Many people accumulate different pension plans over the years, these come in many different forms with differing features, charges and fund performance. It’s important to regularly review the performance of these different plans to ensure they are right for you, this is a specialist area of Aventur Wealth and is a core service of Independent Financial Advisers. Having your plans in the right place at the right time can make a difference of thousands or even tens of thousands of pounds at your retirement date.
What is the service?
Pension Reviews normally involves:
Fully assessing the features and functionality of the pension plans that you hold, whether you can access the pension easily, offer a good range of funds, and ensure your money is in safe hands.
Calculating the various charges applied to you pensions to ensure you are getting a good deal for your money, fees can drastically affect performance over the years.
Checking on what your pensions are invested into and whether they are right for you and your end goals. Many old pension plans hold old and low performing funds, which could benefit from being switched into the best available funds in the market.
In reality, your pensions should be reviewed every year to ensure you are in the best possible position in retirement.
Why you may need it
It is very difficult to assess whether your existing pension plans are the best available for you without Independent Financial Advice. With inflation aimed at 2% per annum it is easy for the real value of your pension to decrease if it isn’t kept up to date.
How does it work?
We will sit down with you and look at detailed information on your existing pensions. That might typically include:
Current fund and transfer values.
What funds are available and being used.
How has the pension performed over the years.
What are the provider and fund charges.
Is Drawdown available.
Is the pension company safe and secure and likely to be around when you retire.
We will then analyse all of the above information and see if there is a better solution available than what you have.
There are a many pension choices available, however simply sticking with what you have may not be the best option. Many older pension providers have been sold off to pension consolidators with high charges and low performance, these can generally easily be improved using modern efficient pension plans reducing fees and potentially increasing values in the long run.
Pensions are an often-overlooked asset, even though they could be a main source of income for 25+ years in retirement. As they are in place for such a long time the end result can be drastically effected by charges and performance over the years, hence the importance of reviewing them regularly.