Take stock with our... MIDLIFE MOT

Will your pension be an old banger or a speedy supercar?

MORE middle-aged savers should take a financial health check to get them ready for retirement, the pensions minister has told MPs.

It is hoped that a simple ‘midlife MOT’ will give those aged between 45 and 60 a good idea of how prepared they are for later life, and help them take action now to fix any shortfalls.

Experts have long feared the nation is not saving enough for retirement against a backdrop of increasing life expectancy, rising state pension age and the demise of generous final- salary pensions. A major report in January warned that nearly six years on from the pension freedoms, millions of us are sleepwalking into retirement with no clear idea of how much income we will have.

Minister Guy Opperman told the Work and Pensions Committee in February that he was a ‘ massive fan’ of the midlife MOT developed by some private pension providers. He said the test educated savers and gave them the chance to ‘address the problems coming down the track’. He says: ‘It’s not just about retirement savings but also about enabling people to enjoy a fuller working life by helping them understand the skills they will need to learn along the way.’

The Government-backed Money And Pensions Service is to start developing its own ‘later-life checklist’ this year.

And there will be a £400,000 funding boost for schemes that help people take stock of their health, skills and wealth as part of later-life planning for the future.

Insurer Aviva has already launched a 30-question midlife MOT, which rates your attitude to wealth, work and wellbeing — giving you a score out of 100. Alistair McQueen, head of savings and retirement at Aviva, says: ‘Two hours dedicated to a mid-life MOT could be one of the best investments we make all year.’

Here, Money Mail has produced a version of Aviva’s test to give you an idea of how your retirement might be shaping up. The quiz also tests your wellbeing. The healthier you are, the longer your pension will need to last.

For each question, score your answer in the following way and add all your points up: strongly agree (5 points); agree (4); neither agree nor disagree (3); disagree (2); strongly disagree (1); or not relevant (3).