Managing your finances into retirement

Financially planning for your retirement can be difficult, especially when there are a number of factors to consider. Our aim at No1 CopperPot Credit Union is to assist you with your finances into retirement, whether you’re looking to save, spend, or borrow.

Looking for places to save?
Saving is an integral part of life, either to help you or your family members during retirement e.g. to help children/grandchildren get on the property ladder. When you’re looking to save, it makes sense to look at where you can get the best return.
When you join our Credit Union you open a Member Account, which is our main savings account. This allows you to save £5 - £1,000 per month, your money is easily accessible and you can transfer your money to your bank account whenever you wish. The Member Account allows you to earn your share of our profits through an annual dividend payment and in December 2016 we paid our members 1.4% on their savings.

Treating yourself?
We offer a Commutation Loan for those expecting to receive a commutation when they retire. Our loan allows you to unlock your commutation early. It allows you to get the ball rolling with your plans as you’re not having to wait for your lump sum when you retire. With this loan you can borrow up to £100k or up to 80% of your commutation entitlement (whichever amount is lower), up to three years prior to retirement, and pay interest-only on your loan until the day you receive your commutation when you repay us in full. Simple.
Lots of people use our Commutation Loan to get everything in place for retirement. This may include treating themselves for many years of hard work by purchasing a holiday home abroad, buying a new car, home improvements, or even funding a dream cruise. If you want to know more about our Commutation Loan please visit our website.

Tidying up your finances?
Many people are looking to “tidy up” their finances so that they have nothing to worry about when they retire. This can mean consolidating existing debts by repaying loans, car finance, credit cards etc. Wouldn’t it be nice to walk into retirement debt free?
We offer loans to help our members consolidate existing debts and get their finances under control, and more affordable. We offer a standard Member Loan which allows anyone to consolidate debts up to £25,000 unsecured. We also offer a Commutation Loan which allows members to consolidate debts up to £50,000 which is secured against their commutation.

If you think that we could help you get your finances where you want them to be when you retire, you can visit www.no1copperpot.com or call 0161 741 3160.