Reasons to get a private pension assessment

7 reasons to get a private pension assessment

A pension assessment should be a key part of anyone’s retirement planning. Now is the time to check whether your savings are growing as they should be.

1.) Keep track of performance

A top reason for getting a pension review is to ensure you really are on track to achieve the retirement you deserve. Changes in the finance market, government legislation, and bank interest rates could potentially have affected the performance of your investment. Of course, hopefully, all’s well and you can look forward to a comfortable retirement. But there’s also a chance that your investment just isn’t performing as well as hoped – and you do not want to wait until retirement to find out. A pension assessment will make sure you’re on the right track for your retirement planning – and, if not, will help you find the solutions.

2.) Get the best deal

There are now many more opportunities available compared to in the past. The fact you have paid in, however, doesn’t mean you are getting all you can. No-one wants to find out that years of hard work and building up pension funds have been eaten up by hidden fees. Even if you’re only ten years away from retirement, little changes can make big differences. The difference between a 0.5% and 2% annual charge might not sound much, but could add up to tens of thousands of pounds over the years – have a look at our pension calculator.

3.) Benefit from the experts

Many people have more than one private pension, and it can be difficult to keep up. A pension assessment by an independent financial adviser like our team at Pension Works will consider all your pensions and use their expertise to make sure you are getting the best deal. They know the market and will look at whether any changes are needed. It’s what they do. Once again, they are “independent” advisers: they won’t push you towards other pension providers if that’s not right for you.

4.) Keep up with the changes

As well as helping to identify the best deals, a pension check gives you the chance to double check whether your current arrangement really is the most suitable for you. Your personal pension plan might have been the best approach when you first set it up, but now that you’re reviewing your retirement planning, it’s time to consider if this is still the case, as your aims might have changed since you started paying in.

5.) Get the bigger picture

In the end, a personal pension is just a sort of long-term savings account. This means that it needs to be considered when working out your total assets – for example, shares, stocks, or other investments. A pension assessment will consider all of these. This can come in useful for tax purposes and other parts of retirement planning.

6.) Peace of mind

Reaching that day when you retire is a huge milestone. Some are looking forward to it; for others, there are more worries. However you look at it, it will present a major lifestyle change. A pension review by a financial adviser who is authorised and regulated by the Financial Conduct Authority simply takes a load off your mind. You can be sure that you are getting the best deal, and not have to worry about any nasty surprises. It saves you time, helps with your retirement planning, and cuts down stress: and that’s good for your mental (and physical) well being.

7.) Take control!

It’s your money, after all. A pension check puts you back in control of your finances. At Pension Works, we will use all our expertise and experience to give you the best possible advice. We will help you along the journey planning for your retirement and help ensure your pension fund is performing as it should be.

To get free, impartial advice on Pension Assessments, contact us today on 0808 164 2664. Or, to find out more about Pension Assessments, click here.