3 Reasons To Check Your Pensions


Planning for your retirement is a very important decision, one the many people have already taken steps to put in place. Many people who are paying into a pension won’t give their contributions a second thought until the time comes to retire. Whereas others will take a keen interest in how their investments are performing.

There are numerous benefits in reviewing your pensions – our professional advisers can offer a no-obligation report about your current plans and measure them against recommended providers. This pension advice is highly beneficial and could mean that in the long term more money is yours and with it your pension benefits increase. Below are three reasons to review your pensions.

Reduce The Fees And Maximise Your Pot

Pensions can incur a number of fees, from set up costs to annual management charges. It’s these fees, together with investment performance, which can determine the returns and final benefits you will receive from your pension fund.

Monitor The Performance

When you first started paying into your pensions all those years ago the funds you were recommended might have been predicated to perform well. However, over time they may have become stagnant due to changes in the marketplace.

This is why reviewing your pensions will mean that you can monitor their performance. If they are not doing as well as expected you might think about a pension transfer or even consolidating all your pensions into one.

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Adjust Your Risk Profile

Everyone has a different attitude to risk. Factors such as health and well-being, how long you have until retirement or how financially secure you are all play a part in reaching your post retirement goal. It’s always a good idea to reassess this risk on a regular basis, particularly as you get closer to retirement, and as such your financial goals should complement this risk.

Regular Reviews

By not reviewing your pensions it is unlikely that you are going to know what the expected amount you will receive is going to be when you retire. Your state pension may not be sufficient enough to live a stress-free retirement.

Regular reviews will help you to prepare for the long term and our experienced advisers will be able to highlight those funds which are not performing well. If your current fund is performing well, a good financial adviser will tell you, giving you piece of mind that your savings are in the right place.

Getting The Right Pensions Advice

Some people might have a number of different pensions with a variety of providers and it can be hard to understand which ones are giving the greatest return – getting advice is crucial to delivering the best outcomes at retirement.