Unlike times gone by, very rarely do people stay with the same employer for 40 years these days. Jobs are often transient and so it is quite common to end up with multiple pension plans throughout your career.
We see our annual statements come through the door, we look at them, we have no idea what they are telling us and so we file them away until next year’s statement lands. Individually they may mean little to us, however when looked at as a whole, the picture starts to develop.
If this resonates with you, please take some time to dust off your paperwork and see what pension plans you may hold.
Like everything else in the world, pension plans have evolved substantially over the years and what looked good then may be not quite as attractive now. Even stakeholder pensions once trail blazed as the benchmark for pension charges, in 2001, may now look a bit tired.
Additionally, the funds you invested in may not be in line with your current risk tolerance and investment preferences. So, you could be taking more or less risk than you are comfortable with. It is very unusual for the same funds and investments to be consistently the top performers year after year. Reviewing your funds against its peers is very useful to reaffirm value for money. This can also ensure you can meet the costs of retirement when you’re ready.
Are you lucky enough to have plans set up in the 1980s and 1990s? There may be benefits held within your plan you are not aware of.
That’s where a good financial adviser can come in. They have the systems, knowledge and expertise to analyse your existing plans features and charges, and the funds you are investing in.
An adviser will then be able to help you understand and give you a full picture on what you have. They’ll show you how good it is and how well it suits your needs. Your adviser can also outline proposals to improve your financial plans to better meet your retirement aspirations and goals.
You don’t know what you don’t know…
Get in touch with our team to talk about your financial future.
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