Being in control can put you in a healthy position
Important information: The value of investments can go down as well as up, so you may get back less than you invest. Withdrawals form a pension product are not normally possible until age 55. Tax treatment depends on individual circumstances and all tax rules may change in the future. This is not a personal recommendation and is not an endorsement of Thrive.
More of us want to turn our passion into our work. Sue Hay did just that, ensuring her finances were in good shape so she could focus on her business.
Sue Hay is on a quest. The 43-year-old wants to clear up the confusion around health and nutrition in her second career as a publisher. “My ultimate mission is to give everybody healthy choices, no matter their budget. Healthy food should be available to us all.”
Sue quit her job as a design and branding professional in 2013 to start Thrive Publishing. “There’s lots of information but not much direction. Thrive is about bringing in experts to help other people,” she says.
Having the freedom to work on her own terms suits Sue. “Self-employed – I love everything about it to be honest,” she explains. “It fits my lifestyle.” But Sue was also careful to ensure her longer term financial outlook remains healthy too.
By transferring an old company pension into a SIPP (Self-Invested Personal Pension) in 2016, Sue has been able to manage where her savings are invested. It’s a bit of a contrast from her early years. “I had no grasp of money when I was growing up and at uni,” she says. So before taking the plunge to manage her own funds, she took a short finance course. “I really learnt a lot from it,” she says. She felt confident on the back of that to invest in a SIPP.
By taking control of her pension and continuing to save into it, Sue’s on target to have the savings she needs by age 50. “My personal target is to be financially free in seven years,” she says. But, like many of us, she won’t give up work entirely, hoping that she’ll work with health brands she cares about, even in retirement. “I’m not worried about the future as I’m planning ahead,” she says. “Before, I had no plan at all.”
Find out more about the benefits of bringing your pensions together
By taking control of her retirement savings, Sue’s on track to become financially free in the near future.
If you’ve built up multiple pensions and are finding it hard to keep track of your retirement savings, then now could be a good time to take control and bring your pensions together in a Fidelity Self-Invested Personal Pension (SIPP). With a low service fee and wide investment choice, Fidelity's SIPP is a tax-efficient way to help you reach your retirement goals and access your pension more flexibly.
Source: Story based on an interview between Telegraph Spark and Sue Hay, who is not a Fidelity customer, October 2019.
You can view the original article and read more real life stories about saving and retirement planning here
Photography: Francesca Jones, Getty
Important information: Pension transfers are complex and may not be suitable for everyone. Before going ahead, Fidelity strongly recommends you undertake a full comparison of the benefits, charges and features offered. To find out what else you should consider before transferring, please read Fidelity's transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for you, Fidelity recommends you seek advice from an authorised financial adviser.
Isn’t it time you took control of your pensions?
If you’re finding it hard to keep track of your pensions, then now could be a good time to take control and bring them together in a Fidelity SIPP. Plus, get £50 to £1,500 cashback (exclusions, T&Cs apply).