So many people hear the word pension and instantly switch off, its a loaded word, unless you already know your pension is in hand. If not this conversation is one that you need to hear as one day you’ll hopefully be able to stop working and enjoy life in a different way. For that you do need money!

In this episode of 'Repeat That Again Please', host Genelle Aldred delves into the often-avoided topic of pensions, emphasising its critical importance for securing a comfortable retirement - if you don’t want to work until you drop.

With guests Kia Commodore, founder of Pennies to Pounds, and Romi Savova, CEO of PensionBee, the discussion highlights the challenges freelancers, self-employed people and women face in building substantial pension pots. The episode stresses the importance of early contributions, understanding pension plans, and addressing the gender pension gap.

Many people underestimate how much they’ll need to have a comfortable retirement, or avoid it altogether because they feel they don’t have enough in their. The best way to move forward is to look at the numbers and see what your next best step is.

In this episode there is a continual encouragement of engagement with your pension, the podcast offers practical tips and underlines the significance of government tax reliefs. Emphasising empowerment through knowledge and proactivity, the conversation aims to transform pensions from a daunting subject into an exciting opportunity for financial independence and freedom in retirement.

00:00 Introduction and Excitement About Pensions

00:49 The Importance of Understanding Your Pension

00:59 Challenges Faced by Freelancers and Self-Employed

01:44 Personal Pension Journey and Guest Introduction

05:47 Discussion on Pension Awareness and Reluctance

08:51 The Role of Early Contributions and Financial Literacy

20:27 Gender Disparities in Pension Savings

25:10 Advice for Freelancers on Pension Planning

27:36 Starting Small: Building Pension Habits

28:21 The Importance of Planning for Retirement

29:00 Strategies for Self-Employed Pension Contributions

29:57 Understanding Pension Contributions and Tax Benefits

30:50 Compartmentalisation and Saving Routines

32:30 Determining Your Retirement Number

37:25 Engaging with Your Pension

42:37 Investment Strategies and Risk Management

46:08 Pensions for Those on Benefits

47:51 Final Thoughts and Challenges

52:36 Conclusion and Takeaways

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Links

PensionBee site and calculator: PensionBee

Pennies to Pounds: Visit Pennies to Pounds

How to Handle Money: Get the book

National Insurance Contributions: Check your record

Guests

Romi Savova, Pension Bee Chief Executive Officer 

Romi Savova founded PensionBee in 2014 to simplify pension savings in the UK, following a difficult pension transfer experience of her own. As the Chief Executive Officer, she has led the company on its journey from start-up to household name and publicly listed company. 

As a prominent industry leader, Romi frequently provides expert commentary for national news publications. Her expertise has garnered recognition through appearances on esteemed radio and TV channels, including Bloomberg, BBC News and Sky News.

Prior to founding PensionBee, Romi worked at Goldman Sachs, Morgan Stanley and Credit Benchmark, holding varied roles in risk management, investment banking and financial technology. Romi received an MBA from Harvard Business School as a George F. Baker scholar and graduated summa cum laude from Emory University.

About PensionBee

PensionBee is a leading online pension provider, making pension management easy for its customers while they save for a happy retirement. 

PensionBee helps its customers combine their old pension pots, make flexible contributions, invest in line with their goals and values and make withdrawals from the age of 55 (increasing to 57 in 2028.) PensionBee offers a range of investment plans, including fossil fuel free options, from some of the world’s largest asset managers. 

Operating in the £1 trillion market of Defined Contribution pension assets, PensionBee has grown rapidly through its direct-to-consumer marketing activities, creating a household brand name for the mass market. 

The Company has £5.2bn in Assets Under Administration and 252,000 Invested Customers as at 30 June 2024. PensionBee has consistently maintained a Customer Retention Rate in excess of 96% and an Excellent Trustpilot rating, reflecting its commitment to outstanding customer service.

To hear more, visit genellealdred.substack.com