contact previous employers to find out if you had a pension you might not be aware of

Step 4

Use the free  Pension Tracing Service provided by the government.

There’s some useful information on the National Pension Tracing Day website.

Talk Money Week – 4-8 November

4-8 November is Talk Money Week – an awareness campaign designed to get us all talking more about the pennies in your pocket, your thoughts and feelings around money, and how and where to get help if and when you need it.

Research tells us that money worries can affect our mental wellbeing and our ability to manage our finances. So, it’s important to reach out for help if we need it.

It’s also important to introduce children and young people to the concept of handling money early on. Children’s attitudes about money are well developed by age 7. So, it’s never too early to start building their understanding of financial matters. This would help them gain the financial skills, knowledge and confidence needed to be able to make sound financial decisions and to thrive as adults.

It’s proven that people who talk about money:

• make better and less risky financial decisions
• have stronger personal relationships
• help their children form good lifetime money habits
• feel less stressed or anxious and more in control

Find out more about the campaign here  maps.org.uk