Elizabeth delivering the wine expertise at our May event. Katie taking notes.
Wonderful to meet some of you at our May Pensions & Prosecco event.
One of the nicest parts of these evenings is finally putting faces to newsletter subscribers. Several of you came over before or after the event to say hello, tell us about pension plans you'd made or simply to admit that pensions had sat firmly in the "I'll deal with that later" pile until recently.
That's exactly why we started this.
The good news is we'll be doing it all again next month. Our next Pensions & Prosecco event takes place in London on 7 July and we'd love to see you there. More details below.
Right - a couple of pension things to clock.
Katie
1. New retirement figures suggest you need an £845,000 pension pot
Every so often you'll see headlines telling you how much money you need for retirement.
The latest figures from Pensions UK suggest a single person would need around £845,000 in a pension pot to achieve what's described as a "comfortable" retirement.
That sounds enormous. But before you panic, it's worth understanding what sits behind the number.
The figure is based on a particular lifestyle assumption - and in this case, a comfortable retirement is assumed to deliver an income of around £45,000 a year AFTER tax.
What this means for you:
The number is interesting. It isn't a target everyone should automatically adopt.
Personal finance is incredibly personal. Some people spend far less than this and consider themselves perfectly comfortable. Others want considerably more.
In all my years covering money, I've never met a financial adviser who starts a planning conversation by saying: "Right, let's get you to £845,000."
Instead, they start with a much simpler question: What kind of retirement do you actually want?
Your next step:
Rather than focusing on somebody else's retirement number, spend some time thinking about your own future lifestyle.
Where will you live? What will you spend your time doing? How much flexibility do you want? Your retirement plan should start there.
2. Could your mum be missing out on £6,600 in retirement?
With the school holidays approaching, many parents will be relying on grandparents to help with childcare.
What some people don’t realise is that this support could also help boost a grandparent's State Pension.
Why it matters:
If a grandparent looks after a child under 12 while the parent works, and they're under State Pension age, they may be able to receive National Insurance credits through something called Specified Adult Childcare Credits.
I know, it’s a terrible name - but the benefit itself is valuable.
A single year of credits is currently worth around £330 a year in additional State Pension income. Over a 20-year retirement, that could add up to almost £6,600.
In reality:
Many families don't realise the scheme exists. To qualify:
Your child must be under 12
You must claim Child Benefit
The grandparent must be under State Pension age (currently 66)
The grandparent helps provide childcare while you work
You don't need the National Insurance credit yourself
One important thing to watch out for: if Child Benefit hasn't been claimed, the credits can't be transferred.
What to do:
If your parents regularly help with childcare, it could be worth checking whether they might benefit from Specified Adult Childcare Credits. It takes a little paperwork.
📱 I recently made a short video explaining how the scheme works and the key eligibility rules. You can watch it HERE.
A quiet reminder… on small contribution increases
At our recent Pensions & Prosecco event, the biggest barrier to saving more for retirement wasn't confusion or lack of interest. It was competing financial priorities.
That feels particularly relevant given the recent Pension Commission warnings that many people aren't saving enough for retirement.
The reality is that most of us don't have hundreds of pounds a month sitting spare. Which is why small changes can be so powerful.
Why we’re reminding you
Take someone aged 32 earning £39,000 a year. If they increase their pension contribution from 8% to 9%, their monthly take-home pay falls by around £25 - roughly the cost of a couple of Pret cappuccinos a week.
By age 67, though, that extra one percentage point could leave them with around £37,000 more in their pension pot.
Pensions&Prosecco says:
You don't necessarily need to transform your finances overnight. Sometimes finding another percentage point is enough to make a meaningful difference over the long term.
Subscriber spotlight 💬
Thanks to you I've opened my first ISA. I've got a workplace pension but after following Pensions & Prosecco I learned about the flexibility an ISA can offer. The pension is the foundation and an ISA gives you flexibility alongside it.
We loved receiving this message.
One thing we often try to emphasise is that personal finance isn't about choosing between an ISA and a pension. For many people, the best answer is both.
Have you taken a step with your pension recently? We'd love to hear about it. Reply to this email and tell us what's changed.
P.S. One attendee from our November event told us she now checks for DOCG on prosecco labels after learning the difference during Elizabeth's tasting - and has converted several friends too. We can't promise investment returns, but apparently we are improving prosecco standards across London.
Events 🥂
Our next Pensions & Prosecco event is live:
📍 Second Home, 68-80 Hanbury Street, London
📅 Tueday 7 July
🎁 Free one-hour advice session (worth £250) with our partner Kellands
🥂 Alcohol-free prosecco available
An evening of prosecco tasting and practical pension know-how - no jargon, no pressure, just clarity. If you’ve been meaning to “get round to your pension”, this is your moment.
What we’re pouring 🍷
Looking for a wine like Pinot Grigio? Try Albariño
Elizabeth says: If Pinot Grigio is your usual white wine, I'd encourage you to try Albariño this summer. It has the same crisp, refreshing appeal but with a little more character. Think citrus, peach and apricot flavours, bright acidity and a subtle coastal freshness that makes it incredibly easy to drink.
Most Albariño comes from Galicia in north-west Spain, where the Atlantic climate helps create wines that feel vibrant and lively. It's brilliant with seafood, salads and tapas, but just as enjoyable on its own in the garden on a sunny evening.
If you're a Pinot Grigio drinker looking to branch out without straying too far from your comfort zone, Albariño is one of the easiest and most rewarding places to start.
Bottles I'd recommend:
Tesco Finest Viñas del Rey Albariño (£12)
Premium Rías Baixas Albariño, Aldi (£8.99)
M&S Classics Albariño (£15.40)
Codorníu Organic Albariño, Co-op (£11.75)
Mar de Frades Albariño, Tesco (£17.75)
Albariño is one of those wines that quietly wins people over. Fresh, versatile and full of flavour, it's a great reminder that sometimes the best discoveries are only one step away from what you already enjoy.
That’s it for this edition.
More pension housekeeping next time. Fewer acronyms. Always something decent in your glass.
Katie & Elizabeth 🥂
Our events sometimes feature outrageously cute dogs
If this was useful, forward it to someone who keeps saying they’ll “sort their pension next month.” Or send them here to sign up - we’ll take it from there.