Have you lost track of the various pension schemes you've acquired over the years?
Whether it's due to changing jobs multiple times, privately funded plans, or simply forgetting about a particular scheme, managing your retirement savings can become a daunting task.
It can be a huge task having to write to all your various providers and gather all the information needed to assess exactly what you have. Here are some of the things for you to consider:
Variety of Schemes: Understanding the type of pension schemes you own is crucial. Different schemes have different benefits and rules.
Investment Strategy: Knowing how your money is invested can affect your retirement outcome. Each scheme may have a different investment strategy.
Fees and Charges: Each pension scheme comes with its own set of charges. Being aware of these can help you minimise unnecessary expenses.
Access Options: When you retire or decide to reduce your working hours, knowing your options for accessing your funds is essential for financial planning.
The Challenges of DIY Pension Management
Writing to various providers, gathering information, and assessing your pension schemes can be a huge task. This involves tracking down details on:
- Scheme types
- Investment strategies
- Charges and fees
- Withdrawal options
The Benefits of Professional Help
The good news is you don’t have to do it on your own. Seeking professional advice can significantly reduce the stress and workload involved. By reviewing your pension schemes and having professional management, you can enjoy several benefits:
A review of your existing pensions can ensure they are working hard for you and are still suitable for your circumstances and how much risk you are willing to make with your investments.
- Expert Management: Using a professional to help manage your funds for you, provide ongoing reviews each year and advise you on your various options for retirement can be hugely beneficial.
- Peace of Mind: Working with a professional will take the pressure off you, allowing you to focus on other aspects of your life.
I understand that everyone leads busy lives. We want to simplify your retirement planning by doing the hard work for you. With our expertise, you can rest assured that your pension funds are being managed efficiently, providing you with peace of mind and a clearer path to a comfortable retirement.
Ben Moram
Senior Financial Planner
HJP Chartered Financial Planners
The value of a pension will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
Although the content of the article was correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.
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