Retirement Confusion, Missing Pensions, No Plan
I had a conversation this week that reminded me how overwhelming retirement planning can be — and how little clarity many people actually have.
I’m between firms at the moment (at date of writing), so technically not working, but someone asked me to look at their friend’s pension situation. She’s 60 and self-employed. I made it clear I couldn’t give advice, but I was happy to offer general help and take a look.
On the phone, she said she had two pensions from past jobs — one “worth £2.5k a year” and another “£800 a year.”
I had a strong hunch these weren’t incomes at all — and that they might not even be two pensions. They sounded like old DC projections, not defined benefit entitlements. I suspected she was looking at two different statements from the same pot, but I didn’t say that — not yet. I didn’t want to confuse her or guess over the phone.
So I said, “Let’s sit down together and go through the paperwork.”
Looking for clues
We opened the statements together.
And just as I thought — they weren’t incomes. They were DC pots with projected annuity incomes, not guaranteed pension amounts.
And they weren’t two separate pensions either.
One statement was over a decade old. The policy numbers were the same. The smaller figure was just a historic snapshot.
The newer one was with ReAssure — which told me it had likely been transferred from another provider, as that’s often their role.
So I explained what she really had: a single £40,000 DC pot.
And for the first time, it made sense to her.
Where are we now?
We checked her State Pension forecast — about £12,000 a year.
She told me she’d need roughly £18,000 a year in retirement to live comfortably and cover the basics with a few extras.
We were still a long way off. But we had seven years to build on it.
So I kept probing — trying to help her build the full picture.
I asked where else she’d worked. She told me she’d spent around eight years as a teacher.
That changed things.
With some quick maths and her leaving date (2020), I estimated she could have around £3.5k a year from the Teachers’ Pension Scheme, adjusted for inflation since she left.
Again, she had no idea. No one had ever told her how to check or what to ask.
Keep it simple. Keep it clear.
She said she could afford to save around £200 a month now.
I asked if she knew about tax relief.
She didn’t.
So I explained how her £200 would actually become £250 once it goes into a pension — and how that makes a big difference over time. She lit up.
These are the kinds of conversations that feel small — but change everything.
She didn’t need complexity. She needed clarity. She needed to feel like she had a plan — or at least a path.
So I gave her some homework
Not a financial plan. Not a full report.
Just three clear, simple steps to start bringing her retirement into focus:
Call the Teachers’ Pension Scheme and ask for a statement
Call ReAssure and confirm the current value and scheme details
Think through previous employers to check for any missed pensions
That’s it. That’s the work.
And it’s probably more progress than she’s made in the last 10 years combined.
This is the advice gap
Not just people who can’t afford advice. But people who don’t know what advice even is. People with something — but no clue what to do with it.
She’s not alone.
There are thousands of people in the same boat — holding old pots, working hard, and quietly worrying they’ll never be able to retire. Not because they’re lazy or careless — but because no one’s ever sat down with them and explained it all properly.
It doesn’t take much. Just someone who’ll listen. Ask good questions. Explain things clearly.
Because it’s not just what you’ve saved. It’s how you use it that counts.
This article is for information purposes and does not constitute financial advice, which should be based on your individual circumstances.
A pension is a long-term investment, the value of your investment and the income from it may go down as well as up. You may not get back the full amount invested. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.